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, 2022

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.

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

(b) Not applicable.

	Invesco Annual Report to Shareholders
	April 30, 2022
	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

Table of Contents

The Market Environment	3
Management’s Discussion of Fund Performance	4
Liquidity Risk Management Program	17
Schedules of Investments
Invesco BuyBack AchieversTM ETF (PKW)	18
Invesco Dividend AchieversTM ETF (PFM)	21
Invesco Dow Jones Industrial Average Dividend ETF (DJD)	26
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	36
Statements of Operations	38
Statements of Changes in Net Assets	40
Financial Highlights	42
Notes to Financial Statements	46
Report of Independent Registered Public Accounting Firm	57
Fund Expenses	58
Tax Information	60
Trustees and Officers	61
Approval of Investment Advisory Contracts	71

2

The Market Environment

Domestic Equity

The US stock market hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the US gross domestic product (GDP) grew at a 6.4% annualized rate for the first quarter of 2021.¹ Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July 2021 despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing monthly from June through September,² the US Federal Reserve (the Fed) declined to raise interest rates at its September Federal Open Market Committee meeting. The US stock market saw continued volatility in August 2021 and a selloff through most of September due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs.

Equity markets were volatile in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil (West Texas Intermediate) rose to nearly $85 per barrel in October,³ causing higher gas prices for consumers and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the last 12 months, the highest since 1982.² To combat inflation, the Fed announced a faster pace of tapering at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.³ The CPI rose by 7.9% for the 12 months ended February 2022, the largest 12-month increase since 1982.² To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March, with several more rate increases expected in 2022. As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix reported slowing growth and profits, equity markets sold off for much of the month of April 2022. In this environment, US stocks had flat returns for the fiscal year ended April 30, 2022, of 0.21%, as measured by the S&P 500 Index.⁴

¹  Source: US Bureau of Economic Analysis

²  Source: US Bureau of Labor Statistics

³  Source: Bloomberg LP

⁴  Source: Lipper Inc.

Global Equity

At the beginning of the fiscal year, global equity markets were bolstered by the acceleration of vaccination rollouts and easing of COVID-19-related restrictions in most developed markets, with growth stocks outperforming value stocks in most regions.

Developed global equity markets ended the second half of 2021 in positive territory despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the fiscal year, resulting in higher costs for companies and consumers. Emerging market equities declined during the fiscal year, primarily due to weak performance of Chinese equities, which were affected by significant regulatory changes in the private tutoring industry, increased regulation in the technology sector, the potential default of a large Chinese property developer (which did, in fact, default later in 2021) and COVID-19 concerns.

Global equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply and value stocks outperforming growth stocks.

At the end of the fiscal year, global equity markets continued their decline, as they were impacted by the war in Ukraine, COVID-19 lockdowns in China and the increase of interest rates in the US to combat inflation. For the overall fiscal year, most regions were in negative territory, but developed market equities outperformed emerging market equities.

3

PKW	Management’s Discussion of Fund Performance
	Invesco BuyBack AchieversTM ETF (PKW)

As an index fund, the Invesco BuyBack Achievers^TM ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ US BuyBack Achievers^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, 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, 2022, on a market price basis, the Fund returned (2.90)%. On a net asset value (“NAV”) basis, the Fund returned (2.78)%. During the same time period, the Index returned (2.22)%. 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 fees and expenses that the Fund incurred during the period. During this same time period, the S&P 500^® Index returned 0.21%.

For the fiscal year ended April 30, 2022, the industrials sector contributed most significantly to the Fund’s return, followed by the energy and materials sectors, respectively. The communication services 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, 2022, included Fortinet, Inc., an information technology company (no longer held at fiscal year-end) and McKesson 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 Charter Communications, Inc., Class A, a communication services company (portfolio average weight of 4.84%) and Bank of America Corp., a financials company (portfolio average weight of 1.23%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials	28.51
Consumer Discretionary	22.84
Information Technology	12.16
Health Care	10.17
Materials	7.47
Industrials	7.10
Communication Services	6.66
Energy	3.20
Sector Types Each Less Than 3%	1.87
Money Market Funds Plus Other Assets Less Liabilities	0.02
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Lowe’s Cos., Inc.	5.23
Oracle Corp.	4.75
Bank of America Corp.	4.63
Cigna Corp.	4.38
Charter Communications, Inc., Class A	4.20
HCA Healthcare, Inc.	3.58
Dollar General Corp.	3.01
MetLife, Inc.	3.00
Capital One Financial Corp.	2.80
Marathon Petroleum Corp.	2.69
Total	38.27

* 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, 2022

				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
NASDAQ US BuyBack Achievers™ Index		(2.22	)%		12.15	%		41.06	%		12.18	%		77.68	%		13.20	%		245.42	%		10.16	%		341.97	%
S&P 500® Index		0.21			13.85			47.56			13.66			89.68			13.67			260.05			9.38			296.61
Fund
NAV Return		(2.78	)		11.50			38.60			11.52			72.48			12.48			224.16			9.42			298.54
Market Price Return		(2.90	)		11.47			38.51			11.52			72.46			12.48			224.06			9.40			297.80

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 0.64%. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

5

PFM	Management’s Discussion of Fund Performance
	Invesco Dividend AchieversTM ETF (PFM)

As an index fund, the Invesco Dividend Achievers^TM ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the NASDAQ US Broad Dividend Achievers^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, 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 consecutive 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, 2022, on a market price basis, the Fund returned 4.46%. On a net asset value (“NAV”) basis, the Fund returned 4.40%. During the same time period, the Index returned 4.94%. 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 the fees and expenses that the Fund incurred during the period. During this same time period, the Russell 3000^® Value Index returned 0.79%.

For the fiscal year ended April 30, 2022, the consumer staples sector contributed most significantly to the Fund’s return, followed by the health care and energy sectors, respectively. The communication services 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, 2022, included Exxon Mobil Corp., an energy company (portfolio average weight of 1.81%) and Chevron Corp., an energy company (portfolio average weight of 1.50%). Positions that detracted most significantly from the Fund’s return during this period included JPMorgan Chase & Co., a financials company (portfolio average weight of 3.00%) and Comcast Corp., Class A, a communication services company (portfolio average weight of 1.57%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Information Technology	20.28
Health Care	16.20
Consumer Staples	14.63
Financials	12.82
Industrials	11.80
Consumer Discretionary	7.22
Utilities	5.23
Energy	4.56
Materials	3.10
Sector Types Each Less Than 3%	4.10
Money Market Funds Plus Other Assets Less Liabilities	0.06
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Microsoft Corp.	3.77
UnitedHealth Group, Inc.	2.98
Johnson & Johnson	2.95
Walmart, Inc.	2.64
Procter & Gamble Co. (The)	2.40
Exxon Mobil Corp.	2.25
Visa, Inc., Class A	2.20
JPMorgan Chase & Co.	2.19
Mastercard, Inc., Class A	2.19
Home Depot, Inc. (The)	1.95
Total	25.52

* 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, 2022

	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		4.94	%		11.68	%		39.28	%		11.82	%		74.83	%		11.76	%		204.09	%		8.53	%		290.01	%
Russell 3000® Value Index		0.79			9.48			31.24			8.89			53.08			11.06			185.60			7.68			242.18
Fund
NAV Return		4.40			11.13			37.26			11.26			70.49			11.18			188.48			7.91			254.66
Market Price Return		4.46			11.16			37.35			11.25			70.39			11.19			188.85			7.92			254.86

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 0.53%. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

7

DJD	Management’s Discussion of Fund Performance
	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 generally 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^TM (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 indicated annual dividend yield. 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, 2022, on a market price basis, the Fund returned 6.04%. On a net asset value (“NAV”) basis, the Fund returned 6.19%. During the same time period, the Index returned 6.27%. 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.

During this same time period, the Benchmark Index returned (0.82)%. 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 consumer discretionary sector during the fiscal year ended April 30, 2022. 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 energy sector, as well as the Fund’s underweight allocation to and security selection in the industrials sector.

For the fiscal year ended April 30, 2022, the energy 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 communication services and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Chevron Corp., an energy company (portfolio average weight of 8.31%) and Merck & Co., Inc., a health care company (portfolio average weight of 5.22%). Positions that detracted most significantly from the Fund’s return during this period included 3M Co., an industrials company (portfolio average weight of 4.64%) and Verizon Communications Inc., a communication services company (portfolio average weight of 6.41%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Information Technology	18.55
Health Care	16.33
Consumer Staples	15.68
Industrials	12.13
Financials	10.89
Consumer Discretionary	7.98
Materials	7.30
Communication Services	5.86
Energy	5.09
Money Market Funds Plus Other Assets Less Liabilities	0.19
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
International Business Machines Corp.	8.04
Dow, Inc.	7.30
Verizon Communications, Inc.	5.86
3M Co.	5.77
Merck & Co., Inc.	5.75
Walgreens Boots Alliance, Inc.	5.21
Chevron Corp.	5.09
Amgen, Inc.	4.91
Coca-Cola Co. (The)	4.44
Intel Corp.	4.10
Total	56.47

* 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, 2022

	1 Year			3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index																Average Annualized			Cumulative
Dow Jones Industrial Average Yield Weighted Index		6.27	%		10.23	%		33.92	%		11.85	%		75.09	%		12.85	%		116.10	%
Dow Jones Industrial Average Index		(0.82	)		9.77			32.26			11.96			75.92			12.74			114.72
Fund
NAV Return		6.19			10.21			33.87			11.74			74.23			12.67			113.90
Market Price Return		6.04			10.16			33.69			11.70			73.90			12.67			113.85

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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes 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	Management’s Discussion of Fund Performance
	Invesco Financial Preferred ETF (PGF)

Effective after the close of the markets on June 30, 2021, the underlying index of the Invesco Financial Preferred ETF (the “Fund”) changed from the Wells Fargo^® Hybrid and Preferred Securities Financial Index (the “Previous Index”) to the ICE Exchange-Listed Fixed Rate Financial Preferred Securities Index (the “Index”). At that time, the Fund also changed its investment objective and principal investment strategy.

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 30, 2021, 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 30, 2021, generally invested at least 90% of its total assets in securities that comprised the Previous Index. ICE Data Indices, LLC (the “Index Provider”) compiles and calculates the Index, a market capitalization weighted index designed to track the performance of exchange-listed, fixed rate U.S. dollar denominated preferred securities, and securities that the Index Provider believes are functionally equivalent to preferred securities, issued in the U.S. domestic market by financial companies. The Index Provider considers financial companies to be banking, brokerage, finance, investment and insurance companies. Securities that qualify for the Index must be listed on either the NASDAQ or the New York Stock Exchange as their primary listing exchange. The Index only includes securities with no final maturity date (i.e., perpetuals) and whose payments are “qualified dividend income” under the U.S. tax code. Further, the Index only includes securities that are rated at least B3 by Moody’s Investors Service or B- by S&P Global Ratings, that have a minimum amount outstanding of $250 million, and that meet other minimum liquidity, trading volume and other requirements, as determined by the Index Provider. 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.

Although preferred stocks represent a partial ownership interest in a company, preferred stocks generally do not carry voting rights. Preferred stocks have economic characteristics similar to fixed-income securities; for example, preferred stocks generally pay dividends at a specified rate, which may be fixed or variable. The Index may include fixed-to-floating rate preferred securities (securities that have an initial term with a fixed dividend rate and subsequently bear a floating dividend rate), provided that these securities are callable within the fixed rate period and are at least one day from the last call before transitioning from a fixed rate to a floating rate. Preferred stocks often have a liquidation value that equals the original purchase price of the stock at the time of

issuance. The Index may include securities of large-, mid- and small-capitalization companies.

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, 2022, on a market price basis, the Fund returned (13.99)%. On a net asset value (“NAV”) basis, the Fund returned (13.34)%. During the same time period, the Blended-Custom Linked Financial Preferred ETF Index (a composite of the returns of the Previous Index through June 30, 2021 and of the Index for the remainder of the fiscal year, referred to herein as the “Blended-Index”) returned (12.99)%. The Fund’s performance, on a NAV basis, differed from the return of the Blended-Index due to the fees and operating expenses as well as trading costs incurred by the Fund during the period.

During this same time period, the S&P U.S. Preferred Stock Index (the “Benchmark Index”) returned (9.75)%. The Benchmark Index is an unmanaged index weighted by modified market capitalization based on the average performance of approximately 276 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 had an overweight allocation to the financials sector compared to the Benchmark Index.

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

For the fiscal year ended April 30, 2022, no industry contributed to the Fund’s performance. The banks industry detracted most significantly from the Fund’s return, followed by the insurance and consumer finance industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Charles Schwab Corp., 5.95%, Series D, a capital markets company (portfolio average weight of 1.11%) and PNC Financials Services Group, Inc. (The), Series P, 5.35%, a banks company (portfolio average weight of 2.31%). The positions that detracted most significantly from the Fund’s return during this period were JPMorgan Chase & Co, Series MM, 4.20%, a banks company (portfolio average weight of 2.11%) and Wells Fargo & Co., Series Z, 4.75%, a banks company (portfolio average weight of 2.21%).

10

Invesco Financial Preferred ETF (PGF) (continued)

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Banks	57.96
Insurance	18.22
Capital Markets	15.21
Consumer Finance	5.28
Industry Types Each Less Than 3%	3.06
Money Market Funds Plus Other Assets Less Liabilities	0.27

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
JPMorgan Chase & Co., Series EE, Pfd., 6.00%,	2.54
Citigroup, Inc., Series K, Pfd., 6.88%,	2.38
Wells Fargo & Co., Series Q, Pfd., 5.85%,	2.38
JPMorgan Chase & Co., Series DD, Pfd., 5.75%,	2.37
PNC Financial Services Group, Inc. (The), Series P, Pfd., 5.35%,	2.31
Wells Fargo & Co., Series Z, Pfd., 4.75%,	2.20
JPMorgan Chase & Co., Series MM, Pfd., 4.20%,	2.10
JPMorgan Chase & Co., Series LL, Pfd., 4.63%,	2.03
Bank of America Corp., Series GG, Pfd., 6.00%,	1.95
Bank of America Corp., Series KK, Pfd., 5.38%,	1.82
Total	22.08

* Excluding money market fund holdings.

Growth of a $10,000 Investment

11

Invesco Financial Preferred ETF (PGF) (continued)

Fund Performance History as of April 30, 2022

	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 - Custom Linked Financial Preferred ETF Index		(12.99	)%		(0.12	)%		(0.36	)%		1.79	%		9.29	%		4.70	%		58.35	%		4.11	%		86.10	%
ICE Exchange-Listed Fixed Rate Financial Preferred Securities Index		(13.12	)		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
S&P U.S. Preferred Stock Index		(9.75	)		2.36			7.24			2.80			14.78			4.86			60.66			4.33			92.12
Fund
NAV Return		(13.34	)		(0.38	)		(1.13	)		1.39			7.14			4.35			53.08			3.40			67.38
Market Price Return		(13.99	)		(0.54	)		(1.62	)		1.31			6.72			4.29			52.16			3.32			65.46

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 0.55%. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

- The Blended-Custom Linked Financial Preferred ETF Index is comprised of the performance of the Previous Index from Fund Inception through the conversion date, June 30, 2021, followed by the performance of the Index starting from the conversion date through April 30, 2022.

12

PEY	Management’s Discussion of Fund Performance
	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, among other things, increased its annual regular cash dividend payments for at least each of its last ten consecutive 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, 2022, on a market price basis, the Fund returned 6.01%. On a net asset value (“NAV”) basis, the Fund returned 5.92%. During the same time period, the Index returned 6.41%. 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 fees and expenses that the Fund incurred during the period. During this same time period, the Dow Jones U.S. Select Dividend Index returned 8.01%.

For the fiscal year ended April 30, 2022, the oil, gas & consumable fuels industry contributed most significantly to the Fund’s return, followed by the gas utilities and tobacco industries, respectively. The diversified telecommunication services industry detracted most significantly from the Fund’s return, followed by the capital markets and household durables industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Exxon Mobil Corp., an oil, gas & consumable fuels company (portfolio average weight of 3.01%) and Chevron Corp., an oil, gas & consumable fuels company (portfolio average weight of 2.48%). Positions that detracted most significantly from the Fund’s return during this period included AT&T Inc., a diversified telecommunication services company (no longer held at fiscal year-end) and Leggett & Platt, Inc., a household durables company (portfolio average weight of 1.58%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Electric Utilities	13.19
Insurance	10.87
Tobacco	9.13
Banks	9.06
Multi-Utilities	5.59
Gas Utilities	5.38
Oil, Gas & Consumable Fuels	4.45
Pharmaceuticals	3.70
Health Care Providers & Services	3.63
Household Products	3.40
Industry Types Each Less Than 3%	31.54
Money Market Funds Plus Other Assets Less Liabilities	0.06
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Altria Group, Inc.	3.70
Universal Corp.	3.05
Healthcare Services Group, Inc.	2.84
International Business Machines Corp.	2.81
Northwest Bancshares, Inc.	2.54
LyondellBasell Industries N.V., Class A	2.47
Exxon Mobil Corp.	2.41
Philip Morris International, Inc.	2.38
Pinnacle West Capital Corp.	2.37
Unum Group	2.31
Total	26.88

* Excluding money market fund holdings.

13

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

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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		6.41	%		10.05	%		33.27	%		9.27	%		55.81	%		13.31	%		248.76	%		6.76	%		212.04	%
Dow Jones U.S. Select Dividend Index		8.01			11.33			37.99			10.42			64.14			12.29			218.72			8.61			320.64
Fund
NAV Return		5.92			9.47			31.20			8.72			51.88			12.72			231.25			6.27			187.81
Market Price Return		6.01			9.49			31.27			8.73			51.93			12.73			231.56			6.28			188.27

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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

14

PID	Management’s Discussion of Fund Performance
	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^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, 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”) that are listed on the London Stock Exchange or the London International Exchange, American Depository Receipts (“ADRs”), non-U.S. common or ordinary stocks, limited partnership interests and shares of limited liability companies traded on the New York Stock Exchange, The Nasdaq Stock Market, Cboe Exchange 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, 2022, on a market price basis, the Fund returned 10.43%. On a net asset value (“NAV”) basis, the Fund returned 10.11%. During the same time period, the Index returned 10.11%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, equaled the return of the Index as the fees and operating expenses that the Fund incurred during the period were entirely offset by securities lending income, preferential dividend tax rates obtained by the Fund relative to the Index, and income from class action litigation received by the Fund. During this same time period, the MSCI EAFE^® Index (Net) returned (8.15)%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the utilities and financials sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the information technology and materials sectors, respectively.

Positions that contributed most significantly to the Fund’s return, for the fiscal year ended April 30, 2022, included Canadian Natural Resources Ltd., an energy company (portfolio average weight of 3.14%) and Companhia Paranaense de Energia Sponsored ADR, a utilities company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Magna International, Inc., a consumer discretionary company (portfolio average weight of 1.38%) and Unilever PLC, ADR, a consumer staples company (portfolio average weight of 2.52%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Utilities	19.40
Financials	16.66
Energy	12.51
Materials	9.98
Communication Services	9.14
Information Technology	8.36
Health Care	7.71
Industrials	6.42
Consumer Discretionary	4.90
Consumer Staples	4.47
Real Estate	0.35
Money Market Funds Plus Other Assets Less Liabilities	0.10
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Banco Santander Brasil S.A., ADR	4.44
BCE, Inc.	4.15
Enbridge, Inc.	4.14
TC Energy Corp.	3.99
Rio Tinto PLC, ADR	3.70
Atlantica Sustainable Infrastructure PLC	3.67
Algonquin Power & Utilities Corp.	3.62
National Grid PLC, ADR	3.52
Sumitomo Mitsui Financial Group, Inc., ADR	3.31
TELUS Corp.	3.14
Total	37.68

* Excluding money market fund holdings.

15

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

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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)		10.11	%		8.07	%		26.20	%		8.25	%		48.66	%		5.79	%		75.50	%		5.21	%		132.80	%
MSCI EAFE® Index (Net)		(8.15	)		4.44			13.91			4.77			26.25			5.77			75.28			4.25			99.84
Fund
NAV Return		10.11			7.94			25.77			8.09			47.54			5.52			71.10			4.74			115.92
Market Price Return		10.43			7.98			25.92			8.11			47.71			5.52			71.07			4.75			116.13

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 0.56%. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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-NASDAQ International Dividend Achievers^™ 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, 2022.

- Net returns reflect invested dividends net of withholding taxes.

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

16

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (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 15, 2022, 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 January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during 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.

  17  

Invesco BuyBack Achievers^TM ETF (PKW)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-6.66%
Altice USA, Inc., Class A(b)(c)		202,135	$	1,875,813
Charter Communications, Inc., Class A(b)		132,675		56,849,911
DHI Group, Inc.(b)		36,958		205,486
EchoStar Corp., Class A(b)(c)		28,509		665,685
Lumen Technologies, Inc.(c)		765,229		7,698,204
Nexstar Media Group, Inc., Class A		30,661		4,857,316
Sirius XM Holdings, Inc.(c)		2,952,073		17,712,438
TrueCar, Inc.(b)(c)		72,207		258,501
				90,123,354
Consumer Discretionary-22.84%
Aaron’s Co., Inc. (The)(c)		23,879		490,236
Abercrombie & Fitch Co., Class A(b)(c)		37,853		1,308,957
Advance Auto Parts, Inc.(c)		45,683		9,119,697
AutoNation, Inc.(b)(c)		45,888		5,318,878
AutoZone, Inc.(b)		14,844		29,026,997
Bath & Body Works, Inc.(c)		178,643		9,448,428
Bed Bath & Beyond, Inc.(b)(c)		72,037		980,424
Best Buy Co., Inc.(c)		168,416		15,145,651
Big Lots, Inc.(c)		21,356		659,900
Carriage Services, Inc.		11,462		491,605
Citi Trends, Inc.(b)(c)		6,356		177,777
Crocs, Inc.(b)		45,764		3,040,103
Dillard’s, Inc., Class A(c)		10,748		3,265,350
Dollar General Corp.		171,136		40,649,934
Domino’s Pizza, Inc.		26,943		9,106,734
eBay, Inc.		439,329		22,809,962
Flexsteel Industries, Inc.(c)		4,851		105,218
Grand Canyon Education, Inc.(b)(c)		26,412		2,534,760
Hibbett, Inc.(c)		9,826		424,287
Jack in the Box, Inc.(c)		15,734		1,302,146
Kirkland’s, Inc.(b)(c)		9,219		66,653
Kohl’s Corp.		96,155		5,565,451
Laureate Education, Inc., Class A(c)		133,479		1,512,317
Lowe’s Cos., Inc.		357,965		70,780,420
MGM Resorts International(c)		325,524		13,359,505
Murphy USA, Inc.		18,284		4,271,142
NVR, Inc.(b)		2,510		10,984,287
O’Reilly Automotive, Inc.(b)		49,573		30,068,503
PulteGroup, Inc.		180,525		7,538,724
Sleep Number Corp.(b)(c)		16,572		672,160
Smith & Wesson Brands, Inc.(c)		34,032		467,259
Taylor Morrison Home Corp., Class A(b)		90,694		2,375,276
Tempur Sealy International, Inc.(c)		133,846		3,628,565
Tri Pointe Homes, Inc.(b)		80,440		1,662,695
Zumiez, Inc.(b)(c)		14,899		545,750
				308,905,751
Consumer Staples-1.56%
Hain Celestial Group, Inc. (The)(b)(c)		68,288		2,290,380
Herbalife Nutrition Ltd.(b)(c)		82,155		2,183,680
Ingles Markets, Inc., Class A		10,709		997,222
JM Smucker Co. (The)		81,098		11,104,749
Post Holdings, Inc.(b)(c)		46,255		3,440,909
USANA Health Sciences, Inc.(b)		14,345		1,099,688
				21,116,628

	Shares		Value
Energy-3.20%
CNX Resources Corp.(b)		148,388	$	3,049,373
Dorian LPG Ltd.		30,012		441,777
Magnolia Oil & Gas Corp., Class A(c)		141,007		3,277,003
Marathon Petroleum Corp.		417,675		36,446,320
				43,214,473
Financials-28.51%
Affiliated Managers Group, Inc.		29,742		3,734,703
Aflac, Inc.		485,569		27,813,392
Allstate Corp. (The)		208,134		26,337,276
Ally Financial, Inc.		247,844		9,903,846
Amerant Bancorp, Inc.(c)		25,899		688,654
Ameriprise Financial, Inc.		82,682		21,951,244
Arlington Asset Investment Corp., Class A(b)(c)		22,725		69,311
Assured Guaranty Ltd.		49,119		2,708,913
Atlanticus Holdings Corp.(b)(c)		11,130		479,035
Bank of America Corp.		1,755,880		62,649,798
Bank of New York Mellon Corp. (The)		603,516		25,383,883
Brighthouse Financial, Inc.(b)		57,299		2,942,877
Capital One Financial Corp.		303,344		37,802,729
Civista Bancshares, Inc.		11,133		231,789
CNO Financial Group, Inc.		87,790		2,119,251
Columbia Financial, Inc.(b)(c)		79,785		1,511,926
Comerica, Inc.		98,024		8,028,166
Consumer Portfolio Services, Inc.(b)		15,902		181,283
Credit Acceptance Corp.(b)(c)		10,551		5,407,387
Elevate Credit, Inc.(b)		23,154		68,536
Encore Capital Group, Inc.(b)(c)		18,346		1,060,582
Enstar Group Ltd.(b)		12,353		2,912,220
Equitable Holdings, Inc.		291,293		8,397,977
First Bancorp		148,363		2,019,220
First Financial Corp.		9,324		397,389
HarborOne Bancorp, Inc.(c)		38,415		514,377
Hartford Financial Services Group, Inc. (The)		247,989		17,341,871
Hilltop Holdings, Inc.		59,046		1,505,083
HomeStreet, Inc.		14,444		586,282
Kearny Financial Corp.(c)		54,401		645,196
Lincoln National Corp.		128,950		7,756,342
Loews Corp.		184,243		11,577,830
Meta Financial Group, Inc.		22,320		974,268
MetLife, Inc.		616,957		40,521,736
Mr. Cooper Group, Inc.(b)		55,170		2,480,995
Navient Corp.		113,758		1,807,615
Northfield Bancorp, Inc.		36,591		478,976
PennyMac Financial Services, Inc.(c)		41,442		2,012,424
Popular, Inc.		57,194		4,460,560
Provident Bancorp, Inc.		13,338		212,341
Radian Group, Inc.		131,250		2,807,438
Regional Management Corp.		7,345		316,202
RenaissanceRe Holdings Ltd. (Bermuda)		33,043		4,742,331
SLM Corp.(c)		208,913		3,495,114
Synchrony Financial		389,786		14,348,023
Virtu Financial, Inc., Class A		81,334		2,348,926
Voya Financial, Inc.(c)		79,361		5,010,854
Washington Federal, Inc.(c)		48,826		1,485,775

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

  18  

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

April 30, 2022

	Shares		Value
Financials-(continued)
WesBanco, Inc.		45,604	$	1,470,273
WSFS Financial Corp.		47,351		1,897,355
				385,599,574
Health Care-10.17%
Agios Pharmaceuticals, Inc.(b)(c)		40,852		897,518
Allscripts Healthcare Solutions, Inc.(b)		86,897		1,795,292
Cigna Corp.		239,993		59,225,473
DaVita, Inc.(b)		72,008		7,803,507
HCA Healthcare, Inc.		225,836		48,453,114
Innoviva, Inc.(b)(c)		52,022		887,495
Intercept Pharmaceuticals, Inc.(b)(c)		22,202		348,793
Quest Diagnostics, Inc.(c)		89,321		11,954,723
Universal Health Services, Inc., Class B		50,509		6,188,868
				137,554,783
Industrials-7.10%
Acuity Brands, Inc.		26,187		4,516,734
AECOM		105,690		7,457,487
Allison Transmission Holdings, Inc.		72,580		2,717,395
Avis Budget Group, Inc.(b)(c)		40,206		10,761,940
CACI International, Inc., Class A(b)		17,501		4,643,015
Curtiss-Wright Corp.		28,737		4,106,805
Dycom Industries, Inc.(b)(c)		22,142		1,880,077
JELD-WEN Holding, Inc.(b)(c)		67,327		1,399,728
KAR Auction Services, Inc.(b)(c)		90,611		1,328,357
L3Harris Technologies, Inc.		144,362		33,529,518
ManpowerGroup, Inc.		40,012		3,609,082
Masco Corp.		176,865		9,319,017
Owens Corning		74,080		6,736,094
RCM Technologies, Inc.(b)(c)		7,839		137,026
Trinity Industries, Inc.(c)		62,319		1,728,729
Veritiv Corp.(b)		11,240		1,579,670
Wabash National Corp.(c)		36,664		524,662
				95,975,336
Information Technology-12.16%
Amdocs Ltd.		92,236		7,350,287
Arrow Electronics, Inc.(b)		50,121		5,907,261
Box, Inc., Class A(b)		107,245		3,283,842
CDW Corp.		100,905		16,465,678
Diodes, Inc.(b)		33,665		2,458,555
Dropbox, Inc., Class A(b)		223,468		4,860,429
Fair Isaac Corp.(b)		19,653		7,340,592
Gartner, Inc.(b)		61,534		17,878,703
HP, Inc.(c)		787,657		28,851,876
Oracle Corp.		874,860		64,214,724
Silicon Laboratories, Inc.(b)(c)		28,533		3,849,387
Xerox Holdings Corp.		115,792		2,014,781
				164,476,115

	Shares		Value
Materials-7.47%
Ashland Global Holdings, Inc.(c)		42,562	$	4,467,733
Celanese Corp.		80,782		11,870,107
Crown Holdings, Inc.		92,417		10,169,567
DuPont de Nemours, Inc.		383,525		25,285,803
Louisiana-Pacific Corp.		64,329		4,150,507
Nucor Corp.(c)		200,703		31,064,811
Steel Dynamics, Inc.		143,047		12,266,280
Worthington Industries, Inc.(c)		36,912		1,755,904
				101,030,712
Real Estate-0.31%
iStar, Inc.(c)		51,612		869,146
SL Green Realty Corp.(c)		48,434		3,352,601
				4,221,747
Total Common Stocks & Other Equity Interests (Cost $1,460,833,572)				1,352,218,473
Money Market Funds-0.12%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $1,613,071)		1,613,071		1,613,071
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10% (Cost $1,462,446,643)				1,353,831,544
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-10.91%
Invesco Private Government Fund, 0.40%(d)(e)(f)		44,257,780		44,257,780
Invesco Private Prime Fund, 0.35%(d)(e)(f)		103,222,386		103,222,386
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $147,472,744)				147,480,166
TOTAL INVESTMENTS IN SECURITIES-111.01% (Cost $1,609,919,387)				1,501,311,710
OTHER ASSETS LESS LIABILITIES-(11.01)%				(148,864,386	)
NET ASSETS-100.00%			$	1,352,447,324

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, 2022

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30,  2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,541,414		$	40,155,277		$	(40,083,620	)		$	-		$	-			$	1,613,071		$	1,140
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			90,071,112			569,866,227			(615,679,559	)			-			-				44,257,780			23,937	*
Invesco Private Prime Fund			135,106,669			1,007,208,110			(1,039,052,363	)			7,421			(47,451	)			103,222,386			111,733	*
Total		$	226,719,195		$	1,617,229,614		$	(1,694,815,542	)		$	7,421		$	(47,451	)		$	149,093,237		$	136,810

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

  20  

Invesco Dividend Achievers^TM ETF (PFM)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-2.36%
Comcast Corp., Class A		198,449	$	7,890,332
John Wiley & Sons, Inc., Class A(b)		2,039		103,765
Telephone & Data Systems, Inc.(b)		4,666		85,481
Verizon Communications, Inc.		184,137		8,525,543
				16,605,121
Consumer Discretionary-7.22%
Best Buy Co., Inc.		10,509		945,074
Churchill Downs, Inc.		1,735		352,101
Dillard’s, Inc., Class A(b)		651		197,780
Gentex Corp.		10,328		303,127
Genuine Parts Co.		6,202		806,570
Home Depot, Inc. (The)		45,793		13,756,217
Leggett & Platt, Inc.		5,855		208,614
Lithia Motors, Inc., Class A		1,334		377,695
Lowe’s Cos., Inc.		29,616		5,855,972
McDonald’s Corp.		32,578		8,117,135
Monro, Inc.(b)		1,420		64,937
NIKE, Inc., Class B		55,903		6,971,104
PetMed Express, Inc.(b)		884		19,360
Polaris, Inc.(b)		2,604		247,224
Pool Corp.		1,759		712,782
Service Corp. International		7,098		465,700
Starbucks Corp.		50,375		3,759,990
Target Corp.		20,995		4,800,507
Thor Industries, Inc.(b)		2,417		185,021
Tractor Supply Co.		4,972		1,001,609
VF Corp.(b)		17,046		886,392
Whirlpool Corp.(b)		2,543		461,605
Williams-Sonoma, Inc.(b)		3,221		420,276
				50,916,792
Consumer Staples-14.63%
Altria Group, Inc.		79,650		4,426,151
Andersons, Inc. (The)		1,426		71,628
Archer-Daniels-Midland Co.		24,640		2,206,758
Brown-Forman Corp., Class B		13,564		914,756
Casey’s General Stores, Inc.		1,692		340,600
Church & Dwight Co., Inc.		10,666		1,040,575
Clorox Co. (The)		5,405		775,455
Coca-Cola Co. (The)		190,340		12,297,867
Colgate-Palmolive Co.		36,807		2,835,979
Costco Wholesale Corp.		19,459		10,346,740
Flowers Foods, Inc.		9,280		246,106
Hershey Co. (The)		6,356		1,434,994
Hormel Foods Corp.		23,741		1,243,791
Ingredion, Inc.		2,958		251,755
J&J Snack Foods Corp.		805		120,509
JM Smucker Co. (The)		4,713		645,351
Kellogg Co.		14,983		1,026,336
Kimberly-Clark Corp.		14,786		2,052,740
Kroger Co. (The)		32,227		1,738,969
Lancaster Colony Corp.(b)		1,166		180,940
McCormick & Co., Inc.(b)		10,963		1,102,549
Nu Skin Enterprises, Inc., Class A		2,173		92,657
PepsiCo, Inc.		60,638		10,412,151
Philip Morris International, Inc.		67,951		6,795,100
Procter & Gamble Co. (The)		105,193		16,888,736

	Shares		Value
Consumer Staples-(continued)
SpartanNash Co.		1,521	$	52,140
Sysco Corp.		22,261		1,902,870
Tootsie Roll Industries, Inc.(b)		1,713		60,006
Tyson Foods, Inc., Class A		12,836		1,195,802
Universal Corp.		1,043		60,338
Walgreens Boots Alliance, Inc.		37,841		1,604,458
Walmart, Inc.		121,666		18,613,681
WD-40 Co.(b)		577		106,156
				103,084,644
Energy-4.56%
Chevron Corp.		85,360		13,373,351
Enterprise Products Partners L.P.		95,369		2,471,011
Exxon Mobil Corp.		185,798		15,839,280
Magellan Midstream Partners L.P.		9,316		451,360
				32,135,002
Financials-12.82%
1st Source Corp.		1,049		45,390
Aflac, Inc.		28,482		1,631,449
Allstate Corp. (The)		12,168		1,539,739
American Equity Investment Life Holding Co.		4,045		152,577
American Financial Group, Inc.		3,725		515,838
Ameriprise Financial, Inc.		4,886		1,297,184
Aon PLC, Class A		9,381		2,701,634
Arthur J. Gallagher & Co.		9,154		1,542,357
Associated Banc-Corp.		6,524		130,154
Assurant, Inc.		2,398		436,148
Assured Guaranty Ltd.		2,930		161,589
Atlantic Union Bankshares Corp.		3,331		112,521
AXIS Capital Holdings Ltd.		3,720		213,268
BancFirst Corp.(b)		1,381		112,897
Bank of Marin Bancorp		675		21,101
Bank of New York Mellon Corp. (The)		35,218		1,481,269
Bank OZK		5,472		210,234
BlackRock, Inc.		6,660		4,160,369
BOK Financial Corp.(b)		3,025		250,863
Brown & Brown, Inc.		12,331		764,275
Cboe Global Markets, Inc.		4,639		524,114
Chubb Ltd.		18,692		3,858,963
Cincinnati Financial Corp.		7,053		865,121
City Holding Co.		635		49,136
CME Group, Inc., Class A		15,730		3,450,218
Cohen & Steers, Inc.(b)		2,124		165,014
Commerce Bancshares, Inc.		5,323		363,934
Community Bank System, Inc.(b)		2,346		151,082
Community Trust Bancorp, Inc.		754		30,017
Cullen/Frost Bankers, Inc.		2,771		366,576
Discover Financial Services		12,518		1,407,774
Erie Indemnity Co., Class A		2,020		323,766
Evercore, Inc., Class A		1,624		171,738
FactSet Research Systems, Inc.		1,656		668,179
Federal Agricultural Mortgage Corp., Class C		389		39,845
Fidelity National Financial, Inc.		12,394		493,529
Fifth Third Bancorp		29,980		1,125,149
Financial Institutions, Inc.		667		18,569
First American Financial Corp.(b)		4,827		281,462
First Community Bankshares, Inc.		717		19,094
First Financial Bankshares, Inc.(b)		6,229		249,035

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

  21  

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

April 30, 2022

	Shares		Value
Financials-(continued)
First Financial Corp.		542	$	23,100
First Merchants Corp.(b)		2,345		91,901
First of Long Island Corp. (The)		1,001		16,797
Franklin Resources, Inc.		21,970		540,242
Globe Life, Inc.		4,332		424,883
Goldman Sachs Group, Inc. (The)		14,990		4,579,295
Hanover Insurance Group, Inc. (The)		1,501		220,377
Heritage Financial Corp.		1,485		35,967
Hingham Institution for Savings (The)		90		29,076
Home BancShares, Inc.		7,199		155,642
Horace Mann Educators Corp.		1,749		69,698
Horizon Bancorp, Inc.		1,840		32,163
Huntington Bancshares, Inc.		63,014		828,634
Independent Bank Corp.		2,071		159,798
International Bancshares Corp.		2,744		109,184
JPMorgan Chase & Co.		129,543		15,462,252
KeyCorp		40,631		784,585
Lakeland Bancorp, Inc.		2,797		42,039
Lakeland Financial Corp.(b)		1,074		78,209
Lincoln National Corp.		7,560		454,734
MarketAxess Holdings, Inc.		1,689		445,237
Marsh & McLennan Cos., Inc.		21,997		3,556,915
Mercury General Corp.		2,406		121,335
Moody’s Corp.		8,097		2,562,539
Morningstar, Inc.		1,918		485,695
Northwest Bancshares, Inc.		5,557		70,463
Old Republic International Corp.		13,474		296,563
PNC Financial Services Group, Inc. (The)		18,365		3,050,426
Premier Financial Corp.		1,564		41,509
Primerica, Inc.		1,670		216,365
Principal Financial Group, Inc.		11,447		779,999
Prosperity Bancshares, Inc.(b)		4,030		263,481
Prudential Financial, Inc.		16,503		1,790,741
Raymond James Financial, Inc.		9,114		888,250
Reinsurance Group of America, Inc.		2,978		319,599
RenaissanceRe Holdings Ltd. (Bermuda)		1,927		276,563
Republic Bancorp, Inc., Class A		760		31,677
RLI Corp.(b)		1,982		227,494
S&P Global, Inc.		15,518		5,842,527
Sandy Spring Bancorp, Inc.(b)		1,975		77,558
SEI Investments Co.		6,050		337,106
Simmons First National Corp., Class A		4,955		118,276
South State Corp.(b)		3,047		235,960
Southern Missouri Bancorp, Inc.		375		15,825
Southside Bancshares, Inc.		1,370		53,690
State Street Corp.		16,011		1,072,257
Stock Yards Bancorp, Inc.(b)		1,127		58,920
T. Rowe Price Group, Inc.(b)		9,977		1,227,570
Tompkins Financial Corp.(b)		618		45,114
Towne Bank		3,209		88,472
Travelers Cos., Inc. (The)		10,615		1,815,802
Truist Financial Corp.		58,161		2,812,084
U.S. Bancorp		65,018		3,157,274
UMB Financial Corp.(b)		2,115		190,731
United Bankshares, Inc.(b)		5,664		188,385
Unum Group		8,902		271,689
W.R. Berkley Corp.		11,613		772,148
Washington Federal, Inc.(b)		2,825		85,965
Washington Trust Bancorp, Inc.(b)		730		34,266

	Shares		Value
Financials-(continued)
WesBanco, Inc.		2,657	$	85,662
Westamerica Bancorporation(b)		1,138		67,051
				90,320,930
Health Care-16.20%
Abbott Laboratories		77,443		8,789,781
AmerisourceBergen Corp.		9,179		1,388,691
Amgen, Inc.		24,424		5,695,433
Anthem, Inc.		10,607		5,323,972
Atrion Corp.(b)		76		47,623
Becton, Dickinson and Co.		12,512		3,092,841
Bristol-Myers Squibb Co.		95,509		7,188,962
Cardinal Health, Inc.		12,114		703,218
Chemed Corp.		680		334,145
Ensign Group, Inc. (The)		2,394		192,310
Humana, Inc.		5,556		2,469,975
Johnson & Johnson		115,323		20,811,189
LeMaitre Vascular, Inc.(b)		930		40,185
McKesson Corp.		6,612		2,047,141
Medtronic PLC		58,926		6,149,517
Merck & Co., Inc.		110,760		9,823,304
National HealthCare Corp.		651		44,307
Perrigo Co. PLC		5,857		200,895
Pfizer, Inc.		246,863		12,113,567
Quest Diagnostics, Inc.		5,253		703,062
STERIS PLC		4,366		978,202
Stryker Corp.		16,568		3,997,196
UnitedHealth Group, Inc.		41,258		20,981,756
West Pharmaceutical Services, Inc.		3,276		1,032,137
				114,149,409
Industrials-11.80%
3M Co.		25,017		3,607,952
A.O. Smith Corp.		5,757		336,382
ABM Industries, Inc.(b)		2,988		144,231
Apogee Enterprises, Inc.		1,054		46,376
Applied Industrial Technologies, Inc.		1,627		170,331
Brady Corp., Class A		2,099		93,930
C.H. Robinson Worldwide, Inc.(b)		5,647		599,429
Carlisle Cos., Inc.		2,268		588,229
Caterpillar, Inc.		23,506		4,948,953
Cintas Corp.		4,577		1,818,259
CSX Corp.		96,085		3,299,559
Cummins, Inc.		6,221		1,176,951
Donaldson Co., Inc.		5,425		266,042
Douglas Dynamics, Inc.		974		30,155
Dover Corp.		6,290		838,457
Eaton Corp. PLC		17,464		2,532,629
Emerson Electric Co.		26,055		2,349,640
Expeditors International of Washington, Inc.		7,431		736,189
Fastenal Co.		25,204		1,394,033
Franklin Electric Co., Inc.		2,032		142,118
GATX Corp.(b)		1,498		154,878
General Dynamics Corp.		12,188		2,882,828
Gorman-Rupp Co. (The)		1,105		35,205
Graco, Inc.		7,471		463,351
Griffon Corp.		2,446		45,765
Healthcare Services Group, Inc.		3,265		55,799
HEICO Corp.(b)		2,369		334,574
Hillenbrand, Inc.		3,215		131,236
HNI Corp.(b)		1,842		65,649

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

  22  

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

April 30, 2022

	Shares		Value
Industrials-(continued)
Honeywell International, Inc.		30,070	$	5,818,846
Hubbell, Inc.		2,366		462,222
IDEX Corp.		3,354		636,656
Illinois Tool Works, Inc.		13,699		2,700,210
Insperity, Inc.(b)		1,622		172,013
ITT, Inc.		3,741		262,693
J.B. Hunt Transport Services, Inc.		4,565		779,930
L3Harris Technologies, Inc.		8,525		1,980,017
Lennox International, Inc.		1,648		351,337
Lincoln Electric Holdings, Inc.		2,548		343,292
Lindsay Corp.		462		62,439
Lockheed Martin Corp.		11,970		5,172,476
ManpowerGroup, Inc.		2,334		210,527
Matthews International Corp., Class A		1,336		39,826
McGrath RentCorp		1,028		85,797
MDU Resources Group, Inc.		8,935		230,166
MSA Safety, Inc.		1,661		200,466
Nordson Corp.		2,515		542,460
Northrop Grumman Corp.		6,871		3,019,117
Raytheon Technologies Corp.		65,373		6,204,551
Regal Rexnord Corp.		3,002		381,975
Republic Services, Inc.		13,846		1,859,102
Robert Half International, Inc.		4,884		480,146
Rockwell Automation, Inc.		5,116		1,292,660
Ryder System, Inc.(b)		2,340		163,566
Snap-on, Inc.		2,325		494,039
Standex International Corp.		516		48,525
Stanley Black & Decker, Inc.		7,176		862,196
Tennant Co.		781		50,437
Toro Co. (The)		4,567		365,954
Trane Technologies PLC		10,207		1,427,857
Trinity Industries, Inc.		3,658		101,473
Union Pacific Corp.		27,936		6,545,126
United Parcel Service, Inc., Class B		32,113		5,779,698
W.W. Grainger, Inc.		2,227		1,113,567
Waste Management, Inc.		18,135		2,982,119
Xylem, Inc.		7,874		633,857
				83,146,468
Information Technology-20.28%
Accenture PLC, Class A		27,736		8,330,785
Amphenol Corp., Class A		26,263		1,877,804
Analog Devices, Inc.		22,930		3,539,933
Automatic Data Processing, Inc.		18,432		4,021,494
Badger Meter, Inc.		1,239		99,975
Broadcom, Inc.		17,961		9,957,399
Broadridge Financial Solutions, Inc.		5,140		740,828
Cass Information Systems, Inc.		590		22,839
Cisco Systems, Inc.		182,163		8,922,344
Corning, Inc.		37,033		1,303,191
HP, Inc.(b)		46,144		1,690,255
International Business Machines Corp.		39,432		5,213,305
Intuit, Inc.		12,428		5,204,225
Jack Henry & Associates, Inc.		3,215		609,500
KLA Corp.		6,643		2,120,844
Littelfuse, Inc.		1,046		239,796
Mastercard, Inc., Class A		42,545		15,460,002
Microchip Technology, Inc.		24,380		1,589,576
Microsoft Corp.		95,694		26,556,999
Motorola Solutions, Inc.		7,381		1,577,246

	Shares		Value
Information Technology-(continued)
Oracle Corp.		117,105	$	8,595,507
Paychex, Inc.		15,787		2,000,687
QUALCOMM, Inc.		49,393		6,899,708
Roper Technologies, Inc.		4,648		2,184,188
TE Connectivity Ltd. (Switzerland)		14,232		1,775,869
Texas Instruments, Inc.		40,454		6,887,293
Visa, Inc., Class A(b)		72,780		15,511,601
				142,933,193
Materials-3.10%
Air Products and Chemicals, Inc.		9,709		2,272,586
Albemarle Corp.		5,151		993,267
AptarGroup, Inc.		2,909		334,041
Ashland Global Holdings, Inc.(b)		2,472		259,486
Avery Dennison Corp.		3,621		653,953
Avient Corp.		4,006		197,255
Balchem Corp.		1,362		167,798
Cabot Corp.(b)		2,458		161,859
Celanese Corp.		4,699		690,471
Eastman Chemical Co.		5,654		580,496
Ecolab, Inc.		12,595		2,132,837
H.B. Fuller Co.(b)		2,308		153,944
Hawkins, Inc.		890		33,179
International Flavors & Fragrances, Inc.		11,171		1,355,042
Kaiser Aluminum Corp.		668		64,462
LyondellBasell Industries N.V., Class A		14,340		1,520,470
Neenah, Inc.(b)		707		25,028
Nucor Corp.		11,780		1,823,308
Packaging Corp. of America		4,088		658,863
PPG Industries, Inc.		10,311		1,319,705
Quaker Chemical Corp.(b)		754		122,683
Reliance Steel & Aluminum Co.		2,673		529,922
Royal Gold, Inc.(b)		2,911		379,827
RPM International, Inc.		5,684		471,204
Scotts Miracle-Gro Co. (The)(b)		2,415		250,991
Sensient Technologies Corp.(b)		1,775		150,165
Sherwin-Williams Co. (The)		11,411		3,137,569
Silgan Holdings, Inc.		4,872		216,171
Sonoco Products Co.		4,253		263,303
Stepan Co.		951		97,107
Westlake Corp.(b)		5,610		709,946
Worthington Industries, Inc.(b)		2,220		105,605
				21,832,543
Real Estate-1.74%
Alexandria Real Estate Equities, Inc.		7,032		1,280,949
CubeSmart		9,805		465,836
Digital Realty Trust, Inc.		12,499		1,826,354
EastGroup Properties, Inc.		1,865		349,688
Equity LifeStyle Properties, Inc.		8,128		628,132
Essex Property Trust, Inc.		2,909		957,846
Extra Space Storage, Inc.		5,873		1,115,870
Federal Realty Investment Trust		3,459		404,911
Kennedy-Wilson Holdings, Inc.		6,029		135,954
Mid-America Apartment Communities, Inc.		5,080		999,134
National Retail Properties, Inc.		7,694		337,305
Realty Income Corp.		25,942		1,799,337
STAG Industrial, Inc.		7,791		290,760
Terreno Realty Corp.		3,328		242,112
UDR, Inc.		13,924		740,896

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, 2022

	Shares		Value
Real Estate-(continued)
Universal Health Realty Income Trust		581	$	29,160
W.P. Carey, Inc.(b)		8,330		672,814
				12,277,058
Utilities-5.23%
ALLETE, Inc.		2,317		137,491
Alliant Energy Corp.		10,994		646,557
American Electric Power Co., Inc.		22,125		2,192,809
American States Water Co.		1,563		122,946
American Water Works Co., Inc.		7,950		1,224,936
Atmos Energy Corp.(b)		5,926		672,008
Avista Corp.		3,162		128,282
Black Hills Corp.(b)		2,801		205,145
Brookfield Infrastructure Partners L.P. (Canada)		13,373		834,876
California Water Service Group		2,337		121,220
Chesapeake Utilities Corp.		744		93,127
CMS Energy Corp.		12,722		873,874
Consolidated Edison, Inc.		15,506		1,438,026
DTE Energy Co.		8,457		1,108,205
Duke Energy Corp.		33,737		3,716,468
Edison International		16,701		1,148,862
Essential Utilities, Inc.		11,089		496,344
Evergy, Inc.		10,029		680,468
Eversource Energy		15,100		1,319,740
IDACORP, Inc.		2,202		231,606
MGE Energy, Inc.(b)		1,530		119,141
Middlesex Water Co.		739		65,734
National Fuel Gas Co.		4,000		280,520
New Jersey Resources Corp.(b)		4,194		181,013
NextEra Energy, Inc.		86,000		6,107,720
NiSource, Inc.		17,741		516,618
Northwest Natural Holding Co.		1,319		63,088
NorthWestern Corp.(b)		2,352		133,335
OGE Energy Corp.		8,802		340,461
Pinnacle West Capital Corp.		4,978		354,434
Portland General Electric Co.		3,915		185,297
Public Service Enterprise Group, Inc.		21,968		1,530,291
Sempra Energy		13,814		2,229,027

	Shares		Value
Utilities-(continued)
SJW Group		1,280	$	75,520
Southern Co. (The)		46,433		3,407,718
Southwest Gas Holdings, Inc.		2,618		230,672
Spire, Inc.(b)		2,254		163,979
UGI Corp.		9,207		315,800
WEC Energy Group, Inc.		13,804		1,381,090
Xcel Energy, Inc.		23,811		1,744,394
York Water Co. (The)		552		21,351
				36,840,193
Total Common Stocks & Other Equity Interests (Cost $585,643,882)				704,241,353
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(c)(d) (Cost $376,010)		376,010		376,010
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $586,019,892)				704,617,363
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.15%
Invesco Private Government Fund, 0.40%(c)(d)(e)		4,539,079		4,539,079
Invesco Private Prime Fund, 0.35%(c)(d)(e)		10,586,044		10,586,044
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $15,125,122)				15,125,123
TOTAL INVESTMENTS IN SECURITIES-102.14% (Cost $601,145,014)				719,742,486
OTHER ASSETS LESS LIABILITIES-(2.14)%				(15,091,930	)
NET ASSETS-100.00%			$	704,650,556

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)			Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	504,143		$	21,715,968		$	(21,844,101)		$	-		$	-		$	376,010		$	506

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, 2022

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	698,686		$	63,381,139		$	(59,540,746	)		$	-		$	-			$	4,539,079		$	4,571	*
Invesco Private Prime Fund			1,124,866			131,332,177			(121,868,350	)			1			(2,650	)			10,586,044			15,779	*
Total		$	2,327,695		$	216,429,284		$	(203,253,197	)		$	1		$	(2,650	)		$	15,501,133		$	20,856

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

  25  

Invesco Dow Jones Industrial Average Dividend ETF (DJD)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.81%
Communication Services-5.86%
Verizon Communications, Inc.		260,396	$	12,056,335
Consumer Discretionary-7.98%
Home Depot, Inc. (The)		21,999		6,608,499
McDonald’s Corp.		28,795		7,174,562
NIKE, Inc., Class B		21,098		2,630,921
				16,413,982
Consumer Staples-15.68%
Coca-Cola Co. (The)		141,373		9,134,110
Procter & Gamble Co. (The)		45,113		7,242,892
Walgreens Boots Alliance, Inc.		252,946		10,724,910
Walmart, Inc.		33,794		5,170,144
				32,272,056
Energy-5.09%
Chevron Corp.		66,848		10,473,076
Financials-10.89%
American Express Co.		15,240		2,662,580
Goldman Sachs Group, Inc. (The)		20,749		6,338,611
JPMorgan Chase & Co.		63,372		7,564,082
Travelers Cos., Inc. (The)		34,130		5,838,278
				22,403,551
Health Care-16.33%
Amgen, Inc.(b)		43,337		10,105,755
Johnson & Johnson		44,054		7,949,985
Merck & Co., Inc.		133,371		11,828,674
UnitedHealth Group, Inc.		7,312		3,718,517
				33,602,931
Industrials-12.13%
3M Co.		82,347		11,876,084
Caterpillar, Inc.		31,923		6,721,069
Honeywell International, Inc.		32,843		6,355,449
				24,952,602
Information Technology-18.55%
Apple, Inc.		9,984		1,573,978

	Shares		Value
Information Technology-(continued)
Cisco Systems, Inc.		144,292	$	7,067,422
Intel Corp.		193,378		8,429,347
International Business Machines Corp.		125,102		16,539,736
Microsoft Corp.		8,593		2,384,729
Visa, Inc., Class A(b)		10,207		2,175,418
				38,170,630
Materials-7.30%
Dow, Inc.		225,773		15,013,905
Total Common Stocks & Other Equity Interests (Cost $203,615,150)				205,359,068
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(c)(d) (Cost $109,718)		109,718		109,718
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% (Cost $203,724,868)				205,468,786
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.88%
Invesco Private Government Fund, 0.40%(c)(d)(e)		3,630,562		3,630,562
Invesco Private Prime Fund, 0.35%(c)(d)(e)		8,467,759		8,467,759
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,098,215)				12,098,321
TOTAL INVESTMENTS IN SECURITIES-105.74% (Cost $215,823,083)				217,567,107
OTHER ASSETS LESS LIABILITIES-(5.74)%				(11,807,989	)
NET ASSETS-100.00%			$	205,759,118

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)			Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	36,023		$	6,085,363		$	(6,011,668)		$	-		$	-		$	109,718		$	165

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

  26  

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

April 30, 2022

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	-		$	11,778,144		$	(8,147,582	)		$	-		$	-			$	3,630,562		$	950	*
Invesco Private Prime Fund			-			27,041,974			(18,573,091	)			106			(1,230	)			8,467,759			2,159	*
Total		$	36,023		$	44,905,481		$	(32,732,341	)		$	106		$	(1,230	)		$	12,208,039		$	3,274

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

  27  

Invesco Financial Preferred ETF (PGF)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Preferred Stocks-99.73%
Banks-57.96%
Bank of America Corp.
Series PP, Pfd., 4.13%(b)		759,075	$	13,610,215
Series QQ, Pfd., 4.25%		848,826		15,134,568
Series NN, Pfd., 4.38%(b)		911,451		16,752,469
Series SS, Pfd., 4.75%(b)		226,355		4,488,620
Series LL, Pfd., 5.00%		1,072,253		22,667,428
Series KK, Pfd., 5.38%		1,087,787		24,453,452
Series HH, Pfd., 5.88%		626,039		15,325,435
Series GG, Pfd., 6.00%		1,047,385		26,205,573
Bank OZK, Series A, Pfd., 4.63%(b)		289,484		5,210,712
Citigroup, Inc.
Series K, Pfd., 6.88%(b)(c)		1,205,713		31,975,509
Series J, Pfd., 7.13%(b)(c)		768,915		20,068,681
Citizens Financial Group, Inc.
Series E, Pfd., 5.00%(b)		401,031		8,285,300
Series D, Pfd., 6.35%(c)		231,359		5,985,257
Fifth Third Bancorp
Series K, Pfd., 4.95%(b)		224,736		4,753,166
Series I, Pfd., 6.63%(b)(c)		355,644		9,207,623
First Citizens BancShares, Inc., Series A, Pfd., 5.38%(b)		284,928		6,684,411
First Republic Bank
Series M, Pfd., 4.00%		617,242		10,801,735
Series K, Pfd., 4.13%(b)		420,787		7,397,435
Series L, Pfd., 4.25%		613,275		10,953,091
Series N, Pfd., 4.50%		552,338		10,378,431
Series J, Pfd., 4.70%(b)		325,580		6,283,694
Series I, Pfd., 5.50%		247,476		5,731,544
Huntington Bancshares, Inc., Series H, Pfd., 4.50%(b)		421,164		7,892,613
JPMorgan Chase & Co.
Series MM, Pfd., 4.20%(b)		1,557,488		28,206,108
Series JJ, Pfd., 4.55%		1,155,222		21,937,666
Series LL, Pfd., 4.63%		1,401,957		27,169,927
Series GG, Pfd., 4.75%		674,641		13,668,227
Series DD, Pfd., 5.75%(b)		1,295,811		31,812,160
Series EE, Pfd., 6.00%		1,362,651		34,134,407
KeyCorp
Series G, Pfd., 5.63%		371,948		8,852,362
Series F, Pfd., 5.65%(b)		348,541		8,232,538
Series E, Pfd., 6.13%(b)(c)		406,115		10,847,332
M&T Bank Corp., Series H, Pfd., 5.63%(b)(c)		210,599		5,075,436
PNC Financial Services Group, Inc. (The), Series P, Pfd., 5.35% (3 mo. USD LIBOR + 4.07%)(b)(d)		1,232,824		30,956,211
Regions Financial Corp.
Series E, Pfd., 4.45%		337,588		6,312,896
Series C, Pfd., 5.70%(c)		409,455		9,929,284
Series B, Pfd., 6.38%(b)(c)		397,717		10,221,327
Signature Bank, Series A, Pfd., 5.00%		609,545		11,660,596
SVB Financial Group, Series A, Pfd., 5.25%		294,637		6,384,784
Synovus Financial Corp., Series E, Pfd., 5.88%(b)(c)		292,119		7,469,483
Texas Capital Bancshares, Inc., Series B, Pfd., 5.75%		244,373		5,417,749

	Shares		Value
Banks-(continued)
Truist Financial Corp.
Series R, Pfd., 4.75%		770,142	$	15,641,584
Series O, Pfd., 5.25%(b)		463,745		10,689,322
U.S. Bancorp
Series L, Pfd., 3.75%(b)		444,412		7,581,669
Series M, Pfd., 4.00%(b)		647,856		11,499,444
Series O, Pfd., 4.50%		183,073		3,630,338
Series K, Pfd., 5.50%(b)		437,454		10,560,140
Washington Federal, Inc., Series A, Pfd., 4.88%(b)		247,705		4,743,551
Wells Fargo & Co.
Series DD, Pfd., 4.25%		989,361		17,531,477
Series CC, Pfd., 4.38%		805,429		14,562,156
Series AA, Pfd., 4.70%		885,055		17,081,561
Series Z, Pfd., 4.75%		1,518,583		29,536,439
Series Y, Pfd., 5.63%(b)		499,971		11,799,316
Series Q, Pfd., 5.85%(b)(c)		1,306,451		31,864,340
Series R, Pfd., 6.63%(b)(c)		636,520		16,708,650
Western Alliance Bancorporation, Series A, Pfd., 4.25%(b)(c)		248,252		5,454,096
				777,419,538
Capital Markets-15.21%
Apollo Asset Management, Inc.
Series A, Pfd., 6.38%(b)		226,983		5,645,067
Series B, Pfd., 6.38%(b)		77,259		1,968,559
Charles Schwab Corp. (The)
Series J, Pfd., 4.45%(b)		530,003		10,674,261
Series D, Pfd., 5.95%		586,839		14,800,080
Goldman Sachs Group, Inc. (The)
Series J, Pfd., 5.50%(c)		789,184		20,076,841
Series K, Pfd., 6.38%(b)(c)		553,241		14,162,970
Morgan Stanley
Series O, Pfd., 4.25%		877,040		15,663,934
Series L, Pfd., 4.88%(b)		411,394		8,487,058
Series K, Pfd., 5.85%(c)		798,070		20,135,306
Series I, Pfd., 6.38%(b)(c)		744,826		19,387,821
Series F, Pfd., 6.88%(c)		651,019		16,926,494
Series E, Pfd., 7.13%(b)(c)		682,553		17,835,110
Northern Trust Corp., Series E, Pfd., 4.70%(b)		332,220		7,541,394
State Street Corp.
Series G, Pfd., 5.35%(b)(c)		400,655		10,220,709
Series D, Pfd., 5.90%(b)(c)		627,929		15,823,811
Stifel Financial Corp., Series D, Pfd., 4.50%(b)		247,668		4,673,495
				204,022,910
Consumer Finance-5.28%
Capital One Financial Corp.
Series N, Pfd., 4.25%(b)		334,891		5,914,175
Series L, Pfd., 4.38%		522,007		9,484,867
Series J, Pfd., 4.80%(b)		956,326		18,963,945
Series I, Pfd., 5.00%(b)		1,134,675		23,578,546
Synchrony Financial, Series A, Pfd., 5.63%(b)		621,128		12,844,927
				70,786,460

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

  28  

Invesco Financial Preferred ETF (PGF)–(continued)

April 30, 2022

	Shares		Value
Diversified Financial Services-1.85%
Equitable Holdings, Inc.
Series C, Pfd., 4.30%(b)		233,778	$	4,336,582
Series A, Pfd., 5.25%		658,396		14,326,697
Voya Financial, Inc., Series B, Pfd., 5.35%(b)(c)		248,096		6,115,566
				24,778,845
Insurance-18.22%
Allstate Corp. (The)
Series I, Pfd., 4.75%(b)		251,440		5,458,762
Series H, Pfd., 5.10%		938,526		20,957,286
Series G, Pfd., 5.63%		456,917		11,171,621
American Equity Investment Life Holding Co.
Series A, Pfd., 5.95%(c)		346,157		8,546,616
Series B, Pfd., 6.63%(b)(c)		218,771		5,663,981
American International Group, Inc., Series A, Pfd., 5.85%		412,145		10,200,589
Arch Capital Group Ltd.
Series G, Pfd., 4.55%(b)		438,950		8,467,345
Series F, Pfd., 5.45%(b)		256,437		5,808,298
Aspen Insurance Holdings Ltd.
Pfd., 5.63% (Bermuda)(b)		216,625		5,045,196
Pfd., 5.63% (Bermuda)(b)		219,620		5,084,203
Pfd., 5.95% (Bermuda)(c)		212,669		5,208,264
Athene Holding Ltd.
Series D, Pfd., 4.88%		493,407		9,838,536
Series B, Pfd., 5.63%(b)		278,963		6,346,408
Series A, Pfd., 6.35%(c)		702,060		17,867,427
Series C, Pfd., 6.38%(c)		472,534		12,465,447
AXIS Capital Holdings Ltd., Series E, Pfd., 5.50%(b)		454,001		10,146,922
Brighthouse Financial, Inc.
Series D, Pfd., 4.63%(b)		254,215		4,438,594
Series C, Pfd., 5.38%		473,195		10,131,105
Series A, Pfd., 6.60%(b)		375,462		9,469,152
Series B, Pfd., 6.75%(b)		325,190		8,324,864
Enstar Group Ltd., Series D, Pfd., 7.00%(c)		332,367		8,541,832

Investment Abbreviations:

LIBOR -London Interbank Offered Rate

Pfd.      -Preferred

USD     -U.S. Dollar

	Shares		Value
Insurance-(continued)
Hartford Financial Services Group, Inc. (The), Series G, Pfd., 6.00%(b)		287,009	$	7,427,793
MetLife, Inc.
Series F, Pfd., 4.75%(b)		838,309		18,887,102
Series E, Pfd., 5.63%		630,181		16,038,106
RenaissanceRe Holdings Ltd.
Series G, Pfd., 4.20% (Bermuda)(b)		437,709		8,220,175
Series F, Pfd., 5.75% (Bermuda)(b)		192,767		4,637,974
				244,393,598
Thrifts & Mortgage Finance-0.82%
New York Community Bancorp, Inc., Series A, Pfd., 6.38%(c)		430,519		11,072,949
Trading Companies & Distributors-0.39%
Air Lease Corp., Series A, Pfd., 6.15%(c)		209,785		5,244,625
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.73% (Cost $1,572,458,293)				1,337,718,925
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.88%
Invesco Private Government Fund, 0.40%(e)(f)(g)		7,543,720		7,543,720
Invesco Private Prime Fund, 0.35%(e)(f)(g)		17,575,099		17,575,099
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $25,116,252)				25,118,819
TOTAL INVESTMENTS IN SECURITIES-101.61% (Cost $1,597,574,545)				1,362,837,744
OTHER ASSETS LESS LIABILITIES-(1.61)%				(21,529,457	)
NET ASSETS-100.00%			$	1,341,308,287

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

  29  

Invesco Financial Preferred ETF (PGF)–(continued)

April 30, 2022

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, 2022.

^(c)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on April 30, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	11,481,962		$	294,895,403		$	(306,377,365	)		$	-		$	-			$	-		$	2,535
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			27,670,665			76,705,814			(96,832,759	)			-			-				7,543,720			8,332	*
Invesco Private Prime Fund			41,510,348			166,773,738			(190,694,771	)			2,567			(16,783	)			17,575,099			46,384	*
Total		$	80,662,975		$	538,374,955		$	(593,904,895	)		$	2,567		$	(16,783	)		$	25,118,819		$	57,251

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(f)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Banks-9.06%
Huntington Bancshares, Inc.		1,439,552	$	18,930,109
Northwest Bancshares, Inc.		2,312,816		29,326,507
Premier Financial Corp.		676,311		17,949,294
United Bankshares, Inc.(b)		602,637		20,043,706
WesBanco, Inc.(b)		566,611		18,267,539
				104,517,155
Biotechnology-1.63%
Amgen, Inc.		80,698		18,817,967
Capital Markets-1.56%
Franklin Resources, Inc.(b)		732,780		18,019,060
Chemicals-2.47%
LyondellBasell Industries N.V., Class A		269,178		28,540,943
Commercial Services & Supplies-2.84%
Healthcare Services Group, Inc.(b)		1,917,901		32,776,928
Construction & Engineering-1.53%
MDU Resources Group, Inc.		683,835		17,615,590
Containers & Packaging-1.61%
Sonoco Products Co.		299,238		18,525,825
Diversified Telecommunication Services-2.03%
Verizon Communications, Inc.		504,410		23,354,183
Electric Utilities-13.19%
ALLETE, Inc.		367,491		21,806,916
Duke Energy Corp.		222,871		24,551,469
Edison International		382,981		26,345,263
OGE Energy Corp.(b)		660,508		25,548,449
Pinnacle West Capital Corp.		383,860		27,330,832
Southern Co. (The)		360,699		26,471,700
				152,054,629
Food & Staples Retailing-1.88%
Walgreens Boots Alliance, Inc.		512,597		21,734,113
Food Products-1.93%
Kellogg Co.(b)		325,221		22,277,638
Gas Utilities-5.38%
Northwest Natural Holding Co.		407,843		19,507,131
Spire, Inc.(b)		335,319		24,394,457
UGI Corp.(b)		529,418		18,159,037
				62,060,625
Health Care Providers & Services-3.63%
Cardinal Health, Inc.		384,755		22,335,028
National HealthCare Corp.(b)		286,047		19,468,359
				41,803,387
Household Durables-2.14%
Leggett & Platt, Inc.(b)		691,970		24,654,891
Household Products-3.40%
Clorox Co. (The)		123,806		17,762,447
Kimberly-Clark Corp.		154,282		21,418,970
				39,181,417
Industrial Conglomerates-1.92%
3M Co.(b)		153,809		22,182,334

	Shares		Value
Insurance-10.87%
Fidelity National Financial, Inc.		393,969	$	15,687,845
Mercury General Corp.(b)		479,796		24,196,112
Old Republic International Corp.		726,386		15,987,756
Principal Financial Group, Inc.(b)		289,462		19,723,941
Prudential Financial, Inc.		213,761		23,195,206
Unum Group		871,284		26,591,588
				125,382,448
IT Services-2.81%
International Business Machines Corp.		244,922		32,381,138
Multi-Utilities-5.59%
Avista Corp.(b)		491,362		19,934,556
Consolidated Edison, Inc.		242,672		22,505,401
NorthWestern Corp.(b)		388,604		22,029,961
				64,469,918
Oil, Gas & Consumable Fuels-4.45%
Chevron Corp.		150,331		23,552,358
Exxon Mobil Corp.		326,161		27,805,225
				51,357,583
Personal Products-1.50%
Nu Skin Enterprises, Inc., Class A(b)		406,147		17,318,108
Pharmaceuticals-3.70%
Merck & Co., Inc.		255,021		22,617,813
Pfizer, Inc.		408,359		20,038,176
				42,655,989
Real Estate Management & Development-2.06%
Kennedy-Wilson Holdings, Inc.(b)		1,052,344		23,730,357
Textiles, Apparel & Luxury Goods-1.51%
VF Corp.(b)		335,399		17,440,748
Tobacco-9.13%
Altria Group, Inc.		766,922		42,617,855
Philip Morris International, Inc.		274,918		27,491,800
Universal Corp.(b)		608,796		35,218,849
				105,328,504
Wireless Telecommunication Services-2.12%
Telephone & Data Systems, Inc.(b)		1,332,801		24,416,914
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $1,105,345,264)				1,152,598,392
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-9.30%
Invesco Private Government Fund, 0.40%(c)(d)(e)		32,170,853		32,170,853

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, 2022

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.35%(c)(d)(e)		75,046,247	$	75,046,247
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $107,213,742)				107,217,100
TOTAL INVESTMENTS IN SECURITIES-109.24% (Cost $1,212,559,006)				1,259,815,492
OTHER ASSETS LESS LIABILITIES-(9.24)%				(106,560,385	)
NET ASSETS-100.00%			$	1,153,255,107

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	36,452,583		$	(36,452,583	)		$	-		$	-			$	-		$	673
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			7,776,139			220,963,595			(196,568,881	)			-			-				32,170,853			15,139	*
Invesco Private Prime Fund			11,664,209			457,160,838			(393,767,827	)			3,358			(14,331	)			75,046,247			46,964	*
Total		$	19,440,348		$	714,577,016		$	(626,789,291	)		$	3,358		$	(14,331	)		$	107,217,100		$	62,776

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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, 2022

Schedule of Investments

	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Australia-3.70%
Rio Tinto PLC, ADR(a)		403,886	$	28,724,372
Brazil-4.44%
Banco Santander Brasil S.A., ADR(a)		5,410,610		34,465,586
Canada-53.93%
Agnico Eagle Mines Ltd.		347,695		20,246,280
Algonquin Power & Utilities Corp.(a)		1,944,857		28,103,184
BCE, Inc.(a)		604,562		32,144,561
Brookfield Asset Management, Inc., Class A(a)		108,268		5,398,242
Brookfield Infrastructure Partners L.P.		359,783		22,461,253
Brookfield Renewable Partners L.P.		583,461		20,537,827
Canadian Imperial Bank of Commerce(a)		182,146		20,136,240
Canadian National Railway Co.(a)		78,081		9,183,887
Canadian Natural Resources Ltd.		312,147		19,312,535
Canadian Pacific Railway Ltd.(a)		74,671		5,467,411
Enbridge, Inc.		735,579		32,100,667
FirstService Corp.		21,922		2,737,839
Fortis, Inc.		484,648		23,578,125
Franco-Nevada Corp.		32,795		4,957,292
Imperial Oil Ltd.		250,371		12,553,602
Magna International, Inc.		193,351		11,653,265
Open Text Corp.		273,236		10,943,102
Restaurant Brands International, Inc.(a)		413,689		23,617,505
Ritchie Bros. Auctioneers, Inc.(a)		216,532		11,928,748
Royal Bank of Canada		177,804		17,963,538
Stantec, Inc.		129,268		5,932,108
TC Energy Corp.(a)		584,293		30,909,100
TELUS Corp.(a)		974,478		24,371,695
TFI International, Inc.		53,943		4,341,333
Toronto-Dominion Bank (The)		243,378		17,581,627
				418,160,966
France-2.89%
Sanofi, ADR		428,963		22,413,317
Germany-3.34%
Fresenius Medical Care AG & Co. KGaA, ADR		480,747		14,869,505
SAP SE, ADR		109,272		11,014,617
				25,884,122
India-1.53%
Infosys Ltd., ADR(a)		489,391		9,724,199
Reliance Industries Ltd., GDR(a)(b)		29,096		2,112,370
				11,836,569
Ireland-1.81%
CRH PLC, ADR(a)		354,670		14,037,839
Japan-3.65%
Sony Group Corp., ADR		31,096		2,675,811
Sumitomo Mitsui Financial Group, Inc., ADR(a)		4,280,081		25,637,685
				28,313,496

Investment Abbreviations:

ADR-American Depositary Receipt

GDR-Global Depositary Receipt

	Shares		Value
Mexico-1.85%
America Movil S.A.B. de C.V., Class L, ADR(a)		739,385	$	14,366,250
Spain-3.67%
Atlantica Sustainable Infrastructure PLC(a)		920,577		28,445,829
Switzerland-3.78%
Logitech International S.A., Class R(a)		103,770		6,776,181
Novartis AG, ADR		255,895		22,526,437
				29,302,618
Taiwan-1.94%
Silicon Motion Technology Corp., ADR		197,930		15,028,825
United Kingdom-10.87%
Diageo PLC, ADR(a)		61,512		12,221,204
Linde PLC		30,183		9,415,889
National Grid PLC, ADR(a)		368,407		27,321,063
RELX PLC, ADR		438,601		12,916,800
Unilever PLC, ADR(a)		484,917		22,432,260
				84,307,216
United States-2.50%
Amdocs Ltd.		142,107		11,324,507
Willis Towers Watson PLC(a)		37,348		8,024,591
				19,349,098
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.90% (Cost $722,446,542)				774,636,103
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-26.91%
Invesco Private Government Fund, 0.40%(c)(d)(e)		62,607,584		62,607,584
Invesco Private Prime Fund, 0.35%(c)(d)(e)		146,030,600		146,030,600
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $208,623,766)				208,638,184
TOTAL INVESTMENTS IN SECURITIES-126.81% (Cost $931,070,308)				983,274,287
OTHER ASSETS LESS LIABILITIES-(26.81)%				(207,854,227	)
NET ASSETS-100.00%			$	775,420,060

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, 2022

Notes to Schedule of Investments:

^(a)  All or a portion of this security was out on loan at April 30, 2022.

^(b)  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, 2022 represented less than 1% of the Fund’s Net Assets.

^(c)  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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	27,666,040		$	(27,666,040	)		$	-		$	-			$	-		$	303
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			21,104,517			561,545,107			(520,042,040	)			-			-				62,607,584			39,212	*
Invesco Private Prime Fund			31,790,276			974,957,007			(860,665,799	)			14,418			(65,302	)			146,030,600			137,120	*
Investments in Other Affiliates:
Cia Paranaense de Energia**			19,434,900			17,330,405			(44,999,251	)			4,081,233			4,152,713				-			2,046,674
Total		$	72,329,693		$	1,581,498,559		$	(1,453,373,130	)		$	4,095,651		$	4,087,411			$	208,638,184		$	2,223,309

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

** As of April 30, 2022, this security was not considered as an affiliate of the Fund.

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

  34  

(This Page Intentionally Left Blank)

  35  

Statements of Assets and Liabilities

April 30, 2022

	Invesco BuyBack AchieversTM ETF (PKW)			Invesco Dividend AchieversTM ETF (PFM)		Invesco Dow Jones Industrial Average Dividend ETF (DJD)			Invesco Financial Preferred ETF (PGF)
Assets:
Unaffiliated investments in securities, at value(a)	$	1,352,218,473		$	704,241,353	$	205,359,068		$	1,337,718,925
Affiliated investments in securities, at value		149,093,237			15,501,133		12,208,039			25,118,819
Foreign currencies, at value		-			-		-			-
Deposits with brokers:
Cash segregated as collateral		-			-		-			-
Receivable for:
Dividends		878,972			734,773		298,163			5,122,939
Securities lending		66,830			2,350		314			136,477
Investments sold		7,597,051			53,803		-			5,478,768
Investments sold - affiliated broker		22,092,748			-		-			-
Fund shares sold		-			3,413,609		2,241,397			-
Foreign tax reclaims		-			-		-			-
Total assets		1,531,947,311			723,947,021		220,106,981			1,373,575,928
Liabilities:
Due to custodian		80			-		-			3,267,291
Payable for:
Investments purchased		526,258			3,361,151		2,237,932			-
Investments purchased - affiliated broker		23,677,416			-		-			-
Collateral upon return of securities loaned		147,472,744			15,125,122		12,098,215			25,116,252
Collateral upon receipt of securities in-kind		-			-		-			-
Fund shares repurchased		5,916,936			-		-			2,342,244
Accrued unitary management fees		-			-		11,716			-
Accrued advisory fees		601,117			240,907		-			582,282
Accrued trustees’ and officer’s fees		195,979			87,847		-			277,162
Accrued expenses		1,109,457			481,438		-			682,410
Total liabilities		179,499,987			19,296,465		14,347,863			32,267,641
Net Assets	$	1,352,447,324		$	704,650,556	$	205,759,118		$	1,341,308,287
Net assets consist of:
Shares of beneficial interest	$	1,959,495,619		$	606,494,237	$	210,645,935		$	1,627,133,923
Distributable earnings (loss)		(607,048,295	)		98,156,319		(4,886,817	)		(285,825,636	)
Net Assets	$	1,352,447,324		$	704,650,556	$	205,759,118		$	1,341,308,287
Shares outstanding (unlimited amount authorized, $0.01 par value)		16,000,000			19,170,000		4,590,000			85,900,000
Net asset value	$	84.53		$	36.76	$	44.83		$	15.61
Market price	$	84.50		$	36.78	$	44.82		$	15.55
Unaffiliated investments in securities, at cost	$	1,460,833,572		$	585,643,882	$	203,615,150		$	1,572,458,293
Affiliated investments in securities, at cost	$	149,085,815		$	15,501,132	$	12,207,933		$	25,116,252
Foreign currencies, at cost	$	-		$	-	$	-		$	-
(a) Includes securities on loan with an aggregate value of:	$	139,403,884		$	14,419,593	$	11,582,406		$	24,274,679

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

  36  

Invesco High Yield Equity Dividend AchieversTM ETF (PEY)		Invesco International Dividend AchieversTM ETF (PID)
$	1,152,598,392	$	774,636,103
	107,217,100		208,638,184
	-		513,988
	-		93,149
	2,113,393		1,443,803
	8,896		263,728
	-		-
	-		-
	4,098,295		4,370,064
	-		531,812
	1,266,036,076		990,490,831
	246,141		1,027,179
	4,097,694		4,369,055
	-		-
	107,213,742		208,623,766
	-		93,149
	-		-
	-		-
	388,062		261,739
	115,048		171,444
	720,282		524,439
	112,780,969		215,070,771
$	1,153,255,107	$	775,420,060
$	1,300,876,209	$	1,144,050,402
	(147,621,102)		(368,630,342	)
$	1,153,255,107	$	775,420,060
	54,880,000		42,190,000
$	21.01	$	18.38
$	21.03	$	18.40
$	1,105,345,264	$	722,446,542
$	107,213,742	$	208,623,766
$	-	$	514,026
$	101,622,934	$	199,736,481

  37  

Statements of Operations

For the year ended April 30, 2022

	Invesco BuyBack AchieversTM ETF (PKW)				Invesco Dividend AchieversTM ETF (PFM)				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)
Investment income:
Unaffiliated dividend income		$	23,075,914			$	15,850,681			$	5,475,533			$	90,165,675			$	46,426,576			$	21,075,367
Affiliated dividend income			1,140				506				165				2,535				673				2,046,977
Securities lending income			576,998				13,514				1,652				897,208				37,743				783,284
Foreign withholding tax			(29,889	)			(1,374	)			-				-				-				(2,608,640	)
Total investment income			23,624,163				15,863,327				5,477,350				91,065,418				46,464,992				21,296,988
Expenses:
Unitary management fees			-				-				123,369				-				-				-
Advisory fees			8,203,371				2,734,327				-				8,632,729				4,054,213				2,567,602
Sub-licensing fees			1,640,662				683,575				-				820,442				1,013,544				641,895
Accounting & administration fees			69,632				46,301				-				135,064				61,574				48,830
Custodian & transfer agent fees			8,722				7,721				-				18,428				9,975				17,147
Trustees’ and officer’s fees			37,281				19,982				-				43,871				24,739				25,116
Tax expenses			-				-				-				-				-				5,441
Other expenses			112,974				74,172				-				143,487				95,223				99,560
Total expenses			10,072,642				3,566,078				123,369				9,794,021				5,259,268				3,405,591
Less: Waivers			(9,760	)			(1,163	)			(17	)			(89	)			(85	)			(30	)
Net expenses			10,062,882				3,564,915				123,352				9,793,932				5,259,183				3,405,561
Net investment income			13,561,281				12,298,412				5,353,998				81,271,486				41,205,809				17,891,427
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(114,766,722	)			(3,051,315	)			(905,025	)			(13,229,279	)			(19,366,416	)			11,273,967
Affiliated investment securities			(47,451	)			(2,650	)			(1,230	)			(16,783	)			(14,331	)			4,087,411
In-kind redemptions			421,758,788				34,107,428				13,165,462				784,034				99,160,795				49,375,918
Foreign currencies			-				-				-				-				-				1,552
Net realized gain (loss)			306,944,615				31,053,463				12,259,207				(12,462,028	)			79,780,048				64,738,848
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(360,856,338	)			(16,226,428	)			(7,855,372	)			(285,773,676	)			(69,369,448	)			(28,964,574	)
Affiliated investment securities			7,421				1				106				2,567				3,358				14,418
Foreign currencies			-				-				-				-				-				(2,215	)
Change in net unrealized appreciation (depreciation)			(360,848,917	)			(16,226,427	)			(7,855,266	)			(285,771,109	)			(69,366,090	)			(28,952,371	)
Net realized and unrealized gain (loss)			(53,904,302	)			14,827,036				4,403,941				(298,233,137	)			10,413,958				35,786,477
Net increase (decrease) in net assets resulting from operations		$	(40,343,021	)		$	27,125,448			$	9,757,939			$	(216,961,651	)		$	51,619,767			$	53,677,904

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, 2022 and 2021

	Invesco BuyBack AchieversTM ETF (PKW)								Invesco Dividend AchieversTM ETF (PFM)
	2022				2021				2022				2021
Operations:
Net investment income		$	13,561,281			$	11,596,604			$	12,298,412			$	8,817,015
Net realized gain (loss)			306,944,615				64,384,508				31,053,463				39,585,321
Change in net unrealized appreciation (depreciation)			(360,848,917	)			385,148,180				(16,226,427	)			82,105,736
Net increase (decrease) in net assets resulting from operations			(40,343,021	)			461,129,292				27,125,448				130,508,072
Distributions to Shareholders from:
Distributable earnings			(13,422,838	)			(12,637,498	)			(13,107,685	)			(8,438,801	)
Shareholder Transactions:
Proceeds from shares sold			2,252,237,604				1,106,271,086				150,154,995				294,790,443
Value of shares repurchased			(2,690,143,843	)			(428,974,237	)			(74,476,740	)			(108,684,883	)
Net increase (decrease) in net assets resulting from share transactions			(437,906,239	)			677,296,849				75,678,255				186,105,560
Net increase (decrease) in net assets			(491,672,098	)			1,125,788,643				89,696,018				308,174,831
Net assets:
Beginning of year			1,844,119,422				718,330,779				614,954,538				306,779,707
End of year		$	1,352,447,324			$	1,844,119,422			$	704,650,556			$	614,954,538
Changes in Shares Outstanding:
Shares sold			24,680,000				14,260,000				3,980,000				9,080,000
Shares repurchased			(29,720,000	)			(6,420,000	)			(1,940,000	)			(3,200,000	)
Shares outstanding, beginning of year			21,040,000				13,200,000				17,130,000				11,250,000
Shares outstanding, end of year			16,000,000				21,040,000				19,170,000				17,130,000

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

  40  

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)
2022			2021			2022			2021			2022			2021			2022			2021
$	5,353,998		$	3,633,393		$	81,271,486		$	83,498,049		$	41,205,809		$	29,950,694		$	17,891,427		$	16,493,227
	12,259,207			11,978,545			(12,462,028	)		4,291,586			79,780,048			379,145			64,738,848			15,915,337
	(7,855,266	)		16,731,202			(285,771,109	)		62,606,987			(69,366,090	)		273,929,888			(28,952,371	)		169,048,065
	9,757,939			32,343,140			(216,961,651	)		150,396,622			51,619,767			304,259,727			53,677,904			201,456,629
	(5,064,485	)		(3,862,239	)		(81,068,351	)		(82,544,541	)		(40,404,752	)		(32,331,907	)		(21,523,716	)		(18,541,664	)
	95,391,520			152,412,394			77,281,439			502,248,151			584,935,091			347,215,806			360,195,991			76,561,774
	(49,084,102	)		(142,243,228	)		(265,030,321	)		(205,602,674	)		(372,374,068	)		(320,602,135	)		(196,500,293	)		(190,158,904	)
	46,307,418			10,169,166			(187,748,882	)		296,645,477			212,561,023			26,613,671			163,695,698			(113,597,130	)
	51,000,872			38,650,067			(485,778,884	)		364,497,558			223,776,038			298,541,491			195,849,886			69,317,835
	154,758,246			116,108,179			1,827,087,171			1,462,589,613			929,479,069			630,937,578			579,570,174			510,252,339
$	205,759,118		$	154,758,246		$	1,341,308,287		$	1,827,087,171		$	1,153,255,107		$	929,479,069		$	775,420,060		$	579,570,174
	2,120,000			3,920,000			4,150,000			26,550,000			27,460,000			17,700,000			19,000,000			4,560,000
	(1,090,000	)		(3,860,000	)		(14,950,000	)		(10,900,000	)		(17,580,000	)		(17,100,000	)		(10,350,000	)		(13,120,000	)
	3,560,000			3,500,000			96,700,000			81,050,000			45,000,000			44,400,000			33,540,000			42,100,000
	4,590,000			3,560,000			85,900,000			96,700,000			54,880,000			45,000,000			42,190,000			33,540,000

  41  

Financial Highlights

Invesco BuyBack Achievers^TM ETF (PKW)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	87.65		$	54.42		$	63.60		$	56.93		$	52.20
Net investment income(a)		0.76			0.88			1.01			0.73			0.55
Net realized and unrealized gain (loss) on investments		(3.16	)		33.35			(9.13	)		6.67			4.64
Total from investment operations		(2.40	)		34.23			(8.12	)		7.40			5.19
Distributions to shareholders from:
Net investment income		(0.72	)		(1.00	)		(1.06	)		(0.73	)		(0.46	)
Net asset value at end of year	$	84.53		$	87.65		$	54.42		$	63.60		$	56.93
Market price at end of year(b)	$	84.50		$	87.72		$	54.45		$	63.62		$	56.95
Net Asset Value Total Return(c)		(2.79	)%		63.54	%		(12.81	)%		13.16	%		9.95	%
Market Price Total Return(c)		(2.90	)%		63.58	%		(12.79	)%		13.16	%		10.02	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,352,447		$	1,844,119		$	718,331		$	1,313,404		$	1,312,224
Ratio to average net assets of:
Expenses		0.61	%		0.64	%		0.62	%		0.62	%		0.63	%
Net investment income		0.83	%		1.27	%		1.60	%		1.25	%		0.99	%
Portfolio turnover rate(d)		80	%		93	%		56	%		76	%		66	%

^(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 Dividend Achievers^TM ETF (PFM)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	35.90		$	27.27		$	28.52		$	25.22		$	23.96
Net investment income(a)		0.68			0.62			0.61			0.59			0.54
Net realized and unrealized gain (loss) on investments		0.90			8.61			(1.20	)		3.29			1.24
Total from investment operations		1.58			9.23			(0.59	)		3.88			1.78
Distributions to shareholders from:
Net investment income		(0.72	)		(0.60	)		(0.66	)		(0.58	)		(0.52	)
Net asset value at end of year	$	36.76		$	35.90		$	27.27		$	28.52		$	25.22
Market price at end of year(b)	$	36.78		$	35.90		$	27.31		$	28.52		$	25.24
Net Asset Value Total Return(c)		4.40	%		34.21	%		(2.04	)%		15.63	%		7.42	%
Market Price Total Return(c)		4.46	%		34.02	%		(1.89	)%		15.53	%		7.37	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	704,651		$	614,955		$	306,780		$	299,475		$	285,010
Ratio to average net assets of:
Expenses		0.52	%		0.53	%		0.53	%		0.54	%		0.55	%
Net investment income		1.80	%		1.97	%		2.13	%		2.22	%		2.15	%
Portfolio turnover rate(d)		12	%		28	%		20	%		13	%		5	%

^(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.

  42  

Financial Highlights–(continued)

Invesco Dow Jones Industrial Average Dividend ETF (DJD)

																	Eight Months Ended				Year Ended
	Years Ended April 30,																April 30,				August 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	43.47			$	33.17			$	36.98			$	33.32			$	31.07			$	27.55
Net investment income(a)			1.36				1.27				1.10				0.91				0.49				0.83
Net realized and unrealized gain (loss) on investments			1.29				10.40				(3.80	)			3.74				2.37				3.55
Total from investment operations			2.65				11.67				(2.70	)			4.65				2.86				4.38
Distributions to shareholders from:
Net investment income			(1.29	)			(1.37	)			(1.11	)			(0.99	)			(0.53	)			(0.86	)
Net realized gains			-				-				-				-				(0.08	)			-
Total distributions			(1.29	)			(1.37	)			(1.11	)			(0.99	)			(0.61	)			(0.86	)
Net asset value at end of period		$	44.83			$	43.47			$	33.17			$	36.98			$	33.32			$	31.07
Market price at end of period		$	44.82	(b)		$	43.52	(b)		$	33.21	(b)		$	37.02	(b)		$	33.35	(b)		$	31.10
Net Asset Value Total Return(c)			6.19	%			36.03	%			(7.33	)%			14.24	%			9.23	%			16.13	%
Market Price Total Return(c)			6.04	%			36.03	%			(7.32	)%			14.25	%			9.22	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	205,759			$	154,758			$	116,108			$	73,967			$	14,994			$	10,875
Ratio to average net assets of:
Expenses, after Waivers			0.07	%			0.07	%			0.08	%(d)			0.09	%			0.30	%(e)			0.30	%
Expenses, prior to Waivers			0.07	%			0.07	%			0.08	%(d)			0.10	%			0.30	%(e)			0.30	%
Net investment income			3.04	%			3.43	%			3.04	%(d)			2.62	%			2.25	%(e)			2.80	%
Portfolio turnover rate(f)			15	%			50	%			14	%			20	%			19	%			3	%

^(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.

  43  

Financial Highlights–(continued)

Invesco Financial Preferred ETF (PGF)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	18.89		$	18.05		$	18.33		$	18.32		$	18.87
Net investment income(a)		0.87			0.94			0.94			0.97			0.99
Net realized and unrealized gain (loss) on investments		(3.28	)		0.82			(0.27	)		0.05			(0.53	)
Total from investment operations		(2.41	)		1.76			0.67			1.02			0.46
Distributions to shareholders from:
Net investment income		(0.87	)		(0.92	)		(0.95	)		(1.01	)		(1.01	)
Net asset value at end of year	$	15.61		$	18.89		$	18.05		$	18.33		$	18.32
Market price at end of year(b)	$	15.55		$	18.96		$	18.07		$	18.35		$	18.31
Net Asset Value Total Return(c)		(13.34	)%		9.94	%		3.78	%		5.79	%		2.43	%
Market Price Total Return(c)		(13.99	)%		10.22	%		3.77	%		5.97	%		2.37	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,341,308		$	1,827,087		$	1,462,590		$	1,385,773		$	1,565,028
Ratio to average net assets of:
Expenses		0.57	%		0.62	%		0.61	%		0.62	%		0.63	%
Net investment income		4.71	%		5.02	%		5.10	%		5.35	%		5.26	%
Portfolio turnover rate(d)		23	%		23	%		31	%		21	%		5	%

^(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,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	20.66		$	14.21		$	18.25		$	17.12		$	17.01
Net investment income(a)		0.85			0.69			0.75			0.63			0.62
Net realized and unrealized gain (loss) on investments		0.33			6.51			(4.03	)		1.17			0.14
Total from investment operations		1.18			7.20			(3.28	)		1.80			0.76
Distributions to shareholders from:
Net investment income		(0.83	)		(0.75	)		(0.76	)		(0.67	)		(0.65	)
Net asset value at end of year	$	21.01		$	20.66		$	14.21		$	18.25		$	17.12
Market price at end of year(b)	$	21.03		$	20.65		$	14.24		$	18.26		$	17.12
Net Asset Value Total Return(c)		5.87	%		52.20	%		(18.57	)%		10.79	%		4.48	%
Market Price Total Return(c)		6.01	%		51.80	%		(18.44	)%		10.86	%		4.42	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,153,255		$	929,479		$	630,938		$	834,224		$	763,400
Ratio to average net assets of:
Expenses		0.52	%		0.53	%		0.52	%		0.53	%		0.54	%
Net investment income		4.07	%		4.20	%		4.30	%		3.58	%		3.63	%
Portfolio turnover rate(d)		49	%		74	%		51	%		50	%		38	%

^(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,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	17.28		$	12.12		$	16.44		$	15.92		$	15.09
Net investment income(a)		0.51			0.45			0.61			0.58			0.56
Net realized and unrealized gain (loss) on investments		1.21			5.21			(4.20	)		0.48			0.87
Total from investment operations		1.72			5.66			(3.59	)		1.06			1.43
Distributions to shareholders from:
Net investment income		(0.62	)		(0.50	)		(0.73	)		(0.54	)		(0.60	)
Net asset value at end of year	$	18.38		$	17.28		$	12.12		$	16.44		$	15.92
Market price at end of year(b)	$	18.40		$	17.25		$	12.07		$	16.45		$	15.91
Net Asset Value Total Return(c)		10.11	%		47.87	%		(22.71	)%		6.99	%		9.57	%
Market Price Total Return(c)		10.43	%		48.23	%		(23.07	)%		7.13	%		9.50	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	775,420		$	579,570		$	510,252		$	766,283		$	862,878
Ratio to average net assets of:
Expenses		0.53	%		0.56	%		0.53	%		0.54	%		0.55	%
Net investment income		2.79	%		3.18	%		3.92	%		3.70	%		3.52	%
Portfolio turnover rate(d)		44	%		69	%		45	%		47	%		55	%

^(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, 2022

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust 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	ICE Exchange-Listed Fixed Rate Financial Preferred Securities 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 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 (“OTC”) 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 may be valued up to 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 debt 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. 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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

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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 a 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 a Fund’s NAV and, accordingly, they reduce a 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.

C. 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.

D. 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.

E. 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.

F. Expenses - 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, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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 distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses,

  48  

including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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.

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.

G. 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.

H. 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. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each 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 invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) 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.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through April 30, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:

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	Amount
BuyBack AchieversTM ETF	$	9,108
Dividend AchieversTM ETF		913
Dow Jones Industrial Average Dividend ETF		188
Financial Preferred ETF		18,617
High Yield Equity Dividend AchieversTM ETF		1,690
International Dividend AchieversTM ETF		33,178

J. 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 Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, 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. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. If a Fund invests in securities

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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, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries 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 to the extent certain Funds become non-diversified, and can invest a greater portion of their respective 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 Securities Risk. There are special risks associated with investing in preferred securities. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If a Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received any income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments. Preferred securities may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. Preferred securities also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, subjecting them to a greater risk of non-payment than more senior securities.

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 with respect to an issuer of securities held by the Fund 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. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. 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.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

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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 distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) 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, 2024. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2024. 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, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for 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, 2022, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

BuyBack AchieversTM ETF	$	9,760
Dividend AchieversTM ETF		1,163
Dow Jones Industrial Average Dividend ETF		17
Financial Preferred ETF		89
High Yield Equity Dividend AchieversTM ETF		85
International Dividend AchieversTM ETF		30

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.

There are no amounts available for potential recapture by the Adviser as of April 30, 2022.

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.

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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	ICE Data Indices, LLC
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 BNYM, 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.

For the fiscal year ended April 30, 2022, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

BuyBack AchieversTM ETF	$	113,340
Dividend AchieversTM ETF		9,993
Dow Jones Industrial Average Dividend ETF		1,369
High Yield Equity Dividend AchieversTM ETF		38,857
International Dividend AchieversTM ETF		5,939

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.

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, 2022, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases			Securities Sales			Net Realized Gains*
Dow Jones Industrial Average Dividend ETF		$	-		$	414,585		$	35,129
Financial Preferred ETF			10,880,426			-			-

* Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

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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The following is a summary of the tiered valuation input levels, as of April 30, 2022. 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		$	1,352,218,473		$	-		$-		$	1,352,218,473
Money Market Funds			1,613,071			147,480,166		-			149,093,237
Total Investments		$	1,353,831,544		$	147,480,166		$-		$	1,501,311,710
Dividend AchieversTM ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	704,241,353		$	-		$-		$	704,241,353
Money Market Funds			376,010			15,125,123		-			15,501,133
Total Investments		$	704,617,363		$	15,125,123		$-		$	719,742,486
Dow Jones Industrial Average Dividend ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	205,359,068		$	-		$-		$	205,359,068
Money Market Funds			109,718			12,098,321		-			12,208,039
Total Investments		$	205,468,786		$	12,098,321		$-		$	217,567,107
Financial Preferred ETF
Investments in Securities
Preferred Stocks		$	1,337,718,925		$	-		$-		$	1,337,718,925
Money Market Funds			-			25,118,819		-			25,118,819
Total Investments		$	1,337,718,925		$	25,118,819		$-		$	1,362,837,744
High Yield Equity Dividend AchieversTM ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,152,598,392		$	-		$-		$	1,152,598,392
Money Market Funds			-			107,217,100		-			107,217,100
Total Investments		$	1,152,598,392		$	107,217,100		$-		$	1,259,815,492
International Dividend AchieversTM ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	774,636,103		$	-		$-		$	774,636,103
Money Market Funds			-			208,638,184		-			208,638,184
Total Investments		$	774,636,103		$	208,638,184		$-		$	983,274,287

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, 2022 and 2021:

	2022		2021
	Ordinary Income*		Ordinary Income*
BuyBack AchieversTM ETF	$	13,422,838	$	12,637,498
Dividend AchieversTM ETF		13,107,685		8,438,801
Dow Jones Industrial Average Dividend ETF		5,064,485		3,862,239
Financial Preferred ETF		81,068,351		82,544,541
High Yield Equity Dividend AchieversTM ETF		40,404,752		32,331,907
International Dividend AchieversTM ETF		21,523,716		18,541,664

* Includes short-term capital gain distributions, if any.

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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 (Depreciation)- Foreign Currencies				Capital Loss Carryforwards				Shares of Beneficial Interest			Total Net Assets
BuyBack AchieversTM ETF		$	1,034,258		$	(176,651	)		$	(134,556,577	)		$	-			$	(473,349,325	)		$	1,959,495,619		$	1,352,447,324
Dividend AchieversTM ETF			1,014,127			(1,591,679	)			106,998,995				-				(8,265,124	)			606,494,237			704,650,556
Dow Jones Industrial Average Dividend ETF			329,847			-				(731,761	)			-				(4,484,903	)			210,645,935			205,759,118
Financial Preferred ETF			1,284,955			(254,961	)			(238,781,288	)			-				(48,074,342	)			1,627,133,923			1,341,308,287
High Yield Equity Dividend AchieversTM ETF			1,204,303			(101,376	)			36,044,574				-				(184,768,603	)			1,300,876,209			1,153,255,107
International Dividend AchieversTM ETF			2,115,788			(566,470	)			45,908,206				(38	)			(416,087,828	)			1,144,050,402			775,420,060

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 Funds have capital loss carryforwards as of April 30, 2022, as follows:

	No expiration
	Short-Term		Long-Term		Total*
BuyBack AchieversTM ETF	$	338,686,344	$	134,662,981	$	473,349,325
Dividend AchieversTM ETF		-		8,265,124		8,265,124
Dow Jones Industrial Average Dividend ETF		871,206		3,613,697		4,484,903
Financial Preferred ETF		8,469,421		39,604,921		48,074,342
High Yield Equity Dividend AchieversTM ETF		34,308,122		150,460,481		184,768,603
International Dividend AchieversTM ETF		174,173,234		241,914,594		416,087,828

* 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, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
BuyBack AchieversTM ETF	$	1,286,677,581	$	1,288,979,868
Dividend AchieversTM ETF		83,233,298		82,534,598
Dow Jones Industrial Average Dividend ETF		26,491,046		25,982,516
Financial Preferred ETF		391,098,448		394,276,503
High Yield Equity Dividend AchieversTM ETF		491,006,128		492,039,080
International Dividend AchieversTM ETF		279,383,905		281,969,311

For the fiscal year ended April 30, 2022, in-kind transactions associated with creations and redemptions were as follows:

	In-kind Purchases		In-kind Sales
BuyBack AchieversTM ETF	$	2,249,889,495	$	2,684,315,145
Dividend AchieversTM ETF		147,988,385		73,571,646
Dow Jones Industrial Average Dividend ETF		94,745,274		48,982,105
Financial Preferred ETF		75,446,400		261,603,994
High Yield Equity Dividend AchieversTM ETF		583,721,930		370,095,372
International Dividend AchieversTM ETF		360,110,794		194,603,563

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, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes 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	$	48,209,649	$	(182,766,226	)	$	(134,556,577	)	$	1,635,868,287
Dividend AchieversTM ETF		136,419,859		(29,420,864	)		106,998,995			612,743,491
Dow Jones Industrial Average Dividend ETF		13,031,231		(13,762,992	)		(731,761	)		218,298,868
Financial Preferred ETF		539,317		(239,320,605	)		(238,781,288	)		1,601,619,032
High Yield Equity Dividend AchieversTM ETF		86,286,151		(50,241,577	)		36,044,574			1,223,770,918
International Dividend AchieversTM ETF		79,695,082		(33,786,876	)		45,908,206			937,366,081

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, 2022, the reclassifications were as follows:

	Undistributed Net Investment Income			Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
BuyBack AchieversTM ETF		$	-		$	(412,298,731	)		$	412,298,731
Dividend AchieversTM ETF			310,774			(33,294,717	)			32,983,943
Dow Jones Industrial Average Dividend ETF			-			(12,709,869	)			12,709,869
Financial Preferred ETF			14,724			437,067				(451,791	)
High Yield Equity Dividend AchieversTM ETF			394,245			(95,178,182	)			94,783,937
International Dividend AchieversTM ETF			944,366			(47,094,917	)			46,150,551

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 consisting of a specified number of Shares as set forth in each Fund’s prospectus. 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 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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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, 2022, the related statements of operations for the year ended April 30, 2022, the statements of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2022 (or for Invesco Dow Jones Industrial Average Dividend ETF, for each of the four years in the period ended April 30, 2022 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, 2022, 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, 2022, and each of the financial highlights for each of the five years in the period ended April 30, 2022 (or for Invesco Dow Jones Industrial Average Dividend ETF, for each of the four years in the period ended April 30, 2022 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 and financial highlights 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 (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, 2022 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 23, 2022

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 advisory fee or 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, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). 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, 2021 through April 30, 2022.

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, 2021		Ending Account Value April 30, 2022		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		$   901.10		0.61	%		$2.88
Hypothetical (5% return before expenses)		1,000.00		1,021.77		0.61			3.06
Invesco Dividend AchieversTM ETF (PFM)
Actual		1,000.00		971.10		0.52			2.54
Hypothetical (5% return before expenses)		1,000.00		1,022.22		0.52			2.61
Invesco Dow Jones Industrial Average Dividend ETF (DJD)
Actual		1,000.00		1,031.10		0.07			0.35
Hypothetical (5% return before expenses)		1,000.00		1,024.45		0.07			0.35
Invesco Financial Preferred ETF (PGF)
Actual		1,000.00		846.00		0.55			2.52
Hypothetical (5% return before expenses)		1,000.00		1,022.07		0.55			2.76
Invesco High Yield Equity Dividend AchieversTM ETF (PEY)
Actual		1,000.00		1,053.80		0.52			2.65
Hypothetical (5% return before expenses)		1,000.00		1,022.22		0.52			2.61

  58  

Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value November 1, 2021		Ending Account Value April 30, 2022		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		$1,019.90		0.53	%		$2.65
Hypothetical (5% return before expenses)		1,000.00		1,022.17		0.53			2.66

⁽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, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

  59  

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, 2022:

	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*
Invesco BuyBack AchieversTM ETF		0	%		100	%		100	%		0	%		0	%
Invesco Dividend AchieversTM ETF		0	%		100	%		100	%		0	%		0	%
Invesco Dow Jones Industrial Average Dividend ETF		0	%		100	%		100	%		0	%		0	%
Invesco Financial Preferred ETF		0	%		99	%		98	%		0	%		0	%
Invesco High Yield Equity Dividend AchieversTM ETF		0	%		100	%		100	%		0	%		0	%
Invesco International Dividend AchieversTM ETF		0	%		40	%		1	%		0	%		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 Taxes Per Share	Foreign Source Income Per Share
Invesco International Dividend AchieversTM ETF	$0.0215	$0.5454

  60  

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:

As of April 30, 2022

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 the 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 Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair 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).	224	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, 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.	224	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.

  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 the 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, First Eagle Alternative Credit LLC (2020-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, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chair of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	224	Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

* 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 the 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).	224	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, Mather LifeWays (2001-2021); 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.

  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 the 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	Chair of the Audit Committee and Trustee	Chair of the Audit Committee since 2008; Trustee since 2006	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); 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).	224	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; 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	Chair of the Investment Oversight Committee and Trustee	Chair 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).	224	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

* 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)

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 the 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.	224	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); 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.

  65  

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 the 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.	224	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	Chair of the Board and Trustee	Chair since 2012; Trustee since 2006	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair 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); Chair, 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).	224	Director, Penfield Children’s Center (2004-Present); Board Chair, 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.

  66  

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 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 the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515	Trustee, President and Principal Executive Officer	Trustee since 2022, President and Principal Executive Officer since 2020	President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), 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; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, 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 (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).	224	None

* This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until 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 Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2020	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, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	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 and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; 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); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, 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 (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

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

  68  

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 the Past 5 Years
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).
Michael McMaster–1962 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Chief Tax Officer	Since 2020	Vice President and Head of Global Fund Services Tax, Invesco Advisers, Inc. (2020-Present); Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds (2020-Present); Assistant Treasurer, Invesco Capital Management LLC (2020-Present); Chief Tax Officer and Assistant 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 (2020-Present); Assistant Treasurer, Invesco Specialized Products, LLC (2020-Present); formerly, Senior Vice President, Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) (2007-2020).
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	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); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-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, Treasurer (2008-2020), 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.; Treasurer, 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.; Vice President, Invesco Advisers, Inc. (2009-2020).
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).

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

  69  

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 the Past 5 Years
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).

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

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.

  70  

Approval of Investment Advisory Contracts

At a meeting held on April 6, 2022, 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 collectively, the “Funds”):

Invesco Dow Jones Industrial Average Dividend ETF	Invesco S&P 500® Equal Weight Real Estate ETF
Invesco NASDAQ Internet ETF	Invesco S&P 500® Equal Weight Technology ETF
Invesco Raymond James SB-1 Equity ETF	Invesco S&P 500® Equal Weight Utilities ETF
Invesco S&P 500 BuyWrite ETF	Invesco S&P 500® Pure Growth ETF
Invesco S&P 500® Equal Weight Communications Services ETF	Invesco S&P 500® Pure Value ETF
Invesco S&P 500® Equal Weight Consumer Discretionary ETF	Invesco S&P 500® Top 50 ETF
Invesco S&P 500® Equal Weight Consumer Staples ETF	Invesco S&P MidCap 400® Equal Weight ETF
Invesco S&P 500® Equal Weight Energy ETF	Invesco S&P MidCap 400® Pure Growth ETF
Invesco S&P 500® Equal Weight ETF	Invesco S&P MidCap 400® Pure Value ETF
Invesco S&P 500® Equal Weight Financials ETF	Invesco S&P SmallCap 600® Equal Weight ETF
Invesco S&P 500® Equal Weight Health Care ETF	Invesco S&P SmallCap 600® Pure Growth ETF
Invesco S&P 500® Equal Weight Industrials ETF	Invesco S&P SmallCap 600® Pure Value ETF
Invesco S&P 500® Equal Weight Materials 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 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, 2021, 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 (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 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. The Trustees 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 advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

  71  

Approval of Investment Advisory Contracts–(continued)

● 0.07% of the Fund’s average daily net assets for Invesco Dow Jones Industrial Average Dividend 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;

● 0.35% 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;

● 0.49% of the Fund’s average daily net assets for Invesco S&P 500 BuyWrite ETF;

● 0.60% of the Fund’s average daily net assets for Invesco NASDAQ Internet ETF;

● 0.75% of the Fund’s average daily net assets for Invesco Raymond James SB-1 Equity 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. (“Lipper”) databases on the net expense ratios of comparable 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		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
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

  72  

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 fee 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 products that have 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 of 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, advisory fees for money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s unitary 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

At a meeting held on April 6, 2022, 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 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 MSCI Sustainable Future 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, 2021, 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 (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (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 were within the targeted range set forth in the Trust’s registration statement. The Trustees 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.

  74  

Approval of Investment Advisory Contracts–(continued)

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 as follows:

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

● 0.29% 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;

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

● 0.50% of the Fund’s average daily net assets for each other Fund.

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, 2024, as set forth below:

● 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;

● 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

● 0.39%, 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;

● 0.50%, 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 AchieversTM ETF, Invesco High Yield Equity Dividend AchieversTM ETF and Invesco International Dividend AchieversTM 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;

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

● 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 AchieversTM 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

  75  

Approval of Investment Advisory Contracts–(continued)

ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco MSCI Sustainable Future 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.

The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net advisory fees and net expense ratios of comparable 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 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
Invesco Financial Preferred ETF			X
Invesco FTSE RAFI US 1000 ETF	X		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 MSCI Sustainable Future ETF			X
Invesco S&P 100 Equal Weight 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 500 GARP ETF	X		X
Invesco S&P 500® Quality ETF	X		X
Invesco S&P 500 Value with Momentum ETF			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	X	X
Invesco WilderHill Clean Energy ETF		X	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 subject to 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 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
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	X
Invesco Dynamic Leisure and Entertainment ETF			X
Invesco Dynamic Market ETF			X

  77  

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 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						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 MSCI Sustainable Future ETF						X
Invesco S&P 100 Equal Weight ETF				X		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
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		X		X
Invesco WilderHill Clean Energy ETF				X		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 Large Cap Value ETF, Invesco Global Listed Private Equity ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income 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.

  78  

Approval of Investment Advisory Contracts–(continued)

Based on all of 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, advisory fees for money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s 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.

  79  

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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.

©2022 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, 2022
	PWC	Invesco Dynamic Market ETF
	PRF	Invesco FTSE RAFI US 1000 ETF
	PRFZ	Invesco FTSE RAFI US 1500 Small-Mid ETF

Table of Contents

The Market Environment	3
Management’s Discussion of Fund Performance	4
Liquidity Risk Management Program	10
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	38
Statements of Operations	39
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	66

2

The Market Environment

Domestic Equity

The US stock market hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the US gross domestic product (GDP) grew at a 6.4% annualized rate for the first quarter of 2021.¹ Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July 2021 despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing monthly from June through September,² the US Federal Reserve (the Fed) declined to raise interest rates at its September Federal Open Market Committee meeting. The US stock market saw continued volatility in August 2021 and a selloff through most of September due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs.

Equity markets were volatile in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil (West Texas Intermediate) rose to nearly $85 per barrel in October,³ causing higher gas prices for consumers and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the last 12 months, the highest since 1982.² To combat inflation, the Fed announced a faster pace of tapering at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.³ The CPI rose by 7.9% for the 12 months ended February 28, 2022, the largest 12-month increase since 1982.² To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March, with several more rate increases expected in 2022. As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix reported slowing growth and profits, equity markets sold off for much of the month of April 2022. In this environment, US stocks had flat returns for the fiscal year ended April 30, 2022, of 0.21%, as measured by the S&P 500 Index.⁴

¹  Source: US Bureau of Economic Analysis

²  Source: US Bureau of Labor Statistics

³  Source: Bloomberg L.P.

⁴  Source: Lipper Inc.

Global Equity

At the beginning of the fiscal year, global equity markets were bolstered by the acceleration of vaccination rollouts and easing of COVID-19-related restrictions in most developed markets, with growth stocks outperforming value stocks in most regions.

Developed global equity markets ended the second half of 2021 in positive territory despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the fiscal year, resulting in higher costs for companies and consumers. Emerging market equities declined during the fiscal year, primarily due to weak performance of Chinese equities, which were affected by significant regulatory changes in the private tutoring industry, increased regulation in the technology sector, the potential default of a large Chinese property developer (which did, in fact, default later in 2021) and COVID-19 concerns.

Global equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply and value stocks outperforming growth stocks.

At the end of the fiscal year, global equity markets continued their decline, as they were impacted by the war in Ukraine, COVID-19 lockdowns in China and the increase of interest rates in the US to combat inflation. For the overall fiscal year, most regions were in negative territory, but developed market equities outperformed emerging market equities.

3

PWC	Management’s Discussion of Fund Performance
	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^® 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, 2022, on a market price basis, the Fund returned (13.40)%. On a net asset value (“NAV”) basis, the Fund returned (13.28)%. During the same time period, the Index returned (12.63)%. 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 fees and expenses that the Fund incurred during the period and trading costs around rebalances that the Fund incurred during the period. During this same time period, the S&P 500^® Index returned 0.21%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the consumer staples and utilities sectors, respectively. The information technology sector detracted most significantly from the Fund’s return, followed by the health care and communication services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Nucor Corp., a materials company (portfolio average weight of 1.31%), and Dell Technologies Inc., Class C, 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 EPAM Systems Inc., an information technology company (no longer held at fiscal year-end), and Moderna, Inc., a health care company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Information Technology	26.71
Health Care	13.14
Consumer Discretionary	12.91
Financials	10.51
Communication Services	8.76
Industrials	8.52
Consumer Staples	7.68
Energy	5.02
Materials	3.90
Utilities	2.80
Money Market Funds Plus Other Assets Less Liabilities	0.05
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Gartner, Inc.	4.28
Fortinet, Inc.	4.03
Apple, Inc.	3.98
Arista Networks, Inc.	3.94
Live Nation Entertainment, Inc.	3.16
Advanced Micro Devices, Inc.	3.07
Eli Lilly and Co.	2.89
Archer-Daniels-Midland Co.	2.82
Nucor Corp.	2.81
AT&T, Inc.	2.80
Total	33.78

* 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, 2022

	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 Intellidex® Index		(12.63	)%		3.95	%		12.31	%		6.64	%		37.93	%		10.55	%		172.76	%		9.30	%		441.32	%
S&P 500® Index		0.21			13.85			47.56			13.66			89.68			13.67			260.05			10.43			558.14
Fund
NAV Return		(13.28	)		3.25			10.08			5.93			33.35			9.79			154.56			8.59			378.73
Market Price Return		(13.40	)		3.26			10.10			5.91			33.23			9.79			154.53			8.59			378.19

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.

The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.62% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

5

PRF	Management’s Discussion of Fund Performance
	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 the securities 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 of firm size: 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, 2022, on a market price basis, the Fund returned 3.41%. On a net asset value (“NAV”) basis, the Fund returned 3.45%. During the same time period, the Index returned 3.83%. 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 the fees and 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 Russell 1000^® Index returned (2.10)%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the health care and consumer staples sectors, respectively. The communication services sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Exxon Mobil Corp., an energy company (portfolio average weight of 1.84%), and Chevron Corp., an energy company (portfolio average weight of 1.28%). Positions that detracted most significantly from the Fund’s return during this period included Citigroup Inc., a financials company (portfolio average weight of 1.09%), and JPMorgan Chase & Co., a financials company (portfolio average weight of 1.77%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials	18.14
Health Care	12.98
Information Technology	12.83
Industrials	9.55
Consumer Staples	8.77
Consumer Discretionary	8.72
Communication Services	8.60
Energy	7.88
Utilities	5.17
Real Estate	3.64
Materials	3.60
Money Market Funds Plus Other Assets Less Liabilities	0.12
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Berkshire Hathaway, Inc., Class B	2.52
Exxon Mobil Corp.	2.17
Apple, Inc.	2.03
Microsoft Corp.	1.77
AT&T, Inc.	1.64
Chevron Corp.	1.57
JPMorgan Chase & Co.	1.56
Verizon Communications, Inc.	1.30
Johnson & Johnson	1.29
Wells Fargo & Co.	1.11
Total	16.96

* 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, 2022

	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		3.83	%		13.61	%		46.62	%		12.03	%		76.47	%		13.05	%		240.97	%		9.91	%		369.70	%
Russell 1000® Index		(2.10	)		13.57			46.47			13.44			87.85			13.53			255.85			9.74			357.43
Fund
NAV Return		3.45			13.24			45.20			11.65			73.51			12.65			229.02			9.48			340.06
Market Price Return		3.41			13.22			45.14			11.64			73.43			12.65			228.94			9.49			340.99

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, 2024. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

7

PRFZ	Management’s Discussion of Fund Performance
	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, 2022, on a market price basis, the Fund returned (6.59)%. On a net asset value (“NAV”) basis, the Fund returned (6.60)%. During the same time period, the Index returned (6.35)%. 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 Russell 2000^® Index returned (16.87)%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the materials and consumer staples sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the health care and industrials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Dillard’s, Inc., Class A, a consumer discretionary company (portfolio average weight 0.30%), and Range Resources Corp., an energy company (portfolio average weight 0.28%). Positions that detracted most significantly from the Fund’s return during this period included Diebold Nixdorf Inc., an information technology company (portfolio average weight of 0.10%), and Hovnanian Enterprises, Inc., Class A, a consumer discretionary company (portfolio average weight of 0.15%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials	17.13
Industrials	16.91
Information Technology	13.70
Consumer Discretionary	13.04
Health Care	10.82
Energy	7.16
Real Estate	6.99
Materials	5.02
Consumer Staples	3.98
Communication Services	3.66
Utilities	1.59
Money Market Funds Plus Other Assets Less Liabilities	0.00
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Renewable Energy Group, Inc.	0.34
Tenneco, Inc., Class A	0.31
CONSOL Energy, Inc.	0.29
Patterson-UTI Energy, Inc.	0.25
Southwestern Energy Co.	0.25
Scorpio Tankers, Inc.	0.24
LHC Group, Inc.	0.23
Chart Industries, Inc.	0.23
Grand Canyon Education, Inc.	0.22
Insperity, Inc.	0.22
Total	2.58

* 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, 2022

	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		(6.35	)%		9.72	%		32.09	%		8.78	%		52.34	%		11.27	%		190.86	%		9.44	%		309.07	%
Russell 2000® Index		(16.87	)		6.73			21.57			7.24			41.86			10.06			160.78			7.59			213.13
Fund
NAV Return		(6.60	)		9.49			31.25			8.54			50.65			11.02			184.52			9.18			294.24
Market Price Return		(6.59	)		9.47			31.19			8.55			50.73			11.02			184.45			9.19			294.25

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, 2024. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

9

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (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 15, 2022, 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 January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during 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, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-8.76%
AT&T, Inc.		156,657	$	2,954,551
Interpublic Group of Cos., Inc. (The)		29,212		952,895
Liberty Media Corp.-Liberty Formula One, Class A(b)		18,775		1,078,061
Live Nation Entertainment, Inc.(b)		31,786		3,333,716
Scholastic Corp.		24,931		918,707
				9,237,930
Consumer Discretionary-12.91%
Arcos Dorados Holdings, Inc., Class A (Brazil)		62,926		456,213
AutoNation, Inc.(b)(c)		4,283		496,443
Choice Hotels International, Inc.		3,149		442,309
Crocs, Inc.(b)		5,557		369,152
Everi Holdings, Inc.(b)		20,242		351,401
Expedia Group, Inc.(b)		12,858		2,246,935
Home Depot, Inc. (The)		8,325		2,500,830
Lowe’s Cos., Inc.		12,264		2,424,961
Mattel, Inc.(b)		18,682		454,159
Murphy USA, Inc.		2,467		576,291
O’Reilly Automotive, Inc.(b)		4,036		2,448,036
Penske Automotive Group, Inc.(c)		4,814		504,603
Skyline Champion Corp.(b)		6,595		336,609
				13,607,942
Consumer Staples-7.68%
Andersons, Inc. (The)		9,128		458,499
Archer-Daniels-Midland Co.		33,182		2,971,780
Bunge Ltd.		3,668		414,924
Costco Wholesale Corp.		5,068		2,694,757
Inter Parfums, Inc.		3,938		321,853
Kroger Co. (The)		8,073		435,619
Sanderson Farms, Inc.		2,031		384,611
United Natural Foods, Inc.(b)(c)		9,517		408,565
				8,090,608
Energy-5.02%
Comstock Resources, Inc.(b)(c)		43,840		746,595
Energy Transfer L.P.		155,117		1,718,696
EnLink Midstream LLC.(b)		40,533		400,061
Marathon Petroleum Corp.		20,018		1,746,771
Plains GP Holdings L.P., Class A(b)		31,124		347,655
Sunoco L.P.		7,963		333,092
				5,292,870
Financials-10.51%
Ameris Bancorp.		7,211		300,699
Banner Corp.		5,708		306,519
Customers Bancorp, Inc.(b)		5,823		244,973
Enstar Group Ltd.(b)		1,258		296,573
Fifth Third Bancorp.		34,188		1,283,076
First Citizens BancShares, Inc., Class A		463		296,033
Green Dot Corp., Class A(b)		11,237		297,556
Jackson Financial, Inc., Class A		8,719		368,901
JPMorgan Chase & Co.		10,880		1,298,637
KeyCorp		64,569		1,246,827
Meta Financial Group, Inc.		6,432		280,757
Raymond James Financial, Inc.		15,193		1,480,710
Signature Bank		4,847		1,174,186

	Shares		Value
Financials-(continued)
South State Corp.(c)		4,004	$	310,070
Trustmark Corp.(c)		11,085		309,050
Wells Fargo & Co.		29,890		1,304,101
Zions Bancorporation N.A		4,995		282,267
				11,080,935
Health Care-13.14%
Alector, Inc.(b)(c)		23,916		229,594
Alignment Healthcare, Inc.(b)(c)		49,633		476,973
Arvinas, Inc.(b)(c)		5,846		321,355
Doximity, Inc., Class A(b)(c)		6,941		276,738
Dynavax Technologies Corp.(b)(c)		31,673		279,673
Eli Lilly and Co.		10,428		3,046,332
Innoviva, Inc.(b)(c)		20,251		345,481
Ironwood Pharmaceuticals, Inc.(b)(c)		35,752		429,024
Mettler-Toledo International, Inc.(b)		1,760		2,248,453
Molina Healthcare, Inc.(b)		8,105		2,540,512
Organon & Co.(c)		10,801		349,196
Privia Health Group, Inc.(b)(c)		15,495		340,735
Tenet Healthcare Corp.(b)		4,879		353,776
Tivity Health, Inc.(b)		15,063		483,974
West Pharmaceutical Services, Inc.		6,755		2,128,230
				13,850,046
Industrials-8.52%
AerCap Holdings N.V. (Ireland)(b)		36,948		1,725,841
Atkore, Inc.(b)		3,699		355,474
Atlas Air Worldwide Holdings, Inc.(b)(c)		5,100		351,594
Carlisle Cos., Inc.		1,634		423,794
Encore Wire Corp.		3,398		383,328
J.B. Hunt Transport Services, Inc.		12,495		2,134,771
Matson, Inc.		3,713		319,392
Old Dominion Freight Line, Inc.		8,247		2,310,150
Robert Half International, Inc.		3,206		315,182
Ryder System, Inc.(c)		4,976		347,823
ZIM Integrated Shipping Services Ltd. (Israel)(c)		5,521		307,133
				8,974,482
Information Technology-26.71%
Advanced Micro Devices, Inc.(b)		37,813		3,233,768
Apple, Inc.		26,613		4,195,539
Arista Networks, Inc.(b)		35,894		4,148,270
Arrow Electronics, Inc.(b)		6,992		824,077
Axcelis Technologies, Inc.(b)		13,024		709,157
Belden, Inc.		15,838		817,716
Concentrix Corp.		4,380		689,762
ExlService Holdings, Inc.(b)		7,506		1,021,942
Fortinet, Inc.(b)		14,704		4,249,603
Gartner, Inc.(b)		15,518		4,508,755
Jabil, Inc.		14,597		842,685
Juniper Networks, Inc.(c)		25,196		794,178
MaxLinear, Inc.(b)		14,121		675,972
NetApp, Inc.		9,892		724,589
Onto Innovation, Inc.(b)(c)		10,087		717,589
				28,153,602
Materials-3.90%
Cleveland-Cliffs, Inc.(b)		16,899		430,756

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-(continued)
Louisiana-Pacific Corp.		4,768	$	307,631
Nucor Corp.		19,122		2,959,703
United States Steel Corp.		13,603		414,755
				4,112,845
Utilities-2.80%
Exelon Corp.		46,229		2,162,593
NRG Energy, Inc.		11,067		397,305
Otter Tail Corp.		6,745		390,940
				2,950,838
Total Common Stocks & Other Equity Interests (Cost $109,119,246)				105,352,098
Money Market Funds-0.11%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $111,719)		111,719		111,719
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateralfrom securities on loan)-100.06% (Cost $109,230,965)				105,463,817

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.70%
Invesco Private Government Fund, 0.40%(d)(e)(f)		2,120,222	$	2,120,222
Invesco Private Prime Fund, 0.35%(d)(e)(f)		4,944,307		4,944,307
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,064,504)				7,064,529
TOTAL INVESTMENTS IN SECURITIES-106.76% (Cost $116,295,469)				112,528,346
OTHER ASSETS LESS LIABILITIES-(6.76)%				(7,127,361	)
NET ASSETS-100.00%			$	105,400,985

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)			Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	106,010		$	2,315,107		$	(2,309,398)		$	-		$	-		$	111,719		$	83
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			4,477,964			34,882,871			(37,240,613)			-			-			2,120,222			1,479*
Invesco Private Prime Fund			6,716,946			71,962,832			(73,734,265)			25			(1,231)			4,944,307			5,991*
Total		$	11,300,920		$	109,160,810		$	(113,284,276)		$	25		$	(1,231)		$	7,176,248		$	7,553

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.88%
Communication Services-8.60%
Activision Blizzard, Inc.		66,953	$	5,061,647
Alphabet, Inc., Class A(b)		16,549		37,767,962
Alphabet, Inc., Class C(b)		15,568		35,795,969
Altice USA, Inc., Class A(b)		210,287		1,951,463
AMC Entertainment Holdings, Inc., Class A(b)(c)		45,242		692,203
AMC Networks, Inc., Class A(b)(c)		20,818		679,291
AT&T, Inc.		4,923,694		92,860,869
Cable One, Inc.(c)		477		556,277
Charter Communications, Inc., Class A(b)		24,822		10,635,979
Cinemark Holdings, Inc.(b)(c)		58,801		932,584
Comcast Corp., Class A		1,147,849		45,638,476
DISH Network Corp., Class A(b)		114,840		3,274,088
Electronic Arts, Inc.		20,117		2,374,812
Fox Corp., Class A		74,485		2,669,542
Fox Corp., Class B		35,318		1,173,970
Frontier Communications Parent, Inc.(b)(c) .		29,836		787,372
Gray Television, Inc.(c)		42,524		787,544
IAC/InterActiveCorp.(b)		8,098		671,162
iHeartMedia, Inc., Class A(b)		58,575		936,614
Interpublic Group of Cos., Inc. (The)		88,377		2,882,858
Liberty Broadband Corp., Class A(b)		2,224		239,436
Liberty Broadband Corp., Class C(b)		13,378		1,495,928
Liberty Global PLC, Class A (United Kingdom)(b)		102,608		2,335,358
Liberty Global PLC, Class C (United Kingdom)(b)		199,995		4,739,882
Liberty Latin America Ltd., Class A (Chile)(b)		15,233		140,753
Liberty Latin America Ltd., Class C (Chile)(b)		58,723		542,601
Liberty Media Corp.-Liberty Formula One, Class A(b)		2,745		157,618
Liberty Media Corp.-Liberty Formula One, Class C(b)		23,203		1,446,243
Liberty Media Corp.-Liberty SiriusXM, Class A(b)(c)		22,551		943,308
Liberty Media Corp.-Liberty SiriusXM, Class C(b)		38,982		1,632,566
Lions Gate Entertainment Corp., Class A(b)		20,501		276,559
Lions Gate Entertainment Corp., Class B(b)		41,515		521,844
Live Nation Entertainment, Inc.(b)(c)		7,811		819,218
Lumen Technologies, Inc.(c)		1,110,887		11,175,523
Match Group, Inc.(b)		7,467		591,013
Meta Platforms, Inc., Class A(b)		228,261		45,759,483
Netflix, Inc.(b)		15,449		2,940,872
News Corp., Class A		75,768		1,504,753
News Corp., Class B		23,316		464,222
Nexstar Media Group, Inc., Class A		8,332		1,319,955
Omnicom Group, Inc.(c)		62,507		4,758,658
Paramount Global, Class B		269,910		7,859,779
Spotify Technology S.A.(b)		7,129		724,663
Take-Two Interactive Software, Inc.(b)		8,967		1,071,646
TEGNA, Inc.		58,148		1,282,163
Telephone & Data Systems, Inc.(c)		71,645		1,312,536

	Shares		Value
Communication Services-(continued)
T-Mobile US, Inc.(b)		115,363	$	14,205,800
Twitter, Inc.(b)(c)		67,103		3,289,389
Verizon Communications, Inc.		1,586,501		73,454,996
Walt Disney Co. (The)(b)		237,147		26,472,720
Warner Bros Discovery, Inc.(b)		1,333,405		24,201,301
				485,811,468
Consumer Discretionary-8.72%
Abercrombie & Fitch Co., Class A(b)		20,434		706,608
Academy Sports & Outdoors, Inc.(c)		31,730		1,185,433
Adient PLC(b)(c)		45,305		1,546,713
Advance Auto Parts, Inc.		10,306		2,057,387
Amazon.com, Inc.(b)		21,754		54,072,395
American Axle & Manufacturing Holdings, Inc.(b)		96,723		640,306
American Eagle Outfitters, Inc.(c)		45,255		683,803
Aptiv PLC(b)		32,635		3,472,364
Aramark		73,667		2,670,429
Asbury Automotive Group, Inc.(b)(c)		7,825		1,437,531
Autoliv, Inc. (Sweden)		22,696		1,672,241
AutoNation, Inc.(b)		25,875		2,999,171
AutoZone, Inc.(b)		2,178		4,259,014
Bath & Body Works, Inc.(c)		66,184		3,500,472
Bed Bath & Beyond, Inc.(b)(c)		129,644		1,764,455
Best Buy Co., Inc.		89,706		8,067,261
Big Lots, Inc.(c)		33,649		1,039,754
Bloomin’ Brands, Inc.(c)		29,283		643,933
Booking Holdings, Inc.(b)		2,301		5,085,923
BorgWarner, Inc.		77,233		2,844,491
Bright Horizons Family Solutions, Inc.(b)(c) .		5,652		645,684
Brinker International, Inc.(b)(c)		18,383		667,854
Brunswick Corp.		13,236		1,000,774
Burlington Stores, Inc.(b)(c)		6,697		1,363,241
Caesars Entertainment, Inc.(b)		17,954		1,189,991
Capri Holdings Ltd.(b)		23,664		1,128,773
CarMax, Inc.(b)(c)		43,379		3,721,051
Carnival Corp.(b)(c)		340,348		5,888,020
Carter’s, Inc.(c)		11,132		937,760
Chipotle Mexican Grill, Inc.(b)		966		1,406,119
Cracker Barrel Old Country Store, Inc.(c)		8,879		985,480
D.R. Horton, Inc.		59,051		4,109,359
Dana, Inc.		72,717		1,076,939
Darden Restaurants, Inc.		20,003		2,634,995
Deckers Outdoor Corp.(b)		2,816		748,352
Dick’s Sporting Goods, Inc.(c)		14,375		1,386,038
Dollar General Corp.		33,609		7,983,146
Dollar Tree, Inc.(b)		43,450		7,058,453
Domino’s Pizza, Inc.		2,483		839,254
eBay, Inc.		73,890		3,836,369
Expedia Group, Inc.(b)		11,618		2,030,246
Foot Locker, Inc.		45,850		1,343,864
Ford Motor Co.		1,949,279		27,601,791
GameStop Corp., Class A(b)(c)		8,320		1,040,582
Gap, Inc. (The)		145,665		1,809,159
Garmin Ltd.		21,322		2,339,876
General Motors Co.(b)		786,233		29,806,093
Gentex Corp.		39,493		1,159,120
Genuine Parts Co.(c)		33,585		4,367,729

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, 2022

	Shares		Value
Consumer Discretionary-(continued)
G-III Apparel Group Ltd.(b)		25,620	$	678,418
Goodyear Tire & Rubber Co. (The)(b)(c)		212,544		2,831,086
Graham Holdings Co., Class B		1,404		831,687
Group 1 Automotive, Inc.(c)		9,514		1,656,768
H&R Block, Inc.(c)		61,565		1,605,000
Hanesbrands, Inc.(c)		132,189		1,752,826
Harley-Davidson, Inc.		50,603		1,844,479
Hasbro, Inc.		23,831		2,098,558
Hilton Worldwide Holdings, Inc.(b)		13,771		2,138,499
Home Depot, Inc. (The)		116,426		34,974,370
International Game Technology PLC(c)		28,272		617,178
KB Home		25,762		835,462
Kohl’s Corp.(c)		88,304		5,111,036
Las Vegas Sands Corp.(b)		96,186		3,407,870
LCI Industries(c)		5,770		561,536
Lear Corp.		24,864		3,181,100
Leggett & Platt, Inc.		44,628		1,590,096
Lennar Corp., Class A		59,465		4,548,478
Lennar Corp., Class B		3,421		223,049
Light & Wonder, Inc.(b)		20,417		1,144,577
Lithia Motors, Inc., Class A		6,151		1,741,533
LKQ Corp.		67,854		3,367,594
Lowe’s Cos., Inc.		82,522		16,317,075
lululemon athletica, inc.(b)		4,843		1,717,473
M.D.C. Holdings, Inc		19,136		706,310
M/I Homes, Inc.(b)		14,559		644,673
Macy’s, Inc.(c)		199,207		4,814,833
Marriott International, Inc., Class A(b)		22,575		4,007,514
Marriott Vacations Worldwide Corp.		5,682		848,493
Mattel, Inc.(b)		55,077		1,338,922
McDonald’s Corp.		80,242		19,993,097
Meritage Homes Corp.(b)		13,106		1,081,900
MGM Resorts International		84,059		3,449,781
Mohawk Industries, Inc.(b)		23,418		3,303,343
Murphy USA, Inc.		10,994		2,568,198
Newell Brands, Inc.(c)		103,740		2,401,581
NIKE, Inc., Class B		77,629		9,680,336
Nordstrom, Inc.(c)		98,686		2,536,230
Norwegian Cruise Line Holdings Ltd.(b)(c)		90,037		1,803,441
NVR, Inc.(b)		433		1,894,899
ODP Corp. (The)(b)		31,358		1,349,335
O’Reilly Automotive, Inc.(b)		5,001		3,033,357
Penn National Gaming, Inc.(b)(c)		33,332		1,218,951
Penske Automotive Group, Inc.(c)		14,362		1,505,425
Polaris, Inc.(c)		12,750		1,210,485
Pool Corp.		1,897		768,702
PulteGroup, Inc.		66,373		2,771,736
PVH Corp.		20,710		1,507,274
Qurate Retail, Inc., Class A(c)		348,587		1,467,551
Ralph Lauren Corp.(c)		9,632		1,005,003
Ross Stores, Inc.		45,130		4,502,620
Royal Caribbean Cruises Ltd.(b)(c)		46,726		3,632,012
Sally Beauty Holdings, Inc.(b)(c)		56,063		847,673
Service Corp. International		25,953		1,702,776
Signet Jewelers Ltd.		15,829		1,111,196
Six Flags Entertainment Corp.(b)		21,364		817,600
Skechers U.S.A., Inc., Class A(b)(c)		26,693		1,022,342
Sonic Automotive, Inc., Class A(c)		14,176		603,189
Starbucks Corp.		121,261		9,050,921
Tapestry, Inc.		64,454		2,121,826

	Shares		Value
Consumer Discretionary-(continued)
Target Corp.		96,653	$	22,099,708
Taylor Morrison Home Corp., Class A(b)		54,615		1,430,367
Tempur Sealy International, Inc.		24,552		665,605
Terminix Global Holdings, Inc.(b)		23,516		1,079,149
Tesla, Inc.(b)		7,762		6,758,839
Texas Roadhouse, Inc.		8,332		685,974
Thor Industries, Inc.		18,095		1,385,172
TJX Cos., Inc. (The)		152,216		9,327,796
Toll Brothers, Inc.		33,058		1,532,899
TopBuild Corp.(b)		3,563		645,402
Tractor Supply Co.		10,713		2,158,134
Travel + Leisure Co.		18,180		1,008,626
Tri Pointe Homes, Inc.(b)		51,808		1,070,871
Tupperware Brands Corp.(b)(c)		41,123		722,942
Ulta Beauty, Inc.(b)		5,541		2,198,669
Under Armour, Inc., Class A(b)		30,849		473,841
Under Armour, Inc., Class C(b)		32,496		461,118
Urban Outfitters, Inc.(b)(c)		29,299		697,316
Vail Resorts, Inc.		5,105		1,297,487
VF Corp.(c)		65,721		3,417,492
Victoria’s Secret & Co.(b)(c)		19,469		917,379
Visteon Corp.(b)		12,567		1,315,891
Wayfair, Inc., Class A(b)		6,307		485,261
Whirlpool Corp.(c)		23,749		4,310,918
Williams-Sonoma, Inc.(c)		12,816		1,672,232
Wynn Resorts Ltd.(b)		19,604		1,381,690
Yum China Holdings, Inc. (China)		54,783		2,289,929
Yum! Brands, Inc.		30,106		3,522,703
				492,568,479
Consumer Staples-8.77%
Albertsons Cos., Inc., Class A		132,981		4,159,646
Altria Group, Inc.		528,377		29,361,910
Archer-Daniels-Midland Co.		179,611		16,085,961
B&G Foods, Inc.(c)		28,210		759,695
BJ’s Wholesale Club Holdings, Inc.(b)		36,863		2,372,134
Brown-Forman Corp., Class B		16,620		1,120,853
Bunge Ltd.		68,968		7,801,660
Campbell Soup Co.		50,875		2,402,317
Casey’s General Stores, Inc.		9,346		1,881,350
Church & Dwight Co., Inc.		22,203		2,166,125
Clorox Co. (The)		21,064		3,022,052
Coca-Cola Co. (The)		506,511		32,725,676
Coca-Cola Europacific Partners PLC (United Kingdom)		71,045		3,548,698
Colgate-Palmolive Co.		116,331		8,963,304
Conagra Brands, Inc.		124,041		4,332,752
Constellation Brands, Inc., Class A		23,454		5,771,795
Costco Wholesale Corp.		52,760		28,053,547
Coty, Inc., Class A(b)		89,455		725,480
Darling Ingredients, Inc.(b)		22,815		1,674,393
Edgewell Personal Care Co.(c)		20,001		762,838
Energizer Holdings, Inc.(c)		20,367		616,916
Estee Lauder Cos., Inc. (The), Class A		10,728		2,832,836
Flowers Foods, Inc.		42,530		1,127,896
General Mills, Inc.		134,868		9,539,214
Hain Celestial Group, Inc. (The)(b)		19,260		645,980
Herbalife Nutrition Ltd.(b)(c)		27,466		730,046
Hershey Co. (The)		14,946		3,374,358
Hormel Foods Corp.		45,677		2,393,018

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, 2022

	Shares		Value
Consumer Staples-(continued)
Ingredion, Inc.		24,787	$	2,109,622
JM Smucker Co. (The)		29,352		4,019,169
Kellogg Co.		64,028		4,385,918
Keurig Dr Pepper, Inc.		125,806		4,705,144
Kimberly-Clark Corp.		69,359		9,629,110
Kraft Heinz Co. (The)		290,185		12,370,587
Kroger Co. (The)		430,339		23,221,092
Lamb Weston Holdings, Inc.		19,187		1,268,261
McCormick & Co., Inc.		25,089		2,523,201
Molson Coors Beverage Co., Class B(c)		86,177		4,665,623
Mondelez International, Inc., Class A		212,123		13,677,691
Monster Beverage Corp.(b)		23,304		1,996,687
Nomad Foods Ltd. (United Kingdom)(b)(c)		34,785		642,131
Nu Skin Enterprises, Inc., Class A		15,933		679,383
PepsiCo, Inc.		200,735		34,468,207
Performance Food Group Co.(b)(c)		62,929		3,099,253
Philip Morris International, Inc.		304,277		30,427,700
Post Holdings, Inc.(b)(c)		18,742		1,394,217
Procter & Gamble Co. (The)		302,098		48,501,834
Rite Aid Corp.(b)(c)		215,693		1,373,964
Sanderson Farms, Inc.		4,472		846,863
Spectrum Brands Holdings, Inc.(c)		10,078		857,335
Sprouts Farmers Market, Inc.(b)(c)		42,356		1,262,209
Sysco Corp.		125,162		10,698,848
TreeHouse Foods, Inc.(b)(c)		28,869		909,374
Tyson Foods, Inc., Class A		91,403		8,515,103
United Natural Foods, Inc.(b)(c)		43,943		1,886,473
US Foods Holding Corp.(b)		126,495		4,758,742
Walgreens Boots Alliance, Inc.		463,664		19,659,354
Walmart, Inc.		404,352		61,861,812
				495,367,357
Energy-7.88%
Antero Resources Corp.(b)		81,545		2,870,384
APA Corp.		75,694		3,098,155
Baker Hughes Co., Class A		272,896		8,465,234
Cheniere Energy, Inc.		23,596		3,204,573
Chesapeake Energy Corp.(c)		16,373		1,342,914
Chevron Corp.		564,387		88,422,511
CNX Resources Corp.(b)		64,867		1,333,017
ConocoPhillips		194,673		18,595,165
Coterra Energy, Inc.		57,493		1,655,224
Delek US Holdings, Inc.(b)(c)		68,033		1,646,399
Devon Energy Corp.		46,610		2,711,304
Diamondback Energy, Inc.		13,941		1,759,772
DT Midstream, Inc.		21,358		1,147,993
EOG Resources, Inc.		82,866		9,675,434
EQT Corp.		63,127		2,509,298
Equitrans Midstream Corp.		207,529		1,631,178
Exxon Mobil Corp.		1,436,095		122,427,099
Halliburton Co.		149,323		5,318,885
Helmerich & Payne, Inc.		54,504		2,508,819
Hess Corp.		25,187		2,596,024
HF Sinclair Corp.		96,214		3,658,056
Kinder Morgan, Inc.		785,459		14,256,081
Marathon Oil Corp.		174,974		4,360,352
Marathon Petroleum Corp.		231,327		20,185,594
Murphy Oil Corp.(c)		51,557		1,963,291
Nabors Industries Ltd.(b)		5,934		917,515
NOV, Inc.(c)		106,431		1,929,594

	Shares		Value
Energy-(continued)
Occidental Petroleum Corp.		273,613	$	15,073,340
ONEOK, Inc.		114,287		7,237,796
Ovintiv, Inc.		40,769		2,086,965
PBF Energy, Inc., Class A(b)		143,154		4,160,055
PDC Energy, Inc.		16,501		1,150,780
Peabody Energy Corp.(b)(c)		47,799		1,082,169
Phillips 66		217,987		18,912,552
Pioneer Natural Resources Co.(c)		15,418		3,584,223
Schlumberger N.V.		322,224		12,569,958
SM Energy Co.		21,002		746,201
Targa Resources Corp.		58,586		4,300,798
TechnipFMC PLC (United Kingdom)(b)(c)		283,412		1,961,211
Transocean Ltd.(b)		754,578		2,837,213
Valaris Ltd.(b)		25,822		1,310,467
Valero Energy Corp.		233,642		26,046,410
Williams Cos., Inc. (The)		316,756		10,861,563
World Fuel Services Corp.		33,013		799,575
				444,911,141
Financials-18.14%
Affiliated Managers Group, Inc.		9,199		1,155,118
Aflac, Inc.		192,913		11,050,057
AGNC Investment Corp.		234,852		2,578,675
Alleghany Corp.(b)		3,549		2,968,738
Allstate Corp. (The)		108,157		13,686,187
Ally Financial, Inc.		136,558		5,456,858
American Equity Investment Life Holding Co.		43,573		1,643,574
American Express Co.		81,630		14,261,577
American Financial Group, Inc.		20,659		2,860,858
American International Group, Inc.		355,283		20,787,608
Ameriprise Financial, Inc.		17,898		4,751,740
Annaly Capital Management, Inc.(c)		497,365		3,193,083
Aon PLC, Class A		15,840		4,561,762
Apollo Commercial Real Estate Finance, Inc.		59,644		718,114
Arch Capital Group Ltd.(b)		90,516		4,133,866
Arthur J. Gallagher & Co.		21,465		3,616,638
Associated Banc-Corp.		50,347		1,004,423
Assurant, Inc.		15,703		2,856,062
Assured Guaranty Ltd.		28,722		1,584,018
Atlantic Union Bankshares Corp.		18,511		625,302
AXIS Capital Holdings Ltd.		27,878		1,598,246
Bank of America Corp.		1,620,062		57,803,812
Bank of Hawaii Corp.		8,820		655,679
Bank of New York Mellon Corp. (The)		244,430		10,280,726
Bank OZK		28,076		1,078,680
BankUnited, Inc.		26,595		998,376
Berkshire Hathaway, Inc., Class B(b)		440,401		142,174,655
BlackRock, Inc.		20,318		12,692,248
Blackstone Mortgage Trust, Inc., Class A(c)		42,511		1,277,030
Blackstone, Inc., Class A		38,425		3,902,827
BOK Financial Corp.(c)		7,668		635,907
Brighthouse Financial, Inc.(b)		49,551		2,544,939
Brown & Brown, Inc.		18,432		1,142,415
Cadence Bank(c)		26,123		654,120
Cannae Holdings, Inc.(b)		29,173		653,475
Capital One Financial Corp.		151,591		18,891,270
Carlyle Group, Inc. (The)		17,783		645,345

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, 2022

	Shares		Value
Financials-(continued)
Cathay General Bancorp.		17,523	$	702,497
Cboe Global Markets, Inc.		11,146		1,259,275
Charles Schwab Corp. (The)		124,226		8,239,911
Chimera Investment Corp.(c)		140,032		1,403,121
Chubb Ltd.		95,333		19,681,498
Cincinnati Financial Corp.		31,262		3,834,597
Citigroup, Inc.		1,064,396		51,314,531
Citizens Financial Group, Inc.		148,806		5,862,956
CME Group, Inc., Class A		40,923		8,976,051
CNO Financial Group, Inc.		66,864		1,614,097
Columbia Banking System, Inc.		21,943		616,159
Comerica, Inc.		34,292		2,808,515
Commerce Bancshares, Inc.(c)		16,878		1,153,949
Community Bank System, Inc.		9,932		639,621
Credicorp Ltd. (Peru)		20,254		2,813,078
Cullen/Frost Bankers, Inc.		10,314		1,364,439
Discover Financial Services		68,423		7,694,851
East West Bancorp, Inc.		21,626		1,541,934
Enstar Group Ltd.(b)		3,328		784,576
Equitable Holdings, Inc.		123,251		3,553,326
Essent Group Ltd.		19,519		791,105
Evercore, Inc., Class A		7,501		793,231
Everest Re Group Ltd.		10,723		2,945,715
F.N.B. Corp.		114,170		1,315,238
FactSet Research Systems, Inc.		2,144		865,083
Federated Hermes, Inc., Class B(c)		28,682		816,863
Fidelity National Financial, Inc.		78,566		3,128,498
Fifth Third Bancorp		162,878		6,112,811
First American Financial Corp.(c)		34,866		2,033,036
First Citizens BancShares, Inc., Class A		1,201		767,895
First Hawaiian, Inc.(c)		38,638		912,243
First Horizon Corp.		122,980		2,752,292
First Republic Bank		17,532		2,616,125
Flagstar Bancorp, Inc.		15,736		555,481
Franklin Resources, Inc.		113,959		2,802,252
Fulton Financial Corp.		48,003		728,205
Genworth Financial, Inc., Class A(b)		224,963		834,613
Glacier Bancorp, Inc.		16,552		757,420
Globe Life, Inc.		26,848		2,633,252
Goldman Sachs Group, Inc. (The)		86,680		26,479,873
Hancock Whitney Corp.		21,564		1,008,548
Hanover Insurance Group, Inc. (The)		10,626		1,560,109
Hartford Financial Services Group, Inc. (The)		117,733		8,233,069
Home BancShares, Inc.		35,295		763,078
Hope Bancorp, Inc.		40,430		578,149
Huntington Bancshares, Inc.		313,095		4,117,199
Intercontinental Exchange, Inc.		53,675		6,216,102
Invesco Ltd.(d)		159,034		2,923,045
Jackson Financial, Inc., Class A(c)		45,828		1,938,983
Janus Henderson Group PLC		56,422		1,719,743
Jefferies Financial Group, Inc.(c)		74,031		2,277,194
JPMorgan Chase & Co.		739,043		88,212,172
Kemper Corp.(c)		29,519		1,362,597
KeyCorp		247,057		4,770,671
KKR & Co., Inc., Class A		60,152		3,065,947
Lazard Ltd., Class A		45,478		1,490,314
Lincoln National Corp.		95,133		5,722,250
Loews Corp.		53,364		3,353,394
LPL Financial Holdings, Inc.(c)		8,395		1,577,169

	Shares		Value
Financials-(continued)
M&T Bank Corp.		47,535	$	7,921,302
Markel Corp.(b)		3,370		4,560,554
Marsh & McLennan Cos., Inc.		50,683		8,195,441
MetLife, Inc.		324,847		21,335,951
MFA Financial, Inc.		54,850		781,612
MGIC Investment Corp.		76,305		996,543
Moody’s Corp.		8,193		2,592,921
Morgan Stanley		257,076		20,717,755
MSCI, Inc.		2,188		921,695
Nasdaq, Inc.		11,505		1,810,542
Navient Corp.		112,875		1,793,584
New Residential Investment Corp.		260,567		2,709,897
New York Community Bancorp, Inc.(c)		216,011		1,995,942
Northern Trust Corp.		43,458		4,478,347
Old National Bancorp		51,108		774,797
Old Republic International Corp.		111,698		2,458,473
OneMain Holdings, Inc.		45,501		2,089,861
PacWest Bancorp.		34,777		1,143,816
PennyMac Mortgage Investment Trust(c)		54,111		830,063
Pinnacle Financial Partners, Inc.		11,624		901,441
PNC Financial Services Group, Inc. (The)		95,469		15,857,401
Popular, Inc.		21,807		1,700,728
Primerica, Inc.		7,804		1,011,086
Principal Financial Group, Inc.(c)		98,985		6,744,838
Progressive Corp. (The)		118,062		12,675,136
Prosperity Bancshares, Inc.(c)		20,955		1,370,038
Prudential Financial, Inc.		155,736		16,898,913
Radian Group, Inc.		52,912		1,131,788
Raymond James Financial, Inc.		25,824		2,516,807
Regions Financial Corp.		265,121		5,493,307
Reinsurance Group of America, Inc.		34,377		3,689,340
RenaissanceRe Holdings Ltd. (Bermuda)		11,843		1,699,707
S&P Global, Inc.(c)		18,336		6,903,504
SEI Investments Co.		13,731		765,091
Selective Insurance Group, Inc.(c)		12,657		1,042,430
Signature Bank		5,125		1,241,531
Simmons First National Corp., Class A		29,405		701,897
SLM Corp.		59,091		988,592
South State Corp.(c)		13,254		1,026,390
Starwood Property Trust, Inc.		95,187		2,177,879
State Street Corp.		93,049		6,231,492
Stifel Financial Corp.		16,491		1,019,968
SVB Financial Group(b)		4,809		2,345,061
Synchrony Financial		245,349		9,031,297
Synovus Financial Corp.		32,604		1,354,370
T. Rowe Price Group, Inc.(c)		37,481		4,611,662
Texas Capital Bancshares, Inc.(b)		15,661		804,349
Travelers Cos., Inc. (The)		91,978		15,733,757
Truist Financial Corp.		297,463		14,382,336
Two Harbors Investment Corp.(c)		143,280		689,177
U.S. Bancorp		363,888		17,670,401
UMB Financial Corp.(c)		8,509		767,342
Umpqua Holdings Corp.		53,671		887,718
United Bankshares, Inc.(c)		35,731		1,188,413
Unum Group		152,236		4,646,243
Valley National Bancorp(c)		101,893		1,220,678
Voya Financial, Inc.(c)		41,849		2,642,346
W.R. Berkley Corp.		40,788		2,711,994
Washington Federal, Inc.(c)		20,319		618,307
Webster Financial Corp.		20,930		1,046,291

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, 2022

	Shares		Value
Financials-(continued)
Wells Fargo & Co.		1,431,227	$	62,444,434
WesBanco, Inc.		19,627		632,774
Western Alliance Bancorporation		10,264		781,193
White Mountains Insurance Group Ltd.		680		712,654
Willis Towers Watson PLC		19,943		4,284,953
Wintrust Financial Corp.		11,932		1,041,902
Zions Bancorporation N.A.		36,174		2,044,193
				1,024,706,199
Health Care-12.98%
Abbott Laboratories		158,924		18,037,874
AbbVie, Inc.		226,501		33,268,467
Acadia Healthcare Co., Inc.(b)(c)		20,493		1,391,065
Agilent Technologies, Inc.		18,998		2,265,891
Align Technology, Inc.(b)		2,501		725,065
AmerisourceBergen Corp.		71,387		10,800,139
Amgen, Inc.		104,245		24,308,892
Anthem, Inc.		50,542		25,368,546
Avantor, Inc.(b)		40,639		1,295,571
Baxter International, Inc.(c)		61,686		4,383,407
Becton, Dickinson and Co.		34,293		8,476,887
Biogen, Inc.(b)		44,437		9,218,011
BioMarin Pharmaceutical, Inc.(b)		11,277		917,384
Bio-Rad Laboratories, Inc., Class A(b)		2,856		1,462,443
Boston Scientific Corp.(b)		136,345		5,741,488
Bristol-Myers Squibb Co.		310,589		23,378,034
Brookdale Senior Living, Inc.(b)		153,379		947,882
Cardinal Health, Inc.		249,654		14,492,415
Catalent, Inc.(b)		13,633		1,234,604
Centene Corp.(b)		199,246		16,049,265
Cerner Corp.		26,920		2,520,789
Change Healthcare, Inc.(b)		66,892		1,575,976
Charles River Laboratories International, Inc.(b)		3,882		937,542
Cigna Corp.		91,339		22,540,638
Community Health Systems, Inc.(b)		123,007		943,464
Cooper Cos., Inc. (The)		3,051		1,101,533
CVS Health Corp.		481,225		46,260,159
Danaher Corp.		37,881		9,513,056
DaVita, Inc.(b)		22,792		2,469,969
DENTSPLY SIRONA, Inc.		24,471		978,595
Edwards Lifesciences Corp.(b)		21,494		2,273,635
Elanco Animal Health, Inc.(b)		79,985		2,024,420
Eli Lilly and Co.		54,102		15,804,817
Embecta Corp.(b)(c)		6,858		208,689
Encompass Health Corp.		23,308		1,604,290
Enovis Corp.(b)(c)		8,745		567,288
Envista Holdings Corp.(b)(c)		29,742		1,178,378
Gilead Sciences, Inc.		366,104		21,724,611
HCA Healthcare, Inc.		38,641		8,290,427
Henry Schein, Inc.(b)		30,048		2,436,893
Hologic, Inc.(b)		25,732		1,852,447
Horizon Therapeutics PLC(b)		12,146		1,197,110
Humana, Inc.		28,510		12,674,406
ICON PLC (Ireland)(b)		4,582		1,036,494
IDEXX Laboratories, Inc.(b)		1,919		826,091
Illumina, Inc.(b)		6,235		1,849,613
Incyte Corp.(b)		10,062		754,248
Intuitive Surgical, Inc.(b)		12,159		2,909,649
IQVIA Holdings, Inc.(b)		17,436		3,800,874

	Shares		Value
Health Care-(continued)
Jazz Pharmaceuticals PLC(b)		11,352	$	1,818,817
Johnson & Johnson		404,203		72,942,473
Laboratory Corp. of America Holdings(b)		19,594		4,708,046
McKesson Corp.		68,981		21,357,207
MEDNAX, Inc.(b)		29,569		547,618
Medtronic PLC		243,966		25,460,292
Merck & Co., Inc.		432,057		38,319,135
Mettler-Toledo International, Inc.(b)		777		992,641
Molina Healthcare, Inc.(b)		11,684		3,662,350
Organon & Co.		132,838		4,294,653
Owens & Minor, Inc.(c)		33,405		1,185,543
Patterson Cos., Inc.		34,273		1,054,580
PerkinElmer, Inc.		7,345		1,076,850
Perrigo Co. PLC		49,105		1,684,302
Pfizer, Inc.		1,040,280		51,046,540
Premier, Inc., Class A		26,395		955,763
Quest Diagnostics, Inc.		28,506		3,815,243
Regeneron Pharmaceuticals, Inc.(b)		8,135		5,361,860
ResMed, Inc.		7,255		1,450,782
Royalty Pharma PLC, Class A		27,471		1,169,715
Select Medical Holdings Corp.		50,422		1,140,041
STERIS PLC		6,206		1,390,454
Stryker Corp.		28,383		6,847,683
Syneos Health, Inc.(b)		17,586		1,285,361
Teladoc Health, Inc.(b)(c)		42,899		1,448,270
Teleflex, Inc.		4,039		1,153,619
Tenet Healthcare Corp.(b)		57,007		4,133,578
Thermo Fisher Scientific, Inc.		23,248		12,854,284
United Therapeutics Corp.(b)		7,113		1,262,984
UnitedHealth Group, Inc.		122,571		62,333,482
Universal Health Services, Inc., Class B		21,580		2,644,197
Vertex Pharmaceuticals, Inc.(b)		13,095		3,577,816
Viatris, Inc.		554,132		5,724,184
Waters Corp.(b)		3,338		1,011,481
West Pharmaceutical Services, Inc.		2,229		702,269
Zimmer Biomet Holdings, Inc.		34,524		4,168,773
Zoetis, Inc.		18,248		3,234,458
				733,436,775
Industrials-9.55%
3M Co.		142,667		20,575,435
A.O. Smith Corp.		15,720		918,520
ABM Industries, Inc.(c)		25,932		1,251,738
Acuity Brands, Inc.		5,996		1,034,190
AECOM		47,532		3,353,858
AerCap Holdings N.V. (Ireland)(b)		35,867		1,675,348
AGCO Corp.		12,693		1,617,088
Air Lease Corp.		35,430		1,427,120
Allegion PLC		9,032		1,031,816
Allison Transmission Holdings, Inc.		29,328		1,098,040
AMERCO		1,593		853,020
American Airlines Group, Inc.(b)(c)		94,484		1,773,465
AMETEK, Inc.		19,328		2,440,353
Applied Industrial Technologies, Inc.		7,482		783,291
ASGN, Inc.(b)		9,570		1,085,716
Atlas Air Worldwide Holdings, Inc.(b)(c)		14,163		976,397
Avis Budget Group, Inc.(b)(c)		15,934		4,265,054
Beacon Roofing Supply, Inc.(b)(c)		20,716		1,235,295
Boeing Co. (The)(b)		99,013		14,737,095
Boise Cascade Co.		11,140		841,961

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, 2022

	Shares		Value
Industrials-(continued)
Booz Allen Hamilton Holding Corp.		23,661	$	1,931,447
Brink’s Co. (The)		10,524		620,390
Builders FirstSource, Inc.(b)		23,385		1,439,814
BWX Technologies, Inc.		16,069		834,302
C.H. Robinson Worldwide, Inc.(c)		36,437		3,867,788
CACI International, Inc., Class A(b)		5,951		1,578,800
Carlisle Cos., Inc.		6,757		1,752,496
Carrier Global Corp.		131,935		5,049,152
Caterpillar, Inc.		99,485		20,945,572
Cintas Corp.		6,879		2,732,752
Clarivate PLC(b)(c)		80,341		1,259,747
Clean Harbors, Inc.(b)(c)		10,888		1,142,478
Copart, Inc.(b)		9,373		1,065,241
CoStar Group, Inc.(b)		21,953		1,396,650
Crane Co.		9,211		886,375
CSX Corp.		263,644		9,053,535
Cummins, Inc.		35,603		6,735,732
Curtiss-Wright Corp.		6,438		920,055
Deere & Co.		30,527		11,525,469
Delta Air Lines, Inc.(b)		56,688		2,439,285
Donaldson Co., Inc.		18,853		924,551
Dover Corp.		16,994		2,265,300
Dycom Industries, Inc.(b)(c)		9,386		796,965
Eaton Corp. PLC		66,398		9,629,038
EMCOR Group, Inc.		13,059		1,390,522
Emerson Electric Co.		98,849		8,914,203
EnerSys		11,183		732,039
Equifax, Inc.		9,113		1,854,678
Esab Corp.(b)		8,744		410,968
Expeditors International of Washington, Inc.		21,520		2,131,986
Fastenal Co.		63,544		3,514,619
FedEx Corp.		74,843		14,874,298
Flowserve Corp.		38,713		1,266,302
Fluor Corp.(b)(c)		114,961		2,845,285
Fortive Corp.		35,684		2,051,830
Fortune Brands Home & Security, Inc.		21,499		1,531,804
FTI Consulting, Inc.(b)(c)		5,379		848,322
GATX Corp.(c)		9,981		1,031,936
Generac Holdings, Inc.(b)		2,892		634,447
General Dynamics Corp.		52,537		12,426,577
General Electric Co.		339,499		25,309,650
GEO Group, Inc. (The)(b)(c)		166,628		1,088,081
GMS, Inc.(b)		14,305		685,925
Graco, Inc.		12,756		791,127
Greenbrier Cos., Inc. (The)		17,618		752,465
GXO Logistics, Inc.(b)(c)		18,440		1,091,464
HEICO Corp.(c)		2,068		292,064
HEICO Corp., Class A		3,548		413,839
Herc Holdings, Inc.(c)		5,113		653,544
Hexcel Corp.		15,260		829,534
Honeywell International, Inc.		102,179		19,772,658
Howmet Aerospace, Inc.		62,408		2,129,361
Hub Group, Inc., Class A(b)		10,709		719,216
Hubbell, Inc.		9,656		1,886,396
Huntington Ingalls Industries, Inc.		12,037		2,560,751
IDEX Corp.		7,503		1,424,219
Illinois Tool Works, Inc.		37,433		7,378,419
Ingersoll Rand, Inc.		44,661		1,963,298
ITT, Inc.		11,805		828,947

	Shares		Value
Industrials-(continued)
J.B. Hunt Transport Services, Inc.		10,111	$	1,727,464
Jacobs Engineering Group, Inc.		21,221		2,940,170
JELD-WEN Holding, Inc.(b)(c)		44,460		924,323
Johnson Controls International PLC		137,911		8,256,732
KAR Auction Services, Inc.(b)(c)		62,959		922,979
KBR, Inc.(c)		25,688		1,264,620
Kennametal, Inc.		22,827		587,339
Kirby Corp.(b)		17,024		1,109,965
Knight-Swift Transportation Holdings, Inc.		32,386		1,550,966
L3Harris Technologies, Inc.		28,854		6,701,630
Landstar System, Inc.		6,164		954,804
Leidos Holdings, Inc.		40,640		4,206,646
Lennox International, Inc.		3,980		848,496
Lincoln Electric Holdings, Inc.		7,736		1,042,271
Lockheed Martin Corp.		46,970		20,296,676
ManpowerGroup, Inc.		28,956		2,611,831
Masco Corp.		35,452		1,867,966
MasTec, Inc.(b)		15,322		1,103,337
MDU Resources Group, Inc.		68,694		1,769,557
Meritor, Inc.(b)		35,366		1,269,993
Middleby Corp. (The)(b)		6,541		1,006,594
MSC Industrial Direct Co., Inc., Class A		14,511		1,202,381
Mueller Industries, Inc.(c)		14,694		795,680
Nielsen Holdings PLC		171,994		4,611,159
Nordson Corp.		4,598		991,743
Norfolk Southern Corp.		33,023		8,515,971
Northrop Grumman Corp.		24,967		10,970,500
nVent Electric PLC		33,018		1,115,348
Old Dominion Freight Line, Inc.		5,110		1,431,413
Oshkosh Corp.		16,529		1,527,941
Otis Worldwide Corp.		46,777		3,407,237
Owens Corning		22,743		2,068,021
PACCAR, Inc.		84,908		7,051,609
Parker-Hannifin Corp.		16,388		4,438,198
Pentair PLC		25,650		1,301,737
Pitney Bowes, Inc.		197,407		1,040,335
Quanta Services, Inc.		21,882		2,537,874
Raytheon Technologies Corp.		243,711		23,130,611
Regal Rexnord Corp.		7,607		967,915
Republic Services, Inc.		31,760		4,264,415
Resideo Technologies, Inc.(b)		50,605		1,138,106
Robert Half International, Inc.		12,968		1,274,884
Rockwell Automation, Inc.		11,846		2,993,129
Rush Enterprises, Inc., Class A		14,474		736,437
Ryder System, Inc.(c)		34,930		2,441,607
Science Applications International Corp.		15,501		1,290,148
Sensata Technologies Holding PLC(b)		28,775		1,306,673
Snap-on, Inc.		10,304		2,189,497
Southwest Airlines Co.(b)(c)		33,914		1,584,462
Spirit AeroSystems Holdings, Inc., Class A.		26,296		1,105,484
Stanley Black & Decker, Inc.		32,781		3,938,637
Stericycle, Inc.(b)		19,894		998,480
Sunrun, Inc.(b)(c)		54,433		1,087,571
Terex Corp.		19,300		656,200
Textron, Inc.		47,242		3,271,508
Timken Co. (The)		15,832		912,556
Toro Co. (The)		10,483		840,003
Trane Technologies PLC		28,920		4,045,619
TransDigm Group, Inc.(b)		8,254		4,909,562
TransUnion		12,495		1,093,562

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, 2022

	Shares		Value
Industrials-(continued)
Trinity Industries, Inc.		27,614	$	766,012
Triton International Ltd. (Bermuda)		19,523		1,192,660
Uber Technologies, Inc.(b)		85,497		2,691,446
UFP Industries, Inc.		10,737		830,722
Union Pacific Corp.		75,276		17,636,414
United Airlines Holdings, Inc.(b)(c)		51,143		2,582,721
United Parcel Service, Inc., Class B		97,751		17,593,225
United Rentals, Inc.(b)		15,868		5,022,539
Univar Solutions, Inc.(b)		66,585		1,938,955
Valmont Industries, Inc.		3,545		882,031
Verisk Analytics, Inc.		8,194		1,671,986
Veritiv Corp.(b)		7,287		1,024,115
W.W. Grainger, Inc.		6,366		3,183,191
Wabtec Corp.		26,529		2,385,222
Waste Management, Inc.		56,350		9,266,194
Watsco, Inc.		5,102		1,361,112
Werner Enterprises, Inc.		19,793		784,397
WESCO International, Inc.(b)		16,338		2,013,822
Woodward, Inc.(c)		6,694		739,553
XPO Logistics, Inc.(b)		27,307		1,468,844
Xylem, Inc.		20,806		1,674,883
				539,657,124
Information Technology-12.83%
Accenture PLC, Class A		51,863		15,577,571
Adobe, Inc.(b)		14,999		5,938,854
Advanced Micro Devices, Inc.(b)		22,479		1,922,404
Akamai Technologies, Inc.(b)		19,046		2,138,485
Amdocs Ltd.		23,064		1,837,970
Amkor Technology, Inc.		32,225		606,152
Amphenol Corp., Class A		45,776		3,272,984
Analog Devices, Inc.		36,746		5,672,847
ANSYS, Inc.(b)		4,624		1,274,791
Apple, Inc.		729,162		114,952,389
Applied Materials, Inc.		58,465		6,451,613
Arista Networks, Inc.(b)		8,547		987,777
Arrow Electronics, Inc.(b)		34,379		4,051,909
Automatic Data Processing, Inc.		40,518		8,840,217
Avnet, Inc.		51,166		2,233,908
Black Knight, Inc.(b)		18,566		1,221,457
Block, Inc., Class A(b)(c)		10,822		1,077,222
Bread Financial Holdings, Inc.		26,438		1,448,802
Broadcom, Inc.		33,492		18,567,630
Broadridge Financial Solutions, Inc.		12,365		1,782,167
Cadence Design Systems, Inc.(b)		9,130		1,377,260
CDK Global, Inc.		19,593		1,066,055
CDW Corp.		18,044		2,944,420
Check Point Software Technologies Ltd. (Israel)(b)		10,359		1,308,238
Ciena Corp.(b)		18,371		1,013,528
Cirrus Logic, Inc.(b)		8,200		621,560
Cisco Systems, Inc.		684,539		33,528,720
Citrix Systems, Inc.		10,691		1,070,169
Cognex Corp.		10,677		722,085
Cognizant Technology Solutions Corp., Class A		71,579		5,790,741
CommScope Holding Co., Inc.(b)		152,266		918,164
Concentrix Corp.		5,410		851,967
Conduent, Inc.(b)		146,864		826,844
Corning, Inc.(c)		136,114		4,789,852

	Shares		Value
Information Technology-(continued)
Dell Technologies, Inc., Class C		57,740	$	2,714,357
DXC Technology Co.(b)		99,093		2,843,969
Entegris, Inc.		5,300		590,367
EPAM Systems, Inc.(b)		1,892		501,361
Euronet Worldwide, Inc.(b)(c)		6,748		820,894
F5, Inc.(b)		6,131		1,026,391
Fidelity National Information Services, Inc.		121,831		12,079,544
First Solar, Inc.(b)(c)		22,188		1,620,390
Fiserv, Inc.(b)		92,252		9,033,316
FleetCor Technologies, Inc.(b)		8,192		2,044,068
Flex Ltd.(b)		307,566		5,071,763
Gartner, Inc.(b)		4,031		1,171,207
Genpact Ltd.		24,157		972,802
Global Payments, Inc.(c)		38,854		5,322,221
Hewlett Packard Enterprise Co.		546,681		8,424,354
HP, Inc.(c)		325,379		11,918,633
II-VI Incorporated(b)(c)		10,408		637,074
Insight Enterprises, Inc.(b)(c)		14,747		1,465,409
Intel Corp.		1,243,583		54,207,783
International Business Machines Corp.		307,221		40,617,688
Intuit, Inc.		7,781		3,258,294
IPG Photonics Corp.(b)(c)		5,191		490,446
Jabil, Inc.		60,893		3,515,353
Jack Henry & Associates, Inc.		6,158		1,167,434
Juniper Networks, Inc.(c)		70,968		2,236,911
Keysight Technologies, Inc.(b)		10,394		1,457,966
KLA Corp.		8,845		2,823,855
Kyndryl Holdings, Inc.(b)(c)		179,742		2,137,132
Lam Research Corp.		8,454		3,937,535
Marvell Technology, Inc.		31,692		1,840,671
Mastercard, Inc., Class A		26,141		9,499,117
Maximus, Inc.		10,702		779,962
Microchip Technology, Inc.		46,821		3,052,729
Micron Technology, Inc.		216,645		14,773,023
Microsoft Corp.		359,920		99,884,998
MKS Instruments, Inc.		6,300		718,074
Motorola Solutions, Inc.		13,582		2,902,338
National Instruments Corp.		21,590		780,263
NCR Corp.(b)		42,619		1,492,944
NetApp, Inc.		28,995		2,123,884
NortonLifeLock, Inc.		119,741		2,998,315
NVIDIA Corp.		28,952		5,369,727
NXP Semiconductors N.V. (China)		26,467		4,523,210
ON Semiconductor Corp.(b)		38,050		1,982,785
Oracle Corp.		208,227		15,283,862
Paychex, Inc.		34,445		4,365,215
PayPal Holdings, Inc.(b)		84,716		7,449,078
Paysafe Ltd.(b)		248,684		691,342
Qorvo, Inc.(b)		16,031		1,824,007
QUALCOMM, Inc.		106,524		14,880,338
Roper Technologies, Inc.		8,252		3,877,780
Sabre Corp.(b)(c)		100,248		1,049,597
salesforce.com, inc.(b)		54,705		9,624,798
Sanmina Corp.(b)		32,160		1,315,022
Seagate Technology Holdings PLC		39,551		3,244,764
ServiceNow, Inc.(b)		1,841		880,182
Skyworks Solutions, Inc.		19,738		2,236,315
SS&C Technologies Holdings, Inc.		25,140		1,625,552
Synopsys, Inc.(b)		6,625		1,899,984

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, 2022

	Shares		Value
Information Technology-(continued)
TD SYNNEX Corp.		7,363	$	736,963
TE Connectivity Ltd. (Switzerland)		42,508		5,304,148
Teledyne Technologies, Inc.(b)		3,346		1,443,966
Teradyne, Inc.(c)		9,947		1,049,011
Texas Instruments, Inc.		94,561		16,099,010
Trimble, Inc.(b)		22,118		1,475,271
TTM Technologies, Inc.(b)		73,244		1,021,754
Twilio, Inc., Class A(b)		9,734		1,088,456
ViaSat, Inc.(b)(c)		21,131		777,832
Visa, Inc., Class A(c)		65,696		14,001,788
Vishay Intertechnology, Inc.		43,490		810,219
VMware, Inc., Class A		22,359		2,415,666
Vontier Corp.		38,860		995,593
Western Digital Corp.(b)		125,158		6,642,135
Western Union Co. (The)(c)		120,262		2,015,591
WEX, Inc.(b)		5,628		935,599
Workday, Inc., Class A(b)		3,587		741,433
Xerox Holdings Corp.		114,657		1,995,032
Zebra Technologies Corp., Class A(b)		3,744		1,384,007
				724,698,619
Materials-3.60%
Air Products and Chemicals, Inc		30,691		7,183,842
Albemarle Corp.		10,346		1,995,019
Alcoa Corp.		32,949		2,233,942
AptarGroup, Inc.		9,738		1,118,215
Arconic Corp.(b)(c)		50,993		1,282,984
Ashland Global Holdings, Inc.(c)		9,878		1,036,894
Avery Dennison Corp.		11,526		2,081,596
Avient Corp.		17,936		883,169
Axalta Coating Systems Ltd.(b)		47,518		1,205,532
Ball Corp.		33,403		2,710,987
Berry Global Group, Inc.(b)		46,140		2,599,989
Cabot Corp.(c)		12,091		796,192
Celanese Corp.		19,691		2,893,396
CF Industries Holdings, Inc.		36,672		3,550,950
Chemours Co. (The)(c)		55,870		1,847,621
Cleveland-Cliffs, Inc.(b)		46,332		1,181,003
Commercial Metals Co.		32,941		1,350,581
Compass Minerals International, Inc.(c)		12,842		759,347
Constellium SE(b)		54,066		902,362
Corteva, Inc.		110,998		6,403,475
Crown Holdings, Inc.		25,558		2,812,402
Dow, Inc.		183,450		12,199,425
DuPont de Nemours, Inc.		176,424		11,631,634
Eastman Chemical Co.		33,840		3,474,353
Ecolab, Inc.		27,557		4,666,502
Element Solutions, Inc.		30,225		623,239
FMC Corp.		14,409		1,909,769
Freeport-McMoRan, Inc.		136,322		5,527,857
Graphic Packaging Holding Co.(c)		74,391		1,621,724
H.B. Fuller Co.		11,118		741,571
Huntsman Corp.		54,164		1,834,535
International Flavors & Fragrances, Inc.		20,090		2,436,917
International Paper Co.		165,053		7,638,653
Linde PLC (United Kingdom)		58,243		18,169,486
Louisiana-Pacific Corp.		15,100		974,252
LyondellBasell Industries N.V., Class A		103,110		10,932,753
Martin Marietta Materials, Inc.		6,258		2,216,709
Mosaic Co. (The)		74,032		4,621,077

	Shares		Value
Materials-(continued)
Newmont Corp.		115,369	$	8,404,632
Nucor Corp.		57,673		8,926,627
O-I Glass, Inc.(b)(c)		79,401		1,070,325
Olin Corp.		31,851		1,828,247
Packaging Corp. of America		19,167		3,089,145
PPG Industries, Inc.		36,497		4,671,251
Reliance Steel & Aluminum Co.		16,325		3,236,431
Royal Gold, Inc.		5,954		776,878
RPM International, Inc.		21,048		1,744,879
Scotts Miracle-Gro Co. (The)(c)		7,277		756,299
Sealed Air Corp.		20,452		1,313,223
Sherwin-Williams Co. (The)		17,727		4,874,216
Silgan Holdings, Inc.		20,942		929,197
Sonoco Products Co.		30,200		1,869,682
Southern Copper Corp. (Peru)(c)		10,617		661,121
Steel Dynamics, Inc.		47,014		4,031,450
Summit Materials, Inc., Class A(b)(c)		26,549		738,062
Sylvamo Corp.(b)		29,649		1,323,828
Trinseo PLC(c)		16,780		796,211
United States Steel Corp.		95,114		2,900,026
Valvoline, Inc.		21,745		657,351
Vulcan Materials Co.		13,466		2,320,057
Warrior Met Coal, Inc.		42,702		1,454,857
Westlake Corp.(c)		7,411		937,862
WestRock Co.		125,295		6,205,861
				203,567,672
Real Estate-3.64%
Alexandria Real Estate Equities, Inc.		18,418		3,355,023
American Campus Communities, Inc.		31,311		2,024,882
American Homes 4 Rent, Class A		27,153		1,075,530
American Tower Corp.		36,480		8,792,410
Americold Realty Trust(c)		42,615		1,124,184
Apple Hospitality REIT, Inc.		78,996		1,397,439
AvalonBay Communities, Inc.		19,866		4,519,118
Boston Properties, Inc.		30,647		3,604,087
Brandywine Realty Trust		65,608		765,645
Brixmor Property Group, Inc.		72,481		1,839,568
Camden Property Trust		11,069		1,736,615
CBRE Group, Inc., Class A(b)		54,923		4,560,806
Corporate Office Properties Trust		32,966		879,863
Cousins Properties, Inc.(c)		31,920		1,145,928
Crown Castle International Corp.		52,242		9,675,741
CubeSmart		23,013		1,093,348
Cushman & Wakefield PLC(b)(c)		40,561		726,042
DiamondRock Hospitality Co.(b)		76,987		817,602
Digital Realty Trust, Inc.		44,634		6,521,920
DigitalBridge Group, Inc.(b)		171,925		1,196,598
Douglas Emmett, Inc.		37,198		1,095,853
Duke Realty Corp.		37,154		2,034,181
EPR Properties		24,185		1,270,196
Equinix, Inc.		8,247		5,930,253
Equity LifeStyle Properties, Inc.		15,646		1,209,123
Equity Residential		59,306		4,833,439
Essex Property Trust, Inc.		9,049		2,979,564
Extra Space Storage, Inc.		10,928		2,076,320
Federal Realty Investment Trust		13,067		1,529,623
First Industrial Realty Trust, Inc.		13,986		811,188
Gaming and Leisure Properties, Inc.		39,096		1,735,080
Healthcare Realty Trust, Inc.(c)		29,266		792,523

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, 2022

	Shares		Value
Real Estate-(continued)
Healthcare Trust of America, Inc., Class A.		44,104	$	1,343,408
Healthpeak Properties, Inc.		101,576		3,332,709
Highwoods Properties, Inc.		29,664		1,211,478
Host Hotels & Resorts, Inc.		200,302		4,076,146
Howard Hughes Corp. (The), (Acquired 03/17/2017 - 04/29/2022; Cost $913,275)(b)(c)(e)		8,169		819,269
Hudson Pacific Properties, Inc.(c)		45,103		1,049,998
Invitation Homes, Inc.		65,909		2,624,496
Iron Mountain, Inc.(c)		82,676		4,442,181
JBG SMITH Properties		33,449		881,716
Jones Lang LaSalle, Inc.(b)(c)		12,038		2,633,072
Kilroy Realty Corp.		22,948		1,606,360
Kimco Realty Corp.		93,052		2,357,007
Lamar Advertising Co., Class A		14,252		1,573,563
Life Storage, Inc.		8,844		1,171,742
LXP Industrial Trust		51,168		642,158
Macerich Co. (The)(c)		105,058		1,318,478
Medical Properties Trust, Inc.		105,275		1,936,007
Mid-America Apartment Communities, Inc.		13,492		2,653,607
National Retail Properties, Inc.		32,723		1,434,576
Omega Healthcare Investors, Inc.		63,763		1,624,681
Outfront Media, Inc.		44,829		1,147,622
Paramount Group, Inc.		96,326		916,060
Park Hotels & Resorts, Inc.		108,417		2,136,899
Pebblebrook Hotel Trust(c)		36,225		884,615
Physicians Realty Trust		51,446		881,784
Piedmont Office Realty Trust, Inc., Class A(c)		50,678		815,916
Prologis, Inc.		61,727		9,894,221
Public Storage		11,478		4,264,077
Rayonier, Inc.		23,994		1,036,541
Realogy Holdings Corp.(b)(c)		65,280		715,469
Realty Income Corp.		49,836		3,456,625
Regency Centers Corp.		32,915		2,265,539
Rexford Industrial Realty, Inc.		10,182		794,603
RLJ Lodging Trust		79,984		1,121,376
Ryman Hospitality Properties, Inc.(b)(c)		8,737		816,735
Sabra Health Care REIT, Inc.		87,307		1,019,746
SBA Communications Corp., Class A		3,426		1,189,199
Service Properties Trust		113,519		921,774
Simon Property Group, Inc.		57,259		6,756,562
SITE Centers Corp.		56,502		898,382
SL Green Realty Corp.		26,805		1,855,442
Spirit Realty Capital, Inc.		22,282		968,153
STAG Industrial, Inc.		22,345		833,915
STORE Capital Corp.		43,224		1,228,858
Sun Communities, Inc.		10,802		1,896,507
Sunstone Hotel Investors, Inc.(b)		80,394		984,827
UDR, Inc.		36,376		1,935,567
Uniti Group, Inc.		97,900		1,212,981
Ventas, Inc.		121,712		6,761,102
VICI Properties, Inc.(c)		86,725		2,585,272
Vornado Realty Trust(c)		66,875		2,588,731
W.P. Carey, Inc.		31,093		2,511,382
Welltower, Inc.		97,951		8,894,930
Weyerhaeuser Co.		148,753		6,131,599
Xenia Hotels & Resorts, Inc.(b)		42,733		824,320

	Shares		Value
Real Estate-(continued)
Zillow Group, Inc., Class A(b)(c)		4,408	$	170,369
Zillow Group, Inc., Class C(b)(c)		12,740		507,307
				205,707,351
Utilities-5.17%
AES Corp. (The)		228,650		4,669,033
ALLETE, Inc.		17,929		1,063,907
Alliant Energy Corp.		52,422		3,082,938
Ameren Corp.		57,956		5,384,112
American Electric Power Co., Inc.		140,074		13,882,734
American Water Works Co., Inc.		23,273		3,585,904
Atmos Energy Corp.(c)		25,123		2,848,948
Avangrid, Inc.(c)		19,231		852,895
Avista Corp.		24,363		988,407
Black Hills Corp.(c)		18,568		1,359,920
CenterPoint Energy, Inc.		167,118		5,115,482
CMS Energy Corp.		68,303		4,691,733
Consolidated Edison, Inc.		114,752		10,642,101
Dominion Energy, Inc.		199,474		16,285,057
DTE Energy Co.		50,654		6,637,700
Duke Energy Corp.		238,598		26,283,956
Edison International		131,252		9,028,825
Entergy Corp.		65,231		7,752,704
Essential Utilities, Inc.		32,595		1,458,952
Evergy, Inc.		71,985		4,884,182
Eversource Energy		82,097		7,175,278
Exelon Corp.		451,186		21,106,481
FirstEnergy Corp.		173,368		7,508,568
Hawaiian Electric Industries, Inc.		30,606		1,258,213
IDACORP, Inc.		11,742		1,235,024
National Fuel Gas Co.		20,050		1,406,107
New Jersey Resources Corp.		24,619		1,062,556
NextEra Energy, Inc.		265,099		18,827,331
NiSource, Inc.		103,129		3,003,117
NorthWestern Corp.(c)		17,786		1,008,288
NRG Energy, Inc.		63,422		2,276,850
OGE Energy Corp.		61,624		2,383,616
ONE Gas, Inc.		13,966		1,178,311
PG&E Corp.(b)(c)		394,095		4,985,302
Pinnacle West Capital Corp.		45,841		3,263,879
PNM Resources, Inc.		23,755		1,108,408
Portland General Electric Co.		29,669		1,404,234
PPL Corp.		344,052		9,740,112
Public Service Enterprise Group, Inc.		131,604		9,167,535
Sempra Energy		69,159		11,159,496
South Jersey Industries, Inc.(c)		34,816		1,190,359
Southern Co. (The)		305,946		22,453,377
Southwest Gas Holdings, Inc.(c)		22,134		1,950,227
Spire, Inc.		18,004		1,309,791
UGI Corp.		74,377		2,551,131
Vistra Corp.		213,406		5,339,418
WEC Energy Group, Inc.		69,021		6,905,551
Xcel Energy, Inc.		127,400		9,333,324
				291,791,374
Total Common Stocks & Other Equity Interests (Cost $4,555,145,808)				5,642,223,559

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, 2022

	Shares		Value
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(f) (Cost $4,450,312)		4,450,312	$	4,450,312
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $4,559,596,120)				5,646,673,871
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.22%
Invesco Private Government Fund, 0.40%(d)(f)(g)		72,621,826		72,621,826

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.35%(d)(f)(g) .		165,708,735	$	165,708,735
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $238,309,524)				238,330,561
TOTAL INVESTMENTS IN SECURITIES-104.18% (Cost $4,797,905,644)				5,885,004,432
OTHER ASSETS LESS LIABILITIES-(4.18)%				(236,029,382	)
NET ASSETS-100.00%			$	5,648,975,050

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Invesco Ltd.		$	4,203,225		$	626,368		$	(521,778	)		$	(1,127,855	)		$	(256,915	)		$	2,923,045		$	109,034
Invesco Mortgage Capital, Inc.			864,622			96,598			(568,883	)			328,193				(720,530	)			-			61,238
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			2,630,153			158,679,917			(156,859,758	)			-				-				4,450,312			4,056
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			51,675,128			542,915,064			(521,968,366	)			-				-				72,621,826			50,017	*
Invesco Private Prime Fund			77,512,693			1,002,668,603			(914,406,917	)			21,036				(86,680	)			165,708,735			184,778	*
Total		$	136,885,821		$	1,704,986,550		$	(1,594,325,702	)		$	(778,626	)		$	(1,064,125	)		$	245,703,918		$	409,123

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  Restricted security. The value of this security at April 30, 2022 represented less than 1% of the Fund’s Net Assets.

^(f)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Communication Services-3.66%
Advantage Solutions, Inc.(b)(c)		128,502	$	646,365
ATN International, Inc.		16,917		668,221
Audacy, Inc.(b)(c)		256,597		651,756
Bandwidth, Inc., Class A(b)(c)		11,024		243,851
Boston Omaha Corp., Class A(b)(c)		11,021		229,678
Bumble, Inc., Class A(b)(c)		70,566		1,692,878
Cardlytics, Inc.(b)		4,459		152,186
Cargurus, Inc.(b)(c)		20,327		664,286
Cars.com, Inc.(b)(c)		51,196		569,299
Clear Channel Outdoor Holdings, Inc.(b)		654,837		1,610,899
Cogent Communications Holdings, Inc.(c)		37,063		2,168,185
comScore, Inc.(b)(c)		129,302		261,190
Consolidated Communications Holdings, Inc.(b)(c)		120,248		715,476
DHI Group, Inc.(b)		50,762		282,237
E.W. Scripps Co. (The), Class A(b)(c)		73,462		1,209,184
EchoStar Corp., Class A(b)		120,640		2,816,944
Entravision Communications Corp., Class A		107,697		556,793
Eros STX Global Corp. (United Arab Emirates)(b)(c)		116,853		202,156
Eventbrite, Inc., Class A(b)(c)		24,972		264,204
Gannett Co., Inc.(b)(c)		440,980		1,768,330
Gogo, Inc.(b)(c)		35,537		654,236
IDT Corp., Class B(b)		22,306		590,663
IMAX Corp.(b)		39,765		629,082
Iridium Communications, Inc.(b)		70,893		2,531,589
John Wiley & Sons, Inc., Class A		64,295		3,271,973
Lee Enterprises, Inc.(b)		23,161		558,180
Liberty Media Corp.-Liberty Braves, Class A(b)(c)		4,076		107,076
Liberty Media Corp.-Liberty Braves, Class C(b)		14,793		371,452
Liberty TripAdvisor Holdings, Inc., Class A(b)		287,060		430,590
Loyalty Ventures, Inc.(b)		36,501		466,848
Madison Square Garden Entertainment Corp.(b)(c)		35,692		2,614,439
Madison Square Garden Sports Corp., Class A(b)		3,501		567,547
Magnite, Inc.(b)(c)		44,183		426,366
Marcus Corp. (The)(b)(c)		53,748		845,456
National CineMedia, Inc.		230,714		509,878
New York Times Co. (The), Class A		78,359		3,002,717
Pinterest, Inc., Class A(b)		100,820		2,068,826
Playtika Holding Corp.(b)(c)		49,772		874,992
QuinStreet, Inc.(b)		50,056		476,033
Radius Global Infrastructure, Inc., Class A(b)(c)		21,237		263,764
Roku, Inc., Class A(b)		15,227		1,414,588
Scholastic Corp.		40,924		1,508,049
Shenandoah Telecommunications Co.		63,885		1,290,477
Sinclair Broadcast Group, Inc., Class A(c)		100,278		2,230,183
Sirius XM Holdings, Inc.(c)		484,962		2,909,772
Skillz, Inc., (Acquired 03/18/2022 - 04/27/2022; Cost $209,000)(b)(c)(d)		64,104		131,413
Spok Holdings, Inc.		40,945		281,702

	Shares		Value
Communication Services-(continued)
Stagwell, Inc.(b)(c)		34,619	$	234,717
Taboola.com Ltd. (Israel)(b)		66,157		285,137
TechTarget, Inc.(b)(c)		4,615		310,636
Thryv Holdings, Inc.(b)(c)		20,192		521,559
TripAdvisor, Inc.(b)(c)		78,615		2,018,047
TrueCar, Inc.(b)		168,177		602,074
United States Cellular Corp.(b)		43,020		1,238,116
Urban One, Inc., Class A(b)		35,746		289,185
Urban One, Inc., Class D(b)		78,126		471,881
Vimeo, Inc.(b)		50,985		519,537
WideOpenWest, Inc.(b)(c)		78,658		1,577,093
World Wrestling Entertainment, Inc., Class A(c)		19,225		1,122,548
Yelp, Inc.(b)		51,170		1,664,560
Ziff Davis, Inc.(b)		30,073		2,657,250
ZipRecruiter, Inc., Class A(b)		18,064		406,621
ZoomInfo Technologies, Inc., Class A(b)		4,786		226,856
Zynga, Inc., Class A(b)		387,525		3,204,832
				65,752,658
Consumer Discretionary-13.04%
1-800-Flowers.com, Inc., Class A(b)(c)		44,756		456,511
2U, Inc.(b)(c)		122,731		1,224,855
Aaron’s Co., Inc. (The)(c)		80,878		1,660,425
Acushnet Holdings Corp.(c)		31,507		1,283,595
ADT, Inc.(c)		415,986		2,849,504
Adtalem Global Education, Inc.(b)(c)		118,972		3,487,069
Afya Ltd., Class A (Brazil)(b)(c)		28,774		434,775
American Outdoor Brands, Inc.(b)(c)		25,623		322,850
American Public Education, Inc.(b)		32,209		626,143
America’s Car-Mart, Inc.(b)		8,287		670,004
Arco Platform Ltd., Class A (Brazil)(b)(c)		16,861		335,197
Arcos Dorados Holdings, Inc., Class A (Brazil)		310,473		2,250,929
Arko Corp.(c)		184,926		1,714,264
Bally’s Corp.(b)(c)		20,293		605,543
Barnes & Noble Education, Inc.(b)(c)		187,080		568,723
Bassett Furniture Industries, Inc.		27,569		456,543
Beazer Homes USA, Inc.(b)		134,330		2,025,696
Big 5 Sporting Goods Corp.(c)		60,100		869,647
BJ’s Restaurants, Inc.(b)		32,862		913,235
Bluegreen Vacations Holding Corp.		18,976		499,069
Boot Barn Holdings, Inc.(b)		16,360		1,473,382
Boyd Gaming Corp.		47,602		2,883,729
Buckle, Inc. (The)(c)		52,905		1,643,229
Build-A-Bear Workshop, Inc.		15,773		298,741
Caleres, Inc.		86,720		1,988,490
Callaway Golf Co.(b)(c)		41,512		910,773
Camping World Holdings, Inc., Class A(c)		54,256		1,393,294
Canoo, Inc.(b)(c)		42,450		203,760
CarParts.com, Inc.(b)		40,662		243,565
Carriage Services, Inc.		12,042		516,481
Carrols Restaurant Group, Inc.		129,683		207,493
Carvana Co.(b)(c)		8,724		505,643
Cato Corp. (The), Class A		39,906		540,726
Cavco Industries, Inc.(b)		6,051		1,429,549
Century Casinos, Inc.(b)(c)		30,309		317,335
Century Communities, Inc.		50,317		2,652,712

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, 2022

	Shares		Value
Consumer Discretionary-(continued)
Cheesecake Factory, Inc. (The)(b)(c)		60,993	$	2,251,252
Chegg, Inc.(b)(c)		35,599		880,719
Chico’s FAS, Inc.(b)		456,043		2,417,028
Children’s Place, Inc. (The)(b)(c)		28,475		1,319,247
Choice Hotels International, Inc.		10,469		1,470,476
Churchill Downs, Inc.		9,371		1,901,751
Chuy’s Holdings, Inc.(b)		20,176		504,602
Citi Trends, Inc.(b)(c)		16,741		468,246
Columbia Sportswear Co.(c)		31,536		2,590,998
Conn’s, Inc.(b)(c)		65,074		1,018,408
Container Store Group, Inc. (The)(b)		104,916		802,607
ContextLogic, Inc., Class A(b)(c)		588,812		1,000,980
Cooper-Standard Holdings, Inc.(b)		61,162		281,957
Coupang, Inc. (South Korea)(b)(c)		57,406		738,815
Crocs, Inc.(b)		20,788		1,380,947
Dave & Buster’s Entertainment, Inc.(b)(c)		31,250		1,421,875
Denny’s Corp.(b)(c)		49,842		638,974
Designer Brands, Inc., Class A(c)		185,866		2,568,668
Despegar.com Corp. (Argentina)(b)		42,160		467,554
Destination XL Group, Inc.(b)		70,424		348,599
Dillard’s, Inc., Class A(c)		7,563		2,297,715
Dine Brands Global, Inc.		18,055		1,294,363
DoorDash, Inc., Class A(b)(c)		24,367		1,984,205
Dorman Products, Inc.(b)		20,912		2,064,433
DraftKings, Inc., Class A(b)(c)		127,636		1,746,060
Drive Shack, Inc.(b)(c)		211,280		259,874
Duluth Holdings, Inc., Class B(b)(c)		20,173		247,119
El Pollo Loco Holdings, Inc.(b)(c)		29,085		309,755
Ethan Allen Interiors, Inc.(c)		51,909		1,232,320
Etsy, Inc.(b)(c)		16,005		1,491,506
Everi Holdings, Inc.(b)		51,341		891,280
Express, Inc.(b)(c)		329,192		1,132,420
Farfetch Ltd., Class A (United Kingdom)(b) .		30,776		344,691
Fisker, Inc.(b)(c)		45,374		456,462
Five Below, Inc.(b)(c)		17,987		2,825,758
Fiverr International Ltd.(b)(c)		4,891		260,446
Flexsteel Industries, Inc.(c)		12,156		263,664
Floor & Decor Holdings, Inc., Class A(b)		31,838		2,538,125
Fossil Group, Inc.(b)(c)		144,647		1,429,112
Fox Factory Holding Corp.(b)		13,498		1,105,216
Franchise Group, Inc.(c)		16,598		618,939
frontdoor, inc.(b)(c)		58,574		1,810,522
Full House Resorts, Inc.(b)		26,400		238,920
Funko, Inc., Class A(b)		32,617		531,331
Garrett Motion, Inc. (Switzerland)(b)(c)		88,379		589,488
Genesco, Inc.(b)		40,809		2,531,382
Gentherm, Inc.(b)(c)		21,178		1,427,821
Golden Entertainment, Inc.(b)		12,518		600,363
GoPro, Inc., Class A(b)(c)		99,964		891,679
Grand Canyon Education, Inc.(b)(c)		41,859		4,017,208
Green Brick Partners, Inc.(b)		39,571		779,549
Groupon, Inc.(b)(c)		76,217		1,486,994
GrowGeneration Corp.(b)(c)		38,559		227,884
Guess?, Inc.(c)		83,168		1,868,785
Haverty Furniture Cos., Inc., (Acquired 05/02/2018 - 04/27/2022;
Cost $1,119,582)(c)(d)		53,706		1,333,520
Helen of Troy Ltd.(b)(c)		17,352		3,722,177
Hibbett, Inc.(c)		33,223		1,434,569
Hilton Grand Vacations, Inc.(b)		38,851		1,819,392

	Shares		Value
Consumer Discretionary-(continued)
Hooker Furnishings Corp.(c)		21,814	$	367,784
Hovnanian Enterprises, Inc., Class A(b)(c)		20,095		924,772
Hyatt Hotels Corp., Class A		31,048		2,948,318
Installed Building Products, Inc.(c)		15,112		1,216,063
iRobot Corp.(b)(c)		35,744		1,810,434
J Jill, Inc.(b)		15,471		250,011
Jack in the Box, Inc.(c)		25,922		2,145,305
JAKKS Pacific, Inc.(b)		25,757		351,583
JOANN, Inc.(c)		53,177		555,168
Johnson Outdoors, Inc., Class A(c)		5,970		456,586
Kirkland’s, Inc.(b)(c)		44,853		324,287
Kontoor Brands, Inc.		58,836		2,337,554
Lakeland Industries, Inc.(b)(c)		13,404		216,877
Lands’ End, Inc.(b)(c)		38,811		544,130
Laureate Education, Inc., Class A(c)		264,372		2,995,335
La-Z-Boy, Inc.(c)		85,546		2,248,149
Lazydays Holdings, Inc.(b)(c)		26,462		514,157
Leslie’s, Inc.(b)(c)		50,029		980,568
LGI Homes, Inc.(b)(c)		23,221		2,176,040
LL Flooring Holdings, Inc.(b)(c)		69,729		962,957
Lordstown Motors Corp., Class A(b)(c)		175,170		381,871
Lucid Group, Inc.(b)(c)		18,777		339,488
MakeMyTrip Ltd. (India)(b)(c)		20,563		523,740
Malibu Boats, Inc., Class A(b)(c)		14,021		705,116
MarineMax, Inc.(b)		34,599		1,415,791
MasterCraft Boat Holdings, Inc.(b)		20,710		498,490
MercadoLibre, Inc. (Brazil)(b)		2,793		2,719,349
Modine Manufacturing Co.(b)		103,496		817,618
Monarch Casino & Resort, Inc.(b)		7,064		495,540
Monro, Inc.		45,795		2,094,205
Motorcar Parts of America, Inc.(b)(c)		25,059		381,147
Movado Group, Inc.		16,822		605,087
National Vision Holdings, Inc.(b)(c)		71,048		2,674,957
Nautilus, Inc.(b)(c)		110,592		332,882
Noodles & Co.(b)		35,533		197,919
Ollie’s Bargain Outlet Holdings, Inc.(b)(c)		75,439		3,624,844
OneSpaWorld Holdings Ltd. (Bahamas)(b)(c)		27,521		276,311
OneWater Marine, Inc., Class A(c)		12,697		415,065
Overstock.com, Inc.(b)(c)		44,587		1,496,340
Oxford Industries, Inc.		16,869		1,511,462
Papa John’s International, Inc.		15,398		1,401,988
Party City Holdco, Inc.(b)(c)		390,232		1,205,817
Patrick Industries, Inc.		41,663		2,593,522
Peloton Interactive, Inc., Class A(b)(c)		51,232		899,634
Perdoceo Education Corp.(b)		131,985		1,475,592
Petco Health & Wellness Co., Inc.(b)(c)		73,172		1,409,293
PetMed Express, Inc.(c)		27,963		612,390
Planet Fitness, Inc., Class A(b)		13,403		1,072,642
Playa Hotels & Resorts N.V.(b)		65,238		615,847
PlayAGS, Inc.(b)		59,642		393,637
Purple Innovation, Inc.(b)(c)		53,105		218,793
QuantumScape Corp.(b)(c)		36,557		546,162
Quotient Technology, Inc.(b)(c)		74,144		393,705
RCI Hospitality Holdings, Inc.		4,334		268,535
RealReal, Inc. (The)(b)(c)		38,717		209,846
Red Robin Gourmet Burgers, Inc.(b)(c)		72,631		958,003
Red Rock Resorts, Inc., Class A		31,776		1,396,873
Regis Corp.(b)(c)		546,112		737,251
Rent-A-Center, Inc.		73,396		1,770,312

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, 2022

	Shares		Value
Consumer Discretionary-(continued)
Revolve Group, Inc.(b)		6,535	$	276,169
RH(b)(c)		8,155		2,741,059
Rocky Brands, Inc.(c)		9,533		367,116
Ruth’s Hospitality Group, Inc.(c)		27,022		566,651
SeaWorld Entertainment, Inc.(b)		13,820		932,021
Shake Shack, Inc., Class A(b)(c)		11,460		662,732
Shift Technologies, Inc.(b)(c)		148,481		198,965
Shoe Carnival, Inc.(c)		22,116		667,682
Shutterstock, Inc.		7,015		531,176
Skyline Champion Corp.(b)		20,339		1,038,103
Sleep Number Corp.(b)(c)		28,404		1,152,066
Smith & Wesson Brands, Inc.(c)		80,948		1,111,416
Snap One Holdings Corp.(b)(c)		12,453		148,813
Sonos, Inc.(b)(c)		43,993		1,003,920
Sportsman’s Warehouse Holdings, Inc.(b)		118,552		1,139,285
Standard Motor Products, Inc.		33,742		1,440,109
Steven Madden Ltd.		55,329		2,271,809
Stitch Fix, Inc., Class A(b)		86,325		820,087
Stoneridge, Inc.(b)(c)		72,449		1,427,970
Strategic Education, Inc.(c)		48,624		3,141,110
Stride, Inc.(b)(c)		51,621		2,028,705
Sturm Ruger & Co., Inc.(c)		23,329		1,589,871
Superior Group of Cos., Inc.(c)		12,304		195,634
Superior Industries International, Inc.(b)		69,031		222,970
Tenneco, Inc., Class A(b)(c)		320,658		5,505,698
Tile Shop Holdings, Inc.		40,701		243,392
Tilly’s, Inc., Class A		54,741		482,816
Traeger, Inc.(b)(c)		24,786		148,468
TravelCenters of America, Inc.(b)		71,852		2,731,094
Tuesday Morning Corp.(b)		189,328		166,609
Unifi, Inc.(b)		26,263		385,278
Universal Electronics, Inc.(b)		26,118		770,481
Vera Bradley, Inc.(b)(c)		84,586		520,204
Vista Outdoor, Inc.(b)(c)		68,298		2,406,139
VOXX International Corp.(b)		42,084		318,576
Vroom, Inc.(b)(c)		270,252		421,593
Wendy’s Co. (The)		141,869		2,803,331
Wingstop, Inc.(c)		7,365		675,812
Winnebago Industries, Inc.(c)		35,281		1,876,244
Wolverine World Wide, Inc		99,617		1,974,409
Workhorse Group, Inc.(b)(c)		94,256		283,711
WW International, Inc.(b)(c)		177,081		1,733,623
Wyndham Hotels & Resorts, Inc.		39,514		3,475,651
YETI Holdings, Inc.(b)(c)		25,086		1,225,953
Zumiez, Inc.(b)(c)		32,152		1,177,728
				234,057,620
Consumer Staples-3.98%
Adecoagro S.A. (Brazil)		291,585		3,280,331
Alico, Inc.		7,734		306,808
Andersons, Inc. (The)		66,566		3,343,610
Beauty Health Co. (The)(b)(c)		18,308		239,835
BellRing Brands, Inc.(b)		41,787		895,495
Beyond Meat, Inc.(b)(c)		8,283		305,477
Blue Apron Holdings, Inc., Class A(b)(c)		45,793		138,295
Boston Beer Co., Inc. (The), Class A(b)(c)		5,490		2,058,750
Calavo Growers, Inc.		31,093		1,126,810
Cal-Maine Foods, Inc.(c)		33,452		1,797,376
Central Garden & Pet Co., Class A(b)		61,932		2,562,746
Chefs’ Warehouse, Inc. (The)(b)(c)		38,536		1,410,418

	Shares		Value
Consumer Staples-(continued)
Coca-Cola Consolidated, Inc.		3,665	$	1,618,098
Dole PLC(c)		218,399		2,601,132
elf Beauty, Inc.(b)		22,971		558,884
Farmer Brothers Co.(b)		49,661		311,871
Fresh Del Monte Produce, Inc		47,115		1,227,346
Freshpet, Inc.(b)(c)		6,331		590,999
Grocery Outlet Holding Corp.(b)(c)		113,635		3,826,091
Hostess Brands, Inc.(b)(c)		148,445		3,368,217
Ingles Markets, Inc., Class A		35,959		3,348,502
Inter Parfums, Inc.(c)		8,614		704,022
J&J Snack Foods Corp.		10,104		1,512,569
John B. Sanfilippo & Son, Inc.		11,558		897,363
Lancaster Colony Corp.(c)		15,646		2,427,946
Landec Corp.(b)		49,061		488,157
Limoneira Co.(c)		18,634		222,490
Medifast, Inc.		6,466		1,153,276
MGP Ingredients, Inc.(c)		6,023		550,081
Mission Produce, Inc.(b)(c)		49,375		628,050
National Beverage Corp.(c)		23,224		1,023,714
Natural Grocers by Vitamin Cottage, Inc		20,116		410,165
Nature’s Sunshine Products, Inc.(b)		13,640		225,878
Oil-Dri Corp.of America		9,971		248,777
Pilgrim’s Pride Corp.(b)		114,367		3,242,305
PriceSmart, Inc.		36,396		2,891,662
Revlon, Inc., Class A(b)(c)		30,977		189,579
Reynolds Consumer Products, Inc.(c)		45,179		1,336,847
Seneca Foods Corp., Class A(b)		9,921		538,214
Simply Good Foods Co. (The)(b)		32,804		1,366,287
Sovos Brands, Inc.(b)(c)		26,061		393,521
SpartanNash Co.		91,940		3,151,703
Tootsie Roll Industries, Inc.(c)		10,951		383,614
Turning Point Brands, Inc.		13,149		412,747
Universal Corp.		51,575		2,983,614
USANA Health Sciences, Inc.(b)		13,871		1,063,351
Utz Brands, Inc.(c)		31,927		450,809
Vector Group Ltd.		304,552		3,873,901
Village Farms International, Inc. (Canada)(b)(c)		46,078		198,596
Village Super Market, Inc., Class A		12,591		291,985
WD-40 Co.(c)		5,281		971,598
Weis Markets, Inc.		25,496		2,036,621
Whole Earth Brands, Inc.(b)(c)		41,675		287,974
				71,474,507
Energy-7.16%
Alto Ingredients, Inc.(b)(c)		256,523		1,480,138
Antero Midstream Corp.		273,684		2,810,735
Arch Resources, Inc.(c)		20,641		3,434,250
Archrock, Inc.		321,033		2,796,197
Ardmore Shipping Corp. (Ireland)(b)		60,007		373,844
Berry Corp.		88,490		970,735
BP Prudhoe Bay Royalty Trust(c)		47,157		613,513
Brigham Minerals, Inc., Class A		30,741		761,762
Bristow Group, Inc.(b)		32,502		969,210
Cactus, Inc., Class A(c)		15,376		767,724
Callon Petroleum Co.(b)(c)		16,610		851,595
Centennial Resource Development, Inc., Class A(b)(c)		316,878		2,452,636
ChampionX Corp.		135,653		2,862,278
Civitas Resources, Inc.(c)		18,161		1,064,598

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, 2022

	Shares		Value
Energy-(continued)
Clean Energy Fuels Corp.(b)(c)		96,540	$	565,724
Comstock Resources, Inc.(b)(c)		147,019		2,503,734
CONSOL Energy, Inc.(b)		109,558		5,209,483
Continental Resources, Inc.(c)		41,458		2,303,821
Core Laboratories N.V.(c)		82,160		2,136,160
CVR Energy, Inc.(c)		116,620		2,923,663
DHT Holdings, Inc.(c)		466,445		2,621,421
DMC Global, Inc.(b)(c)		11,555		230,984
Dorian LPG Ltd.		97,239		1,431,358
Dril-Quip, Inc.(b)(c)		53,127		1,534,308
Evolution Petroleum Corp.		40,895		258,047
Expro Group Holdings N.V.(b)(c)		34,069		520,574
Exterran Corp.(b)		148,745		1,009,979
Forum Energy Technologies, Inc.(b)(c)		12,890		272,366
Geopark Ltd. (Colombia)		48,277		758,914
Golar LNG Ltd. (Cameroon)(b)		123,579		2,758,283
Green Plains, Inc.(b)(c)		88,221		2,476,363
Hallador Energy Co.(b)(c)		67,063		285,688
Helix Energy Solutions Group, Inc.(b)(c)		535,935		2,202,693
International Seaways, Inc., (Acquired 03/16/2018 - 04/27/2022; Cost $1,807,196)(c)(d)		101,767		2,150,337
Kosmos Energy Ltd. (Ghana)(b)		490,147		3,313,394
Laredo Petroleum, Inc.(b)(c)		11,529		820,980
Liberty Energy, Inc., Class A(b)(c)		102,928		1,661,258
Magnolia Oil & Gas Corp., Class A		32,659		758,995
Matador Resources Co.		65,194		3,182,771
National Energy Services Reunited Corp.(b)(c)		79,100		529,179
Navigator Holdings Ltd.(b)		23,912		311,334
Newpark Resources, Inc.(b)		211,784		739,126
NexTier Oilfield Solutions, Inc.(b)		219,196		2,417,732
Nordic American Tankers Ltd.(c)		1,090,448		2,791,547
Northern Oil and Gas, Inc.		13,616		340,128
Oceaneering International, Inc.(b)		177,337		2,009,228
Oil States International, Inc.(b)(c)		240,534		1,626,010
Par Pacific Holdings, Inc.(b)		147,723		2,167,096
Patterson-UTI Energy, Inc.		274,180		4,507,519
ProPetro Holding Corp.(b)		166,009		2,347,367
Range Resources Corp.(b)		129,032		3,863,218
Ranger Oil Corp.(b)(c)		16,145		514,218
Renewable Energy Group, Inc.(b)		101,124		6,174,631
REX American Resources Corp.(b)		8,894		752,699
Ring Energy, Inc.(b)(c)		105,109		469,837
RPC, Inc.(b)(c)		82,924		857,434
SandRidge Energy, Inc.(b)(c)		25,297		469,765
Scorpio Tankers, Inc. (Monaco)(c)		174,735		4,321,197
Select Energy Services, Inc., Class A(b)		92,904		720,935
SFL Corp. Ltd. (Norway)		302,361		2,999,421
SilverBow Resources, Inc.(b)		13,416		491,026
Solaris Oilfield Infrastructure, Inc., Class A		39,254		441,608
Southwestern Energy Co.(b)(c)		597,996		4,484,970
Talos Energy, Inc.(b)		87,601		1,591,710
Teekay Corp. (Bermuda)(b)(c)		290,048		939,756
Teekay Tankers Ltd., Class A (Bermuda)(b)(c)		105,424		1,687,838
TETRA Technologies, Inc.(b)		288,816		1,062,843
Texas Pacific Land Corp.(c)		1,657		2,264,456
Tidewater, Inc.(b)(c)		65,597		1,309,316

	Shares		Value
Energy-(continued)
Tsakos Energy Navigation Ltd. (Greece)		73,799	$	889,278
US Silica Holdings, Inc.(b)		121,125		2,250,503
W&T Offshore, Inc.(b)		176,292		839,150
Weatherford International PLC(b)		100,356		3,239,492
				128,522,080
Financials-17.13%
1st Source Corp.		17,219		745,066
AG Mortgage Investment Trust, Inc.(c)		28,632		217,317
Alerus Financial Corp.(c)		9,875		252,306
Allegiance Bancshares, Inc.		19,180		783,695
Amalgamated Financial Corp.		20,146		354,368
A-Mark Precious Metals, Inc.(c)		30,896		2,434,605
Ambac Financial Group, Inc.(b)(c)		160,684		1,242,087
Amerant Bancorp, Inc.(c)		30,503		811,075
American National Bankshares, Inc.		6,415		222,857
American National Group, Inc.		14,348		2,706,176
Ameris Bancorp.		68,137		2,841,313
AMERISAFE, Inc.		31,514		1,460,674
Arbor Realty Trust, Inc.(c)		152,825		2,613,307
Ares Commercial Real Estate Corp.(c)		71,094		1,071,387
Ares Management Corp., Class A		32,724		2,166,983
Argo Group International Holdings Ltd.		75,475		3,230,330
ARMOUR Residential REIT, Inc.		119,294		875,618
Arrow Financial Corp.		10,427		326,365
Artisan Partners Asset Management, Inc., Class A		85,953		2,762,529
AssetMark Financial Holdings, Inc.(b)		14,404		276,989
Atlanticus Holdings Corp.(b)(c)		5,478		235,773
Axos Financial, Inc.(b)		49,568		1,877,636
B. Riley Financial, Inc.(c)		20,228		913,496
Banc of California, Inc.		62,587		1,129,069
BancFirst Corp.(c)		14,453		1,181,533
Banco Latinoamericano de Comercio Exterior S.A., Class E (Panama)		57,370		831,291
Bancorp, Inc. (The)(b)		32,045		727,101
Bank First Corp.(c)		3,583		253,318
Bank of Marin Bancorp		15,387		480,998
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		58,080		1,860,302
Banner Corp.		52,202		2,803,247
Bar Harbor Bankshares		10,050		262,405
Berkshire Hills Bancorp, Inc.(c)		58,981		1,459,190
BGC Partners, Inc., Class A(c)		611,956		2,221,400
Blucora, Inc.(b)		42,374		858,073
Blue Foundry Bancorp(b)(c)		16,645		210,060
Bridgewater Bancshares, Inc.(b)		16,248		260,293
Brightsphere Investment Group, Inc.		62,256		1,247,610
BrightSpire Capital, Inc.(c)		188,443		1,601,765
Broadmark Realty Capital, Inc.		191,325		1,494,248
Brookline Bancorp, Inc.		102,589		1,483,437
Business First Bancshares, Inc.		12,506		277,133
Byline Bancorp, Inc.		24,048		564,166
Cambridge Bancorp		4,076		333,050
Camden National Corp.		17,775		795,431
Capital City Bank Group, Inc.		11,072		283,554
Capitol Federal Financial, Inc.		277,904		2,676,216
Capstar Financial Holdings, Inc		17,801		358,690
Carter Bankshares, Inc.(b)(c)		20,871		341,450
CBTX, Inc.(c)		19,558		557,794

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, 2022

	Shares		Value
Financials-(continued)
Central Pacific Financial Corp.		40,422	$	977,404
Central Valley Community Bancorp		12,786		246,898
Cherry Hill Mortgage Investment Corp.(c)		48,996		320,924
Citizens & Northern Corp.		9,864		230,916
City Holding Co.		18,857		1,459,155
Civista Bancshares, Inc.		12,562		261,541
CNA Financial Corp.(c)		50,154		2,379,306
CNB Financial Corp.		12,340		306,649
Cohen & Steers, Inc.(c)		18,789		1,459,717
Columbia Financial, Inc.(b)(c)		24,896		471,779
Community Trust Bancorp, Inc.		16,124		641,896
Compass Diversified Holdings		142,377		3,112,361
ConnectOne Bancorp, Inc.		36,304		1,011,429
Cowen, Inc., Class A(c)		65,360		1,493,476
Credit Acceptance Corp.(b)(c)		6,474		3,317,925
CrossFirst Bankshares, Inc.(b)		35,172		450,553
Curo Group Holdings Corp.(c)		51,986		610,316
Customers Bancorp, Inc.(b)		29,989		1,261,637
CVB Financial Corp.		139,410		3,209,218
Diamond Hill Investment Group, Inc.		3,189		536,932
Dime Community Bancshares, Inc.(c)		23,845		749,687
Donnelley Financial Solutions, Inc.(b)		41,218		1,206,451
Dynex Capital, Inc.		70,839		1,149,717
Eagle Bancorp, Inc.		31,971		1,609,740
Eastern Bankshares, Inc.(c)		143,895		2,757,028
eHealth, Inc.(b)(c)		76,073		612,388
Elevate Credit, Inc.(b)(c)		79,130		234,225
Ellington Financial, Inc.		39,744		643,455
Ellington Residential Mortgage REIT(c)		34,870		306,159
Employers Holdings, Inc.		39,165		1,540,751
Encore Capital Group, Inc.(b)(c)		42,903		2,480,222
Enova International, Inc.(b)		64,835		2,424,829
Enterprise Bancorp, Inc.(c)		5,806		197,114
Enterprise Financial Services Corp.(c)		28,326		1,251,159
Equity Bancshares, Inc., Class A		15,702		479,382
Farmers National Banc Corp.		30,805		471,933
FB Financial Corp.		30,124		1,160,678
Federal Agricultural Mortgage Corp., Class C		10,562		1,081,866
Financial Institutions, Inc.		21,101		587,452
First Bancorp		227,035		3,089,946
First Bancorp/Southern Pines NC		29,356		1,099,676
First Bancshares, Inc. (The)		20,015		644,283
First Busey Corp.		68,542		1,540,139
First Commonwealth Financial Corp.		122,700		1,653,996
First Community Bankshares, Inc		12,263		326,564
First Financial Bancorp		119,293		2,439,542
First Financial Bankshares, Inc.(c)		61,037		2,440,259
First Financial Corp.		21,902		933,463
First Foundation, Inc.		25,682		570,654
First Internet Bancorp.		8,787		338,212
First Interstate BancSystem, Inc., Class A(c)		62,573		2,034,874
First Merchants Corp.(c)		66,301		2,598,336
First Mid Bancshares, Inc.		9,781		352,507
First of Long Island Corp. (The)		21,206		355,837
FirstCash Holdings, Inc.(c)		38,847		3,099,214
Five Star Bancorp		8,517		212,499
Flushing Financial Corp.		39,461		848,411
Focus Financial Partners, Inc., Class A(b)		29,626		1,168,746

	Shares		Value
Financials-(continued)
German American Bancorp, Inc.		15,196	$	533,380
Granite Point Mortgage Trust, Inc.		134,327		1,307,002
Great Ajax Corp.(c)		32,293		300,648
Great Southern Bancorp, Inc.(c)		15,997		907,670
Green Dot Corp., Class A(b)		74,455		1,971,568
Greenhill & Co., Inc.		33,816		409,512
Greenlight Capital Re Ltd., Class A(b)(c)		40,507		278,688
Hamilton Lane, Inc., Class A		9,465		649,110
Hanmi Financial Corp.		49,230		1,139,674
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(c)		36,534		1,460,995
HarborOne Bancorp, Inc.(c)		52,264		699,815
HCI Group, Inc.(c)		5,849		374,862
Heartland Financial USA, Inc.(c)		51,107		2,236,953
Heritage Commerce Corp.		57,078		640,986
Heritage Financial Corp.		54,349		1,316,333
Heritage Insurance Holdings, Inc.		79,608		339,130
Hilltop Holdings, Inc.		105,402		2,686,697
Hingham Institution for Savings (The)		905		292,378
Home Bancorp, Inc.		6,404		245,465
HomeStreet, Inc.(c)		27,490		1,115,819
HomeTrust Bancshares, Inc.		19,336		522,652
Horace Mann Educators Corp.		82,560		3,290,016
Horizon Bancorp, Inc.		53,531		935,722
Houlihan Lokey, Inc.(c)		24,967		2,079,501
Independent Bank Corp.		33,410		2,577,916
Independent Bank Corporation		30,459		601,261
Independent Bank Group, Inc.		37,328		2,530,838
Interactive Brokers Group, Inc., Class A		18,545		1,104,540
International Bancshares Corp.		77,907		3,099,920
Invesco Mortgage Capital, Inc.(c)(e)		563,217		979,998
Investors Title Co.		1,669		313,188
James River Group Holdings Ltd.(c)		85,398		2,024,787
Kearny Financial Corp.(c)		93,796		1,112,421
Kinsale Capital Group, Inc.(c)		4,010		888,977
KKR Real Estate Finance Trust, Inc.		56,880		1,080,720
Ladder Capital Corp.		258,685		2,946,422
Lakeland Bancorp, Inc.		69,177		1,039,730
Lakeland Financial Corp.(c)		16,825		1,225,196
Lemonade, Inc.(b)(c)		13,188		275,102
LendingClub Corp.(b)		81,993		1,250,393
LendingTree, Inc.(b)		9,998		794,041
Live Oak Bancshares, Inc.(c)		10,449		442,306
Macatawa Bank Corp.		30,854		269,972
MarketAxess Holdings, Inc.		7,592		2,001,327
MBIA, Inc.(b)(c)		20,868		251,251
Medallion Financial Corp.		41,437		324,452
Mercantile Bank Corp.(c)		16,612		521,617
Merchants Bancorp		11,825		278,124
Mercury General Corp.		61,365		3,094,637
Meta Financial Group, Inc.		25,207		1,100,286
Metrocity Bankshares, Inc.		11,979		244,132
Metropolitan Bank Holding Corp.(b)		5,480		487,994
Mid Penn Bancorp, Inc.(c)		10,003		258,377
Midland States Bancorp, Inc.		30,574		805,931
MidWestOne Financial Group, Inc.		10,721		320,343
Moelis & Co., Class A		68,618		3,037,033
Morningstar, Inc.		6,567		1,662,961
Mr. Cooper Group, Inc.(b)		72,142		3,244,226
MVB Financial Corp.(c)		8,207		328,772

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, 2022

	Shares		Value
Financials-(continued)
National Bank Holdings Corp., Class A		28,207	$	1,029,838
National Western Life Group, Inc.,
Class A(c)		2,271		451,384
NBT Bancorp, Inc.		48,875		1,720,400
Nelnet, Inc., Class A(c)		27,455		2,253,232
New York Mortgage Trust, Inc.		987,826		3,180,800
Nicolet Bankshares, Inc.(b)(c)		8,597		699,624
NMI Holdings, Inc., Class A(b)		86,231		1,584,926
Northfield Bancorp, Inc.		52,394		685,837
Northrim BanCorp, Inc.		7,200		288,504
Northwest Bancshares, Inc.		217,777		2,761,412
OceanFirst Financial Corp.		87,470		1,638,313
Ocwen Financial Corp.(b)		19,821		412,277
OFG Bancorp		65,072		1,729,614
Old Second Bancorp, Inc.		19,537		269,024
Oportun Financial Corp.(b)		44,593		516,833
Orchid Island Capital, Inc.(c)		128,782		358,014
Origin Bancorp, Inc.		18,072		680,953
Oscar Health, Inc., Class A(b)(c)		32,844		241,732
Pacific Premier Bancorp, Inc.		86,704		2,719,037
Palomar Holdings, Inc.(b)		8,249		449,158
Park National Corp.(c)		11,481		1,353,036
PCB Bancorp.		13,317		284,318
Peapack-Gladstone Financial Corp.(c)		15,564		482,328
PennyMac Financial Services, Inc.(c)		58,135		2,823,036
Peoples Bancorp, Inc.		32,124		880,840
Peoples Financial Services Corp.		5,172		256,738
Piper Sandler Cos.(c)		11,211		1,289,041
PJT Partners, Inc., Class A(c)		8,144		537,423
PRA Group, Inc.(b)(c)		60,956		2,561,981
Preferred Bank		12,207		819,334
Premier Financial Corp.		43,320		1,149,713
Primis Financial Corp.(c)		16,912		230,849
ProAssurance Corp.		72,764		1,787,811
PROG Holdings, Inc.(b)(c)		92,703		2,453,848
Provident Financial Services, Inc.		110,861		2,453,354
QCR Holdings, Inc.		14,826		804,904
RBB Bancorp		11,808		252,573
Ready Capital Corp.		96,766		1,409,881
Redwood Trust, Inc.		268,659		2,605,992
Regional Management Corp.		16,651		716,826
Renasant Corp.(c)		88,945		2,649,672
Republic Bancorp, Inc., Class A		8,092		337,275
Republic First Bancorp, Inc.(b)(c)		49,721		208,331
RLI Corp.		30,411		3,490,575
Robinhood Markets, Inc., Class A(b)(c)		32,580		319,447
Root, Inc., Class A(b)		241,993		467,046
S&T Bancorp, Inc.		48,096		1,359,193
Safety Insurance Group, Inc.(c)		26,260		2,259,410
Sandy Spring Bancorp, Inc.		48,370		1,899,490
Sculptor Capital Management, Inc.(c)		22,173		231,930
Seacoast Banking Corp. of Florida		42,558		1,383,135
Selectquote, Inc.(b)(c)		335,168		690,446
ServisFirst Bancshares, Inc.		20,251		1,626,560
Shore Bancshares, Inc.		13,151		264,730
Sierra Bancorp.		13,276		288,753
Silvergate Capital Corp., Class A(b)(c)		3,620		423,395
SiriusPoint Ltd. (Bermuda)(b)		135,316		849,784
SmartFinancial, Inc.		10,380		254,518
South Plains Financial, Inc.		8,797		212,448

	Shares		Value
Financials-(continued)
Southern First Bancshares, Inc.(b)		7,595	$	347,091
Southern Missouri Bancorp, Inc.		6,848		288,986
Southside Bancshares, Inc.		34,159		1,338,691
StepStone Group, Inc., Class A		14,178		363,240
Stewart Information Services Corp.		43,023		2,219,987
Stock Yards Bancorp, Inc.(c)		17,088		893,361
StoneX Group, Inc.(b)		16,294		1,104,407
TFS Financial Corp.(c)		44,321		664,372
Tiptree, Inc.(c)		37,160		432,171
Tompkins Financial Corp.		11,911		869,503
Towne Bank		91,385		2,519,484
TPG RE Finance Trust, Inc.		124,452		1,312,969
Tradeweb Markets, Inc., Class A		30,138		2,145,524
Trean Insurance Group, Inc.(b)		41,528		208,471
TriCo Bancshares(c)		31,141		1,169,345
TriState Capital Holdings, Inc.(b)		28,224		852,647
Triumph Bancorp, Inc.(b)(c)		12,764		886,332
Trupanion, Inc.(b)(c)		7,041		447,948
TrustCo Bank Corp.		26,805		834,976
Trustmark Corp.(c)		107,685		3,002,258
United Community Banks, Inc.(c)		88,568		2,669,440
United Fire Group, Inc.		26,961		789,688
United Insurance Holdings Corp.		67,961		155,631
Universal Insurance Holdings, Inc.		114,068		1,432,694
Univest Financial Corp.		29,936		754,387
Veritex Holdings, Inc.		35,592		1,169,197
Vinci Partners Investments Ltd., Class A (Brazil)(c)		33,578		391,184
Virtu Financial, Inc., Class A		74,720		2,157,914
Virtus Investment Partners, Inc.		5,976		1,058,708
Walker & Dunlop, Inc.		20,213		2,420,709
Washington Trust Bancorp, Inc.(c)		22,443		1,053,474
Waterstone Financial, Inc.		43,984		706,383
West Bancorporation, Inc.(c)		11,275		281,875
Westamerica Bancorporation		28,836		1,699,017
Western Asset Mortgage Capital Corp.		160,357		229,310
WisdomTree Investments, Inc.(c)		165,969		967,599
World Acceptance Corp.(b)(c)		5,723		1,079,987
WSFS Financial Corp.		47,853		1,917,470
XP, Inc., Class A (Brazil)(b)(c)		41,570		1,023,038
				307,580,313
Health Care-10.82%
10X Genomics, Inc., Class A(b)(c)		7,840		374,438
1Life Healthcare, Inc.(b)(c)		44,914		316,644
2seventy bio, Inc.(b)(c)		17,907		241,028
ABIOMED, Inc.(b)(c)		9,252		2,651,438
Acadia Pharmaceuticals, Inc.(b)(c)		22,083		407,211
Accolade, Inc.(b)(c)		19,397		107,847
Accuray, Inc.(b)(c)		113,682		302,394
AdaptHealth Corp.(b)(c)		44,958		569,168
Adaptive Biotechnologies Corp.(b)(c)		43,496		358,842
Addus HomeCare Corp.(b)		14,538		1,225,263
Adverum Biotechnologies, Inc.(b)(c)		265,259		283,827
agilon health, inc.(b)(c)		17,238		306,319
Agios Pharmaceuticals, Inc.(b)(c)		15,502		340,579
Akebia Therapeutics, Inc.(b)		214,026		88,864
Alignment Healthcare, Inc.(b)(c)		36,340		349,227
Alkermes PLC(b)		69,937		2,017,682
Allakos, Inc.(b)(c)		69,854		263,350

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, 2022

	Shares		Value
Health Care-(continued)
Allogene Therapeutics, Inc.(b)(c)		52,506	$	438,425
Allscripts Healthcare Solutions, Inc.(b)		166,965		3,449,497
Alnylam Pharmaceuticals, Inc.(b)		7,471		996,856
Amedisys, Inc.(b)(c)		20,078		2,562,957
American Well Corp., Class A(b)(c)		228,689		715,797
Amicus Therapeutics, Inc.(b)(c)		38,089		269,670
AMN Healthcare Services, Inc.(b)		33,943		3,317,928
Amneal Pharmaceuticals, Inc.(b)		165,937		640,517
Amphastar Pharmaceuticals, Inc.(b)		20,727		735,187
AnaptysBio, Inc.(b)(c)		9,188		214,999
AngioDynamics, Inc.(b)		28,952		609,440
ANI Pharmaceuticals, Inc.(b)(c)		9,770		288,313
Anika Therapeutics, Inc.(b)		16,355		352,123
Annexon, Inc.(b)(c)		43,038		109,747
Arcturus Therapeutics Holdings, Inc.(b)(c)		13,723		265,952
Arcus Biosciences, Inc.(b)		10,231		247,693
Arrowhead Pharmaceuticals, Inc.(b)		10,585		435,149
Artivion, Inc.(b)(c)		33,317		676,002
Arvinas, Inc.(b)(c)		7,979		438,606
Assertio Holdings, Inc.(b)		186,624		393,777
Atara Biotherapeutics, Inc.(b)(c)		32,600		207,336
Atea Pharmaceuticals, Inc.(b)(c)		72,858		427,676
AtriCure, Inc.(b)		8,510		441,924
Atrion Corp.(c)		678		424,848
Aurinia Pharmaceuticals, Inc. (Canada)(b) .		21,777		224,085
Avanos Medical, Inc.(b)		58,066		1,693,205
Aveanna Healthcare Holdings, Inc.(b)(c)		64,234		187,563
Avidity Biosciences, Inc.(b)(c)		15,675		224,153
Axonics, Inc.(b)		5,880		304,702
Azenta, Inc.		21,401		1,604,219
Bio-Techne Corp.		7,376		2,800,593
Bluebird Bio, Inc.(b)(c)		135,812		492,998
Blueprint Medicines Corp.(b)(c)		22,978		1,340,766
Bruker Corp.		31,937		1,836,058
Butterfly Network, Inc.(b)(c)		45,273		150,759
Cardiovascular Systems, Inc.(b)		21,691		405,622
CareDx, Inc.(b)		8,445		257,066
Castle Biosciences, Inc.(b)		8,969		200,367
Certara, Inc.(b)(c)		31,198		572,483
Chemed Corp.		6,460		3,174,379
ChemoCentryx, Inc.(b)(c)		10,283		189,824
Chinook Therapeutics, Inc.(b)		18,772		284,020
Clover Health Investments Corp.(b)(c)		212,917		572,747
Coherus Biosciences, Inc.(b)(c)		28,832		260,641
Collegium Pharmaceutical, Inc.(b)(c)		15,748		253,543
Computer Programs & Systems, Inc.(b)		18,571		592,786
CONMED Corp.(c)		12,764		1,697,101
Corcept Therapeutics, Inc.(b)		37,913		815,509
CorVel Corp.(b)		3,048		472,684
Covetrus, Inc.(b)		199,334		2,750,809
CRISPR Therapeutics AG (Switzerland)(b)(c)		25,021		1,241,542
Cross Country Healthcare, Inc.(b)(c)		36,463		683,317
CryoPort, Inc.(b)		9,018		203,446
CureVac N.V. (Germany)(b)(c)		14,783		252,641
Deciphera Pharmaceuticals, Inc.(b)(c)		44,240		447,709
Denali Therapeutics, Inc.(b)(c)		26,676		634,889
DexCom, Inc.(b)		7,717		3,153,012
Eagle Pharmaceuticals, Inc.(b)(c)		10,480		462,482
Editas Medicine, Inc.(b)(c)		26,207		346,981

	Shares		Value
Health Care-(continued)
Emergent BioSolutions, Inc.(b)		70,870	$	2,294,771
Enanta Pharmaceuticals, Inc.(b)		10,050		647,220
Endo International PLC(b)		784,588		1,569,176
Ensign Group, Inc. (The)		28,458		2,286,031
Evolent Health, Inc., Class A(b)		40,828		1,123,587
Exact Sciences Corp.(b)(c)		43,603		2,400,345
Exelixis, Inc.(b)		168,888		3,772,958
Fate Therapeutics, Inc.(b)(c)		9,530		272,177
FibroGen, Inc.(b)(c)		34,660		322,338
Forma Therapeutics Holdings, Inc.(b)(c)		45,704		345,522
Fulgent Genetics, Inc.(b)(c)		9,304		510,604
Glaukos Corp.(b)		14,897		704,479
Global Blood Therapeutics, Inc.(b)(c)		12,137		372,606
Globus Medical, Inc., Class A(b)		34,535		2,286,908
Gossamer Bio., Inc.(b)(c)		26,623		183,965
Guardant Health, Inc.(b)(c)		19,059		1,175,940
Haemonetics Corp.(b)		37,858		1,918,265
Halozyme Therapeutics, Inc.(b)		9,718		387,748
Hanger, Inc.(b)		60,048		987,189
Health Catalyst, Inc.(b)(c)		13,307		221,428
HealthEquity, Inc.(b)(c)		39,604		2,468,121
HealthStream, Inc.(b)		22,407		427,974
Heron Therapeutics, Inc.(b)(c)		33,722		152,423
Heska Corp.(b)(c)		3,149		345,886
ICU Medical, Inc.(b)		11,186		2,393,692
Inmode Ltd.(b)		7,799		195,833
Innoviva, Inc.(b)(c)		38,878		663,259
Inogen, Inc.(b)(c)		21,151		534,697
Inovio Pharmaceuticals, Inc.(b)(c)		141,147		385,331
Insmed, Inc.(b)(c)		13,458		295,672
Inspire Medical Systems, Inc.(b)		1,178		242,385
Insulet Corp.(b)(c)		5,146		1,229,843
Integer Holdings Corp.(b)		38,288		2,878,109
Integra LifeSciences Holdings Corp.(b)(c)		45,038		2,754,524
Intellia Therapeutics, Inc.(b)(c)		5,655		277,265
Intra-Cellular Therapies, Inc.(b)		9,561		483,882
Invacare Corp.(b)(c)		333,628		553,822
Invitae Corp.(b)(c)		186,920		992,545
Ionis Pharmaceuticals, Inc.(b)		45,240		1,663,022
Iovance Biotherapeutics, Inc.(b)(c)		35,965		544,870
iRhythm Technologies, Inc.(b)		3,941		486,201
Ironwood Pharmaceuticals, Inc.(b)(c)		25,035		300,420
Karuna Therapeutics, Inc.(b)(c)		2,176		242,537
Kodiak Sciences, Inc.(b)		10,061		60,567
Kronos Bio, Inc.(b)(c)		44,225		209,184
Kura Oncology, Inc.(b)(c)		39,284		563,725
Lannett Co., Inc.(b)		338,929		216,915
Lantheus Holdings, Inc.(b)		35,290		2,343,609
LeMaitre Vascular, Inc.(c)		7,730		334,013
LHC Group, Inc.(b)		25,334		4,201,644
Ligand Pharmaceuticals, Inc.(b)(c)		10,260		952,744
LivaNova PLC(b)(c)		25,853		1,981,891
MacroGenics, Inc.(b)(c)		34,024		243,272
Maravai LifeSciences Holdings, Inc., Class A(b)		7,302		224,390
Masimo Corp.(b)		19,883		2,246,183
Medpace Holdings, Inc.(b)		10,744		1,435,076
Meridian Bioscience, Inc.(b)(c)		31,302		801,018
Merit Medical Systems, Inc.(b)		32,070		1,988,661
Mesa Laboratories, Inc.(c)		1,763		376,630

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, 2022

	Shares		Value
Health Care-(continued)
Mirati Therapeutics, Inc.(b)		10,811	$	668,012
Moderna, Inc.(b)		15,690		2,108,893
ModivCare, Inc.(b)(c)		15,551		1,616,837
Multiplan Corp.(b)(c)		772,719		3,423,145
Myriad Genetics, Inc.(b)		64,705		1,326,452
NanoString Technologies, Inc.(b)(c)		11,781		221,247
Natera, Inc.(b)		9,350		328,372
National HealthCare Corp.		12,551		854,221
National Research Corp.		12,320		422,576
Natus Medical, Inc.(b)		37,361		1,243,000
Nektar Therapeutics, (Acquired 03/20/2020 -04/19/2022; Cost $1,279,188)(b)(c)(d)		80,190		331,185
Neogen Corp.(b)(c)		42,861		1,131,530
NeoGenomics, Inc.(b)		44,061		416,376
Neurocrine Biosciences, Inc.(b)		16,919		1,523,218
Nevro Corp.(b)		9,531		587,967
NextGen Healthcare, Inc.(b)		40,693		767,063
Novavax, Inc.(b)(c)		8,310		374,532
Novocure Ltd.(b)(c)		8,570		656,291
NuVasive, Inc.(b)(c)		53,950		2,775,188
Oak Street Health, Inc.(b)(c)		22,983		415,762
Omnicell, Inc.(b)(c)		15,245		1,664,297
OPKO Health, Inc.(b)(c)		445,632		1,203,206
Option Care Health, Inc.(b)		101,968		3,046,804
OraSure Technologies, Inc.(b)(c)		77,704		477,103
Ortho Clinical Diagnostics Holdings PLC(b) .		94,037		1,655,992
Orthofix Medical, Inc.(b)		25,571		792,701
Outset Medical, Inc.(b)(c)		7,871		274,540
Pacific Biosciences of California, Inc.(b)		29,303		185,781
Pacira BioSciences, Inc.(b)(c)		14,621		1,090,288
PDL BioPharma, Inc.(b)(f)		527,611		1,538,250
Pennant Group, Inc. (The)(b)(c)		25,925		424,911
Penumbra, Inc.(b)(c)		4,268		736,486
PetIQ, Inc.(b)(c)		35,900		714,410
Phibro Animal Health Corp., Class A		27,931		502,479
Phreesia, Inc.(b)(c)		11,835		270,785
Prestige Consumer Healthcare, Inc.(b)		53,097		2,902,282
Protagonist Therapeutics, Inc.(b)(c)		10,429		94,800
PTC Therapeutics, Inc.(b)		16,150		570,580
Quidel Corp.(b)(c)		28,626		2,880,348
R1 RCM, Inc.(b)(c)		19,755		444,883
RadNet, Inc.(b)		55,570		1,083,615
Reata Pharmaceuticals, Inc., Class A(b)(c)		12,319		312,656
REGENXBIO, Inc.(b)(c)		15,861		440,301
Relay Therapeutics, Inc.(b)(c)		23,990		571,682
Repligen Corp.(b)		10,120		1,591,269
Replimune Group, Inc.(b)(c)		18,644		312,660
Revance Therapeutics, Inc.(b)		26,882		440,327
Rocket Pharmaceuticals, Inc.(b)(c)		16,864		173,362
Sage Therapeutics, Inc.(b)		55,249		1,741,448
Sangamo Therapeutics, Inc.(b)(c)		75,325		312,599
Sarepta Therapeutics, Inc.(b)		11,959		864,875
Schrodinger, Inc.(b)(c)		16,075		397,374
Seagen, Inc.(b)		24,943		3,267,782
SeaSpine Holdings Corp.(b)		20,555		191,367
Seer, Inc.(b)		21,418		155,923
SIGA Technologies, Inc.(b)(c)		55,073		378,352
Sotera Health Co.(b)(c)		39,860		812,347
SpringWorks Therapeutics, Inc.(b)(c)		5,701		244,630

	Shares		Value
Health Care-(continued)
STAAR Surgical Co.(b)(c)		4,545	$	259,474
Sundial Growers, Inc. (Canada)(b)		411,677		193,241
Supernus Pharmaceuticals, Inc.(b)(c)		44,704		1,247,242
Surgery Partners, Inc.(b)(c)		19,115		977,923
Sutro Biopharma, Inc.(b)(c)		38,659		232,341
Tabula Rasa HealthCare, Inc.(b)		41,144		138,655
Tactile Systems Technology, Inc.(b)		16,623		280,596
Tandem Diabetes Care, Inc.(b)		5,002		482,593
Taro Pharmaceutical Industries Ltd.(b)		7,091		278,322
TG Therapeutics, Inc.(b)(c)		42,039		291,751
Tilray Brands, Inc., Class 2 (Canada)(b)(c)		64,720		322,306
Tivity Health, Inc.(b)		37,248		1,196,778
Travere Therapeutics, Inc.(b)(c)		11,106		279,094
Turning Point Therapeutics, Inc.(b)(c)		30,337		893,121
Twist Bioscience Corp.(b)(c)		6,251		180,279
UFP Technologies, Inc.(b)		5,086		349,256
Ultragenyx Pharmaceutical, Inc.(b)(c)		16,583		1,172,252
uniQure N.V. (Netherlands)(b)(c)		14,471		216,197
US Physical Therapy, Inc.(c)		8,424		874,158
Vanda Pharmaceuticals, Inc.(b)		46,322		459,514
Varex Imaging Corp.(b)(c)		55,907		1,109,754
Vaxcyte, Inc.(b)(c)		11,675		282,652
Veeva Systems, Inc., Class A(b)		16,835		3,063,128
Veracyte, Inc.(b)(c)		17,558		359,412
Vir Biotechnology, Inc.(b)(c)		10,723		218,213
Xencor, Inc.(b)		18,387		459,307
Zentalis Pharmaceuticals, Inc.(b)(c)		4,915		130,346
Zogenix, Inc.(b)(c)(f)		11,278		7,669
Zymeworks, Inc. (Canada)(b)		44,595		272,475
				194,307,744
Industrials-16.91%
AAON, Inc.		15,067		734,366
AAR Corp.(b)		52,146		2,449,819
Acacia Research Corp.(b)(c)		76,128		357,040
ACCO Brands Corp.		168,840		1,237,597
Advanced Drainage Systems, Inc.		17,463		1,789,259
Aerojet Rocketdyne Holdings, Inc.(b)(c)		78,414		3,134,992
AeroVironment, Inc.(b)(c)		15,603		1,253,233
Air Transport Services Group, Inc.(b)		96,896		3,032,845
Alamo Group, Inc.		9,078		1,147,822
Alaska Air Group, Inc.(b)(c)		49,878		2,712,864
Albany International Corp., Class A		23,581		1,844,506
Alight, Inc., Class A(b)(c)		35,076		301,303
Allegiant Travel Co.(b)		4,524		702,080
Allied Motion Technologies, Inc.(c)		9,410		229,039
Alta Equipment Group, Inc.(b)		24,287		273,229
Altra Industrial Motion Corp.		72,516		2,828,124
Ameresco, Inc., Class A(b)(c)		16,203		817,279
American Woodmark Corp.(b)		51,406		2,408,371
API Group Corp.(b)		160,800		2,984,448
Apogee Enterprises, Inc.		39,547		1,740,068
ARC Document Solutions, Inc.		76,132		289,302
ArcBest Corp.(c)		33,971		2,451,347
Arcosa, Inc.		67,313		3,603,265
Argan, Inc.		26,426		971,948
Armstrong World Industries, Inc.		24,854		2,104,140
Array Technologies, Inc.(b)(c)		72,851		475,717
Astec Industries, Inc.		27,872		1,089,795
Astronics Corp.(b)		54,986		532,814

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, 2022

	Shares		Value
Industrials-(continued)
Atkore, Inc.(b)		26,680	$	2,563,948
Atlas Corp. (Canada)(c)		113,088		1,397,768
Axon Enterprise, Inc.(b)		10,440		1,171,368
AZEK Co., Inc. (The)(b)(c)		56,568		1,201,504
AZZ, Inc.		33,796		1,542,449
Babcock & Wilcox Enterprises, Inc.(b)(c)		71,255		535,125
Barnes Group, Inc.		65,700		2,206,206
Barrett Business Services, Inc.		15,096		1,086,459
Bloom Energy Corp., Class A(b)(c)		21,979		407,930
Blue Bird Corp.(b)(c)		22,683		363,609
BlueLinx Holdings, Inc.(b)		24,769		1,651,349
Brady Corp., Class A		54,472		2,437,622
BrightView Holdings, Inc.(b)(c)		97,202		1,230,577
Caesarstone Ltd.		42,831		421,029
Casella Waste Systems, Inc., Class A(b)		18,108		1,489,202
CBIZ, Inc.(b)(c)		45,014		1,885,637
Chart Industries, Inc.(b)(c)		24,725		4,174,075
Cimpress PLC (Ireland)(b)(c)		29,635		1,496,864
CIRCOR International, Inc.(b)(c)		26,639		523,456
Civeo Corp.(b)		13,143		341,718
Columbus McKinnon Corp.		26,632		944,104
Comfort Systems USA, Inc.		29,043		2,451,810
Commercial Vehicle Group, Inc.(b)(c)		65,124		467,590
Construction Partners, Inc.(b)(c)		25,345		654,155
Copa Holdings S.A., Class A (Panama)(c)		10,241		771,864
Core & Main, Inc., Class A(b)(c)		48,508		1,152,550
CoreCivic, Inc.(b)		299,893		3,727,670
Cornerstone Building Brands, Inc.(b)		79,093		1,929,078
Costamare, Inc. (Monaco)		86,117		1,154,829
Covenant Logistics Group, Inc., Class A		42,333		869,520
CRA International, Inc.		6,141		505,834
CSW Industrials, Inc.		6,523		688,242
Danaos Corp. (Greece)		12,982		1,061,149
Daseke, Inc.(b)		158,432		1,330,829
Deluxe Corp.		66,883		1,811,192
Desktop Metal, Inc., Class A(b)(c)		90,185		316,549
Diana Shipping, Inc. (Greece)		73,256		341,373
Douglas Dynamics, Inc.(c)		28,181		872,484
Driven Brands Holdings, Inc.(b)(c)		22,933		639,601
Ducommun, Inc., (Acquired 05/16/2017 - 04/27/2022; Cost $421,175)(b)(d)		11,429		583,679
Dun & Bradstreet Holdings, Inc.(b)(c)		136,881		2,161,351
DXP Enterprises, Inc.(b)		30,460		719,770
Eagle Bulk Shipping, Inc.		8,222		511,737
Encore Wire Corp.		14,257		1,608,332
Enerpac Tool Group Corp.(c)		48,310		970,065
Ennis, Inc.		41,676		718,911
EnPro Industries, Inc.		20,015		1,865,598
ESCO Technologies, Inc.		22,525		1,406,686
Evoqua Water Technologies Corp.(b)		49,946		2,082,249
Exponent, Inc.		14,117		1,352,550
Federal Signal Corp.(c)		49,253		1,676,080
Forrester Research, Inc.(b)		6,888		383,593
Forward Air Corp.		18,415		1,785,703
Franklin Covey Co.(b)		4,927		197,425
Franklin Electric Co., Inc.		26,285		1,838,373
FuelCell Energy, Inc.(b)(c)		49,044		200,100
Gates Industrial Corp. PLC(b)(c)		160,774		2,049,869
Genco Shipping & Trading Ltd		31,639		697,007
Gibraltar Industries, Inc.(b)		38,492		1,456,537

	Shares		Value
Industrials-(continued)
Global Industrial Co.		18,945	$	584,643
Global Ship Lease, Inc., Class A (United Kingdom)		14,095		313,473
Golden Ocean Group Ltd. (Norway)(c)		106,240		1,331,187
Gorman-Rupp Co. (The)		20,437		651,123
GrafTech International Ltd.		259,310		2,354,535
Granite Construction, Inc.		91,351		2,708,557
Great Lakes Dredge & Dock Corp.(b)		68,525		946,330
Griffon Corp.		80,226		1,501,029
H&E Equipment Services, Inc.(c)		63,378		2,248,652
Harsco Corp.(b)		132,311		1,352,218
Hawaiian Holdings, Inc.(b)(c)		39,209		664,985
Hayward Holdings, Inc.(b)(c)		27,888		443,419
Healthcare Services Group, Inc.(c)		166,640		2,847,878
Heartland Express, Inc.		67,354		929,485
Heidrick & Struggles International, Inc.		19,969		638,209
Helios Technologies, Inc.		15,569		1,045,925
Heritage-Crystal Clean, Inc.(b)		17,044		465,301
Hillenbrand, Inc.		75,450		3,079,869
Hillman Solutions Corp.(b)(c)		24,580		285,865
HNI Corp.		69,211		2,466,680
Huron Consulting Group, Inc.(b)		27,903		1,444,817
Huttig Building Products, Inc.(b)		64,683		690,814
Hydrofarm Holdings Group, Inc.(b)(c)		19,078		182,195
Hyliion Holdings Corp.(b)(c)		103,896		333,506
Hyster-Yale Materials Handling, Inc.		31,153		957,020
IAA, Inc.(b)		78,636		2,882,009
ICF International, Inc.(c)		19,732		1,949,719
Ideanomics, Inc.(b)(c)		248,048		178,396
IES Holdings, Inc.(b)		11,133		326,197
Infrastructure and Energy Alternatives, Inc.(b)		50,020		467,687
INNOVATE Corp.(b)(c)		98,543		298,585
Insperity, Inc.(c)		37,598		3,987,268
Insteel Industries, Inc.(c)		21,205		899,516
Interface, Inc.		86,719		1,100,464
JetBlue Airways Corp.(b)(c)		205,074		2,257,865
John Bean Technologies Corp.		17,629		2,078,283
Kadant, Inc.		5,886		1,088,910
Kaman Corp.		43,640		1,702,396
Kelly Services, Inc., Class A		43,822		845,326
Kforce, Inc.		18,955		1,327,798
Kimball International, Inc., Class B		73,213		562,276
Korn Ferry		47,678		2,929,336
Kornit Digital Ltd. (Israel)(b)(c)		6,679		444,154
Kratos Defense & Security Solutions, Inc.(b)		92,860		1,408,686
Lawson Products, Inc.(b)		5,272		200,283
Lindsay Corp.		6,789		917,533
Luxfer Holdings PLC (United Kingdom)		31,692		511,509
Lyft, Inc., Class A(b)		64,524		2,103,482
Manitowoc Co., Inc. (The)(b)		93,496		1,237,887
ManTech International Corp., Class A		30,460		2,447,156
Marten Transport Ltd.		77,681		1,350,096
Masonite International Corp.(b)		34,722		2,691,650
Matrix Service Co.(b)		189,786		1,290,545
Matson, Inc.		8,272		711,557
Matthews International Corp., Class A		47,716		1,422,414
Maxar Technologies, Inc.(c)		106,660		3,435,519
Mayville Engineering Co., Inc.(b)(c)		24,937		206,478

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, 2022

	Shares		Value
Industrials-(continued)
McGrath RentCorp.		27,617	$	2,304,915
Mercury Systems, Inc.(b)(c)		41,335		2,306,080
Mesa Air Group, Inc.(b)(c)		85,821		291,791
Miller Industries, Inc.		13,314		356,948
MillerKnoll, Inc.(c)		85,830		2,723,386
Mistras Group, Inc.(b)(c)		35,662		202,917
Montrose Environmental Group, Inc.(b)		8,436		382,741
Moog, Inc., Class A		41,920		3,348,150
MRC Global, Inc.(b)		223,795		2,683,302
MSA Safety, Inc.		20,244		2,443,248
Mueller Water Products, Inc., Class A		154,705		1,861,101
MYR Group, Inc.(b)		21,845		1,727,721
National Presto Industries, Inc.		12,427		883,933
Navios Maritime Holdings, Inc. (Greece)(b) .		92,180		334,613
Nikola Corp.(b)(c)		66,334		476,278
NN, Inc.(b)		97,170		294,425
Northwest Pipe Co.(b)		16,398		437,991
NOW, Inc.(b)		268,438		2,925,974
NV5 Global, Inc.(b)(c)		7,716		924,377
PAM Transportation Services, Inc.(b)		7,379		224,248
Park Aerospace Corp.		35,046		410,038
Park-Ohio Holdings Corp.		18,022		172,831
Parsons Corp.(b)		41,215		1,522,070
PGT Innovations, Inc.(b)		70,922		1,260,284
Plug Power, Inc.(b)(c)		59,184		1,244,048
Powell Industries, Inc.		20,590		397,387
Primoris Services Corp.		114,540		2,655,037
Proto Labs, Inc.(b)		24,255		1,033,506
Quad/Graphics, Inc.(b)		49,383		334,817
Quanex Building Products Corp.		50,773		975,857
Radiant Logistics, Inc.(b)		53,174		306,814
RBC Bearings, Inc.(b)(c)		13,321		2,242,590
Resources Connection, Inc.		59,718		1,026,552
REV Group, Inc.(c)		65,366		779,163
Rollins, Inc.(c)		83,019		2,784,457
Safe Bulkers, Inc. (Greece)		159,287		654,670
Saia, Inc.(b)		12,116		2,495,411
Schneider National, Inc., Class B(c)		87,569		2,069,256
Shyft Group, Inc. (The)		16,296		415,059
Simpson Manufacturing Co., Inc.		23,736		2,460,711
SiteOne Landscape Supply, Inc.(b)		19,232		2,712,289
Skillsoft Corp.(b)(c)		42,019		224,802
SkyWest, Inc.(b)		46,527		1,356,262
SP Plus Corp.(b)		29,842		850,497
Spirit Airlines, Inc.(b)		62,527		1,476,263
SPX Corp.(b)		43,118		1,806,644
Standex International Corp.		11,304		1,063,028
Star Bulk Carriers Corp. (Greece)		32,199		904,792
Steelcase, Inc., Class A		271,950		3,189,974
Stem, Inc.(b)(c)		25,708		184,326
Sterling Construction Co., Inc.(b)		43,490		995,486
Sun Country Airlines Holdings, Inc.(b)		9,500		261,345
Tecnoglass, Inc.		14,168		316,371
Tennant Co.(c)		15,255		985,168
Tetra Tech, Inc.		21,576		3,005,105
Textainer Group Holdings Ltd. (China)(c)		60,414		2,026,286
Thermon Group Holdings, Inc.(b)		47,002		705,030
Titan International, Inc.(b)		80,692		1,118,391
Titan Machinery, Inc.(b)		42,497		1,002,079
TPI Composites, Inc.(b)(c)		127,018		1,453,086

	Shares		Value
Industrials-(continued)
Transcat, Inc.(b)(c)		3,338	$	243,674
Trex Co., Inc.(b)		22,477		1,307,937
TriNet Group, Inc.(b)(c)		33,354		2,958,500
Triumph Group, Inc.(b)(c)		74,870		1,687,570
TrueBlue, Inc.(b)		74,149		1,895,990
Tutor Perini Corp.(b)		131,809		1,221,869
UniFirst Corp.		15,277		2,632,227
Universal Logistics Holdings, Inc.(c)		14,373		291,484
Upwork, Inc.(b)(c)		18,044		378,383
US Ecology, Inc.(b)		24,480		1,174,795
US Xpress Enterprises, Inc., Class A(b)(c)		121,875		403,406
USA Truck, Inc.(b)		21,820		358,066
Vectrus, Inc.(b)		17,119		617,996
Vertiv Holdings Co.		136,276		1,707,538
Viad Corp.(b)		27,051		885,920
Vicor Corp.(b)		3,137		189,851
Virgin Galactic Holdings, Inc.(b)(c)		52,042		389,795
VSE Corp.		13,177		570,696
Wabash National Corp.		123,805		1,771,650
Watts Water Technologies, Inc., Class A		15,985		2,037,448
Welbilt, Inc.(b)		93,495		2,208,352
Willdan Group, Inc.(b)		13,357		359,036
WillScot Mobile Mini Holdings Corp.(b)		91,938		3,227,024
Yellow Corp.(b)(c)		350,388		1,569,738
ZIM Integrated Shipping Services Ltd. (Israel)(c)		11,728		652,429
Zurn Water Solutions Corp.		46,957		1,465,998
				303,528,533
Information Technology-13.70%
3D Systems Corp.(b)(c)		48,789		553,267
8x8, Inc.(b)		32,941		302,069
ACI Worldwide, Inc.(b)(c)		97,477		2,692,315
ADTRAN, Inc.(c)		44,651		776,481
Advanced Energy Industries, Inc.(c)		24,932		1,907,797
Alarm.com Holdings, Inc.(b)		13,929		850,783
Allegro MicroSystems, Inc. (Japan)(b)		11,943		290,334
Alpha & Omega Semiconductor Ltd.(b)		11,267		483,354
Altair Engineering, Inc., Class A(b)		7,547		409,953
Alteryx, Inc., Class A(b)(c)		11,472		736,502
Ambarella, Inc.(b)		4,585		376,337
American Software, Inc., Class A		19,970		341,487
Anaplan, Inc.(b)		10,088		655,619
AppFolio, Inc., Class A(b)(c)		2,583		268,270
Appian Corp.(b)(c)		4,426		211,563
Applied Optoelectronics, Inc.(b)(c)		126,387		324,815
Arlo Technologies, Inc.(b)		45,121		349,237
Aspen Technology, Inc.(b)		13,789		2,186,108
Atlassian Corp. PLC, Class A(b)		2,625		590,179
Autodesk, Inc.(b)		16,417		3,107,410
Avalara, Inc.(b)		13,262		1,008,840
Avaya Holdings Corp.(b)(c)		188,639		1,744,911
Aviat Networks, Inc.(b)(c)		8,659		258,904
Avid Technology, Inc.(b)		14,067		446,065
Axcelis Technologies, Inc.(b)		14,246		775,695
AXT, Inc.(b)(c)		37,875		223,463
Badger Meter, Inc.		10,435		842,000
Bel Fuse, Inc., Class B		25,359		413,605
Belden, Inc.		58,710		3,031,197
Benchmark Electronics, Inc.		63,977		1,520,094

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, 2022

	Shares		Value
Information Technology-(continued)
Bentley Systems, Inc., Class B(c)		50,106	$	2,123,993
Bill.com Holdings, Inc.(b)		3,050		520,666
Blackbaud, Inc.(b)(c)		25,921		1,503,677
Blackline, Inc.(b)(c)		7,361		493,555
Bottomline Technologies (DE), Inc.(b)		14,766		836,051
Box, Inc., Class A(b)		21,590		661,086
C3.ai, Inc., Class A(b)(c)		29,734		505,181
CalAmp Corp.(b)(c)		66,778		365,276
Calix, Inc.(b)(c)		10,115		403,690
Casa Systems, Inc.(b)		61,372		300,723
Cass Information Systems, Inc.		15,206		588,624
Ceragon Networks Ltd. (Israel)(b)		218,314		416,980
Cerence, Inc.(b)(c)		36,219		1,068,461
Ceridian HCM Holding, Inc.(b)		38,538		2,163,138
CEVA, Inc.(b)		8,695		315,976
ChannelAdvisor Corp.(b)		13,851		200,978
Cloudflare, Inc., Class A(b)		7,923		682,487
CMC Materials, Inc.		13,451		2,406,518
Cognyte Software Ltd. (Israel)(b)		73,966		501,489
Coherent, Inc.(b)		10,861		2,909,662
Cohu, Inc.(b)		25,748		683,867
CommVault Systems, Inc.(b)		14,640		893,040
Comtech Telecommunications Corp.		53,601		728,974
Consensus Cloud Solutions, Inc.(b)		29,583		1,559,616
Corsair Gaming, Inc.(b)(c)		23,786		359,882
Coupa Software, Inc.(b)		10,466		903,216
Crowdstrike Holdings, Inc., Class A(b)(c)		5,706		1,134,125
CSG Systems International, Inc.		31,396		1,929,912
CTS Corp.		24,858		879,227
CyberArk Software Ltd.(b)		7,996		1,256,491
Daktronics, Inc.(b)(c)		114,947		385,072
Datadog, Inc., Class A(b)		5,761		695,814
Diebold Nixdorf, Inc.(b)(c)		273,831		1,122,707
Digi International, Inc.(b)		30,539		577,798
Digital Turbine, Inc.(b)(c)		6,299		199,363
Diodes, Inc.(b)		31,517		2,301,687
DocuSign, Inc.(b)		8,214		665,334
Dolby Laboratories, Inc., Class A		40,070		3,104,223
Dropbox, Inc., Class A(b)		45,037		979,555
Duck Creek Technologies, Inc.(b)		20,697		329,703
Dynatrace, Inc.(b)		27,253		1,045,425
Eastman Kodak Co.(b)(c)		122,223		631,893
Ebix, Inc.(c)		38,556		1,148,969
Elastic N.V.(b)		6,577		500,773
EMCORE Corp.(b)(c)		60,143		207,493
Enphase Energy, Inc.(b)		7,235		1,167,729
Envestnet, Inc.(b)(c)		29,837		2,376,219
ePlus, Inc.(b)		39,409		2,225,820
Everbridge, Inc.(b)		7,913		341,050
EVERTEC, Inc.		28,170		1,109,898
Evo Payments, Inc., Class A(b)		19,617		441,971
Exela Technologies, Inc.		1,179,023		388,370
ExlService Holdings, Inc.(b)		16,163		2,200,592
Extreme Networks, Inc.(b)		55,997		537,571
Fabrinet (Thailand)(b)		25,894		2,542,532
Fair Isaac Corp.(b)		3,312		1,237,065
FARO Technologies, Inc.(b)		11,635		398,964
Fastly, Inc., Class A(b)(c)		50,993		810,789
Five9, Inc.(b)		4,608		507,341
FormFactor, Inc.(b)		35,528		1,353,972

	Shares		Value
Information Technology-(continued)
Fortinet, Inc.(b)		10,047	$	2,903,683
Globant S.A.(b)		6,251		1,350,153
GoDaddy, Inc., Class A(b)		43,856		3,544,003
Guidewire Software, Inc.(b)(c)		25,540		2,220,448
Hackett Group, Inc. (The)		24,482		575,082
Harmonic, Inc.(b)(c)		51,259		425,450
HubSpot, Inc.(b)		2,179		826,778
I3 Verticals, Inc., Class A(b)(c)		10,573		290,229
Ichor Holdings Ltd.(b)(c)		30,082		875,687
Infinera Corp.(b)(c)		114,134		877,690
Information Services Group, Inc.		36,117		226,454
InterDigital, Inc.		34,880		1,982,928
International Money Express, Inc.(b)		19,104		379,596
IonQ, Inc.(b)(c)		18,139		142,754
Itron, Inc.(b)		59,769		2,855,763
Ituran Location and Control Ltd. (Israel)		19,949		447,656
Jamf Holding Corp.(b)(c)		13,916		428,613
JFrog Ltd. (Israel)(b)		14,092		294,100
Kimball Electronics, Inc.(b)(c)		43,944		783,961
Knowles Corp.(b)		103,362		1,914,264
Kulicke & Soffa Industries, Inc. (Singapore)(c)		29,104		1,350,717
Lattice Semiconductor Corp.(b)		14,719		707,101
Limelight Networks, Inc.(b)(c)		73,480		262,324
Littelfuse, Inc.		12,990		2,977,958
LivePerson, Inc.(b)(c)		16,397		370,900
LiveRamp Holdings, Inc.(b)		32,808		1,027,547
Lumentum Holdings, Inc.(b)(c)		35,758		2,903,907
MACOM Technology Solutions Holdings, Inc.(b)		8,622		439,291
MagnaChip Semiconductor Corp. (South Korea)(b)		58,231		1,065,045
Mandiant, Inc.(b)		74,449		1,636,389
Manhattan Associates, Inc.(b)		10,929		1,426,781
Marathon Digital Holdings, Inc.(b)(c)		12,135		189,306
Maxeon Solar Technologies Ltd.(b)(c)		68,815		796,878
MaxLinear, Inc.(b)		13,371		640,070
Methode Electronics, Inc.		42,779		1,908,371
MicroStrategy, Inc., Class A(b)(c)		2,154		762,882
Mimecast Ltd.(b)		8,578		683,495
Mirion Technologies, Inc.(b)(c)		58,216		459,324
Momentive Global, Inc.(b)		29,332		464,032
MoneyGram International, Inc.(b)(c)		152,834		1,548,208
Monolithic Power Systems, Inc.		5,115		2,006,308
N-able, Inc.(b)(c)		23,873		238,730
NeoPhotonics Corp.(b)		30,654		464,102
NETGEAR, Inc.(b)		58,774		1,275,396
NetScout Systems, Inc.(b)(c)		102,981		3,171,815
New Relic, Inc.(b)(c)		9,224		583,602
nLight, Inc.(b)(c)		23,630		310,735
Novanta, Inc.(b)(c)		9,538		1,227,541
Nutanix, Inc., Class A(b)		30,546		764,566
NVE Corp.(c)		4,252		197,208
Okta, Inc.(b)		4,926		587,721
OneSpan, Inc.(b)		26,136		369,302
Onto Innovation, Inc.(b)		19,526		1,389,080
OSI Systems, Inc.(b)		22,395		1,771,445
PagerDuty, Inc.(b)(c)		13,835		395,266
Pagseguro Digital Ltd., Class A (Brazil)(b)(c)		156,989		2,309,308

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, 2022

	Shares		Value
Information Technology-(continued)
Palantir Technologies, Inc., Class A(b)(c)		154,858	$	1,610,523
Palo Alto Networks, Inc.(b)		5,936		3,331,758
PAR Technology Corp.(b)(c)		7,695		254,243
Paya Holdings, Inc., Class A(b)		44,254		225,253
Paycom Software, Inc.(b)		5,201		1,463,925
Paylocity Holding Corp.(b)		3,465		657,068
PC Connection, Inc.		14,246		705,035
PDF Solutions, Inc.(b)(c)		9,334		217,016
Pegasystems, Inc.(c)		6,455		494,388
Perficient, Inc.(b)		10,474		1,041,220
PFSweb, Inc.(b)		24,475		277,791
Photronics, Inc.(b)		94,996		1,423,990
Ping Identity Holding Corp.(b)(c)		39,140		1,022,728
Plantronics, Inc.(b)		38,260		1,525,044
Plexus Corp.(b)		40,591		3,293,554
Power Integrations, Inc.		17,119		1,369,520
Progress Software Corp.(c)		27,248		1,307,359
PROS Holdings, Inc.(b)(c)		7,770		217,016
PTC, Inc.(b)		25,716		2,937,024
Pure Storage, Inc., Class A(b)(c)		61,596		1,804,763
Q2 Holdings, Inc.(b)(c)		12,510		647,142
Qualys, Inc.(b)		7,392		1,007,382
Quantum Corp.(b)(c)		125,716		235,089
Radware Ltd. (Israel)(b)		17,277		499,478
Rambus, Inc.(b)		42,758		1,065,102
Rapid7, Inc.(b)(c)		2,958		282,548
Repay Holdings Corp.(b)(c)		36,180		484,088
Ribbon Communications, Inc.(b)(c)		141,792		489,182
RingCentral, Inc., Class A(b)		5,144		436,468
Rogers Corp.(b)		8,472		2,293,540
SailPoint Technologies Holding, Inc.(b)(c)		17,859		1,139,940
ScanSource, Inc.(b)		40,372		1,382,337
Semtech Corp.(b)		23,527		1,402,209
Shift4 Payments, Inc., Class A(b)(c)		11,890		623,749
Silicom Ltd. (Israel)(b)		6,489		228,283
Silicon Laboratories, Inc.(b)		15,023		2,026,753
SMART Global Holdings, Inc.(b)(c)		38,432		870,869
Smartsheet, Inc., Class A(b)		11,383		550,140
Snowflake, Inc., Class A(b)		12,238		2,098,083
SolarEdge Technologies, Inc.(b)		9,630		2,411,448
SolarWinds Corp.		41,192		509,545
Splunk, Inc.(b)		25,064		3,058,309
SPS Commerce, Inc.(b)		6,207		742,543
StoneCo Ltd., Class A (Brazil)(b)(c)		270,736		2,550,333
Stratasys Ltd.(b)(c)		46,264		897,059
SunPower Corp.(b)(c)		39,555		653,053
Super Micro Computer, Inc.(b)		84,824		3,571,090
Switch, Inc., Class A(c)		20,913		624,462
Synaptics, Inc.(b)		11,756		1,745,061
Tenable Holdings, Inc.(b)		6,612		365,181
Teradata Corp.(b)(c)		61,823		2,556,381
Trade Desk, Inc. (The), Class A(b)		21,526		1,268,312
TTEC Holdings, Inc.		12,298		907,715
Tucows, Inc., Class A(b)(c)		6,342		365,426
Turtle Beach Corp.(b)(c)		15,635		260,166
Tyler Technologies, Inc.(b)		8,792		3,470,290
Ubiquiti, Inc.(c)		946		267,009
Ultra Clean Holdings, Inc.(b)		34,435		1,073,339
Unisys Corp.(b)		118,437		1,682,990
Unity Software, Inc.(b)(c)		12,562		834,242

	Shares		Value
Information Technology-(continued)
Universal Display Corp.		10,440	$	1,333,501
Upland Software, Inc.(b)(c)		25,428		379,386
Varonis Systems, Inc.(b)(c)		6,817		294,494
Veeco Instruments, Inc.(b)(c)		26,601		609,695
Verint Systems, Inc.(b)		28,879		1,575,638
VeriSign, Inc.(b)		15,807		2,824,553
Verra Mobility Corp.(b)(c)		64,250		901,428
Viavi Solutions, Inc.(b)(c)		115,083		1,650,290
VirnetX Holding Corp.(b)(c)		160,898		228,475
Vishay Precision Group, Inc.(b)		14,768		460,909
Vonage Holdings Corp.(b)(c)		90,779		1,811,949
Wix.com Ltd. (Israel)(b)		8,280		624,809
Wolfspeed, Inc.(b)(c)		31,367		2,876,668
Xperi Holding Corp.(c)		155,162		2,420,527
Yext, Inc.(b)(c)		44,474		257,504
Zendesk, Inc.(b)		7,710		940,928
Zoom Video Communications, Inc., Class A(b)		28,766		2,864,231
Zscaler, Inc.(b)		1,401		284,039
Zuora, Inc., Class A(b)(c)		19,765		240,540
				245,873,968
Materials-5.02%
Advanced Emissions Solutions, Inc.(b)		40,710		246,295
AdvanSix, Inc.		59,937		2,669,594
Allegheny Technologies, Inc.(b)		105,851		2,877,030
Alpha Metallurgical Resources, Inc.(b)		24,397		3,775,192
American Vanguard Corp.		44,897		960,796
Ardagh Metal Packaging S.A.(b)		21,607		154,058
Balchem Corp.		12,324		1,518,317
Carpenter Technology Corp.		96,078		3,668,258
Century Aluminum Co.(b)		49,061		827,659
Chase Corp.		6,053		510,631
Clearwater Paper Corp.(b)		43,042		1,425,121
Coeur Mining, Inc.(b)(c)		382,058		1,386,871
Danimer Scientific, Inc.(b)(c)		109,025		427,378
Eagle Materials, Inc.		23,141		2,853,748
Ecovyst, Inc.		119,111		1,198,257
Ferroglobe PLC(b)(c)		93,804		605,036
FutureFuel Corp.		85,223		810,471
GCP Applied Technologies, Inc.(b)		43,162		1,353,992
Glatfelter Corp.		75,667		832,337
Greif, Inc., Class A		58,820		3,569,198
Hawkins, Inc.		13,776		513,569
Haynes International, Inc.(c)		16,776		655,606
Hecla Mining Co.(c)		450,678		2,348,032
Ingevity Corp.(b)		42,376		2,538,322
Innospec, Inc.		23,388		2,229,110
Intrepid Potash, Inc.(b)		10,533		806,617
Kaiser Aluminum Corp.		25,533		2,463,934
Koppers Holdings, Inc.		36,319		881,099
Kronos Worldwide, Inc.(c)		49,455		752,705
Livent Corp.(b)(c)		53,199		1,136,331
LSB Industries, Inc.(b)		30,934		662,297
Materion Corp.		17,453		1,486,123
McEwen Mining, Inc. (Canada)(b)		323,182		216,597
Mercer International, Inc. (Germany)		102,068		1,634,109
Mesabi Trust		10,352		241,719
Minerals Technologies, Inc.(c)		46,950		2,986,489
MP Materials Corp.(b)		9,362		356,130

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, 2022

	Shares		Value
Materials-(continued)
Myers Industries, Inc.		35,507	$	778,669
Neenah, Inc.		26,741		946,631
NewMarket Corp.		8,875		2,880,914
Nexa Resources S.A. (Brazil)		59,513		557,042
Olympic Steel, Inc.		25,832		886,813
Orion Engineered Carbons S.A. (Germany)		94,656		1,429,306
Pactiv Evergreen, Inc.(c)		66,713		657,790
Quaker Chemical Corp.(c)		8,109		1,319,415
Ranpak Holdings Corp.(b)(c)		13,749		207,335
Rayonier Advanced Materials, Inc.(b)		135,088		693,001
Resolute Forest Products, Inc.		248,940		3,470,224
Ryerson Holding Corp.		48,746		1,794,340
Schnitzer Steel Industries, Inc., Class A		52,402		2,391,103
Schweitzer-Mauduit International, Inc., Class A(c)		70,099		1,763,691
Sensient Technologies Corp.		39,392		3,332,563
Stepan Co.		26,520		2,707,957
SunCoke Energy, Inc.		236,759		1,969,835
TimkenSteel Corp.(b)		92,066		1,903,004
Tredegar Corp.		60,505		692,782
TriMas Corp.		41,816		1,235,245
Tronox Holdings PLC, Class A		142,430		2,449,796
Worthington Industries, Inc.(c)		53,759		2,557,316
				90,203,800
Real Estate-6.99%
Acadia Realty Trust		134,154		2,806,502
Agree Realty Corp.		46,836		3,181,101
Alexander & Baldwin, Inc.		117,949		2,500,519
Alexander’s, Inc.(c)		2,947		731,357
American Assets Trust, Inc.		57,946		2,120,824
Apartment Income REIT Corp.		71,520		3,516,638
Apartment Investment & Management Co., Class A		195,244		1,230,037
Armada Hoffler Properties, Inc.		66,457		900,492
Ashford Hospitality Trust, Inc.(b)(c)		114,556		807,620
Bluerock Residential Growth REIT, Inc.		26,151		695,878
Braemar Hotels & Resorts, Inc.		144,114		873,331
Broadstone Net Lease, Inc.		135,444		2,802,336
BRT Apartments Corp.		9,977		218,397
CareTrust REIT, Inc.		96,710		1,567,669
CatchMark Timber Trust, Inc., Class A		82,988		681,331
Cedar Realty Trust, Inc., (Acquired 03/15/2018 - 04/27/2022; Cost $687,131)(c)(d)		31,374		890,394
Centerspace		16,069		1,482,526
Chatham Lodging Trust(b)		110,759		1,590,499
City Office REIT, Inc.(c)		55,798		828,042
Community Healthcare Trust, Inc.		14,706		541,475
CorEnergy Infrastructure Trust, Inc.		76,735		191,070
CTO Realty Growth, Inc.(c)		10,413		664,037
Diversified Healthcare Trust		681,312		1,532,952
Easterly Government Properties, Inc.(c)		102,377		1,950,282
EastGroup Properties, Inc.		17,149		3,215,437
Empire State Realty Trust, Inc., Class A(c) .		294,898		2,547,919
Equity Commonwealth(b)(c)		124,301		3,255,443
Essential Properties Realty Trust, Inc.		77,861		1,868,664
eXp World Holdings, Inc.(c)		11,492		153,878
Farmland Partners, Inc.		24,738		364,143

	Shares		Value
Real Estate-(continued)
Forestar Group, Inc.(b)		26,415	$	430,829
Four Corners Property Trust, Inc.		64,102		1,760,241
Franklin Street Properties Corp.		195,669		1,009,652
Getty Realty Corp.		46,466		1,250,400
Gladstone Commercial Corp.(c)		38,453		809,051
Gladstone Land Corp.		11,584		421,658
Global Medical REIT, Inc.		36,877		544,304
Global Net Lease, Inc.		211,988		2,974,192
Hersha Hospitality Trust(b)		127,291		1,244,906
Independence Realty Trust, Inc.		35,806		976,072
Industrial Logistics Properties Trust(c)		94,763		1,531,370
Innovative Industrial Properties, Inc.		7,250		1,048,277
iStar, Inc.(c)		63,491		1,069,188
Kennedy-Wilson Holdings, Inc.		151,127		3,407,914
Kite Realty Group Trust		148,004		3,300,489
LTC Properties, Inc.		52,430		1,730,190
Marcus & Millichap, Inc.		19,481		872,554
National Health Investors, Inc.(c)		58,628		3,021,101
National Storage Affiliates Trust		26,666		1,509,296
Necessity Retail REIT, Inc. (The)		306,023		2,285,992
NETSTREIT Corp.(c)		13,846		299,351
New York City REIT, Inc., Class A		36,398		450,607
Newmark Group, Inc., Class A		106,524		1,294,267
NexPoint Residential Trust, Inc.		10,912		972,914
Offerpad Solutions, Inc.(b)(c)		67,653		338,942
Office Properties Income Trust		126,622		2,737,568
One Liberty Properties, Inc.(c)		20,790		595,633
Opendoor Technologies, Inc.(b)(c)		213,485		1,492,260
Pennsylvania REIT(b)		272,446		146,249
Phillips Edison & Co., Inc.(c)		20,579		696,805
Plymouth Industrial REIT, Inc.		12,672		305,649
PotlatchDeltic Corp.		67,129		3,718,275
Preferred Apartment Communities, Inc., Class A		98,656		2,454,561
PS Business Parks, Inc.		15,378		2,878,762
RE/MAX Holdings, Inc., Class A		20,860		489,376
Redfin Corp.(b)(c)		41,874		466,895
Retail Opportunity Investments Corp.		151,096		2,814,918
RMR Group, Inc. (The), Class A		22,200		605,616
RPT Realty(c)		159,020		2,113,376
Safehold, Inc.(c)		8,520		366,786
Saul Centers, Inc.		14,926		770,331
Seritage Growth Properties, Class A, (Acquired 03/17/2017 - 04/27/2022; Cost $2,512,395)(b)(c)(d)		118,723		1,175,358
St. Joe Co. (The)		9,284		494,002
Summit Hotel Properties, Inc.(b)(c)		238,174		2,350,777
Tanger Factory Outlet Centers, Inc.		198,037		3,194,337
Tejon Ranch Co.(b)		20,541		376,106
Terreno Realty Corp.		33,238		2,418,064
UMH Properties, Inc.		27,509		647,012
Universal Health Realty Income Trust		10,749		539,492
Urban Edge Properties(c)		174,013		3,252,303
Urstadt Biddle Properties, Inc		3,705		62,059
Urstadt Biddle Properties, Inc., Class A		47,057		816,439
Veris Residential, Inc.(b)		172,116		2,755,577
Washington REIT(c)		139,659		3,364,385
Whitestone REIT		85,670		1,040,890
				125,404,411

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, 2022

	Shares		Value
Utilities-1.59%
American States Water Co.		22,538	$	1,772,839
Artesian Resources Corp., Class A		8,701		404,596
Atlantica Sustainable Infrastructure PLC (Spain)		101,924		3,149,452
California Water Service Group		42,308		2,194,516
Chesapeake Utilities Corp.		12,921		1,617,322
Clearway Energy, Inc., Class A		31,597		897,987
Clearway Energy, Inc., Class C(c)		76,672		2,340,796
Consolidated Water Co. Ltd. (Cayman Islands)		27,796		302,420
MGE Energy, Inc.		31,383		2,443,794
Middlesex Water Co.		7,892		701,993
Northwest Natural Holding Co.		58,620		2,803,795
Ormat Technologies, Inc.(c)		40,875		3,175,987
Otter Tail Corp.(c)		45,961		2,663,900
SJW Group		26,517		1,564,503
Sunnova Energy International, Inc.(b)(c)		53,420		922,563
Unitil Corp.		20,448		1,042,848
Via Renewables, Inc.(c)		29,034		207,303
York Water Co. (The)		8,416		325,531
				28,532,145
Total Common Stocks & Other Equity Interests (Cost $1,779,762,135)				1,795,237,779
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(e)(g) (Cost $615,203)		615,203		615,203
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.03% (Cost $1,780,377,338)				1,795,852,982

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-24.05%
Invesco Private Government Fund, 0.40%(e)(g)(h)		129,773,116	$	129,773,116
Invesco Private Prime Fund, 0.35%(e)(g)(h) .		301,916,900		301,916,900
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $431,657,621)				431,690,016
TOTAL INVESTMENTS IN SECURITIES-124.08% (Cost $2,212,034,959)				2,227,542,998
OTHER ASSETS LESS LIABILITIES-(24.08)%				(432,250,355	)
NET ASSETS-100.00%			$	1,795,292,643

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, 2022.

^(d) Restricted security. The aggregate value of these securities at April 30, 2022 was $6,595,886, which represented less than 1% 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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Invesco Mortgage Capital, Inc.		$	-		$	1,226,212		$	(18,995	)		$	(226,639	)		$	(580	)		$	979,998		$	50,501
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			58,581,668			(57,966,465	)			-				-				615,203			1,027

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

36

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

April 30, 2022

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	89,270,144		$	405,048,715		$	(364,545,743	)		$	-		$	-		$	129,773,116		$	82,786	*
Invesco Private Prime Fund			141,140,047			861,567,800			(700,709,748	)			32,393			(113,592)			301,916,900			319,238	*
Total		$	230,410,191		$	1,326,424,395		$	(1,123,240,951	)		$	(194,246)		$	(114,172)		$	433,285,217		$	453,552

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(f)  Security valued using significant unobservable inputs (Level 3). See Note 5.

^(g)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

37

Statements of Assets and Liabilities

April 30, 2022

	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)	$	105,352,098		$	5,639,300,514	$	1,794,257,781
Affiliated investments in securities, at value		7,176,248			245,703,918		433,285,217
Cash		-			-		2,877
Receivable for:
Dividends		102,642			7,422,336		688,650
Securities lending		668			29,327		112,368
Investments sold		-			31,856		-
Fund shares sold		-			14,694,500		-
Foreign tax reclaims		-			-		347,263
Other assets		30,000			-		7,975
Total assets		112,661,656			5,907,182,451		2,228,702,131
Liabilities:
Due to custodian		-			97,522		-
Payable for:
Investments purchased		-			14,561,608		-
Collateral upon return of securities loaned		7,064,504			238,309,524		431,657,621
Expenses recaptured		-			12,191		-
Accrued advisory fees		47,916			1,418,071		447,211
Accrued trustees’ and officer’s fees		91,661			429,825		165,675
Accrued expenses		56,590			3,378,660		1,138,981
Total liabilities		7,260,671			258,207,401		433,409,488
Net Assets	$	105,400,985		$	5,648,975,050	$	1,795,292,643
Net assets consist of:
Shares of beneficial interest	$	272,368,991		$	4,928,241,264	$	2,164,067,563
Distributable earnings (loss)		(166,968,006	)		720,733,786		(368,774,920	)
Net Assets	$	105,400,985		$	5,648,975,050	$	1,795,292,643
Shares outstanding (unlimited amount authorized, $0.01 par value)		1,000,000			35,220,000		10,750,000
Net asset value	$	105.40		$	160.39	$	167.00
Market price	$	105.30		$	160.32	$	166.99
Unaffiliated investments in securities, at cost	$	109,119,246		$	4,550,958,887	$	1,778,555,498
Affiliated investments in securities, at cost	$	7,176,223		$	246,946,757	$	433,479,461
(a) Includes securities on loan with an aggregate value of:	$	6,708,860		$	224,574,601	$	407,710,961

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

38

Statements of Operations

For the year ended April 30, 2022

	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	$	1,575,482		$	119,115,681		$	26,311,877
Affiliated dividend income		83			174,328			51,528
Securities lending income		23,878			216,948			833,002
Foreign withholding tax		(31,100	)		(14,276	)		(82,189	)
Total investment income		1,568,343			119,492,681			27,114,218
Expenses:
Advisory fees		633,634			16,114,025			5,620,657
Sub-licensing fees		38,017			5,001,002			1,744,376
Accounting & administration fees		21,108			307,393			138,894
Custodian & transfer agent fees		5,054			25,514			13,992
Trustees’ and officer’s fees		14,590			82,706			35,615
Recapture (Note 3)		-			18,930			-
Tax expenses		-			-			1,793
Other expenses		49,592			186,086			122,385
Total expenses		761,995			21,735,656			7,677,712
Less: Waivers		(3,787	)		(65,584	)		(120,544	)
Net expenses		758,208			21,670,072			7,557,168
Net investment income		810,135			97,822,609			19,557,050
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(17,869,953	)		(42,867,598	)		(38,356,938	)
Affiliated investment securities		(1,231	)		(1,071,552	)		(113,592	)
Unaffiliated in-kind redemptions		16,302,391			271,249,497			258,701,608
Affiliated in-kind redemptions		-			7,427			(580	)
Foreign currencies		-			-			8
Net realized gain (loss)		(1,568,793	)		227,317,774			220,230,506
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(16,445,614	)		(154,204,081	)		(350,797,165	)
Affiliated investment securities		25			(778,626	)		(194,246	)
Change in net unrealized appreciation (depreciation)		(16,445,589	)		(154,982,707	)		(350,991,411	)
Net realized and unrealized gain (loss)		(18,014,382	)		72,335,067			(130,760,905	)
Net increase (decrease) in net assets resulting from operations	$	(17,204,247	)	$	170,157,676		$	(111,203,855	)

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

39

Statements of Changes in Net Assets

For the years ended April 30, 2022 and 2021

	Invesco Dynamic Market ETF (PWC)						Invesco FTSE RAFI US 1000 ETF (PRF)
	2022			2021			2022			2021
Operations:
Net investment income	$	810,135		$	938,359		$	97,822,609		$	82,251,303
Net realized gain (loss)		(1,568,793	)		22,875,867			227,317,774			532,374,793
Change in net unrealized appreciation (depreciation)		(16,445,589	)		27,105,440			(154,982,707	)		1,250,816,001
Net increase (decrease) in net assets resulting from operations		(17,204,247	)		50,919,666			170,157,676			1,865,442,097
Distributions to Shareholders from:
Distributable earnings		(923,364	)		(1,144,504	)		(93,773,617	)		(86,948,468	)
Shareholder Transactions:
Proceeds from shares sold		132,946,783			160,695,694			963,003,179			780,945,257
Value of shares repurchased		(145,228,068	)		(190,492,143	)		(501,081,108	)		(1,459,349,596	)
Net increase (decrease) in net assets resulting from share transactions		(12,281,285	)		(29,796,449	)		461,922,071			(678,404,339	)
Net increase (decrease) in net assets		(30,408,896	)		19,978,713			538,306,130			1,100,089,290
Net assets:
Beginning of year		135,809,881			115,831,168			5,110,668,920			4,010,579,630
End of year	$	105,400,985		$	135,809,881		$	5,648,975,050		$	5,110,668,920
Changes in Shares Outstanding:
Shares sold		1,070,000			1,580,000			5,770,000			5,350,000
Shares repurchased		(1,180,000	)		(1,870,000	)		(2,960,000	)		(11,440,000	)
Shares outstanding, beginning of year		1,110,000			1,400,000			32,410,000			38,500,000
Shares outstanding, end of year		1,000,000			1,110,000			35,220,000			32,410,000

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)
2022			2021
$	19,557,050		$	14,258,326
	220,230,506			324,181,078
	(350,991,411	)		599,967,079
	(111,203,855	)		938,406,483
	(20,080,760	)		(16,420,545	)
	584,200,712			494,184,246
	(607,192,187	)		(904,575,578	)
	(22,991,475	)		(410,391,332	)
	(154,276,090	)		511,594,606
	1,949,568,733			1,437,974,127
$	1,795,292,643		$	1,949,568,733
	3,230,000			3,040,000
	(3,270,000	)		(6,200,000	)
	10,790,000			13,950,000
	10,750,000			10,790,000

41

Financial Highlights

Invesco Dynamic Market ETF (PWC)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	122.35		$	82.74		$	98.73		$	96.96		$	84.15
Net investment income(a)		0.77			0.75			1.15			0.90			2.11	(b)
Net realized and unrealized gain (loss) on investments		(16.84	)		39.76			(15.99	)		1.99			12.64
Total from investment operations		(16.07	)		40.51			(14.84	)		2.89			14.75
Distributions to shareholders from:
Net investment income		(0.88	)		(0.90	)		(1.15	)		(1.12	)		(1.94	)
Net asset value at end of year	$	105.40		$	122.35		$	82.74		$	98.73		$	96.96
Market price at end of year(c)	$	105.30		$	122.40		$	81.40		$	98.63		$	96.98
Net Asset Value Total Return(d)		(13.20	)%		49.27	%		(15.04	)%		3.00	%		17.67	%
Market Price Total Return(d)		(13.32	)%		51.78	%		(16.32	)%		2.89	%		17.68	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	105,401		$	135,810		$	115,831		$	157,975		$	155,134
Ratio to average net assets of:
Expenses, after Waivers		0.60	%		0.60	%		0.58	%		0.59	%		0.60	%
Expenses, prior to Waivers		0.60	%		0.62	%		0.58	%		0.59	%		0.61	%
Net investment income		0.64	%		0.75	%		1.22	%		0.91	%		2.30	%(b)
Portfolio turnover rate(e)		228	%		321	%		313	%		240	%		215	%

^(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,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	157.69		$	104.17		$	117.81		$	111.04		$	102.66
Net investment income(a)		2.91			2.43			2.60			2.40			2.18
Net realized and unrealized gain (loss) on investments		2.58			53.64			(13.40	)		6.72			8.29
Total from investment operations		5.49			56.07			(10.80	)		9.12			10.47
Distributions to shareholders from:
Net investment income		(2.79	)		(2.55	)		(2.84	)		(2.35	)		(2.09	)
Net asset value at end of year	$	160.39		$	157.69		$	104.17		$	117.81		$	111.04
Market price at end of year(b)	$	160.32		$	157.68		$	104.31		$	117.82		$	111.12
Net Asset Value Total Return(c)		3.45	%		54.54	%		(9.18	)%		8.40	%		10.26	%
Market Price Total Return(c)		3.41	%		54.32	%		(9.06	)%		8.32	%		10.33	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	5,648,975		$	5,110,669		$	4,010,580		$	5,590,025		$	5,124,420
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	%		0.39	%		0.40	%		0.41	%
Net investment income		1.76	%		1.94	%		2.24	%		2.13	%		2.00	%
Portfolio turnover rate(d)		10	%		11	%		8	%		10	%		9	%

^(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,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	180.68		$	103.08		$	132.17		$	130.30		$	117.87
Net investment income(a)		1.86			1.18			1.48			1.76			1.44
Net realized and unrealized gain (loss) on investments		(13.62	)		77.79			(28.58	)		1.75			12.31
Total from investment operations		(11.76	)		78.97			(27.10	)		3.51			13.75
Distributions to shareholders from:
Net investment income		(1.92	)		(1.37	)		(1.99	)		(1.64	)		(1.32	)
Net asset value at end of year	$	167.00		$	180.68		$	103.08		$	132.17		$	130.30
Market price at end of year(b)	$	166.99		$	180.64		$	103.16		$	132.22		$	130.51
Net Asset Value Total Return(c)		(6.60	)%		77.05	%		(20.65	)%		2.75	%		11.73	%
Market Price Total Return(c)		(6.59	)%		76.88	%		(20.62	)%		2.60	%		11.96	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,795,293		$	1,949,569		$	1,437,974		$	2,094,831		$	1,889,333
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	%		0.40	%		0.40	%		0.41	%
Net investment income		1.01	%		0.87	%		1.20	%		1.33	%		1.15	%
Portfolio turnover rate(d)		28	%		25	%		21	%		24	%		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.

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2022

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust 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 Intellidex® Index
FTSE RAFI US 1000 ETF	FTSE RAFITM US 1000 Index
FTSE RAFI US 1500 Small-Mid ETF	FTSE RAFITM US Mid Small 1500 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 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 (“OTC”) 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 may be valued up to 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 debt 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

44

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. 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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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 a 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 a Fund’s NAV and, accordingly, they reduce a 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.

45

C. 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.

D. 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.

E. 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.

F. Expenses - 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, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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.

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.

G. 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.

H. 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. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each 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

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collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) 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.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through April 30, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:

	Amount
Dynamic Market ETF		$255
FTSE RAFI US 1000 ETF		7,732
FTSE RAFI US 1500 Small-Mid ETF		22,017

J. 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 Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, 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.

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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, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries 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-Diversification Risk. To the extent certain Funds become non-diversified, such Funds can invest a greater portion of their respective assets in securities of individual issuers than a diversified fund, and 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 certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ performance.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their 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 gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. 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.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

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.

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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, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) 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, 2024. 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, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) of the Fund from exceeding 0.60% of the Fund’s average daily net assets per year, through at least August 31, 2024. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2024. 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, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for 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 endedApril 30, 2022, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

Dynamic Market ETF	$	3,787
FTSE RAFI US 1000 ETF		65,584
FTSE RAFI US 1500 Small-Mid ETF		120,544

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.

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, 2022 are as follows:

	Total Potential Recapture		Potential Recapture Amounts Expiring
	Amounts		4/30/23		4/30/24		4/30/25
FTSE RAFI US 1000 ETF	$	608,804	$	154,364	$	389,323	$	65,117
FTSE RAFI US 1500 Small-Mid ETF		439,459		137,289		181,732		120,438

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 BNYM, 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.

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For the fiscal year ended April 30, 2022, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

Dynamic Market ETF	$	44,633
FTSE RAFI US 1000 ETF		61,511
FTSE RAFI US 1500 Small-Mid ETF		96,812

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold–affiliated broker and/or payable caption Investments purchased–affiliated broker.

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, 2022, the following Fund engaged in transactions with affiliates as listed below:

	Securities Purchases	Securities Sales	Net Realized Gains*
Dynamic Market ETF	$1,037,394	$1,416,662	$190,085

* Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

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, 2022. 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 Market ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	105,352,098		$	-		$                -		$	105,352,098
Money Market Funds			111,719			7,064,529		-			7,176,248
Total Investments		$	105,463,817		$	7,064,529		$                -		$	112,528,346
FTSE RAFI US 1000 ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	5,642,223,559		$	-		$                -		$	5,642,223,559
Money Market Funds			4,450,312			238,330,561		-			242,780,873
Total Investments		$	5,646,673,871		$	238,330,561		$                 -		$	5,885,004,432

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	Level 1			Level 2			Level 3		Total
FTSE RAFI US 1500 Small-Mid ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,793,691,860		$	-		$1,545,919		$	1,795,237,779
Money Market Funds			615,203			431,690,016		-			432,305,219
Total Investments		$	1,794,307,063		$	431,690,016		$1,545,919		$	2,227,542,998

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, 2022 and 2021:

	2022		2021
	Ordinary Income*		Ordinary Income*
Dynamic Market ETF	$	923,364	$	1,144,504
FTSE RAFI US 1000 ETF		93,773,617		86,948,468
FTSE RAFI US 1500 Small-Mid ETF		20,080,760		16,420,545

* Includes short-term capital gain distributions, if any.

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	$	185,304	$	(100,708)	$	(4,097,703)	$	(162,954,899)	$	272,368,991	$	105,400,985
FTSE RAFI US 1000 ETF		6,174,838		(385,234)		981,872,200		(266,928,018)		4,928,241,264		5,648,975,050
FTSE RAFI US 1500 Small-Mid ETF		-		(147,238)		(57,418,908)		(311,208,774)		2,164,067,563		1,795,292,643

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 Funds have capital loss carryforwards as of April 30, 2022, as follows:

	No expiration
	Short-Term		Long-Term		Total*
Dynamic Market ETF	$	160,755,020	$	2,199,879	$	162,954,899
FTSE RAFI US 1000 ETF		16,877,224		250,050,794		266,928,018
FTSE RAFI US 1500 Small-Mid ETF		60,211,485		250,997,289		311,208,774

* 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, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
Dynamic Market ETF	$	300,696,960	$	302,419,789
FTSE RAFI US 1000 ETF		535,285,291		529,260,035
FTSE RAFI US 1500 Small-Mid ETF		550,112,946		543,569,062

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For the fiscal year ended April 30, 2022, in-kind transactions associated with creations and redemptions were as follows:

	In-kind Purchases		In-kind Sales
Dynamic Market ETF	$	132,927,952	$	143,325,767
FTSE RAFI US 1000 ETF		953,138,916		494,693,789
FTSE RAFI US 1500 Small-Mid ETF		580,924,316		602,584,204

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

As of April 30, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes 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	$	5,526,413	$	(9,624,116)		$	(4,097,703)		$	116,626,049
FTSE RAFI US 1000 ETF		1,309,154,306		(327,282,106	)		981,872,200			4,903,132,232
FTSE RAFI US 1500 Small-Mid ETF		219,978,252		(277,397,160	)		(57,418,908	)		2,284,961,906

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, 2022, the reclassifications were as follows:

	Undistributed Net Investment Income (Loss)	Undistributed Net Realized Gain (Loss)	Shares of Beneficial Interest
Dynamic Market ETF	$145,975	$   (16,315,105)	$   16,169,130
FTSE RAFI US 1000 ETF	(13,901)	(262,165,594)	262,179,495
FTSE RAFI US 1500 Small-Mid ETF	510,219	(247,468,283)	246,958,064

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 consisting of a specified number of Shares as set forth in each Fund’s prospectus. 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 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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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, 2022, the related statements of operations for the year ended April 30, 2022, the statements of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2022 (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, 2022, 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, 2022, and each of the financial highlights for each of the five years in the period ended April 30, 2022 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, 2022 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 23, 2022

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, 2021 through April 30, 2022.

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, 2021		Ending Account Value April 30, 2022		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		$   856.70		0.60%		$2.76
Hypothetical (5% return before expenses)		1,000.00		1,021.82		0.60		3.01
Invesco FTSE RAFI US 1000 ETF (PRF)
Actual		1,000.00		971.60		0.39		1.91
Hypothetical (5% return before expenses)		1,000.00		1,022.86		0.39		1.96
Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)
Actual		1,000.00		882.80		0.39		1.82
Hypothetical (5% return before expenses)		1,000.00		1,022.86		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, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

54

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, 2022:

	Qualified Business Income*	Qualified Dividend Income*	Corporate Dividends Received Deduction*	U.S. Treasury Obligations*	Business Interest Income*
Invesco Dynamic Market ETF	0%	100%	100%	0%	0%
Invesco FTSE RAFI US 1000 ETF	0%	100%	100%	0%	0%
Invesco FTSE RAFI US 1500 Small-Mid ETF	2%	98%	95%	0%	0%

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

55

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:

As of April 30, 2022

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 the 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 Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair 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).	224	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, 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.	224	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.

56

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 the 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, First Eagle Alternative Credit LLC (2020-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, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chair of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	224	Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

* 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 the 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).	224	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, Mather LifeWays (2001-2021); 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 the 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	Chair of the Audit Committee and Trustee	Chair of the Audit Committee since 2008; Trustee since 2006	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); 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).	224	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; 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	Chair of the Investment Oversight Committee and Trustee	Chair 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).	224	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

* 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 the 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.	224	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); 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.

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 the 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.	224	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	Chair of the Board and Trustee	Chair since 2012; Trustee since 2006	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair 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); Chair, 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).	224	Director, Penfield Children’s Center (2004-Present); Board Chair, 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 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 the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515	Trustee, President and Principal Executive Officer	Trustee since 2022, President and Principal Executive Officer since 2020	President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), 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; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, 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 (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).	224	None

* This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until 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 Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2020	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, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	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 and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; 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); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, 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 (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

* 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 the Past 5 Years
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).
Michael McMaster–1962 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Chief Tax Officer	Since 2020	Vice President and Head of Global Fund Services Tax, Invesco Advisers, Inc. (2020-Present); Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds (2020-Present); Assistant Treasurer, Invesco Capital Management LLC (2020-Present); Chief Tax Officer and Assistant 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 (2020-Present); Assistant Treasurer, Invesco Specialized Products, LLC (2020-Present); formerly, Senior Vice President, Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) (2007-2020).
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	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); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-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, Treasurer (2008-2020), 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.; Treasurer, 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.; Vice President, Invesco Advisers, Inc. (2009-2020).
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).

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

64

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 the Past 5 Years
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).

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

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.

65

Approval of Investment Advisory Contracts

At a meeting held on April 6, 2022, 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 AchieversTM ETF

Invesco Dividend AchieversTM 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 AchieversTM ETF

Invesco International Dividend AchieversTM ETF

Invesco MSCI Sustainable Future 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, 2021, 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 (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (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 were within the targeted range set forth in the Trust’s registration statement. The Trustees 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.

66

Approval of Investment Advisory Contracts–(continued)

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 as follows:

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

● 0.29% 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;

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

● 0.50% of the Fund’s average daily net assets for each other Fund.

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, 2024, as set forth below:

● 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;

● 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

● 0.39%, 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;

● 0.50%, 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 AchieversTM ETF, Invesco High Yield Equity Dividend AchieversTM ETF and Invesco International Dividend AchieversTM 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;

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

● 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 AchieversTM 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

67

Approval of Investment Advisory Contracts–(continued)

ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco MSCI Sustainable Future 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.

The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net advisory fees and net expense ratios of comparable 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 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
Invesco Financial Preferred ETF			X
Invesco FTSE RAFI US 1000 ETF	X		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 MSCI Sustainable Future ETF			X
Invesco S&P 100 Equal Weight ETF		X	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 S&P 500 GARP ETF	X		X
Invesco S&P 500® Quality ETF	X		X
Invesco S&P 500 Value with Momentum ETF			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	X	X
Invesco WilderHill Clean Energy ETF		X	X
Invesco Zacks Mid-Cap ETF			X
Invesco Zacks Multi-Asset Income ETF			X

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 subject to 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 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
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	X
Invesco Dynamic Leisure and Entertainment ETF			X
Invesco Dynamic Market ETF			X
Invesco Dynamic Media ETF			X
Invesco Dynamic Networking ETF			X

69

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			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 MSCI Sustainable Future ETF			X
Invesco S&P 100 Equal Weight ETF		X	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
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	X	X
Invesco WilderHill Clean Energy ETF		X	X
Invesco Zacks Mid-Cap ETF			X
Invesco Zacks Multi-Asset Income ETF			X

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dynamic Large Cap Value ETF, Invesco Global Listed Private Equity ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income 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 of 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

70

Approval of Investment Advisory Contracts–(continued)

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, advisory fees for money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s 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.

71

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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.

^©2022 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, 2022
	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

Table of Contents

The Market Environment	3
Management’s Discussion of Fund Performance	4
Liquidity Risk Management Program	26
Schedules of Investments
Invesco Dynamic Biotechnology & Genome ETF (PBE)	27
Invesco Dynamic Building & Construction ETF (PKB)	29
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)	45
Invesco Dynamic Software ETF (PSJ)	47
Statements of Assets and Liabilities	50
Statements of Operations	52
Statements of Changes in Net Assets	54
Financial Highlights	58
Notes to Financial Statements	66
Report of Independent Registered Public Accounting Firm	78
Fund Expenses	79
Tax Information	81
Trustees and Officers	82
Approval of Investment Advisory Contracts	92

2

The Market Environment

Domestic Equity

The US stock market hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the US gross domestic product (GDP) grew at a 6.4% annualized rate for the first quarter of 2021.¹ Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July 2021 despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing monthly from June through September,² the US Federal Reserve (the Fed) declined to raise interest rates at its September Federal Open Market Committee meeting. The US stock market saw continued volatility in August 2021 and a selloff through most of September due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs.

Equity markets were volatile in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil (West Texas Intermediate) rose to nearly $85 per barrel in October,³ causing higher gas prices for consumers and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the last 12 months, the highest since 1982.² To combat inflation, the Fed announced a faster pace of tapering at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.³ The CPI rose by 7.9% for the 12 months ended February 28, 2022, the largest 12-month increase since 1982.² To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March, with several more rate increases expected in 2022. As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix reported slowing growth and profits, equity markets sold off for much of the month of April 2022. In this environment, US stocks had flat returns for the fiscal year ended April 30, 2022, of 0.21%, as measured by the S&P 500 Index.⁴

¹  Source: US Bureau of Economic Analysis

²  Source: US Bureau of Labor Statistics

³  Source: Bloomberg L.P.

⁴  Source: Lipper Inc.

Global Equity

At the beginning of the fiscal year, global equity markets were bolstered by the acceleration of vaccination rollouts and easing of COVID-19-related restrictions in most developed markets, with growth stocks outperforming value stocks in most regions.

Developed global equity markets ended the second half of 2021 in positive territory despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the fiscal year, resulting in higher costs for companies and consumers. Emerging market equities declined during the fiscal year, primarily due to weak performance of Chinese equities, which were affected by significant regulatory changes in the private tutoring industry, increased regulation in the technology sector, the potential default of a large Chinese property developer (which did, in fact, default later in 2021) and COVID-19 concerns.

Global equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply and value stocks outperforming growth stocks.

At the end of the fiscal year, global equity markets continued their decline, as they were impacted by the war in Ukraine, COVID-19 lockdowns in China and the increase of interest rates in the US to combat inflation. For the overall fiscal year, most regions were in negative territory, but developed market equities outperformed emerging market equities.

3

PBE	Management’s Discussion of Fund Performance
	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^® 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, 2022, on a market price basis, the Fund returned (25.32)%. On a net asset value (“NAV”) basis, the Fund returned (25.32)%. During the same time period, the Index returned (24.84)%. 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 fees and 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^® Biotechnology Index (the “Benchmark Index”) returned 2.24%. 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 life sciences tools & services sub-industry and most underweight in the biotechnology sub-industry during the fiscal year ended April 30, 2022. 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, 2022, no sub-industry contributed to the Fund’s return. The biotechnology sub-industry detracted most significantly from the Fund’s return, followed by the life sciences tools & services sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Dicerna Pharmaceuticals, Inc., a pharmaceuticals company (no longer held at fiscal year-end), and Alkermes PLC, a biotechnology company (portfolio average weight of 3.05%). Positions that detracted most significantly from the Fund’s return during this period included Novavax, Inc., a biotechnology company (no longer held at fiscal year-end), and FibroGen, Inc., a biotechnology company (portfolio average weight of 1.09%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Biotechnology	79.96
Life Sciences Tools & Services	10.12
Health Care Services	5.09
Pharmaceuticals	4.87
Money Market Funds Plus Other Assets Less Liabilities	(0.04)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Vertex Pharmaceuticals, Inc.	6.24
Incyte Corp.	5.78
Regeneron Pharmaceuticals, Inc.	5.75
Amgen, Inc.	5.54
Biogen, Inc.	5.20
Gilead Sciences, Inc.	5.12
Bio-Techne Corp.	4.99
Catalent, Inc.	4.87
Halozyme Therapeutics, Inc.	3.49
Alkermes PLC	3.31
Total	50.29

* 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, 2022

	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 Intellidex® Index		(24.84	)%		3.22	%		9.96	%		6.12	%		34.60	%		10.34	%		167.61	%		8.89	%		320.21	%
S&P Composite 1500® Biotechnology Index		2.24			11.56			38.86			7.66			44.62			14.76			296.18			12.58			637.11
Fund
NAV Return		(25.32	)		2.54			7.83			5.59			31.27			10.02			159.85			8.49			295.05
Market Price Return		(25.32	)		2.53			7.77			5.57			31.15			10.04			160.29			8.49			294.58

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 0.59%. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

5

PKB	Management’s Discussion of Fund Performance
	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^® 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, 2022, on a market price basis, the Fund returned (19.39)%. On a net asset value (“NAV”) basis, the Fund returned (19.31)%. During the same time period, the Index returned (18.86)%. 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 the fees and 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 (0.01)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 13 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, 2022. 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 homebuilding and building products sub-industries.

For the fiscal year ended April 30, 2022, the gas utilities sub- industry contributed most significantly to the Fund’s return. The homebuilding sub-industry detracted most significantly from the Fund’s return, followed by the construction & engineering sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Southwest Gas Holdings, Inc., a gas utilities company (portfolio average weight of 2.93%) and Carlisle Cos. Inc., a building products company (portfolio average weight of 1.91%). Positions that detracted most significantly from the Fund’s return during this period included D.R. Horton, Inc., a homebuilding company (portfolio average weight of 1.32%) and Dream Finders Homes, Inc., Class A, a homebuilding company (no longer held at fiscal year-end).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Homebuilding	44.38
Construction Materials	15.48
Building Products	11.53
Home Improvement Retail	10.34
Specialty Stores	5.55
Gas Utilities	4.04
Sub-Industry Types Each Less Than 3%	8.65
Money Market Funds Plus Other Assets Less Liabilities	0.03
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Tractor Supply Co.	5.55
Home Depot, Inc. (The)	5.25
Vulcan Materials Co.	5.19
Martin Marietta Materials, Inc.	5.15
Lowe’s Cos., Inc.	5.09
NVR, Inc.	5.01
Lennar Corp., Class A	4.91
D.R. Horton, Inc.	4.78
Southwest Gas Holdings, Inc.	4.04
Carlisle Cos., Inc.	3.35
Total	48.32

* 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, 2022

	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 Intellidex® Index		(18.86	)%		12.37	%		41.88	%		8.00	%		46.95	%		12.37	%		221.14	%		7.65	%		237.71	%
S&P Composite 1500® Construction & Engineering Index		(0.01	)		18.54			66.58			12.13			77.24			9.22			141.64			8.53			286.16
Fund
NAV Return		(19.31	)		11.68			39.31			7.33			42.43			11.59			199.31			6.83			197.68
Market Price Return		(19.39	)		11.67			39.26			7.32			42.34			11.61			199.96			6.82			197.48

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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

7

PXE	Management’s Discussion of Fund Performance
	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^® 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, 2022, on a market price basis, the Fund returned 88.04%. On a net asset value (“NAV”) basis, the Fund returned 88.75%. During the same time period, the Index returned 90.05%. 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 fees and expenses that the Fund incurred during the period, the effect of which was compounded during a time period of high returns, 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 84.39%. 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 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, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s stock selection in the oil & gas exploration & production sub-industry.

For the fiscal year ended April 30, 2022, the oil & gas refining & marketing sub-industry contributed most significantly to the Fund’s return, followed by the oil & gas exploration & production sub-industry. There were no detracting sub-industries during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Occidental Petroleum Corp., an integrated oil & gas company (portfolio average weight of 3.92%) and Antero Resources Corp., an oil & gas exploration & production company (portfolio average weight of 3.01%). Positions that detracted most significantly from the Fund’s return during this period included Delek US Holdings Inc, an oil & gas refining & marketing company (no longer held at fiscal year-end) and Civitas Resources, Inc., an oil & gas exploration & production company (no longer held at fiscal year-end).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Oil & Gas Exploration & Production	71.45
Oil & Gas Refining & Marketing	20.07
Integrated Oil & Gas	5.80
Gas Utilities	2.61
Money Market Funds Plus Other Assets Less Liabilities	0.07
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Occidental Petroleum Corp.	5.80
Valero Energy Corp.	5.24
Comstock Resources, Inc.	5.07
Marathon Petroleum Corp.	4.66
Devon Energy Corp.	4.46
ConocoPhillips	4.40
EOG Resources, Inc.	4.34
Pioneer Natural Resources Co.	4.26
Phillips 66	4.16
Antero Resources Corp.	3.80
Total	46.19

* 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, 2022

	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 Intellidex® Index		90.05	%		16.38	%		57.64	%		9.69	%		58.79	%		4.61	%		56.87	%		5.95	%		159.75	%
S&P Composite 1500® Oil & Gas Exploration & Production Index		84.39			15.24			53.04			8.74			52.05			2.43			27.11			4.26			99.02
Fund
NAV Return		88.75			15.82			55.35			9.08			54.45			4.02			48.35			5.34			136.16
Market Price Return		88.04			15.71			54.93			9.05			54.19			4.01			48.17			5.32			135.49

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, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.95% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

9

PBJ	Management’s Discussion of Fund Performance
	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^® 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, 2022, on a market price basis, the Fund returned 14.18%. On a net asset value (“NAV”) basis, the Fund returned 14.14%. During the same time period, the Index returned 14.85%. 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^® Food Beverage & Tobacco Index (the “Benchmark Index”) returned 15.07%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 46 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, 2022. 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 personal products sub-industry, followed by the Fund’s underweight allocation to the soft drinks sub-industry.

For the fiscal year ended April 30, 2022, the food retail sub-industry contributed most significantly to the Fund’s return, followed by the packaged foods & meats sub-industry. The personal products and brewers sub-industries detracted most significantly from the Fund’s return during the period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Albertsons Cos., Inc., Class A, a food retail company (portfolio average weight of 2.89%) and Coca-Cola Consolidated, Inc., a soft drinks company (portfolio average weight of 2.74%). Positions that detracted most significantly from the Fund’s return during this period included Herbalife Nutrition Ltd., a personal products company (portfolio average weight of 2.53%) and J & J Snack Foods Corp., a packaged foods & meats company (no longer held at fiscal year-end).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Packaged Foods & Meats	44.34
Soft Drinks	16.30
Food Retail	15.00
Agricultural Products	8.48
Food Distributors	6.16
Distillers & Vintners	5.37
Sub-Industry Types Each Less Than 3%	4.26
Money Market Funds Plus Other Assets Less Liabilities	0.09
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Archer-Daniels-Midland Co.	5.53
Constellation Brands, Inc., Class A	5.37
Hershey Co. (The)	5.28
General Mills, Inc.	4.97
Coca-Cola Co. (The)	4.91
PepsiCo, Inc.	4.83
Keurig Dr Pepper, Inc.	4.59
Mondelez International, Inc., Class A	4.59
Weis Markets, Inc.	3.41
Andersons, Inc. (The)	3.26
Total	46.74

* 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, 2022

	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 Intellidex® Index		14.85	%		12.88	%		43.84	%		8.54	%		50.65	%		11.01	%		184.13	%		9.17	%		338.62	%
S&P Composite 1500® Food Beverage & Tobacco Index		15.07			11.81			39.79			7.64			44.52			10.89			181.16			11.42			518.89
Fund
NAV Return		14.14			12.24			41.39			7.93			46.44			10.33			167.24			8.48			293.96
Market Price Return		14.18			12.29			41.60			7.95			46.62			10.34			167.48			8.48			294.31

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, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.68% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

11

PEJ	Management’s Discussion of Fund Performance
	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^® 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, 2022, on a market price basis, the Fund returned (5.32)%. On a net asset value (“NAV”) basis, the Fund returned (5.47)%. During the same time period, the Index returned (5.14)%. 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, 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 (10.70)%. 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 movies & entertainment sub-industry and most underweight in the restaurants sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s relative overweight allocation to the movies & entertainment sub-industry.

For the fiscal year ended April 30, 2022, the movies & entertainment sub-industry contributed most significantly to the Fund’s return, followed by the hotels resorts & cruise lines sub-industry. The restaurants sub-industry detracted most significantly from the Fund’s return, followed by the broadcasting sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included AMC Entertainment Holdings, Inc., Class A, a movies & entertainment company (portfolio average weight of 0.94%) and Marriott International, Inc., Class A, a hotels resorts & cruise lines company (portfolio average weight of 2.13%). Positions that detracted most significantly from the Fund’s return during this period included Walt Disney Co. (The), a movies & entertainment company (portfolio average weight of 4.84%) and Eventbrite, Inc., Class A, an interactive media & services company (portfolio average weight of 2.70%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Movies & Entertainment	31.07
Hotels, Resorts & Cruise Lines	21.06
Casinos & Gaming	15.67
Broadcasting	10.38
Restaurants	8.40
Leisure Facilities	5.74
Food Distributors	5.54
Interactive Media & Services	2.24
Money Market Funds Plus Other Assets Less Liabilities	(0.10)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Marriott International, Inc., Class A	5.60
Sysco Corp.	5.54
McDonald’s Corp.	5.39
Live Nation Entertainment, Inc.	4.89
Booking Holdings, Inc.	4.78
Fox Corp., Class A	4.68
Expedia Group, Inc.	4.66
Walt Disney Co. (The)	4.12
Paramount Global, Class B	3.11
Wyndham Hotels & Resorts, Inc.	3.10
Total	45.87

* 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, 2022

	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 Intellidex® Index		(5.14	)%		0.09	%		0.28	%		1.90	%		9.88	%		8.33	%		122.56	%		8.09	%		271.27	%
S&P Composite 1500® Hotels Restaurants & Leisure Index		(10.70	)		6.29			20.07			9.65			58.48			11.59			199.38			11.52			527.86
Fund
NAV Return		(5.47	)		(0.47	)		(1.41	)		1.30			6.65			7.59			107.93			7.43			234.65
Market Price Return		(5.32	)		(0.46	)		(1.37	)		1.30			6.66			7.59			107.75			7.43			234.75

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 0.55%. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

13

PBS	Management’s Discussion of Fund Performance
	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^® 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, 2022, on a market price basis, the Fund returned (21.92)%. On a net asset value (“NAV”) basis, the Fund returned (21.90)%. During the same time period, the Index returned (21.31)%. 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 fees and expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Media Index (the “Benchmark Index”) returned (26.11)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 22 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, 2022. 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 selection within the cable & satellite sub-industry.

For the fiscal year ended April 30, 2022, the IT consulting & other services sub-industry contributed most significantly to the Fund’s return, followed by the internet & direct marketing retail sub-industry. The movies & entertainment 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, 2022, included Meredith Corp., a publishing company (no longer held at fiscal year-end) and CarGurus, Inc., Class A, an interactive media & services company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Netflix, Inc., a movies & entertainment company (portfolio average weight of 4.84%) and Spotify Technology SA, a movies & entertainment media company (portfolio average weight of 4.47%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Interactive Media & Services	30.81
Broadcasting	20.36
Movies & Entertainment	19.51
Publishing	11.93
Advertising	10.90
IT Consulting & Other Services	3.33
Cable & Satellite	3.21
Money Market Funds Plus Other Assets Less Liabilities	(0.05)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Twitter, Inc.	8.80
Meta Platforms, Inc., Class A	5.87
Alphabet, Inc., Class A	5.21
Walt Disney Co. (The)	4.46
Match Group, Inc.	4.37
Spotify Technology S.A.	4.02
ZipRecruiter, Inc., Class A	3.75
Paramount Global, Class B	3.37
Gartner, Inc.	3.33
Lions Gate Entertainment Corp., Class A	3.31
Total	46.49

* 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, 2022

	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 Intellidex® Index		(21.31	)%		6.44	%		20.60	%		8.88	%		53.01	%		11.90	%		207.93	%		7.37	%		231.25	%
S&P Composite 1500® Media Index		(26.11	)		0.23			0.68			2.87			15.21			10.96			182.82			8.34			285.51
Fund
NAV Return		(21.90	)		5.76			18.31			8.20			48.31			11.15			187.82			6.71			198.83
Market Price Return		(21.92	)		5.73			18.19			8.17			48.12			11.14			187.53			6.71			198.55

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, 2024. 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 0.63%. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

15

PXQ	Management’s Discussion of Fund Performance
	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^® 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, 2022, on a market price basis, the Fund returned (4.91)%. On a net asset value (“NAV”) basis, the Fund returned (4.66)%. During the same time period, the Index returned (5.55)%. 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 the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Communications Equipment Index (the “Benchmark Index”) returned 2.70%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 19 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, 2022. 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 application software sub-industry.

For the fiscal year ended April 30, 2022, the technology hardware storage & peripherals sub-industry contributed most significantly to the Fund’s return, followed by the semiconductors and systems software sub-industries, respectively. The application software sub-industry detracted most significantly from the Fund’s return, followed by the communications equipment and internet services & infrastructure sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Fortinet, Inc., a systems software company (portfolio average weight of 5.19%) and Marvell Technology, Inc., a semiconductors company (portfolio average weight of 2.78%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended April 30, 2022, included Arqit Quantum, Inc. (United Kingdom), an application software company (portfolio average weight of 0.93%) and CommScope Holding Co., 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, 2022
Communications Equipment	29.48
Systems Software	26.04
Application Software	16.80
Semiconductors	11.26
Electronic Components	7.93
Technology Hardware, Storage & Peripherals	5.15
Internet Services & Infrastructure	3.27
Money Market Funds Plus Other Assets Less Liabilities	0.07
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Palo Alto Networks, Inc.	6.33
Fortinet, Inc.	5.21
Apple, Inc.	5.15
Amphenol Corp., Class A	5.12
Marvell Technology, Inc.	4.67
Cisco Systems, Inc.	4.67
QUALCOMM, Inc.	4.52
Datadog, Inc., Class A	4.08
KnowBe4, Inc., Class A	3.63
Qualys, Inc.	3.53
Total	46.91

* Excluding money market fund holdings.

16

Invesco Dynamic Networking ETF (PXQ) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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 Intellidex® Index		(5.55	)%		9.15	%		30.02	%		14.12	%		93.53	%		12.27	%		218.13	%		11.41	%		517.94	%
S&P Composite 1500® Communications Equipment Index		2.70			1.49			4.53			10.90			67.78			10.06			160.84			7.06			215.96
Fund
NAV Return		(4.66	)		9.01			29.53			13.90			91.68			11.83			205.93			10.87			468.99
Market Price Return		(4.91	)		8.95			29.34			13.85			91.28			11.82			205.69			10.86			467.92

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, 2024. 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 0.63%. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

17

PXJ	Management’s Discussion of Fund Performance
	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^® 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, 2022, on a market price basis, the Fund returned 33.00%. On a net asset value (“NAV”) basis, the Fund returned 33.40%. During the same time period, the Index returned 36.18%. 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 the fees and expenses that the Fund incurred during the period, the effect of which was compounded during a time period of high returns, and differences in the treatment of corporate actions.

During this same time period, the S&P Composite 1500^® Energy Equipment & Services Index (the “Benchmark Index”) returned 50.51%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 19 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 drilling sub-industry and most underweight in the oil & gas equipment & services sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to stock selection in the oil & gas equipment & services industry, as well as the Fund’s relative overweight allocation to the oil & gas storage & transportation sub-industry.

For the fiscal year ended April 30, 2022, the oil & gas equipment & services sub-industry contributed most significantly to the Fund’s return, followed by the oil & gas drilling sub-industry. The oil & gas storage & transportation 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, 2022, included Patterson-UTI Energy, Inc., an oil & gas drilling company (portfolio average weight of 6.08%) and Halliburton Co., an oil & gas equipment & services company (portfolio average weight of 7.61%). Positions that detracted most significantly from the Fund’s return during this period included Oceaneering International, Inc., an oil & gas equipment & services company (portfolio average weight of 1.78%) and Scorpio Tankers Inc., an oil & gas storage & transportation company (no longer held at fiscal year-end).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Oil & Gas Equipment & Services	71.09
Oil & Gas Drilling	20.96
Oil & Gas Storage & Transportation	7.61
Money Market Funds Plus Other Assets Less Liabilities	0.34
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Helmerich & Payne, Inc.	7.12
Patterson-UTI Energy, Inc.	6.45
Halliburton Co.	5.78
Baker Hughes Co., Class A	5.57
TechnipFMC PLC	5.48
NOV, Inc.	5.32
ChampionX Corp.	5.17
Schlumberger N.V.	5.05
NexTier Oilfield Solutions, Inc.	4.73
Golar LNG Ltd.	4.53
Total	55.20

* Excluding money market fund holdings.

18

Invesco Dynamic Oil & Gas Services ETF (PXJ) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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 Intellidex® Index		36.18	%		(10.44	)%		(28.17	)%		(13.56	)%		(51.73	)%		(12.18	)%		(72.73	)%		(6.04	)%		(64.28	)%
S&P Composite 1500® Energy Equipment & Services Index		50.51			(2.15	)		(6.32	)		(9.06	)		(37.80	)		(5.78	)		(44.87	)		(1.10	)		(16.65	)
Fund
NAV Return		33.40			(11.60	)		(30.92	)		(14.40	)		(54.04	)		(12.91	)		(74.89	)		(6.72	)		(68.31	)
Market Price Return		33.00			(11.60	)		(30.91	)		(14.40	)		(54.04	)		(12.91	)		(74.89	)		(6.72	)		(68.30	)

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, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 1.17% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

19

PJP	Management’s Discussion of Fund Performance
	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^® 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. pharmaceuticals 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, 2022, on a market price basis, the Fund returned (1.94)%. On a net asset value (“NAV”) basis, the Fund returned (1.89)%. 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 23.19%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 24 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, 2022. 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 biotechnology sub-industry followed by its stock selection in the pharmaceuticals sub-industry.

For the fiscal year ended April 30, 2022, the pharmaceuticals sub-industry contributed most significantly to the Fund’s return. The biotechnology sub-industry detracted most significantly from the Fund’s return, followed by the health care equipment sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Eli Lilly and Co., a pharmaceuticals company (portfolio average weight of 5.91%) and AbbVie, Inc., a biotechnology company (portfolio average weight of 5.88%). Positions that detracted most significantly from the Fund’s return during this period included Endo International PLC, a pharmaceuticals company (no longer held at fiscal year-end) and Taro Pharmaceutical Industries Ltd., a pharmaceuticals company (portfolio average weight of 3.17%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Pharmaceuticals	55.02
Biotechnology	39.83
Health Care Equipment	5.14
Money Market Funds Plus Other Assets Less Liabilities	0.01
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Eli Lilly and Co.	6.50
Merck & Co., Inc.	6.22
Johnson & Johnson	5.96
Amgen, Inc.	5.61
Pfizer, Inc.	5.50
AbbVie, Inc.	5.37
Gilead Sciences, Inc.	5.18
Abbott Laboratories	5.14
Amphastar Pharmaceuticals, Inc.	4.20
Pacira BioSciences, Inc.	3.67
Total	53.35

* Excluding money market fund holdings.

20

Invesco Dynamic Pharmaceuticals ETF (PJP) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

				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
Dynamic Pharmaceutical Intellidex® Index		(1.40	)%		8.17	%		26.58	%		6.12	%		34.58	%		11.39	%		193.98	%		12.18	%		593.65	%
S&P Composite 1500® Pharmaceuticals Index		23.19			14.71			50.95			12.26			78.28			13.65			259.59			10.00			398.51
Fund
NAV Return		(1.89	)		7.59			24.53			5.52			30.83			10.76			177.82			11.52			528.18
Market Price Return		(1.94	)		7.61			24.60			5.53			30.89			10.77			178.02			11.53			528.83

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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

21

PSI	Management’s Discussion of Fund Performance
	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^® 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, 2022, on a market price basis, the Fund returned (9.41)%. On a net asset value (“NAV”) basis, the Fund returned (9.49)%. During the same time period, the Index returned (9.03)%. 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 fees and expenses that the Fund incurred during the period.

During this same time period, the S&P Composite 1500^® Semiconductor Index (the “Benchmark Index”) returned 2.22%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 52 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 semiconductor equipment sub-industry and most underweight in the semiconductors sub-industry during the fiscal year ended April 30, 2022. 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 semiconductor equipment sub-industry and stock selection in the semiconductors sub-industry.

For the fiscal year ended April 30, 2022, the life sciences tools & services sub-industry contributed most significantly to the Fund’s

return, followed by the specialty chemicals sub-industry. The semiconductors sub-industry detracted most significantly from the Fund’s return, followed by the semiconductor equipment sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Broadcom, Inc., a semiconductors company (portfolio average weight of 5.25%) and Monolithic Power Systems, Inc., a semiconductors company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Micron Technology, Inc., a semiconductors company (portfolio average weight of 2.28%) and Navitas Semiconductor Corp., a semiconductors company (no longer held at fiscal year-end).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Semiconductors	64.82
Semiconductor Equipment	29.63
Sub-Industry Types Each Less Than 3%	5.61
Money Market Funds Plus Other Assets Less Liabilities	(0.06)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Texas Instruments, Inc.	5.92
Broadcom, Inc.	5.56
Analog Devices, Inc.	5.56
Applied Materials, Inc.	4.91
QUALCOMM, Inc.	4.88
NVIDIA Corp.	4.59
Micron Technology, Inc.	4.36
Advanced Micro Devices, Inc.	4.28
SiTime Corp.	2.92
NXP Semiconductors N.V.	2.88
Total	45.86

* Excluding money market fund holdings.

22

Invesco Dynamic Semiconductors ETF (PSI) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

				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
Dynamic Semiconductor Intellidex® Index		(9.03	)%		24.68	%		93.80	%		22.09	%		171.32	%		23.02	%		694.01	%		13.86	%		790.91	%
S&P Composite 1500® Semiconductor Index		2.22			22.03			81.73			22.98			181.27			19.74			505.88			12.33			609.97
Fund
NAV Return		(9.49	)		23.93			90.36			21.34			163.03			22.16			640.03			13.06			691.87
Market Price Return		(9.41	)		23.96			90.49			21.31			162.76			22.19			641.85			13.06			691.30

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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

23

PSJ	Management’s Discussion of Fund Performance
	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^® 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, 2022, on a market price basis, the Fund returned (35.59)%. On a net asset value (“NAV”) basis, the Fund returned (35.56)%. During the same time period, the Index returned (35.23)%. 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 the fees and 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 (5.11)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 84 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 systems software sub-industry during the fiscal year ended April 30, 2022. 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 interactive home entertainment sub-industry as well as an overweight allocation to and stock selection in the application software sub-industry.

For the fiscal year ended April 30, 2022, the data processing & outsourced services sub-industry contributed most significantly to the Fund’s return, followed by the health care services sub-industry. The application software sub-industry detracted most significantly from the Fund’s return, followed by the interactive home entertainment sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Vocera Communications, Inc., a communications equipment company (no longer held at fiscal year-end) and Box, Inc., Class A, an application software company (portfolio average weight of 1.36%). Positions that detracted most significantly from the Fund’s return during this period included ROBLOX Corp., Class A, an interactive home entertainment company (portfolio average weight of 4.13%) and Roku, Inc., Class A, an interactive home entertainment company (portfolio average weight of 3.33%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Application Software	36.69
Interactive Home Entertainment	14.36
Data Processing & Outsourced Services	13.58
Health Care Technology	10.68
Systems Software	10.59
Health Care Sevices	3.35
Sub-Industry Types Each Less Than 3%	10.78
Money Market Funds Plus Other Assets Less Liabilities	(0.03)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Cadence Design Systems, Inc.	6.09
Cerner Corp.	5.57
Synopsys, Inc.	5.41
Microsoft Corp.	5.27
Activision Blizzard, Inc.	5.08
SS&C Technologies Holdings, Inc.	4.76
Datadog, Inc., Class A	4.15
Box, Inc., Class A	3.63
ROBLOX Corp., Class A	3.47
Signify Health, Inc., Class A	3.35
Total	46.78

* Excluding money market fund holdings.

24

Invesco Dynamic Software ETF (PSJ) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

				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
Dynamic Software Intellidex® Index		(35.23	)%		3.66	%		11.40	%		15.22	%		103.08	%		15.41	%		319.38	%		12.99	%		683.33	%
S&P Composite 1500® Software & Services Index		(5.11	)		16.22			56.99			19.94			148.19			18.73			456.71			13.84			788.30
Fund
NAV Return		(35.56	)		3.10			9.61			14.54			97.11			14.67			293.05			12.29			605.01
Market Price Return		(35.59	)		3.07			9.51			14.54			97.16			14.66			292.79			12.28			604.07

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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

25

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (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 15, 2022, 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 January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during 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.

  26   

Invesco Dynamic Biotechnology & Genome ETF (PBE)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.04%
Biotechnology-79.96%
Acadia Pharmaceuticals, Inc.(b)(c)		228,349	$	4,210,756
Alkermes PLC(b)		238,760		6,888,226
Amgen, Inc.(c)		49,436		11,527,981
Arrowhead Pharmaceuticals, Inc.(b)(c)		138,485		5,693,118
Biogen, Inc.(b)		52,178		10,823,804
ChemoCentryx, Inc.(b)(c)		200,176		3,695,249
Dynavax Technologies Corp.(b)(c)		486,660		4,297,208
Emergent BioSolutions, Inc.(b)		141,402		4,578,597
Enanta Pharmaceuticals, Inc.(b)(c)		91,520		5,893,888
Exelixis, Inc.(b)(c)		304,663		6,806,171
FibroGen, Inc.(b)(c)		413,514		3,845,680
Gilead Sciences, Inc.		179,526		10,653,073
Halozyme Therapeutics, Inc.(b)(c)		182,109		7,266,149
Incyte Corp.(b)		160,589		12,037,751
Ironwood Pharmaceuticals, Inc.(b)(c)		549,327		6,591,924
Myriad Genetics, Inc.(b)		232,705		4,770,453
Neurocrine Biosciences, Inc.(b)		68,087		6,129,873
Prothena Corp. PLC (Ireland)(b)(c)		174,845		5,098,480
Regeneron Pharmaceuticals, Inc.(b)		18,160		11,969,438
United Therapeutics Corp.(b)		30,837		5,475,418
Vericel Corp.(b)(c)		179,423		5,113,555
Vertex Pharmaceuticals, Inc.(b)		47,545		12,990,245
Xencor, Inc.(b)		186,137		4,649,702
Xenon Pharmaceuticals, Inc. (Canada)(b)		193,362		5,466,344
				166,473,083
Health Care Services-5.09%
Fulgent Genetics, Inc.(b)(c)		95,912		5,263,651
OPKO Health, Inc.(b)(c)		1,977,232		5,338,526
				10,602,177
Life Sciences Tools & Services-10.12%
Bio-Techne Corp.		27,360		10,388,318
QIAGEN N.V.(b)		121,367		5,506,421
Repligen Corp.(b)(c)		32,905		5,173,982
				21,068,721

	Shares		Value
Pharmaceuticals-4.87%
Catalent, Inc.(b)		111,874	$	10,131,309
Total Common Stocks & Other Equity Interests (Cost $230,189,309)				208,275,290
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $138,087)		138,087		138,087
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.11% (Cost $230,327,396)				208,413,377
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-25.90%
Invesco Private Government Fund, 0.40%(d)(e)(f)		16,183,722		16,183,722
Invesco Private Prime Fund, 0.35%(d)(e)(f)		37,737,721		37,737,721
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $53,920,110)				53,921,443
TOTAL INVESTMENTS IN SECURITIES-126.01% (Cost $284,247,506)				262,334,820
OTHER ASSETS LESS LIABILITIES-(26.01)%				(54,144,086	)
NET ASSETS-100.00%			$	208,190,734

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, 2022.

^(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, 2022.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	97,394	$	7,656,102	$	(7,615,409)		$      -		$      -		$  138,087	$	100

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

  27   

Invesco Dynamic Biotechnology & Genome ETF (PBE)–(continued)

April 30, 2022

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	17,075,160		$	148,913,331		$	(149,804,769	)		$	-		$	-			$	16,183,722		$	9,976	*
Invesco Private Prime Fund			25,612,740			302,492,105			(290,356,162	)			1,333			(12,295	)			37,737,721			46,332	*
Total		$	42,785,294		$	459,061,538		$	(447,776,340	)		$	1,333		$	(12,295	)		$	54,059,530		$	56,408

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

  28   

Invesco Dynamic Building & Construction ETF (PKB)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Building Products-11.53%
A.O. Smith Corp.		63,812	$	3,728,535
Carlisle Cos., Inc.		19,048		4,940,289
Owens Corning		47,405		4,310,537
Simpson Manufacturing Co., Inc.		38,623		4,004,046
				16,983,407
Construction & Engineering-2.96%
AECOM		61,895		4,367,311
Construction Materials-15.48%
Eagle Materials, Inc.		32,593		4,019,369
Martin Marietta Materials, Inc.		21,407		7,582,788
Summit Materials, Inc., Class A(b)(c)		127,773		3,552,089
Vulcan Materials Co.		44,388		7,647,608
				22,801,854
Environmental & Facilities Services-2.83%
Tetra Tech, Inc.		29,994		4,177,564
Forest Products-2.86%
Louisiana-Pacific Corp.		65,232		4,208,769
Gas Utilities-4.04%
Southwest Gas Holdings, Inc.		67,532		5,950,245
Home Improvement Retail-10.34%
Home Depot, Inc. (The)		25,743		7,733,197
Lowe’s Cos., Inc.		37,917		7,497,329
				15,230,526
Homebuilding-44.38%
Cavco Industries, Inc.(b)(c)		16,269		3,843,551
Century Communities, Inc.		73,989		3,900,700
D.R. Horton, Inc.		101,146		7,038,750
KB Home		122,115		3,960,189
Lennar Corp., Class A		94,483		7,227,005
M.D.C. Holdings, Inc.		106,758		3,940,438
M/I Homes, Inc.(b)		95,425		4,225,419
Meritage Homes Corp.(b)		49,223		4,063,359
NVR, Inc.(b)		1,686		7,378,290

	Shares		Value
Homebuilding-(continued)
PulteGroup, Inc.		95,945	$	4,006,663
Skyline Champion Corp.(b)		64,843		3,309,587
Taylor Morrison Home Corp., Class A(b)		160,087		4,192,678
Toll Brothers, Inc.		84,891		3,936,396
Tri Pointe Homes, Inc.(b)		211,230		4,366,124
				65,389,149
Specialty Stores-5.55%
Tractor Supply Co.		40,582		8,175,244
Total Common Stocks & Other Equity Interests (Cost $161,980,631)				147,284,069
Money Market Funds-0.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $142,552)		142,552		142,552
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.07% (Cost $162,123,183)				147,426,621
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.89%
Invesco Private Government Fund, 0.40%(d)(e)(f)		834,839		834,839
Invesco Private Prime Fund, 0.35%(d)(e)(f)		1,948,889		1,948,889
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,783,728)				2,783,728
TOTAL INVESTMENTS IN SECURITIES-101.96% (Cost $164,906,911)				150,210,349
OTHER ASSETS LESS LIABILITIES-(1.96)%				(2,888,525	)
NET ASSETS-100.00%			$	147,321,824

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain			Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	161,244		$	8,341,974		$	(8,360,666)		$-		$	-		$	142,552		$	202

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

  29   

Invesco Dynamic Building & Construction ETF (PKB)–(continued)

April 30, 2022

	Value April 30, 2021			Purchases at Cost	Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain			Value April 30, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	76,577	$ 58,820,726		$	(58,062,464	)		$-		$	-		$	834,839		$	2,682	*
Invesco Private Prime Fund			112,671	128,153,857			(126,318,040	)		-			401			1,948,889			10,803	*
Total		$	350,492	$195,316,557		$	(192,741,170	)		$-		$	401		$	2,926,280		$	13,687

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Gas Utilities-2.61%
National Fuel Gas Co.		98,296	$	6,893,498
Integrated Oil & Gas-5.80%
Occidental Petroleum Corp.		278,284		15,330,666
Oil & Gas Exploration & Production-71.45%
Antero Resources Corp.(b)		285,572		10,052,134
APA Corp.		187,376		7,669,300
Centennial Resource Development, Inc., Class A(b)(c)		755,447		5,847,160
Comstock Resources, Inc.(b)(c)		786,055		13,386,517
ConocoPhillips		121,797		11,634,049
Continental Resources, Inc.(c)		113,118		6,285,967
Coterra Energy, Inc.		257,859		7,423,761
Devon Energy Corp.		202,456		11,776,866
Diamondback Energy, Inc.		45,440		5,735,891
EOG Resources, Inc.		98,159		11,461,045
Hess Corp.		61,956		6,385,805
HighPeak Energy, Inc.(c)		293,339		8,011,088
Kosmos Energy Ltd. (Ghana)(b)		1,394,942		9,429,808
Magnolia Oil & Gas Corp., Class A(c)		288,404		6,702,509
Marathon Oil Corp.		269,316		6,711,355
Matador Resources Co.		134,361		6,559,504
Murphy Oil Corp.(c)		180,416		6,870,241
Oasis Petroleum, Inc.		48,484		6,431,887
PDC Energy, Inc.		109,809		7,658,080
Pioneer Natural Resources Co.(c)		48,430		11,258,522
Range Resources Corp.(b)		291,144		8,716,851
SM Energy Co.		171,746		6,102,135
Whiting Petroleum Corp.		91,398		6,676,624
				188,787,099
Oil & Gas Refining & Marketing-20.07%
HF Sinclair Corp.		168,904		6,421,730
Marathon Petroleum Corp.		141,027		12,306,016

	Shares		Value
Oil & Gas Refining & Marketing-(continued)
PBF Energy, Inc., Class A(b)		324,947	$	9,442,960
Phillips 66		126,824		11,003,250
Valero Energy Corp.		124,241		13,850,387
				53,024,343
Total Common Stocks & Other Equity Interests (Cost $197,192,428)				264,035,606
Money Market Funds-0.13%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $340,711)		340,711		340,711
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.06% (Cost $197,533,139)				264,376,317
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-14.52%
Invesco Private Government Fund, 0.40%(d)(e)(f)		11,513,827		11,513,827
Invesco Private Prime Fund, 0.35%(d)(e)(f)		26,845,754		26,845,754
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $38,357,077)				38,359,581
TOTAL INVESTMENTS IN SECURITIES-114.58% (Cost $235,890,216)				302,735,898
OTHER ASSETS LESS LIABILITIES-(14.58)%				(38,519,671	)
NET ASSETS-100.00%			$	264,216,227

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	126,666		$	5,280,988		$	(5,066,943	)		$        -		$        -		$	340,711		$	167

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, 2022

	Value April 30, 2021			Purchases at Cost	Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	1,611,585	$ 64,743,600		$	(54,841,358	)		$	-		$	-			$	11,513,827		$	7,065	*
Invesco Private Prime Fund			2,587,028	145,387,606			(121,123,337	)			2,504			(8,047	)			26,845,754			21,163	*
Total		$	4,325,279	$215,412,194		$	(181,031,638	)		$	2,504		$	(8,047	)		$	38,700,292		$	28,395

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

  32   

Invesco Dynamic Food & Beverage ETF (PBJ)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Agricultural Products-8.48%
Archer-Daniels-Midland Co.		186,933	$	16,741,720
Bunge Ltd.		79,019		8,938,629
				25,680,349
Distillers & Vintners-5.37%
Constellation Brands, Inc., Class A		66,143		16,277,131
Food Distributors-6.16%
Andersons, Inc. (The)		196,466		9,868,487
United Natural Foods, Inc.(b)(c)		204,602		8,783,564
				18,652,051
Food Retail-15.00%
Albertsons Cos., Inc., Class A(c)		276,490		8,648,607
Ingles Markets, Inc., Class A		95,466		8,889,794
Kroger Co. (The)		173,779		9,377,115
Sprouts Farmers Market, Inc.(b)		274,661		8,184,898
Weis Markets, Inc.(c)		129,248		10,324,330
				45,424,744
Packaged Foods & Meats-44.34%
Cal-Maine Foods, Inc.(c)		181,120		9,731,578
Dole PLC(c)		522,494		6,222,904
Flowers Foods, Inc.		275,270		7,300,160
General Mills, Inc.		212,925		15,060,185
Hershey Co. (The)		70,885		16,003,706
Hostess Brands, Inc.(b)(c)		369,202		8,377,193
JM Smucker Co. (The)		56,438		7,728,055
Kellogg Co.		118,228		8,098,618
McCormick & Co., Inc.(c)		80,589		8,104,836
Mondelez International, Inc., Class A		215,634		13,904,080
Pilgrim’s Pride Corp.(b)		325,128		9,217,379
Sanderson Farms, Inc.		43,600		8,256,532
Tootsie Roll Industries, Inc.(c)		239,664		8,395,430
Tyson Foods, Inc., Class A		84,518		7,873,697
				134,274,353
Personal Products-1.65%
Herbalife Nutrition Ltd.(b)(c)		188,133		5,000,575

	Shares		Value
Restaurants-2.61%
Arcos Dorados Holdings, Inc., Class A (Brazil)		1,090,968	$	7,909,518
Soft Drinks-16.30%
Coca-Cola Co. (The)		230,317		14,880,782
Coca-Cola Consolidated, Inc.		13,494		5,957,601
Keurig Dr Pepper, Inc.		371,838		13,906,741
PepsiCo, Inc.		85,117		14,615,440
				49,360,564
Total Common Stocks & Other Equity Interests (Cost $286,752,231)				302,579,285
Money Market Funds-0.12%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $364,851)		364,851		364,851
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.03% (Cost $287,117,082)				302,944,136
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-12.82%
Invesco Private Government Fund, 0.40%(d)(e)(f)		11,654,821		11,654,821
Invesco Private Prime Fund, 0.35%(d)(e)(f)		27,185,071		27,185,071
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $38,839,892)				38,839,892
TOTAL INVESTMENTS IN SECURITIES-112.85% (Cost $325,956,974)				341,784,028
OTHER ASSETS LESS LIABILITIES-(12.85)%				(38,931,290	)
NET ASSETS-100.00%			$	302,852,738

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	178,307		$	3,721,538		$	(3,534,994)		$-		$	-		$	364,851		$	130

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, 2022

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	3,583,338		$	58,062,545		$	(49,991,062	)		$	-		$	-			$	11,654,821		$	3,713	*
Invesco Private Prime Fund			5,375,007			127,000,412			(105,186,814	)			-			(3,534	)			27,185,071			12,786	*
Total		$	9,136,652		$	188,784,495		$	(158,712,870	)		$	-		$	(3,534	)		$	39,204,743		$	16,629

^*  Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.10%
Broadcasting-10.38%
AMC Networks, Inc., Class A(b)(c)		1,069,163	$	34,886,789
Fox Corp., Class A		1,762,077		63,152,840
Paramount Global, Class B		1,442,544		42,006,881
				140,046,510
Casinos & Gaming-15.67%
Boyd Gaming Corp.(c)		601,169		36,418,818
Everi Holdings, Inc.(b)(c)		1,806,607		31,362,698
International Game Technology PLC(c)		1,430,482		31,227,422
MGM Resorts International		931,512		38,229,252
Monarch Casino & Resort, Inc.(b)(c)		548,276		38,461,561
Red Rock Resorts, Inc., Class A		814,102		35,787,924
				211,487,675
Food Distributors-5.54%
Sysco Corp.		874,685		74,768,074
Hotels, Resorts & Cruise Lines-21.06%
Booking Holdings, Inc.(b)		29,186		64,510,107
Choice Hotels International, Inc.(c)		280,989		39,467,715
Expedia Group, Inc.(b)		359,877		62,888,506
Marriott International, Inc., Class A(b)		425,731		75,575,767
Wyndham Hotels & Resorts, Inc.(c)		475,050		41,785,398
				284,227,493
Interactive Media & Services-2.24%
Eventbrite, Inc., Class A(b)(c)		2,851,289		30,166,638
Leisure Facilities-5.74%
Cedar Fair L.P.(b)		704,116		37,627,959
SeaWorld Entertainment, Inc.(b)		590,877		39,848,745
				77,476,704
Movies & Entertainment-31.07%
AMC Entertainment Holdings, Inc., Class A(b)(c)		2,438,871		37,314,726
Liberty Media Corp.-Liberty Formula One, Class A(b)		711,154		40,834,463
Lions Gate Entertainment Corp., Class A(b) .		3,057,351		41,243,665
Live Nation Entertainment, Inc.(b)(c)		629,604		66,032,867

	Shares		Value
Movies &  Entertainment-(continued)
Madison Square Garden Sports Corp., Class A(b)		230,703	$	37,399,263
Manchester United PLC, Class A (United Kingdom)(c)(d)		3,039,045		41,148,669
Walt Disney Co. (The)(b)		497,690		55,557,135
Warner Bros Discovery, Inc.(b)		1,432,213		25,994,666
Warner Music Group Corp., Class A		1,115,771		33,216,503
World Wrestling Entertainment, Inc., Class A(c)		695,181		40,591,619
				419,333,576
Restaurants-8.40%
Arcos Dorados Holdings, Inc., Class A (Brazil)(c)		5,602,305		40,616,711
McDonald’s Corp.(c)		291,686		72,676,484
				113,293,195
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10% (Cost $1,487,027,117)				1,350,799,865
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-8.35%
Invesco Private Government Fund, 0.40%(d)(e)(f)		33,799,807		33,799,807
Invesco Private Prime Fund, 0.35%(d)(e)(f)		78,835,195		78,835,195
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $112,633,820)				112,635,002
TOTAL INVESTMENTS IN SECURITIES-108.45% (Cost $1,599,660,937)				1,463,434,867
OTHER ASSETS LESS LIABILITIES-(8.45)%				(114,013,151	)
NET ASSETS-100.00%			$	1,349,421,716

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, 2022.

^(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, 2022.

	Value April 30, 2021		Purchases   at Cost		Proceeds     from Sales		Change in Unrealized Appreciation (Depreciation)		Realized   Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	480,462	$	243,540,322	$	(244,020,784)	$	-	$	-	$	-	$	639

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, 2022

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments Purchased with Cash Collateral from
Securities on Loan: Invesco Private Government Fund		$	168,230,291		$	501,932,232		$	(636,362,716	)		$	-			$	-			$	33,799,807		$	31,743	*
Invesco Private Prime Fund			254,337,814			990,204,200			(1,165,683,833	)			1,180				(24,166	)			78,835,195			160,244	*
Investments in Other Affiliates:
Manchester United PLC, Class A			50,018,741			68,883,030			(72,248,127	)			(4,724,422	)			(780,553	)			41,148,669			-
Total		$	473,067,308		$	1,804,559,784		$	(2,118,315,460	)		$	(4,723,242	)		$	(804,719	)		$	153,783,671		$	192,626

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

  36   

Invesco Dynamic Media ETF (PBS)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.05%
Advertising-10.90%
Clear Channel Outdoor Holdings, Inc.(b)		332,516	$	817,989
Interpublic Group of Cos., Inc. (The)		34,080		1,111,690
Omnicom Group, Inc.(c)		14,750		1,122,918
TechTarget, Inc.(b)(c)		16,901		1,137,606
				4,190,203
Broadcasting-20.36%
Fox Corp., Class A		29,660		1,063,014
Gray Television, Inc.		60,379		1,118,219
iHeartMedia, Inc., Class A(b)		62,232		995,090
Nexstar Media Group, Inc., Class A		7,018		1,111,792
Paramount Global, Class B		44,532		1,296,772
Sinclair Broadcast Group, Inc., Class A		46,138		1,026,109
TEGNA, Inc.		55,269		1,218,681
				7,829,677
Cable & Satellite-3.21%
Sirius XM Holdings, Inc.(c)		206,023		1,236,138
Interactive Media & Services-30.81%
Alphabet, Inc., Class A(b)		878		2,003,763
Match Group, Inc.(b)		21,223		1,679,800
Meta Platforms, Inc., Class A(b)		11,257		2,256,691
Twitter, Inc.(b)(c)		69,049		3,384,782
Ziff Davis, Inc.(b)		12,217		1,079,494
ZipRecruiter, Inc., Class A(b)		64,031		1,441,338
				11,845,868
IT Consulting & Other Services-3.33%
Gartner, Inc.(b)		4,405		1,279,872
Movies & Entertainment-19.51%
Lions Gate Entertainment Corp., Class A(b)		94,385		1,273,254
Netflix, Inc.(b)		6,030		1,147,871
Spotify Technology S.A.(b)		15,224		1,547,520
Walt Disney Co. (The)(b)		15,350		1,713,520
Warner Bros Discovery, Inc.(b)		43,853		795,932
Warner Music Group Corp., Class A		34,364		1,023,016
				7,501,113

	Shares		Value
Publishing-11.93%
John Wiley & Sons, Inc., Class A		24,460		$  1,244,769
New York Times Co. (The), Class A		29,879		1,144,963
News Corp., Class A		56,682		1,125,705
Scholastic Corp.		29,089		1,071,930
				4,587,367
Total Common Stocks & Other Equity Interests (Cost $50,992,692)				38,470,238
Money Market Funds-0.22%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $85,837)		85,837		85,837
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.27% (Cost $51,078,529)				38,556,075
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-16.00%
Invesco Private Government Fund, 0.40%(d)(e)(f)		1,846,466		1,846,466
Invesco Private Prime Fund, 0.35%(d)(e)(f)		4,304,883		4,304,883
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,151,317)				6,151,349
TOTAL INVESTMENTS IN SECURITIES-116.27% (Cost $57,229,846)				44,707,424
OTHER ASSETS LESS LIABILITIES-(16.27)%				(6,257,531	)
NET ASSETS-100.00%				$38,449,893

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)			Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	103,023		$	1,659,639		$	(1,676,825)		$	-		$	-		$	85,837		$	59

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

  37   

Invesco Dynamic Media ETF (PBS)–(continued)

April 30, 2022

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	5,913,120		$	28,121,472		$	(32,188,126	)		$	-		$	-			$	1,846,466		$	1,284	*
Invesco Private Prime Fund			8,869,680			56,420,617			(60,983,888	)			32			(1,558	)			4,304,883			7,339	*
Total		$	14,885,823		$	86,201,728		$	(94,848,839	)		$	32		$	(1,558	)		$	6,237,186		$	8,682

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

  38   

Invesco Dynamic Networking ETF (PXQ)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Application Software-16.80%
Arqit Quantum, Inc. (United Kingdom)(b)(c)		85,829	$	693,498
Datadog, Inc., Class A(b)		15,216		1,837,789
Dynatrace, Inc.(b)		32,325		1,239,987
InterDigital, Inc.		20,519		1,166,505
Mimecast Ltd.(b)		16,627		1,324,839
New Relic, Inc.(b)		20,693		1,309,246
				7,571,864
Communications Equipment-29.48%
Arista Networks, Inc.(b)		10,828		1,251,392
Ciena Corp.(b)		19,163		1,057,223
Cisco Systems, Inc.		42,958		2,104,083
Extreme Networks, Inc.(b)		114,912		1,103,155
Juniper Networks, Inc.(c)		39,018		1,229,847
Lumentum Holdings, Inc.(b)(c)		13,564		1,101,533
Motorola Solutions, Inc.		6,191		1,322,955
NetScout Systems, Inc.(b)		42,984		1,323,907
Radware Ltd. (Israel)(b)		42,747		1,235,816
Ubiquiti, Inc.(c)		5,533		1,561,689
				13,291,600
Electronic Components-7.93%
Amphenol Corp., Class A		32,273		2,307,519
Belden, Inc.		24,525		1,266,226
				3,573,745
Internet Services & Infrastructure-3.27%
Akamai Technologies, Inc.(b)		13,134		1,474,686
Semiconductors-11.26%
Credo Technology Group Holding Ltd.(b)(c)		84,455		932,383
Marvell Technology, Inc.		36,260		2,105,981
QUALCOMM, Inc.		14,579		2,036,540
				5,074,904
Systems Software-26.04%
Check Point Software Technologies Ltd. (Israel)(b)		9,867		1,246,103
Fortinet, Inc.(b)		8,132		2,350,229

	Shares		Value
Systems Software-(continued)
KnowBe4, Inc., Class A(b)		68,672	$	1,634,394
Palo Alto Networks, Inc.(b)		5,086		2,854,670
Qualys, Inc.(b)		11,673		1,590,797
SecureWorks Corp., Class A(b)		91,929		1,014,896
Zscaler, Inc.(b)		5,177		1,049,585
				11,740,674
Technology Hardware, Storage & Peripherals-5.15%
Apple, Inc		14,718		2,320,293
Total Common Stocks & Other Equity Interests (Cost $46,898,912)				45,047,766
Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $41,355)		41,355		41,355
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $46,940,267)				45,089,121
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-10.62%
Invesco Private Government Fund, 0.40%(d)(e)(f) .		1,436,610		1,436,610
Invesco Private Prime Fund, 0.35%(d)(e)(f)		3,350,983		3,350,983
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,787,593)				4,787,593
TOTAL INVESTMENTS IN SECURITIES-110.64% (Cost $51,727,860)				49,876,714
OTHER ASSETS LESS LIABILITIES-(10.64)%				(4,794,847	)
NET ASSETS-100.00%			$	45,081,867

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases     at Cost			Proceeds from Sales			Change in Unrealized Appreciation			Realized   Gain (Loss)			Value April 30, 2022			Dividend  Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	131,683		$	1,208,721		$	(1,299,049)		$	-		$	-		$	41,355		$	29

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

  39   

Invesco Dynamic Networking ETF (PXQ)–(continued)

April 30, 2022

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	3,007,918		$	23,342,957		$	(24,914,265	)		$	-		$	-			$	1,436,610		$	895	*
Invesco Private Prime Fund			4,511,877			47,209,352			(48,369,864	)			-			(382	)			3,350,983			3,461	*
Total		$	7,651,478		$	71,761,030		$	(74,583,178	)		$	-		$	(382	)		$	4,828,948		$	4,385

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.66%
Oil & Gas Drilling-20.96%
Helmerich & Payne, Inc.(b)		105,091	$	4,837,339
Noble Corp.(c)		81,913		2,615,482
Patterson-UTI Energy, Inc.		266,589		4,382,723
Transocean Ltd.(b)(c)		639,843		2,405,810
				14,241,354
Oil & Gas Equipment & Services-71.09%
Archrock, Inc.		257,318		2,241,240
Baker Hughes Co., Class A		122,069		3,786,580
Cactus, Inc., Class A(b)		44,102		2,202,013
ChampionX Corp.		166,586		3,514,964
Core Laboratories N.V.(b)		81,387		2,116,062
Expro Group Holdings N.V.(b)(c)		144,042		2,200,962
Halliburton Co.		110,156		3,923,757
Liberty Energy, Inc., Class A(b)(c)		186,640		3,012,370
NexTier Oilfield Solutions, Inc.(b)(c)		291,004		3,209,774
NOV, Inc.		199,460		3,616,210
Oceaneering International, Inc.(c)		144,546		1,637,706
ProPetro Holding Corp.(b)(c)		177,511		2,510,005
RPC, Inc.(b)(c)		266,572		2,756,354
Schlumberger N.V.		87,909		3,429,330
TechnipFMC PLC (United Kingdom)(b)(c)		538,342		3,725,327
USA Compression Partners L.P.		124,222		2,201,214
Weatherford International PLC(c)		68,817		2,221,413
				48,305,281
Oil & Gas Storage & Transportation-7.61%
Frontline Ltd. (Norway)(b)(c)		250,995		2,090,788
Golar LNG Ltd. (Cameroon)(c)		137,863		3,077,102
				5,167,890
Total Common Stocks & Other Equity Interests (Cost $65,473,918)				67,714,525

	Shares		Value
Money Market Funds-0.19%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $126,244)		126,244	$	126,244
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.85% (Cost $65,600,162)				67,840,769
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-26.19%
Invesco Private Government Fund, 0.40%(d)(e)(f)		5,339,810		5,339,810
Invesco Private Prime Fund, 0.35%(d)(e)(f)		12,457,065		12,457,065
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $17,796,674)				17,796,875
TOTAL INVESTMENTS IN SECURITIES-126.04% (Cost $83,396,836)				85,637,644
OTHER ASSETS LESS LIABILITIES-(26.04)%				(17,691,178	)
NET ASSETS-100.00%			$	67,946,466

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases   at Cost			Proceeds from Sales			Change in Unrealized Appreciation			Realized   Gain (Loss)			Value April 30, 2022			Dividend  Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	105,292		$	11,472,328		$	(11,451,376)		$	-		$	-		$	126,244		$	76

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, 2022

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	4,682,156		$	31,354,674		$	(30,697,020	)		$	-		$	-			$	5,339,810		$	1,970	*
Invesco Private Prime Fund			7,023,233			62,850,560			(57,416,332	)			201			(597	)			12,457,065			6,298	*
Total		$	11,810,681		$	105,677,562		$	(99,564,728	)		$	201		$	(597	)		$	17,923,119		$	8,344

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

  42   

Invesco Dynamic Pharmaceuticals ETF (PJP)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Biotechnology-39.83%
AbbVie, Inc.		117,208	$	17,215,511
Amgen, Inc.(b)		77,055		17,968,456
Biogen, Inc.(c)		47,215		9,794,280
Emergent BioSolutions, Inc.(b)(c)		234,579		7,595,668
Enanta Pharmaceuticals, Inc.(c)		151,820		9,777,208
Gilead Sciences, Inc.		279,778		16,602,027
Horizon Therapeutics PLC(c)		106,794		10,525,617
Ligand Pharmaceuticals, Inc.(b)(c)		100,662		9,347,473
Regeneron Pharmaceuticals, Inc.(c)		16,431		10,829,836
Travere Therapeutics, Inc.(b)(c)		354,555		8,909,967
United Therapeutics Corp.(c)		51,149		9,082,016
				127,648,059
Health Care Equipment-5.14%
Abbott Laboratories		145,185		16,478,497
Pharmaceuticals-55.02%
Amphastar Pharmaceuticals, Inc.(b)(c)		379,552		13,462,710
Bausch Health Cos., Inc.(c)		419,580		7,976,216
Corcept Therapeutics, Inc.(c)		439,889		9,462,012
Eli Lilly and Co.		71,346		20,842,307
Innoviva, Inc.(b)(c)		516,222		8,806,747
Jazz Pharmaceuticals PLC(b)(c)		73,125		11,716,088
Johnson & Johnson		105,876		19,106,383
Merck & Co., Inc.		224,633		19,922,701
Pacira BioSciences, Inc.(b)(c)		157,970		11,779,823
Perrigo Co. PLC		272,823		9,357,829
Pfizer, Inc.		358,948		17,613,578
Prestige Consumer Healthcare, Inc.(c)		168,532		9,211,959
Supernus Pharmaceuticals, Inc.(b)(c)		307,649		8,583,407
Taro Pharmaceutical Industries Ltd.(b)(c)		216,200		8,485,850
				176,327,610
Total Common Stocks & Other Equity Interests (Cost $301,185,260)				320,454,166

	Shares		Value
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $137,871)		137,871	$	137,871
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.03% (Cost $301,323,131)				320,592,037
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-19.01%
Invesco Private Government Fund, 0.40%(d)(e)(f)		18,280,630		18,280,630
Invesco Private Prime Fund, 0.35%(d)(e)(f)		42,636,270		42,636,270
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $60,916,627)				60,916,900
TOTAL INVESTMENTS IN SECURITIES-119.04% (Cost $362,239,758)				381,508,937
OTHER ASSETS LESS LIABILITIES-(19.04)%				(61,026,587	)
NET ASSETS-100.00%			$	320,482,350

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases     at Cost			Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)			Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	11,567,269		$	(11,429,398)		$	-		$	-		$	137,871		$	153

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

  43   

Invesco Dynamic Pharmaceuticals ETF (PJP)–(continued)

April 30, 2022

	Value April 30, 2021			Purchases     at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	1,171,074		$	110,173,917		$	(93,064,361)			$	-		$	-			$	18,280,630		$	7,642	*
Invesco Private Prime Fund			1,756,610			228,588,537			(187,698,817	)			273			(10,333	)			42,636,270			27,313	*
Total		$	2,927,684		$	350,329,723		$	(292,192,576	)		$	273		$	(10,333	)		$	61,054,771		$	35,108

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

  44   

Invesco Dynamic Semiconductors ETF (PSI)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.06%
Electronic Manufacturing Services-2.80%
TE Connectivity Ltd. (Switzerland)		132,571	$	16,542,209
Semiconductor Equipment-29.63%
Amkor Technology, Inc.		820,411		15,431,931
Applied Materials, Inc.		262,457		28,962,130
Axcelis Technologies, Inc.(b)		285,087		15,522,987
Camtek Ltd. (Israel)(b)(c)		555,968		16,512,250
Entegris, Inc.		147,016		16,376,112
KLA Corp.		52,422		16,736,248
Kulicke & Soffa Industries, Inc. (Singapore)(c)		365,801		16,976,824
Nova Ltd. (Israel)(b)		165,519		16,321,829
Onto Innovation, Inc.(b)(c)		220,810		15,708,423
Veeco Instruments, Inc.(b)(c)		713,087		16,343,954
				174,892,688
Semiconductors-64.82%
Advanced Micro Devices, Inc.(b)		295,629		25,282,192
Allegro MicroSystems, Inc. (Japan)(b)(c)		682,070		16,581,122
Alpha & Omega Semiconductor Ltd.(b)(c)		371,703		15,946,059
Analog Devices, Inc.		212,491		32,804,361
Broadcom, Inc.		59,188		32,813,235
Diodes, Inc.(b)		214,035		15,630,976
Lattice Semiconductor Corp.(b)		314,250		15,096,570
MACOM Technology Solutions Holdings, Inc.(b)		320,244		16,316,432
MaxLinear, Inc.(b)		309,112		14,797,191
Micron Technology, Inc.(c)		377,471		25,739,747
NVIDIA Corp.		146,149		27,106,255
NXP Semiconductors N.V. (China)		99,610		17,023,349
ON Semiconductor Corp.(b)		319,088		16,627,676
Power Integrations, Inc.		212,491		16,999,280
QUALCOMM, Inc.		206,070		28,785,918
SiTime Corp.(b)(c)		102,365		17,255,668
Synaptics, Inc.(b)		86,965		12,909,085
Texas Instruments, Inc.		205,088		34,916,232
				382,631,348

	Shares		Value
Specialty Chemicals-2.81%
Atotech Ltd. (China)(b)		779,264	$	16,598,323
Total Common Stocks & Other Equity Interests (Cost $682,477,296)				590,664,568
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $114,354)		114,354		114,354
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.08% (Cost $682,591,650)				590,778,922
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.51%
Invesco Private Government Fund, 0.40%(d)(e)(f)		11,548,793		11,548,793
Invesco Private Prime Fund, 0.35%(d)(e)(f)		26,909,169		26,909,169
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $38,456,702)				38,457,962
TOTAL INVESTMENTS IN SECURITIES-106.59% (Cost $721,048,352)				629,236,884
OTHER ASSETS LESS LIABILITIES-(6.59)%				(38,927,190	)
NET ASSETS-100.00%			$	590,309,694

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases   at Cost			Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)			Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	452,681		$	17,710,033		$	(18,048,360)		$	-		$	-		$	114,354		$	217

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

  45   

Invesco Dynamic Semiconductors ETF (PSI)–(continued)

April 30, 2022

	Value April 30, 2021			Purchases   at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments Purchased with Cash
Collateral from Securities on Loan:
Invesco Private Government Fund		$	13,444,543		$	180,249,466		$	(182,145,216	)		$	-		$	-			$	11,548,793		$	11,440	*
Invesco Private Prime Fund			20,166,814			365,068,783			(358,312,284	)			1,260			(15,404	)			26,909,169			38,922	*
Total		$	34,064,038		$	563,028,282		$	(558,505,860	)		$	1,260		$	(15,404	)		$	38,572,316		$	50,579

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

  46   

Invesco Dynamic Software ETF (PSJ)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.03%
Advertising-2.61%
PubMatic, Inc., Class A(b)		278,327	$	6,281,840
Application Software-36.69%
Aspen Technology, Inc.(b)		49,686		7,877,218
Box, Inc., Class A(b)		284,294		8,705,082
Cadence Design Systems, Inc.(b)		97,028		14,636,674
Datadog, Inc., Class A(b)		82,536		9,968,698
Fair Isaac Corp.(b)		14,746		5,507,779
Manhattan Associates, Inc.(b)		56,500		7,376,075
Mimecast Ltd.(b)		90,192		7,186,499
Paylocity Holding Corp.(b)		36,445		6,911,065
SPS Commerce, Inc.(b)		58,294		6,973,711
Synopsys, Inc.(b)		45,320		12,997,323
				88,140,124
Communications Equipment-2.99%
NetScout Systems, Inc.(b)		233,159		7,181,297
Data Processing & Outsourced Services-13.58%
Concentrix Corp.		36,793		5,794,162
CSG Systems International, Inc.		120,063		7,380,272
Jack Henry & Associates, Inc.		42,250		8,009,755
SS&C Technologies Holdings, Inc.		176,783		11,430,789
				32,614,978
Health Care Services-3.35%
Signify Health, Inc., Class A(b)(c)		583,186		8,047,967
Health Care Technology-10.68%
Cerner Corp.		142,859		13,377,317
Doximity, Inc., Class A(b)(c)		127,803		5,095,505
NextGen Healthcare, Inc.(b)		380,826		7,178,570
				25,651,392
Interactive Home Entertainment-14.36%
Activision Blizzard, Inc.		161,498		12,209,249
Playtika Holding Corp.(b)(c)		407,499		7,163,832
ROBLOX Corp., Class A(b)(c)		272,115		8,340,325
Zynga, Inc., Class A(b)		821,549		6,794,210
				34,507,616

	Shares		Value
Interactive Media & Services-2.91%
Bumble, Inc., Class A(b)(c)		291,831	$	7,001,026
Movies & Entertainment-2.27%
Roku, Inc., Class A(b)(c)		58,672		5,450,629
Systems Software-10.59%
Microsoft Corp.		45,592		12,652,692
NortonLifeLock, Inc.		263,274		6,592,381
Teradata Corp.(b)(c)		149,734		6,191,501
				25,436,574
Total Common Stocks & Other Equity Interests (Cost $289,245,770)				240,313,443
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $10,951)		10,951		10,951
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.04% (Cost $289,256,721)				240,324,394
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-15.89%
Invesco Private Government Fund, 0.40%(d)(e)(f)		11,459,301		11,459,301
Invesco Private Prime Fund, 0.35%(d)(e)(f)		26,722,975		26,722,975
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $38,180,967)				38,182,276
TOTAL INVESTMENTS IN SECURITIES-115.93% (Cost $327,437,688)				278,506,670
OTHER ASSETS LESS LIABILITIES-(15.93)%				(38,268,481	)
NET ASSETS-100.00%			$	240,238,189

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases   at Cost			Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain (Loss)			Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	17,939,917		$	32,452,195		$	(50,381,161)		$	-		$	-		$	10,951		$	203

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

  47   

Invesco Dynamic Software ETF (PSJ)–(continued)

April 30, 2022

	Value April 30, 2021			Purchases   at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments Purchased with Cash
Collateral from Securities on Loan:
Invesco Private Government Fund		$	41,102,963		$	218,169,151		$	(247,812,813	)		$	-		$	-			$	11,459,301		$	10,037	*
Invesco Private Prime Fund			61,654,445			473,449,001			(508,368,419	)			1,308			(13,360	)			26,722,975			63,254	*
Total		$	120,697,325		$	724,070,347		$	(806,562,393	)		$	1,308		$	(13,360	)		$	38,193,227		$	73,494

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

  48   

(This Page Intentionally Left Blank)

  49   

Statements of Assets and Liabilities

April 30, 2022

	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)		$	208,275,290			$	147,284,069			$	264,035,606			$	302,579,285
Affiliated investments in securities, at value			54,059,530				2,926,280				38,700,292				39,204,743
Cash			-				-				2,993				-
Receivable for:
Dividends			47				85,973				33,385				121,785
Securities lending			4,450				854				52,385				1,770
Investments sold			-				3,316,777				-				-
Investments sold - affiliated broker			-				-				-				-
Fund shares sold			-				-				-				7,984,267
Other assets			-				-				-				-
Total assets			262,339,317				153,613,953				302,824,661				349,891,850
Liabilities:
Due to custodian			-				-				-				-
Payable for:
Investments purchased			-				-				-				7,976,099
Collateral upon return of securities loaned			53,920,110				2,783,728				38,357,077				38,839,892
Fund shares repurchased			-				3,310,537				-				-
Expenses recaptured			-				-				17,367				13,797
Accrued advisory fees			93,651				65,384				110,338				95,300
Accrued trustees’ and officer’s fees			88,726				61,450				62,686				72,919
Accrued expenses			46,096				71,030				58,950				41,105
Accrued tax expenses			-				-				2,016				-
Total liabilities			54,148,583				6,292,129				38,608,434				47,039,112
Net Assets		$	208,190,734			$	147,321,824			$	264,216,227			$	302,852,738
Net assets consist of:
Shares of beneficial interest		$	505,227,317			$	256,987,010			$	323,758,170			$	373,958,941
Distributable earnings (loss)			(297,036,583	)			(109,665,186	)			(59,541,943	)			(71,106,203	)
Net Assets		$	208,190,734			$	147,321,824			$	264,216,227			$	302,852,738
Shares outstanding (unlimited amount authorized, $0.01 par value)			3,700,000				3,560,000				9,490,000				6,490,000
Net asset value		$	56.27			$	41.38			$	27.84			$	46.66
Market price		$	56.24			$	41.38			$	27.79			$	46.70
Unaffiliated investments in securities, at cost		$	230,189,309			$	161,980,631			$	197,192,428			$	286,752,231
Affiliated investments in securities, at cost		$	54,058,197			$	2,926,280			$	38,697,788			$	39,204,743
(a) Includes securities on loan with an aggregate value of:		$	51,397,436			$	2,668,281			$	36,092,844			$	37,244,267

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)
	$	1,309,651,196			$	38,470,238			$	45,047,766			$	67,714,525			$	320,454,166			$	590,664,568			$	240,313,443
		153,783,671				6,237,186				4,828,948				17,923,119				61,054,771				38,572,316				38,193,227
		-				-				-				-				-				-				-
		-				4,384				9				30				233,544				52				86,052
		31,839				5,016				102,190				2,398				4,175				5,664				3,334
		-				56,433				-				65,216				-				3,407,944				-
		-				-				-				178,580				-				-				-
		3,030,445				-				-				-				-				-				-
		713				-				2,410				-				-				-				-
		1,466,497,864				44,773,257				49,981,323				85,883,868				381,746,656				632,650,544				278,596,056
		608,634				-				-				-				-				-				-
		3,028,908				-				-				-				-				-				-
		112,633,820				6,151,317				4,787,593				17,796,674				60,916,627				38,456,702				38,180,967
		-				56,433				-				-				-				3,405,646				-
		-				-				-				1,450				-				-				-
		570,073				16,016				19,080				29,346				140,260				270,322				107,442
		64,128				64,703				54,889				73,859				136,453				60,734				63,507
		170,585				34,895				37,894				36,073				70,966				147,446				5,951
		-				-				-				-				-				-				-
		117,076,148				6,323,364				4,899,456				17,937,402				61,264,306				42,340,850				38,357,867
	$	1,349,421,716			$	38,449,893			$	45,081,867			$	67,946,466			$	320,482,350			$	590,309,694			$	240,238,189
	$	1,804,779,233			$	141,966,754			$	93,708,487			$	175,189,646			$	736,739,481			$	717,919,396			$	423,104,322
		(455,357,517	)			(103,516,861	)			(48,626,620	)			(107,243,180	)			(416,257,131	)			(127,609,702	)			(182,866,133	)
	$	1,349,421,716			$	38,449,893			$	45,081,867			$	67,946,466			$	320,482,350			$	590,309,694			$	240,238,189
		31,170,000				950,000				560,000				15,690,000				4,220,000				5,400,000				2,430,000
	$	43.29			$	40.47			$	80.50			$	4.33			$	75.94			$	109.32			$	98.86
	$	43.29			$	40.43			$	80.36			$	4.33			$	75.97			$	109.31			$	98.80
	$	1,442,159,834			$	50,992,692			$	46,898,912			$	65,473,918			$	301,185,260			$	682,477,296			$	289,245,770
	$	157,501,103			$	6,237,154			$	4,828,948			$	17,922,918			$	61,054,498			$	38,571,056			$	38,191,918
	$	106,465,967			$	5,906,883			$	4,513,900			$	16,513,697			$	58,510,436			$	36,468,588			$	35,708,680

  51   

Statements of Operations

For the year ended April 30, 2022

	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		$	1,092,749			$	2,260,256			$	3,753,197			$	1,683,742
Affiliated dividend income			100				202				167				130
Non-cash dividend income			-				-				318,815				-
Securities lending income			75,036				32,474				76,104				23,170
Foreign withholding tax			-				-				-				-
Total investment income			1,167,885				2,292,932				4,148,283				1,707,042
Expenses:
Advisory fees			1,352,934				1,338,923				681,416				605,543
Sub-licensing fees			81,175				80,334				40,884				36,332
Accounting & administration fees			29,794				23,808				13,466				17,000
Professional fees			26,961				27,098				26,578				25,775
Custodian & transfer agent fees			3,158				2,640				2,207				2,344
Trustees’ and officer’s fees			15,719				13,768				12,260				12,971
Recapture (Note 3)			-				-				61,292				38,525
Tax expenses			-				-				2,029				-
Other expenses			32,858				33,511				22,573				26,336
Total expenses			1,542,599				1,520,082				862,705				764,826
Less: Waivers			(11	)			(11	)			(1,973	)			(1,857	)
Net expenses			1,542,588				1,520,071				860,732				762,969
Net investment income (loss)			(374,703	)			772,861				3,287,551				944,073
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(40,276,639	)			(29,128,261	)			(131,640	)			(4,012,085	)
Affiliated investment securities			(12,295	)			401				(8,047	)			(3,534	)
In-kind redemptions			19,115,811				43,657,892				14,346,792				13,353,971
Net realized gain (loss)			(21,173,123	)			14,530,032				14,207,105				9,338,352
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(53,264,767	)			(67,504,990	)			67,344,661				3,401,747
Affiliated investment securities			1,333				-				2,504				-
Change in net unrealized appreciation (depreciation)			(53,263,434	)			(67,504,990	)			67,347,165				3,401,747
Net realized and unrealized gain (loss)			(74,436,557	)			(52,974,958	)			81,554,270				12,740,099
Net increase (decrease) in net assets resulting from operations		$	(74,811,260	)		$	(52,202,097	)		$	84,841,821			$	13,684,172

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

  52   

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)
	$	11,466,843			$	645,103			$	611,608			$	267,803			$	5,729,136			$	5,449,499			$	4,263,777
		639				59				29				76				153				217				203
		-				-				-				-				-				-				-
		1,708,539				28,637				767,805				10,699				57,537				505,231				172,963
		-				-				-				(62	)			-				(42,631	)			-
		13,176,021				673,799				1,379,442				278,516				5,786,826				5,912,316				4,436,943
		7,140,402				450,050				225,836				185,340				1,952,881				3,623,191				2,201,529
		428,416				27,002				13,550				11,120				117,171				217,387				132,089
		53,983				15,702				15,696				12,857				35,714				60,577				52,982
		34,736				26,805				25,488				26,295				27,662				29,305				28,675
		6,232				2,502				2,010				2,268				3,855				3,272				5,644
		25,687				12,443				11,247				12,521				19,993				17,405				16,156
		-				20,166				-				1,451				-				-				-
		-				-				-				-				-				-				-
		97,396				25,102				18,964				22,406				36,896				41,649				42,760
		7,786,852				579,772				312,791				274,258				2,194,172				3,992,786				2,479,835
		(5,196	)			(12,365	)			(28,240	)			(40,738	)			(17	)			(21	)			(22	)
		7,781,656				567,407				284,551				233,520				2,194,155				3,992,765				2,479,813
		5,394,365				106,392				1,094,891				44,996				3,592,671				1,919,551				1,957,130
		(293,799,717	)			(7,486,840	)			(2,147,091	)			(4,427,903	)			(10,817,853	)			(27,608,878	)			(138,570,021	)
		(804,719	)			(1,558	)			(382	)			(597	)			(10,333	)			(15,404	)			(13,360	)
		413,474,536				14,470,726				7,102,319				412,800				40,969,228				146,371,015				56,582,004
		118,870,100				6,982,328				4,954,846				(4,015,700	)			30,141,042				118,746,733				(82,001,377	)
		(132,230,581	)			(20,717,676	)			(9,231,646	)			11,505,685				(37,448,867	)			(212,527,050	)			(88,602,665	)
		(4,723,242	)			32				-				201				273				1,260				1,308
		(136,953,823	)			(20,717,644	)			(9,231,646	)			11,505,886				(37,448,594	)			(212,525,790	)			(88,601,357	)
		(18,083,723	)			(13,735,316	)			(4,276,800	)			7,490,186				(7,307,552	)			(93,779,057	)			(170,602,734	)
	$	(12,689,358	)		$	(13,628,924	)		$	(3,181,909	)		$	7,535,182			$	(3,714,881	)		$	(91,859,506	)		$	(168,645,604	)

  53   

Statements of Changes in Net Assets

For the years ended April 30, 2022 and 2021

	Invesco Dynamic Biotechnology & Genome ETF (PBE)						Invesco Dynamic Building & Construction ETF (PKB)
	2022			2021			2022			2021
Operations:
Net investment income (loss)	$	(374,703	)	$	(761,244	)	$	772,861		$	392,227
Net realized gain (loss)		(21,173,123	)		67,179,974			14,530,032			32,425,536
Change in net unrealized appreciation (depreciation)		(53,263,434	)		19,983,176			(67,504,990	)		66,926,455
Net increase (decrease) in net assets resulting from operations		(74,811,260	)		86,401,906			(52,202,097	)		99,744,218
Distributions to Shareholders from:
Distributable earnings		-			-			(775,962	)		(433,800	)
Shareholder Transactions:
Proceeds from shares sold		75,848,619			249,457,084			262,827,248			288,004,286
Value of shares repurchased		(80,679,558	)		(268,637,283	)		(342,320,529	)		(177,274,953	)
Net increase (decrease) in net assets resulting from share transactions		(4,830,939	)		(19,180,199	)		(79,493,281	)		110,729,333
Net increase (decrease) in net assets		(79,642,199	)		67,221,707			(132,471,340	)		210,039,751
Net assets:
Beginning of year		287,832,933			220,611,226			279,793,164			69,753,413
End of year	$	208,190,734		$	287,832,933		$	147,321,824		$	279,793,164
Changes in Shares Outstanding:
Shares sold		1,050,000			3,900,000			5,050,000			7,060,000
Shares repurchased		(1,170,000	)		(4,230,000	)		(6,930,000	)		(4,320,000	)
Shares outstanding, beginning of year		3,820,000			4,150,000			5,440,000			2,700,000
Shares outstanding, end of year		3,700,000			3,820,000			3,560,000			5,440,000

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

  54   

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)
2022				2021				2022				2021				2022				2021				2022				2021
	$	3,287,551			$	317,580			$	944,073			$	970,097			$	5,394,365			$	5,114,517			$	106,392			$	475,547
		14,207,105				(2,089,734	)			9,338,352				7,662,630				118,870,100				187,824,254				6,982,328				14,734,003
		67,347,165				7,722,823				3,401,747				13,690,303				(136,953,823	)			8,487,025				(20,717,644	)			10,739,630
		84,841,821				5,950,669				13,684,172				22,323,030				(12,689,358	)			201,425,796				(13,628,924	)			25,949,180
		(2,912,994	)			(792,552	)			(1,060,636	)			(944,117	)			(5,931,416	)			(5,848,193	)			(290,662	)			(314,727	)
		182,255,982				67,146,279				295,475,317				66,742,608				1,001,348,301				2,258,717,893				81,740,045				78,466,053
		(59,561,855	)			(29,403,787	)			(88,981,438	)			(68,132,059	)			(1,420,572,743	)			(802,618,106	)			(112,055,816	)			(52,082,996	)
		122,694,127				37,742,492				206,493,879				(1,389,451	)			(419,224,442	)			1,456,099,787				(30,315,771	)			26,383,057
		204,622,954				42,900,609				219,117,415				19,989,462				(437,845,216	)			1,651,677,390				(44,235,357	)			52,017,510
		59,593,273				16,692,664				83,735,323				63,745,861				1,787,266,932				135,589,542				82,685,250				30,667,740
	$	264,216,227			$	59,593,273			$	302,852,738			$	83,735,323			$	1,349,421,716			$	1,787,266,932			$	38,449,893			$	82,685,250
		8,470,000				4,820,000				6,510,000				1,870,000				20,770,000				53,600,000				1,560,000				1,570,000
		(2,930,000	)			(2,520,000	)			(2,050,000	)			(1,940,000	)			(28,450,000	)			(19,700,000	)			(2,200,000	)			(1,080,000	)
		3,950,000				1,650,000				2,030,000				2,100,000				38,850,000				4,950,000				1,590,000				1,100,000
		9,490,000				3,950,000				6,490,000				2,030,000				31,170,000				38,850,000				950,000				1,590,000

  55   

Statements of Changes in Net Assets–(continued)

For the years ended April 30, 2022 and 2021

	Invesco Dynamic Networking ETF (PXQ)						Invesco Dynamic Oil & Gas Services ETF (PXJ)
	2022			2021			2022			2021
Operations:
Net investment income (loss)	$	1,094,891		$	57,325		$	44,996		$	348,603
Net realized gain (loss)		4,954,846			15,522,503			(4,015,700	)		(5,447,439	)
Change in net unrealized appreciation (depreciation)		(9,231,646	)		4,796,766			11,505,886			(1,639,162	)
Net increase (decrease) in net assets resulting from operations		(3,181,909	)		20,376,594			7,535,182			(6,737,998	)
Distributions to Shareholders from:
Distributable earnings		(519,279	)		(100,661	)		(138,481	)		(1,344,733	)
Shareholder Transactions:
Proceeds from shares sold		43,601,425			40,969,788			47,048,626			70,697,978
Value of shares repurchased		(36,666,587	)		(65,467,082	)		(42,416,400	)		(12,668,363	)
Net increase (decrease) in net assets resulting from share transactions		6,934,838			(24,497,294	)		4,632,226			58,029,615
Net increase (decrease) in net assets		3,233,650			(4,221,361	)		12,028,927			49,946,884
Net assets:
Beginning of year		41,848,217			46,069,578			55,917,539			5,970,655
End of year	$	45,081,867		$	41,848,217		$	67,946,466		$	55,917,539
Changes in Shares Outstanding:
Shares sold		470,000			540,000			10,540,000			18,710,000
Shares repurchased		(400,000	)		(850,000	)		(12,000,000	)		(4,060,000	)
Shares outstanding, beginning of year		490,000			800,000			17,150,000			2,500,000
Shares outstanding, end of year		560,000			490,000			15,690,000			17,150,000

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

  56   

Invesco Dynamic Pharmaceuticals ETF (PJP)						Invesco Dynamic Semiconductors ETF (PSI)						Invesco Dynamic Software ETF (PSJ)
2022			2021			2022			2021			2022			2021
$	3,592,671		$	2,662,229		$	1,919,551		$	734,431		$	1,957,130		$	(1,751,609	)
	30,141,042			54,774,786			118,746,733			115,320,887			(82,001,377	)		245,206,146
	(37,448,594	)		23,350,012			(212,525,790	)		90,186,258			(88,601,357	)		22,821,313
	(3,714,881	)		80,787,027			(91,859,506	)		206,241,576			(168,645,604	)		266,275,850
	(3,500,523	)		(2,788,878	)		(1,713,558	)		(708,334	)		(23,142,175	)		-
	113,139,478			93,067,327			644,996,347			468,344,805			188,174,802			705,257,723
	(143,944,893	)		(169,059,725	)		(594,389,766	)		(269,548,269	)		(378,234,226	)		(749,787,527	)
	(30,805,415	)		(75,992,398	)		50,606,581			198,796,536			(190,059,424	)		(44,529,804	)
	(38,020,819	)		2,005,751			(42,966,483	)		404,329,778			(381,847,203	)		221,746,046
	358,503,169			356,497,418			633,276,177			228,946,399			622,085,392			400,339,346
$	320,482,350		$	358,503,169		$	590,309,694		$	633,276,177		$	240,238,189		$	622,085,392
	1,430,000			1,300,000			4,740,000			4,360,000			1,220,000			5,060,000
	(1,800,000	)		(2,410,000	)		(4,570,000	)		(2,730,000	)		(2,600,000	)		(5,300,000	)
	4,590,000			5,700,000			5,230,000			3,600,000			3,810,000			4,050,000
	4,220,000			4,590,000			5,400,000			5,230,000			2,430,000			3,810,000

  57   

Financial Highlights

Invesco Dynamic Biotechnology & Genome ETF (PBE)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	75.35		$	53.16		$	52.22		$	48.02		$	43.11
Net investment income (loss)(a)		(0.10	)		(0.19	)		0.00	(b)		(0.16	)		0.00	(b)
Net realized and unrealized gain (loss) on investments		(18.98	)		22.38			0.97			4.36			5.13
Total from investment operations		(19.08	)		22.19			0.97			4.20			5.13
Distributions to shareholders from:
Net investment income		-			-			(0.03	)		(0.00	)(c)		(0.22	)
Net asset value at end of year	$	56.27		$	75.35		$	53.16		$	52.22		$	48.02
Market price at end of year(d)	$	56.24		$	75.31		$	53.27		$	52.22		$	48.08
Net Asset Value Total Return(e)		(25.32	)%		41.74	%		1.87	%		8.75	%		11.94	%
Market Price Total Return(e)		(25.32	)%		41.37	%		2.08	%		8.62	%		12.04	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	208,191		$	287,833		$	220,611		$	248,027		$	232,910
Ratio to average net assets of:
Expenses		0.57	%		0.59	%		0.58	%		0.57	%		0.59	%
Net investment income (loss)		(0.14	)%		(0.30	)%		0.01	%		(0.29	)%		0.01	%
Portfolio turnover rate(f)		121	%		151	%		252	%		117	%		141	%

^(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,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	51.43		$	25.83		$	30.04		$	30.33		$	29.58
Net investment income(a)		0.14			0.10			0.12			0.13			0.08
Net realized and unrealized gain (loss) on investments		(10.05	)		25.62			(4.19	)		(0.29	)		0.73
Total from investment operations		(9.91	)		25.72			(4.07	)		(0.16	)		0.81
Distributions to shareholders from:
Net investment income		(0.14	)		(0.12	)		(0.14	)		(0.13	)		(0.06	)
Net asset value at end of year	$	41.38		$	51.43		$	25.83		$	30.04		$	30.33
Market price at end of year(b)	$	41.38		$	51.48		$	25.89		$	30.05		$	30.34
Net Asset Value Total Return(c)		(19.31	)%		99.81	%		(13.59	)%		(0.47	)%		2.73	%
Market Price Total Return(c)		(19.39	)%		99.54	%		(13.42	)%		(0.47	)%		2.70	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	147,322		$	279,793		$	69,753		$	118,639		$	280,510
Ratio to average net assets of:
Expenses		0.57	%		0.60	%		0.59	%		0.60	%		0.58	%
Net investment income		0.29	%		0.25	%		0.38	%		0.44	%		0.24	%
Portfolio turnover rate(d)		151	%		136	%		139	%		148	%		143	%

^(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.

  58   

Financial Highlights–(continued)

Invesco Dynamic Energy Exploration & Production ETF (PXE)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	15.09		$	10.12		$	19.55		$	24.06		$	20.28
Net investment income(a)		0.51			0.15			0.26			0.20			0.28
Net realized and unrealized gain (loss) on investments		12.68			5.22			(9.41	)		(4.48	)		3.89
Total from investment operations		13.19			5.37			(9.15	)		(4.28	)		4.17
Distributions to shareholders from:
Net investment income		(0.44	)		(0.40	)		(0.28	)		(0.23	)		(0.39	)
Net asset value at end of year	$	27.84		$	15.09		$	10.12		$	19.55		$	24.06
Market price at end of year(b)	$	27.79		$	15.12		$	10.11		$	19.57		$	24.12
Net Asset Value Total Return(c)		88.75	%		55.47	%		(47.06	)%		(17.84	)%		21.00	%
Market Price Total Return(c)		88.04	%		55.94	%		(47.17	)%		(17.96	)%		21.31	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	264,216		$	59,593		$	16,693		$	40,078		$	49,324
Ratio to average net assets of:
Expenses, after Waivers		0.63	%		0.63	%		0.65	%(d)		0.63	%		0.65	%
Expenses, prior to Waivers		0.63	%		0.95	%		0.86	%(d)		0.64	%		0.77	%
Net investment income		2.41	%		1.30	%		1.80	%(d)		0.82	%		1.37	%
Portfolio turnover rate(e)		63	%		73	%		126	%		110	%		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 0.02%.

^(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.

Invesco Dynamic Food & Beverage ETF (PBJ)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	41.25		$	30.36		$	34.21		$	32.81		$	33.75
Net investment income(a)		0.34			0.47			0.41			0.34			0.41
Net realized and unrealized gain (loss) on investments		5.46			10.87			(3.81	)		1.39			(0.99	)
Total from investment operations		5.80			11.34			(3.40	)		1.73			(0.58	)
Distributions to shareholders from:
Net investment income		(0.39	)		(0.45	)		(0.45	)		(0.33	)		(0.36	)
Net asset value at end of year	$	46.66		$	41.25		$	30.36		$	34.21		$	32.81
Market price at end of year(b)	$	46.70		$	41.27		$	30.38		$	34.19		$	32.76
Net Asset Value Total Return(c)		14.14	%		37.65	%		(10.00	)%		5.37	%		(1.70	)%
Market Price Total Return(c)		14.18	%		37.63	%		(9.90	)%		5.47	%		(1.82	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	302,853		$	83,735		$	63,746		$	71,831		$	78,732
Ratio to average net assets of:
Expenses, after Waivers		0.63	%		0.63	%		0.64	%(d)		0.63	%		0.63	%
Expenses, prior to Waivers		0.63	%		0.68	%		0.64	%(d)		0.65	%		0.65	%
Net investment income		0.78	%		1.35	%		1.23	%(d)		1.05	%		1.25	%
Portfolio turnover rate(e)		98	%		116	%		136	%		122	%		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)  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 Leisure and Entertainment ETF (PEJ)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	46.00		$	27.39		$	44.80		$	44.89		$	42.00
Net investment income(a)		0.18			0.31	(b)		0.18			0.19			0.41
Net realized and unrealized gain (loss) on investments		(2.68	)		18.62			(17.35	)		(0.05	)		2.86
Total from investment operations		(2.50	)		18.93			(17.17	)		0.14			3.27
Distributions to shareholders from:
Net investment income		(0.21	)		(0.32	)		(0.24	)		(0.23	)		(0.38	)
Net asset value at end of year	$	43.29		$	46.00		$	27.39		$	44.80		$	44.89
Market price at end of year(c)	$	43.29		$	45.93		$	27.48		$	44.78		$	44.96
Net Asset Value Total Return(d)		(5.47	)%		69.34	%		(38.42	)%		0.33	%		7.84	%
Market Price Total Return(d)		(5.32	)%		68.53	%		(38.19	)%		0.12	%		8.01	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,349,422		$	1,787,267		$	135,590		$	67,201		$	116,724
Ratio to average net assets of:
Expenses, after Waivers		0.54	%		0.55	%		0.64	%(e)		0.63	%		0.63	%
Expenses, prior to Waivers		0.55	%		0.55	%		0.70	%(e)		0.63	%		0.65	%
Net investment income		0.38	%		0.76	%(b)		0.47	%(e)		0.42	%		0.97	%
Portfolio turnover rate(f)		153	%		126	%		163	%		207	%		177	%

^(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 $0.01 and 0.02%, 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 0.01%.

^(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.

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

  60   

Financial Highlights–(continued)

Invesco Dynamic Media ETF (PBS)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	52.00		$	27.88		$	34.65		$	29.14		$	27.97
Net investment income(a)		0.06			0.40	(b)		0.12			0.16			0.15
Net realized and unrealized gain (loss) on investments		(11.42	)		23.96			(6.75	)		5.58			1.14
Total from investment operations		(11.36	)		24.36			(6.63	)		5.74			1.29
Distributions to shareholders from:
Net investment income		(0.17	)		(0.24	)		(0.14	)		(0.23	)		(0.12	)
Net asset value at end of year	$	40.47		$	52.00		$	27.88		$	34.65		$	29.14
Market price at end of year(c)	$	40.43		$	51.96		$	27.85		$	34.65		$	29.16
Net Asset Value Total Return(d)		(21.90	)%		87.47	%		(19.20	)%		19.81	%		4.64	%
Market Price Total Return(d)		(21.92	)%		87.53	%		(19.28	)%		19.73	%		4.67	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	38,450		$	82,685		$	30,668		$	88,348		$	48,080
Ratio to average net assets of:
Expenses, after Waivers		0.63	%		0.63	%		0.64	%(e)		0.63	%		0.63	%
Expenses, prior to Waivers		0.64	%		0.72	%		0.67	%(e)		0.67	%		0.68	%
Net investment income		0.12	%		0.94	%(b)		0.36	%(e)		0.49	%		0.53	%
Portfolio turnover rate(f)		99	%		99	%		146	%		103	%		150	%

^(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 $0.04 and 0.08%, 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 0.01%.

^(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.

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

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Financial Highlights–(continued)

Invesco Dynamic Networking ETF (PXQ)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	85.40		$	57.59		$	63.16		$	50.08		$	43.58
Net investment income(a)		2.23	(b)		0.08			0.10			0.66			0.18
Net realized and unrealized gain (loss) on investments		(6.10	)		27.86			(5.51	)		13.13			6.62
Total from investment operations		(3.87	)		27.94			(5.41	)		13.79			6.80
Distributions to shareholders from:
Net investment income		(1.03	)		(0.13	)		(0.16	)		(0.71	)		(0.30	)
Net asset value at end of year	$	80.50		$	85.40		$	57.59		$	63.16		$	50.08
Market price at end of year(c)	$	80.36		$	85.46		$	57.51		$	63.14		$	50.10
Net Asset Value Total Return(d)		(4.67	)%		48.59	%		(8.56	)%		27.90	%		15.70	%
Market Price Total Return(d)		(4.91	)%		48.90	%		(8.66	)%		27.81	%		15.73	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	45,082		$	41,848		$	46,070		$	101,051		$	60,091
Ratio to average net assets of:
Expenses, after Waivers		0.63	%		0.63	%		0.64	%(e)		0.63	%		0.63	%
Expenses, prior to Waivers		0.69	%		0.73	%		0.65	%(e)		0.64	%		0.83	%
Net investment income		2.42	%(b)		0.11	%		0.17	%(e)		1.21	%		0.39	%
Portfolio turnover rate(f)		109	%		103	%		99	%		98	%		79	%

^(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 $1.47 and 1.60%, 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 0.01%.

^(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.

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

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Financial Highlights–(continued)

Invesco Dynamic Oil & Gas Services ETF (PXJ)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	3.26		$	2.39		$	6.87		$	9.70		$	10.70
Net investment income(a)		0.00			0.07	(b)		0.07			0.04			0.27	(c)
Net realized and unrealized gain (loss) on investments		1.09			0.94	(d)		(4.47	)		(2.81	)		(1.01	)
Total from investment operations		1.09			1.01			(4.40	)		(2.77	)		(0.74	)
Distributions to shareholders from:
Net investment income		(0.02	)		(0.14	)		(0.08	)		(0.06	)		(0.26	)
Net asset value at end of year	$	4.33		$	3.26		$	2.39		$	6.87		$	9.70
Market price at end of year(e)	$	4.33		$	3.27		$	2.40		$	6.87		$	9.70
Net Asset Value Total Return(f)		33.40	%		43.34	%		(63.87	)%		(28.69	)%		(6.71	)%
Market Price Total Return(f)		33.00	%		43.19	%		(63.72	)%		(28.69	)%		(6.72	)%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	67,946		$	55,918		$	5,971		$	17,519		$	37,827
Ratio to average net assets of:
Expenses, after Waivers		0.63	%		0.63	%		0.67	%(g)		0.63	%		0.63	%
Expenses, prior to Waivers		0.74	%		1.17	%		1.09	%(g)		0.83	%		0.86	%
Net investment income		0.12	%		2.32	%(b)		1.51	%(g)		0.48	%		2.90	%(c)
Portfolio turnover rate(h)		109	%		63	%		82	%		81	%		91	%

^(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 $0.03 and 1.07%, 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 $0.06 and 0.61%, respectively.

^(d)  Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(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)  Ratios include non-recurring costs associated with a proxy statement of 0.04%.

^(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.

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Financial Highlights–(continued)

Invesco Dynamic Pharmaceuticals ETF (PJP)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	78.11		$	62.54		$	62.65		$	61.49		$	60.71
Net investment income(a)		0.73			0.53			0.55			0.69			0.43
Net realized and unrealized gain (loss) on investments		(2.19	)		15.60			(0.08	)		1.17			0.79
Total from investment operations		(1.46	)		16.13			0.47			1.86			1.22
Distributions to shareholders from:
Net investment income		(0.71	)		(0.56	)		(0.58	)		(0.70	)		(0.44	)
Net asset value at end of year	$	75.94		$	78.11		$	62.54		$	62.65		$	61.49
Market price at end of year(b)	$	75.97		$	78.17		$	62.49		$	62.64		$	61.53
Net Asset Value Total Return(c)		(1.91	)%		25.91	%		0.83	%		3.02	%		1.99	%
Market Price Total Return(c)		(1.94	)%		26.10	%		0.77	%		2.94	%		2.05	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	320,482		$	358,503		$	356,497		$	416,591		$	525,754
Ratio to average net assets of:
Expenses		0.56	%		0.58	%		0.56	%		0.56	%		0.57	%
Net investment income		0.92	%		0.76	%		0.92	%		1.03	%		0.68	%
Portfolio turnover rate(d)		40	%		48	%		63	%		81	%		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.

Invesco Dynamic Semiconductors ETF (PSI)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	121.09		$	63.60		$	58.09		$	48.91		$	42.47
Net investment income(a)		0.35			0.19			0.29			0.38			0.14
Net realized and unrealized gain (loss) on investments		(11.81	)		57.49			5.60			9.19			6.41
Total from investment operations		(11.46	)		57.68			5.89			9.57			6.55
Distributions to shareholders from:
Net investment income		(0.31	)		(0.19	)		(0.38	)		(0.39	)		(0.11	)
Net asset value at end of year	$	109.32		$	121.09		$	63.60		$	58.09		$	48.91
Market price at end of year(b)	$	109.31		$	120.96		$	63.71		$	58.04		$	48.94
Net Asset Value Total Return(c)		(9.50	)%		90.85	%		10.23	%		19.71	%		15.42	%
Market Price Total Return(c)		(9.41	)%		90.32	%		10.51	%		19.53	%		15.38	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	590,310		$	633,276		$	228,946		$	200,423		$	315,455
Ratio to average net assets of:
Expenses		0.55	%		0.56	%		0.57	%		0.58	%		0.61	%
Net investment income		0.26	%		0.20	%		0.49	%		0.73	%		0.29	%
Portfolio turnover rate(d)		84	%		95	%		94	%		98	%		65	%

^(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 Dynamic Software ETF (PSJ)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	163.28		$	98.85		$	96.10		$	70.81		$	53.44
Net investment income (loss)(a)		0.63	(b)		(0.43	)		0.03			(0.22	)		(0.27	)
Net realized and unrealized gain (loss) on investments		(57.12	)		64.86			2.83			25.51			17.64
Total from investment operations		(56.49	)		64.43			2.86			25.29			17.37
Distributions to shareholders from:
Net investment income		(0.71	)		-			(0.11	)		-			-
Net realized gains		(7.22	)		-			-			-			-
Total distributions		(7.93	)		-			(0.11	)		-			-
Net asset value at end of year	$	98.86		$	163.28		$	98.85		$	96.10		$	70.81
Market price at end of year(c)	$	98.80		$	163.23		$	98.80		$	96.13		$	70.90
Net Asset Value Total Return(d)		(35.58	)%		65.17	%		2.99	%		35.71	%		32.51	%
Market Price Total Return(d)		(35.59	)%		65.21	%		2.91	%		35.58	%		32.80	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	240,238		$	622,085		$	400,339		$	437,243		$	155,784
Ratio to average net assets of:
Expenses		0.56	%		0.56	%		0.56	%		0.58	%		0.63	%
Net investment income (loss)		0.44	%(b)		(0.31	)%		0.03	%		(0.27	)%		(0.42	)%
Portfolio turnover rate(e)		209	%		176	%		190	%		157	%		145	%

^(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 $(0.36) and (0.26)%, 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.

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2022

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust 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 Intellidex® Index
Dynamic Building & Construction ETF	Dynamic Building & Construction Intellidex® Index
Dynamic Energy Exploration & Production ETF	Dynamic Energy Exploration & Production Intellidex® Index
Dynamic Food & Beverage ETF	Dynamic Food & Beverage Intellidex® Index
Dynamic Leisure and Entertainment ETF	Dynamic Leisure & Entertainment Intellidex® Index
Dynamic Media ETF	Dynamic Media Intellidex® Index
Dynamic Networking ETF	Dynamic Networking Intellidex® Index
Dynamic Oil & Gas Services ETF	Dynamic Oil Services Intellidex® Index
Dynamic Pharmaceuticals ETF	Dynamic Pharmaceutical Intellidex® Index
Dynamic Semiconductors ETF	Dynamic Semiconductor Intellidex® Index
Dynamic Software ETF	Dynamic Software Intellidex® 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 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

  66   

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 (“OTC”) 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 may be valued up to 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 debt 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. 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

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income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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 a 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 a Fund’s NAV and, accordingly, they reduce a 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.

C. 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.

D. 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.

E. 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.

F. Expenses - 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, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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.

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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.

G. 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.

H. 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. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each 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 invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) 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.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through April 30, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:

	Amount
Dynamic Biotechnology & Genome ETF		$1,039
Dynamic Building & Construction ETF		1,481
Dynamic Energy Exploration & Production ETF		7,679
Dynamic Food & Beverage ETF		542
Dynamic Leisure and Entertainment ETF		26,266
Dynamic Media ETF		902
Dynamic Networking ETF		6,988
Dynamic Oil & Gas Services ETF		404

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	Amount
Dynamic Pharmaceuticals ETF		1,207
Dynamic Semiconductors ETF		33,689
Dynamic Software ETF		1,796

J. 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 Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, 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, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries 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 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.

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Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their 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 gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. 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.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

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, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) 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, 2024. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2024. 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 Leisure and Entertainment ETF, Dynamic Pharmaceuticals ETF, Dynamic Semiconductors ETF and Dynamic Software ETF.

Further, through at least August 31, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for 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, 2022, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

Dynamic Biotechnology & Genome ETF	$	11
Dynamic Building & Construction ETF		11
Dynamic Energy Exploration & Production ETF		1,973
Dynamic Food & Beverage ETF		1,857
Dynamic Leisure and Entertainment ETF		5,196
Dynamic Media ETF		12,365
Dynamic Networking ETF		28,240
Dynamic Oil & Gas Services ETF		40,738
Dynamic Pharmaceuticals ETF		17
Dynamic Semiconductors ETF		21
Dynamic Software ETF		22

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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, 2022 are as follows:

	Total Potential Recapture			Potential Recapture Amounts  Expiring
	Amounts			4/30/23			4/30/24			4/30/25
Dynamic Energy Exploration & Production ETF		$	80,916		$	1,544		$	77,421		$	1,951
Dynamic Food & Beverage ETF			5,173			-			5,173			-
Dynamic Media ETF			71,951			14,211			45,381			12,359
Dynamic Networking ETF			85,267			8,945			48,084			28,238
Dynamic Oil & Gas Services ETF			168,284			47,836			81,170			39,278

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 BNYM, 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.

For the fiscal year ended April 30, 2022, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

Dynamic Biotechnology & Genome ETF	$	22,481
Dynamic Building & Construction ETF		9,917
Dynamic Energy Exploration & Production ETF		26,420
Dynamic Food & Beverage ETF		15,666
Dynamic Leisure and Entertainment ETF		51,244
Dynamic Media ETF		13,051
Dynamic Networking ETF		7,229
Dynamic Oil & Gas Services ETF		20,068
Dynamic Pharmaceuticals ETF		10,280
Dynamic Semiconductors ETF		29,538
Dynamic Software ETF		55,428

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.

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, 2022, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases			Securities Sales			Net Realized Gains (Losses)*
Dynamic Energy Exploration & Production ETF		$	1,080,180		$	-		$	-
Dynamic Leisure and Entertainment ETF			1,745,876			1,037,394			(61,457	)
Dynamic Media ETF			-			329,214			21,927

* Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

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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, 2022. 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		$	208,275,290		$	-		$	-		$	208,275,290
Money Market Funds			138,087			53,921,443			-			54,059,530
Total Investments		$	208,413,377		$	53,921,443		$	-		$	262,334,820
Dynamic Building & Construction ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	147,284,069		$	-		$	-		$	147,284,069
Money Market Funds			142,552			2,783,728			-			2,926,280
Total Investments		$	147,426,621		$	2,783,728		$	-		$	150,210,349
Dynamic Energy Exploration & Production ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	264,035,606		$	-		$	-		$	264,035,606
Money Market Funds			340,711			38,359,581			-			38,700,292
Total Investments		$	264,376,317		$	38,359,581		$	-		$	302,735,898
Dynamic Food & Beverage ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	302,579,285		$	-		$	-		$	302,579,285
Money Market Funds			364,851			38,839,892			-			39,204,743
Total Investments		$	302,944,136		$	38,839,892		$	-		$	341,784,028
Dynamic Leisure and Entertainment ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,350,799,865		$	-		$	-		$	1,350,799,865
Money Market Funds			-			112,635,002			-			112,635,002
Total Investments		$	1,350,799,865		$	112,635,002		$	-		$	1,463,434,867
Dynamic Media ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	38,470,238		$	-		$	-		$	38,470,238
Money Market Funds			85,837			6,151,349			-			6,237,186
Total Investments		$	38,556,075		$	6,151,349		$	-		$	44,707,424

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	Level 1			Level 2			Level 3			Total
Dynamic Networking ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	45,047,766		$	-		$	-		$	45,047,766
Money Market Funds			41,355			4,787,593			-			4,828,948
Total Investments		$	45,089,121		$	4,787,593		$	-		$	49,876,714
Dynamic Oil & Gas Services ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	67,714,525		$	-		$	-		$	67,714,525
Money Market Funds			126,244			17,796,875			-			17,923,119
Total Investments		$	67,840,769		$	17,796,875		$	-		$	85,637,644
Dynamic Pharmaceuticals ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	320,454,166		$	-		$	-		$	320,454,166
Money Market Funds			137,871			60,916,900			-			61,054,771
Total Investments		$	320,592,037		$	60,916,900		$	-		$	381,508,937
Dynamic Semiconductors ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	590,664,568		$	-		$	-		$	590,664,568
Money Market Funds			114,354			38,457,962			-			38,572,316
Total Investments		$	590,778,922		$	38,457,962		$	-		$	629,236,884
Dynamic Software ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	240,313,443		$	-		$	-		$	240,313,443
Money Market Funds			10,951			38,182,276			-			38,193,227
Total Investments		$	240,324,394		$	38,182,276		$	-		$	278,506,670

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, 2022 and 2021:

	2022				2021
	Ordinary Income*		Long-Term Capital Gains		Ordinary Income*
Dynamic Biotechnology & Genome ETF	$	-	$	-	$	-
Dynamic Building & Construction ETF		775,962		-		433,800
Dynamic Energy Exploration & Production ETF		2,912,994		-		792,552
Dynamic Food & Beverage ETF		1,060,636		-		944,117
Dynamic Leisure and Entertainment ETF		5,931,416		-		5,848,193
Dynamic Media ETF		290,662		-		314,727
Dynamic Networking ETF		519,279		-		100,661
Dynamic Oil & Gas Services ETF		138,481		-		1,344,733
Dynamic Pharmaceuticals ETF		3,500,523		-		2,788,878
Dynamic Semiconductors ETF		1,713,558		-		708,334
Dynamic Software ETF		9,574,184		13,567,991		-
*  Includes short-term capital gain distributions, if any.

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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			Late-Year Ordinary Loss Deferral		Shares of Beneficial Interest		Total Net Assets
Dynamic Biotechnology & Genome ETF	$	-	$	(81,954)		$	(23,493,332	)		$(273,320,649)			$(140,648)		$505,227,317		$ 208,190,734
Dynamic Building & Construction ETF		2,253		(55,375	)		(15,397,205	)		(94,214,859	)		-		256,987,010		147,321,824
Dynamic Energy Exploration & Production ETF		381,707		(57,479	)		64,825,915			(124,692,086	)		-		323,758,170		264,216,227
Dynamic Food & Beverage ETF		27,559		(67,141	)		14,705,745			(85,772,366	)		-		373,958,941		302,852,738
Dynamic Leisure and Entertainment ETF		-		(59,023	)		(145,575,309	)		(309,723,185	)		-		1,804,779,233		1,349,421,716
Dynamic Media ETF		3,277		(59,384	)		(13,345,233	)		(90,115,521	)		-		141,966,754		38,449,893
Dynamic Networking ETF		580,070		(49,526	)		(2,110,748	)		(47,046,416	)		-		93,708,487		45,081,867
Dynamic Oil & Gas Services ETF		145,787		(429,591	)		1,064,979			(108,024,355	)		-		175,189,646		67,946,466
Dynamic Pharmaceuticals ETF		422,279		(128,222	)		16,561,052			(433,112,240	)		-		736,739,481		320,482,350
Dynamic Semiconductors ETF		257,224		(54,420	)		(97,620,379	)		(30,192,127	)		-		717,919,396		590,309,694
Dynamic Software ETF		-		(55,301	)		(50,872,407	)		(131,938,425	)		-		423,104,322		240,238,189

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 Funds have capital loss carryforwards as of April 30, 2022, as follows:

	No expiration
	Short-Term		Long-Term		Total*
Dynamic Biotechnology & Genome ETF	$	246,055,592	$	27,265,057	$	273,320,649
Dynamic Building & Construction ETF		86,209,891		8,004,968		94,214,859
Dynamic Energy Exploration & Production ETF		89,055,187		35,636,899		124,692,086
Dynamic Food & Beverage ETF		77,003,014		8,769,352		85,772,366
Dynamic Leisure and Entertainment ETF		306,244,861		3,478,324		309,723,185
Dynamic Media ETF		86,678,244		3,437,277		90,115,521
Dynamic Networking ETF		37,595,173		9,451,243		47,046,416
Dynamic Oil & Gas Services ETF		59,801,100		48,223,255		108,024,355
Dynamic Pharmaceuticals ETF		178,303,547		254,808,693		433,112,240
Dynamic Semiconductors ETF		30,192,127		-		30,192,127
Dynamic Software ETF		129,943,145		1,995,280		131,938,425

* 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, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
Dynamic Biotechnology & Genome ETF	$	326,341,692	$	326,323,636
Dynamic Building & Construction ETF		405,695,614		405,623,040
Dynamic Energy Exploration & Production ETF		85,930,458		87,168,703
Dynamic Food & Beverage ETF		127,806,441		128,062,802
Dynamic Leisure and Entertainment ETF		2,368,764,920		2,207,363,007
Dynamic Media ETF		88,941,591		87,946,216
Dynamic Networking ETF		51,521,043		50,363,697
Dynamic Oil & Gas Services ETF		44,395,141		40,587,167
Dynamic Pharmaceuticals ETF		154,462,603		154,199,504
Dynamic Semiconductors ETF		627,434,616		633,021,180
Dynamic Software ETF		931,023,295		953,878,171

  75   

For the fiscal year ended April 30, 2022, in-kind transactions associated with creations and redemptions were as follows:

	In-kind Purchases		In-kind Sales
Dynamic Biotechnology & Genome ETF	$	75,887,683	$	81,202,497
Dynamic Building & Construction ETF		262,902,474		342,503,750
Dynamic Energy Exploration & Production ETF		182,064,444		57,943,370
Dynamic Food & Beverage ETF		295,184,462		88,712,976
Dynamic Leisure and Entertainment ETF		1,002,076,769		1,581,696,598
Dynamic Media ETF		80,085,236		111,612,271
Dynamic Networking ETF		43,118,464		36,565,990
Dynamic Oil & Gas Services ETF		47,020,135		42,294,283
Dynamic Pharmaceuticals ETF		113,039,884		144,008,661
Dynamic Semiconductors ETF		645,044,560		588,165,968
Dynamic Software ETF		188,222,921		376,465,512

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

As of April 30, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes 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	$	13,557,190	$	(37,050,522)		$	(23,493,332)		$	285,828,152
Dynamic Building & Construction ETF		4,423,067		(19,820,272	)		(15,397,205	)		165,607,554
Dynamic Energy Exploration & Production ETF		67,129,717		(2,303,802	)		64,825,915			237,909,983
Dynamic Food & Beverage ETF		19,587,469		(4,881,724	)		14,705,745			327,078,283
Dynamic Leisure and Entertainment ETF		38,907,165		(184,482,474	)		(145,575,309	)		1,609,010,176
Dynamic Media ETF		473,793		(13,819,026	)		(13,345,233	)		58,052,657
Dynamic Networking ETF		4,001,681		(6,112,429	)		(2,110,748	)		51,987,462
Dynamic Oil & Gas Services ETF		4,824,858		(3,759,879	)		1,064,979			84,572,665
Dynamic Pharmaceuticals ETF		54,478,696		(37,917,644	)		16,561,052			364,947,885
Dynamic Semiconductors ETF		12,336,918		(109,957,297	)		(97,620,379	)		726,857,263
Dynamic Software ETF		5,534,922		(56,407,329	)		(50,872,407	)		329,379,077

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships and 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, 2022, the reclassifications were as follows:

	Undistributed Net Investment Income (Loss)			Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
Dynamic Biotechnology & Genome ETF		$	773,043		$	(18,715,029)		$	17,941,986
Dynamic Building & Construction ETF			-			(42,400,722)			42,400,722
Dynamic Energy Exploration & Production ETF			2,016			(14,018,978)			14,016,962
Dynamic Food & Beverage ETF			-			(12,936,819)			12,936,819
Dynamic Leisure and Entertainment ETF			530,162			(393,795,762)			393,265,600
Dynamic Media ETF			-			(12,873,765)			12,873,765
Dynamic Networking ETF			-			(6,852,674)			6,852,674
Dynamic Oil & Gas Services ETF			(28,872)			1,684,206			(1,655,334)
Dynamic Pharmaceuticals ETF			-			(40,235,634)			40,235,634
Dynamic Semiconductors ETF			-			(144,149,657)			144,149,657
Dynamic Software ETF			183,728			(51,082,799)			50,899,071

  76   

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 consisting of a specified number of Shares as set forth in each Fund’s prospectus. 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 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.

  77   

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, 2022, the related statements of operations for the year ended April 30, 2022, the statements of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2022 (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, 2022, 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, 2022, and each of the financial highlights for each of the five years in the period ended April 30, 2022 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, 2022 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 23, 2022

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.

  78   

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, 2021 through April 30, 2022.

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, 2021			Ending Account Value April 30, 2022			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		$	750.20		0.57	%		$	2.47
Hypothetical (5% return before expenses)			1,000.00			1,021.97		0.57				2.86
Invesco Dynamic Building & Construction ETF (PKB)
Actual			1,000.00			826.80		0.57				2.58
Hypothetical (5% return before expenses)			1,000.00			1,021.97		0.57				2.86
Invesco Dynamic Energy Exploration & Production ETF (PXE)
Actual			1,000.00			1,358.30		0.63				3.68
Hypothetical (5% return before expenses)			1,000.00			1,021.67		0.63				3.16
Invesco Dynamic Food & Beverage ETF (PBJ)
Actual			1,000.00			1,099.70		0.63				3.28
Hypothetical (5% return before expenses)			1,000.00			1,021.67		0.63				3.16
Invesco Dynamic Leisure and Entertainment ETF (PEJ)
Actual			1,000.00			860.20		0.55				2.54
Hypothetical (5% return before expenses)			1,000.00			1,022.07		0.55				2.76
Invesco Dynamic Media ETF (PBS)
Actual			1,000.00			747.80		0.63				2.73
Hypothetical (5% return before expenses)			1,000.00			1,021.67		0.63				3.16

  79   

Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value November 1, 2021			Ending Account Value April 30, 2022			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month  Period(1)
Invesco Dynamic Networking ETF (PXQ)
Actual		$	1,000.00		$	834.30		0.63	%		$	2.87
Hypothetical (5% return before expenses)			1,000.00			1,021.67		0.63				3.16
Invesco Dynamic Oil & Gas Services ETF (PXJ)
Actual			1,000.00			1,180.70		0.63				3.41
Hypothetical (5% return before expenses)			1,000.00			1,021.67		0.63				3.16
Invesco Dynamic Pharmaceuticals ETF (PJP)
Actual			1,000.00			963.80		0.56				2.73
Hypothetical (5% return before expenses)			1,000.00			1,022.02		0.56				2.81
Invesco Dynamic Semiconductors ETF (PSI)
Actual			1,000.00			806.10		0.55				2.46
Hypothetical (5% return before expenses)			1,000.00			1,022.07		0.55				2.76
Invesco Dynamic Software ETF (PSJ)
Actual			1,000.00			687.40		0.58				2.43
Hypothetical (5% return before expenses)			1,000.00			1,021.92		0.58				2.91

⁽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, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

  80   

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, 2022:

	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*			Long Term Capital Gains			Qualified Short    Term Gains
Invesco Dynamic Biotechnology & Genome ETF		0	%		0	%		0	%		0	%		0	%		$	-		$	-
Invesco Dynamic Building & Construction ETF		0	%		100	%		100	%		0	%		0	%			-			-
Invesco Dynamic Energy Exploration & Production ETF		0	%		100	%		100	%		0	%		0	%			-			-
Invesco Dynamic Food & Beverage ETF		0	%		100	%		100	%		0	%		0	%			-			-
Invesco Dynamic Leisure and Entertainment ETF		0	%		100	%		100	%		0	%		0	%			-			-
Invesco Dynamic Media ETF		0	%		100	%		100	%		0	%		0	%			-			-
Invesco Dynamic Networking ETF		0	%		57	%		51	%		0	%		0	%			-			-
Invesco Dynamic Oil & Gas Services ETF		0	%		100	%		100	%		0	%		0	%			-			-
Invesco Dynamic Pharmaceuticals ETF		0	%		100	%		100	%		0	%		0	%			-			-
Invesco Dynamic Semiconductors ETF		0	%		100	%		100	%		0	%		0	%			-			-
Invesco Dynamic Software ETF		0	%		34	%		36	%		0	%		0	%			13,567,991			7,428,008

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

  81   

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:

As of April 30, 2022

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 the 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 Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair 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).	224	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, 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.	224	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.

  82   

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 the 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, First Eagle Alternative Credit LLC (2020-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, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chair of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	224	Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

* 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.

  83   

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 the 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).	224	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, Mather LifeWays (2001-2021); 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.

  84   

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 the 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	Chair of the Audit Committee and Trustee	Chair of the Audit Committee since 2008; Trustee since 2006	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); 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).	224	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; 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	Chair of the Investment Oversight Committee and Trustee	Chair 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).	224	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

* 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 the 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.	224	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); 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.

  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 the 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.	224	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	Chair of the Board and Trustee	Chair since 2012; Trustee since 2006	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair 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); Chair, 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).	224	Director, Penfield Children’s Center (2004-Present); Board Chair, 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 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 the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515	Trustee, President and Principal Executive Officer	Trustee since 2022, President and Principal Executive Officer since 2020	President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), 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; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, 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 (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).	224	None

* This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until 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 Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2020	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, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	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 and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; 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); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, 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 (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

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

  89   

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 the Past 5 Years
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).
Michael McMaster–1962 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Chief Tax Officer	Since 2020	Vice President and Head of Global Fund Services Tax, Invesco Advisers, Inc. (2020-Present); Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds (2020-Present); Assistant Treasurer, Invesco Capital Management LLC (2020-Present); Chief Tax Officer and Assistant 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 (2020-Present); Assistant Treasurer, Invesco Specialized Products, LLC (2020-Present); formerly, Senior Vice President, Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) (2007-2020).
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	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); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-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, Treasurer (2008-2020), 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.; Treasurer, 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.; Vice President, Invesco Advisers, Inc. (2009-2020).
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).

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

  90   

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 the Past 5 Years
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).

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

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.

  91   

Approval of Investment Advisory Contracts

At a meeting held on April 6, 2022, 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 Dynamic Semiconductors ETF
Invesco BuyBack AchieversTM ETF	Invesco Dynamic Software ETF
Invesco Dividend AchieversTM ETF	Invesco Financial Preferred ETF
Invesco DWA Basic Materials Momentum ETF	Invesco FTSE RAFI US 1000 ETF
Invesco DWA Consumer Cyclicals Momentum ETF	Invesco FTSE RAFI US 1500 Small-Mid ETF
Invesco DWA Consumer Staples Momentum ETF	Invesco Global Listed Private Equity ETF
Invesco DWA Energy Momentum ETF	Invesco Golden Dragon China ETF
Invesco DWA Financial Momentum ETF	Invesco High Yield Equity Dividend AchieversTM ETF
Invesco DWA Healthcare Momentum ETF	Invesco International Dividend AchieversTM ETF
Invesco DWA Industrials Momentum ETF	Invesco MSCI Sustainable Future ETF
Invesco DWA Momentum ETF	Invesco S&P 100 Equal Weight ETF
Invesco DWA Technology Momentum ETF	Invesco S&P 500 GARP ETF
Invesco DWA Utilities Momentum ETF	Invesco S&P 500® Quality ETF
Invesco Dynamic Biotechnology & Genome ETF	Invesco S&P 500 Value with Momentum ETF
Invesco Dynamic Building & Construction ETF	Invesco S&P MidCap Momentum ETF
Invesco Dynamic Energy Exploration & Production ETF	Invesco S&P MidCap Quality ETF
Invesco Dynamic Food & Beverage ETF	Invesco S&P MidCap Value with Momentum ETF
Invesco Dynamic Large Cap Growth ETF	Invesco S&P SmallCap Momentum ETF
Invesco Dynamic Large Cap Value ETF	Invesco S&P SmallCap Value with Momentum ETF
Invesco Dynamic Leisure and Entertainment ETF	Invesco S&P Spin-Off ETF
Invesco Dynamic Market ETF	Invesco Water Resources ETF
Invesco Dynamic Media ETF	Invesco WilderHill Clean Energy ETF
Invesco Dynamic Networking ETF	Invesco Zacks Mid-Cap ETF
Invesco Dynamic Oil & Gas Services ETF	Invesco Zacks Multi-Asset Income ETF
Invesco Dynamic Pharmaceuticals 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, 2021, 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 (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (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 were within the targeted range set forth in the Trust’s registration statement. The Trustees 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.

  92   

Approval of Investment Advisory Contracts–(continued)

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 as follows:

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

● 0.29% 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;

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

● 0.50% of the Fund’s average daily net assets for each other Fund.

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, 2024, as set forth below:

● 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;

● 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

● 0.39%, 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;

● 0.50%, 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 AchieversTM ETF, Invesco High Yield Equity Dividend AchieversTM ETF and Invesco International Dividend AchieversTM 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;

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

● 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 AchieversTM 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

  93   

Approval of Investment Advisory Contracts–(continued)

ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco MSCI Sustainable Future 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.

The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net advisory fees and net expense ratios of comparable 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 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
Invesco Financial Preferred ETF					X
Invesco FTSE RAFI US 1000 ETF		X			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 MSCI Sustainable Future ETF					X
Invesco S&P 100 Equal Weight ETF				X	X

  94   

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 500 GARP ETF	X		X
Invesco S&P 500® Quality ETF	X		X
Invesco S&P 500 Value with Momentum ETF			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	X	X
Invesco WilderHill Clean Energy ETF		X	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 subject to 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 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
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	X
Invesco Dynamic Leisure and Entertainment ETF			X
Invesco Dynamic Market ETF			X

  95   

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 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			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 MSCI Sustainable Future ETF			X
Invesco S&P 100 Equal Weight ETF		X	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
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	X	X
Invesco WilderHill Clean Energy ETF		X	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 Large Cap Value ETF, Invesco Global Listed Private Equity ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income 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.

  96   

Approval of Investment Advisory Contracts–(continued)

Based on all of 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, advisory fees for money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s 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.

  97   

(This Page Intentionally Left Blank)

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.

©2022 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, 2022
	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

Table of Contents

The Market Environment	3
Management’s Discussion of Fund Performance	4
Liquidity Risk Management Program	37
Schedules of Investments
Invesco S&P 500® Equal Weight ETF (RSP)	38
Invesco S&P 500® Equal Weight Communication Services ETF (EWCO)	44
Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD)	45
Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)	47
Invesco S&P 500® Equal Weight Energy ETF (RYE)	49
Invesco S&P 500® Equal Weight Financials ETF (RYF)	50
Invesco S&P 500® Equal Weight Health Care ETF (RYH)	52
Invesco S&P 500® Equal Weight Industrials ETF (RGI)	54
Invesco S&P 500® Equal Weight Materials ETF (RTM)	56
Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)	58
Invesco S&P 500® Equal Weight Technology ETF (RYT)	60
Invesco S&P 500® Equal Weight Utilities ETF (RYU)	62
Invesco S&P MidCap 400® Equal Weight ETF (EWMC)	64
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)	69
Statements of Assets and Liabilities	76
Statements of Operations	80
Statements of Changes in Net Assets	84
Financial Highlights	90
Notes to Financial Statements	104
Report of Independent Registered Public Accounting Firm	117
Fund Expenses	119
Tax Information	121
Trustees and Officers	122
Approval of Investment Advisory Contracts	132

2

The Market Environment

Domestic Equity

The US stock market hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the US gross domestic product (GDP) grew at a 6.4% annualized rate for the first quarter of 2021.¹ Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July 2021 despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing monthly from June through September,² the US Federal Reserve (the Fed) declined to raise interest rates at its September Federal Open Market Committee meeting. The US stock market saw continued volatility in August 2021 and a selloff through most of September due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs.

Equity markets were volatile in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil (West Texas Intermediate) rose to nearly $85 per barrel in October,³ causing higher gas prices for consumers and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the last 12 months, the highest since 1982.² To combat inflation, the Fed announced a faster pace of tapering at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.³ The CPI rose by 7.9% for the 12 months ended February 28, 2022, the largest 12-month increase since 1982.² To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March, with several more rate increases expected in 2022. As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix reported slowing growth and profits, equity markets sold off for much of the month of April 2022. In this environment, US stocks had flat returns for the fiscal year ended April 30, 2022, of 0.21%, as measured by the S&P 500 Index.⁴

¹  Source: US Bureau of Economic Analysis

²  Source: US Bureau of Labor Statistics

³  Source: Bloomberg L.P.

⁴  Source: Lipper Inc.

3

RSP	Management’s Discussion of Fund Performance
	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 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 500^® Index. Unlike the S&P 500^® Index, which employs a float-adjusted 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.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 0.86%. On a net asset value (“NAV”) basis, the Fund returned 0.88%. During the same time period, the Index returned 1.08%. 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 fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.21%. 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, 2022. 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 within the communication services sector and to the Fund’s overweight allocation to and security selection within the energy sector.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the real estate and consumer staples sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s performance during the period, followed by the information technology and communication services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Devon Energy Corp., an energy company (portfolio average weight of 0.23%) and Occidental Petroleum Corp., an energy company (portfolio average weight of 0.22%). Positions that detracted most significantly from the Fund’s return during this period included PayPal Holdings, Inc., an information technology company (portfolio average weight of 0.18%) and IPG Photonics Corp., an information technology company (portfolio average weight of 0.18%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Information Technology	14.91
Industrials	14.28
Health Care	12.80
Financials	12.68
Consumer Discretionary	11.78
Consumer Staples	7.02
Real Estate	6.01
Utilities	6.00
Materials	5.85
Energy	4.28
Communication Services	4.28
Money Market Funds Plus Other Assets Less Liabilities	0.11
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Nielsen Holdings PLC	0.31
Twitter, Inc.	0.30
United Airlines Holdings, Inc.	0.29
Delta Air Lines, Inc.	0.27
American Airlines Group, Inc.	0.27
EPAM Systems, Inc.	0.27
Lamb Weston Holdings, Inc.	0.26
Valero Energy Corp.	0.24
Constellation Energy Corp.	0.24
Kimberly-Clark Corp.	0.24
Total	2.69

* 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, 2022

	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		1.08	%		13.08	%		44.58	%		12.24	%		78.10	%		13.29	%		248.21	%		11.85	%		741.11	%
S&P 500® Index		0.21			13.85			47.56			13.66			89.68			13.67			260.05			10.45			561.97
Fund
NAV Return		0.88			12.89			43.88			12.04			76.56			12.95			237.97			11.38			676.51
Market Price Return		0.86			12.87			43.79			12.04			76.59			12.95			237.96			11.38			676.35

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 Fund’s expense ratio of 0.20% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and indexes 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	Management’s Discussion of Fund Performance
	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 composed of all of the components of the S&P 500^® Communication Services Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500^® Index that are classified as members of the communication services sector, as defined according to the Global Industry Classification Standard (“GICS”), with a 22 company minimum count. The communication services sector includes companies that facilitate communication or offer related content and information through various mediums and is comprised of companies from the following industries: diversified telecommunications services; wireless telecommunication services; media; entertainment; and interactive media & services. In the event there are fewer than 22 companies eligible for inclusion in the Index at a quarterly rebalance, the Index will be supplemented with the largest communication services companies in the S&P MidCap 400^® Index based on float-adjusted market capitalization until the 22 company minimum is reached. Any supplementary companies that are added to the Index will remain in the Index until the next quarterly rebalance, at which point those companies will be reviewed.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted 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.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (20.98)%. On a net asset value (“NAV”) basis, the Fund returned (20.90)%. During the same time period, the Index returned (20.60)%. 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 the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.21%. 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. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the media industry and most underweight in the software industry during the fiscal year ended April 30, 2022. 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 media industry, as well as the Fund’s overweight allocation to the entertainment industry.

For the fiscal year ended April 30, 2022, no industry contributed to the Fund’s return. The media industry detracted most significantly from the Fund’s return, followed by the entertainment industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Live Nation Entertainment Inc., an entertainment company (portfolio average weight of 4.71%) and Interpublic Group of Cos., Inc., a media company (portfolio average weight of 4.61%). Positions that detracted most significantly from the Fund’s return included Netflix, Inc., an entertainment company (portfolio average weight of 4.36%) and Match Group, Inc., an interactive media and services company (portfolio average weight of 2.00%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Media	34.36
Entertainment	27.24
Interactive Media & Services	20.29
Diversified Telecommunication Services	13.48
Wireless Telecommunication Services	4.64
Money Market Funds Plus Other Assets Less Liabilities	(0.01)

6

Invesco S&P 500^® Equal Weight Communication Services ETF (EWCO) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Twitter, Inc.	6.97
Meta Platforms, Inc., Class A	5.01
AT&T, Inc.	4.97
Omnicom Group, Inc.	4.67
T-Mobile US, Inc.	4.64
Interpublic Group of Cos., Inc. (The)	4.63
Live Nation Entertainment, Inc.	4.53
Electronic Arts, Inc.	4.52
DISH Network Corp., Class A	4.45
Lumen Technologies, Inc.	4.42
Total	48.81

* Excluding money market fund holdings.

Growth of a $10,000 Investment Since Inception

Fund Performance History as of April 30, 2022

				3 Years Average Annualized			3 Years Cumulative			Fund Inception
Index	1 Year									Average Annualized			Cumulative
S&P 500® Equal Weight Communication Services Plus Index		(20.60	)%		7.62	%		24.65	%		6.61	%		24.95	%
S&P 500® Index		0.21			13.85			47.56			13.64			56.05
Fund
NAV Return		(20.90	)		7.19			23.16			6.19			23.26
Market Price Return		(20.98	)		7.16			23.07			6.16			23.11

7

Invesco S&P 500^® Equal Weight Communication Services ETF (EWCO) (continued)

Fund Inception: November 7, 2018

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 0.40% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

8

RCD	Management’s Discussion of Fund Performance
	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 composed of all of the components of the S&P 500^® Consumer Discretionary Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500^® Index that are classified as members of the consumer discretionary sector, as defined according to the Global Industry Classification Standard (“GICS”). The consumer discretionary sector includes a manufacturing segment, composed of automotive, household durable goods, leisure equipment and textiles and apparel, and a services segment, composed of hotels, restaurants and other leisure facilities, media production and services, and consumer retailing and services.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted 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.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (13.44)%. On a net asset value (“NAV”) basis, the Fund returned (13.39)%. During the same time period, the Index returned (13.07)%. 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 fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.21%. 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. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the hotels, restaurants & leisure industry and most underweight in the software industry during the fiscal year ended April 30, 2022. 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 hotels, restaurants & leisure industry and the Fund’s overweight allocation to the household durables industry.

For the fiscal year ended April 30, 2022, the multiline retail industry contributed most significantly to the Fund’s return, followed by the distributors and automobiles industries, respectively. The hotels, restaurants & leisure industry detracted most significantly from the Fund’s return, followed by the household durables and textiles, apparel & luxury goods industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Dollar Tree, Inc., a multiline retail company (portfolio average weight of 1.74%) and AutoZone, Inc., a specialty retail company (portfolio average weight of 1.80%). Positions that detracted most significantly from the Fund’s return during this period included Penn National Gaming, Inc., a hotels, restaurants & leisure company (portfolio average weight of 1.41%) and Etsy, Inc., an internet & direct marketing retail company (portfolio average weight of 1.59%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Hotels, Restaurants & Leisure	30.95
Specialty Retail	20.13
Household Durables	13.10
Textiles, Apparel & Luxury Goods	10.11
Multiline Retail	5.74
Distributors	5.31
Automobiles	4.93
Internet & Direct Marketing Retail	4.53
Auto Components	3.44
Leisure Products	1.74
Money Market Funds Plus Other Assets Less Liabilities	0.02

9

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, 2022
Security
Dollar General Corp.	1.97
Norwegian Cruise Line Holdings Ltd.	1.95
Ross Stores, Inc.	1.94
Royal Caribbean Cruises Ltd.	1.94
Bath & Body Works, Inc.	1.93
LKQ Corp.	1.92
Dollar Tree, Inc.	1.88
Target Corp.	1.88
McDonald’s Corp.	1.87
Marriott International, Inc., Class A	1.87
Total	19.15

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

				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		(13.07	)%		7.46	%		24.11	%		8.25	%		48.65	%		10.66	%		175.36	%		8.79	%		269.10	%
S&P 500® Index		0.21			13.85			47.56			13.66			89.68			13.67			260.05			9.60			314.05
Fund
NAV Return		(13.39	)		7.10			22.86			7.88			46.11			10.23			164.84			8.34			245.96
Market Price Return		(13.44	)		7.06			22.72			7.84			45.83			10.24			165.12			8.33			245.64

10

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 Fund’s expense ratio of 0.40% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and indexes 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

RHS	Management’s Discussion of Fund Performance
	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 composed of all of the components of the S&P 500^® Consumer Staples Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500^® Index that are classified as members of the consumer staples sector, as defined 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 as well as hypermarkets and consumer super centers.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted 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.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 10.58%. On a net asset value (“NAV”) basis, the Fund returned 10.50%. During the same time period, the Index returned 10.98%. 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 fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.21%. 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. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the food products industry and most underweight in the

software industry during the fiscal year ended April 30, 2022. 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 food products and beverages industries, respectively.

For the fiscal year ended April 30, 2022, the foods products industry contributed most significantly to the Fund’s return, followed by the food & staples retailing and tobacco industries, respectively. The personal products industry was the only industry to detract from the Fund’s return during this period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Costco Wholesale Corp., a food & staples retailing company (portfolio average weight of 3.27%) and Kroger Co., a food & staples retailing company (portfolio average weight of 3.19%). Positions that detracted most significantly from the Fund’s return during this period included Clorox Co., a personal products company (portfolio average weight of 3.01%) and Walgreens Boots Alliance, Inc., a food & staples retailing company (portfolio average weight of 2.95%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Food Products	41.44
Beverages	19.18
Household Products	15.65
Food & Staples Retailing	14.42
Tobacco	6.37
Personal Products	2.86
Money Market Funds Plus Other Assets Less Liabilities	0.08
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Lamb Weston Holdings, Inc.	3.77
Kimberly-Clark Corp.	3.38
Monster Beverage Corp.	3.35
Conagra Brands, Inc.	3.32
Constellation Brands, Inc., Class A	3.31
Kellogg Co.	3.27
Kraft Heinz Co. (The)	3.26
General Mills, Inc.	3.25
Philip Morris International, Inc.	3.22
Procter & Gamble Co. (The)	3.21
Total	33.34

* Excluding money market fund holdings.

12

Invesco S&P 500^® Equal Weight Consumer Staples ETF (RHS) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

				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		10.98	%		11.85	%		39.92	%		9.57	%		57.90	%		12.93	%		237.27	%		11.47	%		438.04	%
S&P 500® Index		0.21			13.85			47.56			13.66			89.68			13.67			260.05			9.60			314.05
Fund
NAV Return		10.50			11.41			38.30			9.13			54.76			12.43			222.81			10.93			399.08
Market Price Return		10.58			11.40			38.26			9.11			54.64			12.44			222.96			10.93			399.19

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 Fund’s expense ratio of 0.40% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and indexes 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

RYE	Management’s Discussion of Fund Performance
	Invesco S&P 500® Equal Weight Energy ETF (RYE)

Effective after the close of markets on March 18, 2022, Invesco S&P 500^® Equal Weight Energy ETF’s (the “Fund”) underlying index changed from S&P 500^® Equal Weight Energy Index (the “Previous Index”) to S&P 500^® Equal Weight Energy Plus Index (the “Index”). At the time, the Fund also changed its investment objective and principal investment strategy.

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 March 18, 2022, the Previous Index. The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index, and through March 18, 2022, the Previous 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 all of the components of the S&P 500^® Energy Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500^® Index that are classified as members of the energy sector, as defined according to the Global Industry Classification Standard (“GICS”), with a 22 company minimum count at each rebalance. The energy sector includes companies engaged 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. All companies included in the Parent Index and the Index are domiciled in the United States and trade on U.S. exchanges. In the event there are fewer than 22 companies eligible for inclusion in the Index at a quarterly rebalance, the Index will be supplemented with the largest energy companies in the S&P MidCap 400^® Index based on float-adjusted market capitalization until the 22 company minimum is reached. Any supplementary companies that are added to the Index will remain in the Index until at least the next quarterly rebalance, at which point those companies will be reviewed.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted 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.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 65.68%. On a net asset value (“NAV”) basis, the Fund returned 65.91%. During the same time period, the Custom Invesco S&P 500 Equal Weight Energy ETF Benchmark (a composite of the Previous Index through March 18, 2022, and of the Index for the remainder of the fiscal year, referred to herein as the “Blended-Index”) returned 66.93%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Blended-Index primarily due to the fees and expenses that

the Fund incurred during the period, the effect of which was compounded during a time period of high returns.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.21%. 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. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the oil, gas & consumable fuels industry and most underweight in the software industry during the fiscal year ended April 30, 2022. 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 oil, gas & consumable fuels industry.

For the fiscal year ended April 30, 2022, the oil, gas & consumable fuels industry contributed most significantly to the Fund’s return, followed by the energy equipment & services industry. No industry detracted from the Fund’s return during this period.

The position that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, was Devon Energy Corp., an oil, gas & consumable fuels company (portfolio average weight of 4.94%) and Marathon Oil Corp., an oil, gas & consumable fuels company (portfolio average weight of 4.90%). The only position that detracted from the Fund’s return during this period was NOV Inc., an energy equipment & services company (no longer held at fiscal year-end).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Oil, Gas & Consumable Fuels	87.83
Energy Equipment & Services	12.00
Money Market Funds Plus Other Assets Less Liabilities	0.17

14

Invesco S&P 500^® Equal Weight Energy ETF (RYE) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Valero Energy Corp.	5.43
Coterra Energy, Inc.	5.02
Marathon Petroleum Corp.	4.96
Hess Corp.	4.87
Marathon Oil Corp.	4.80
Williams Cos., Inc. (The)	4.80
Phillips 66	4.80
Targa Resources Corp.	4.79
APA Corp.	4.68
EOG Resources, Inc.	4.51
Total	48.66

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

				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
Custom Invesco S&P 500 Equal Weight Energy ETF Benchmark		66.93	%		12.01	%		40.53	%		6.37	%		36.17	%		2.77	%		31.43	%		4.31	%		92.43	%
S&P 500® Equal Weight Energy Plus Index		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
S&P 500® Equal Weight Energy Index		66.69			11.96			40.33			6.34			35.97			2.76			31.24			4.30			92.16
S&P 500® Index		0.21			13.85			47.56			13.66			89.68			13.67			260.05			9.60			314.05
Fund
NAV Return		65.91			11.58			38.92			5.98			33.71			2.41			26.84			3.85			79.56
Market Price Return		65.68			11.57			38.88			5.99			33.76			2.43			27.12			3.85			79.53

15

Invesco S&P 500^® Equal Weight Energy ETF (RYE) (continued)

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 Fund’s expense ratio of 0.40% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and indexes 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.

- The Custom Invesco S&P 500 Equal Weight Energy ETF Benchmark is comprised of the performance of the Previous Index from Fund Inception through the conversion date, March 18, 2022, followed by the performance of the Index starting from the conversion date through April 30, 2022.

16

RYF	Management’s Discussion of Fund Performance
	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 composed of all of the components of the S&P 500^® Financials Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500^® Index that are classified as members of the financials sector, as defined 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.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted 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.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (2.08)%. On a net asset value (“NAV”) basis, the Fund returned (1.90)%. During the same time period, the Index returned (1.52)%. 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 the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.21%. 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. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the insurance industry and most underweight the software

industry during the fiscal year ended April 30, 2022. 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 within the capital markets industry.

For the fiscal year ended April 30, 2022, the insurance industry most significantly contributed to the Fund’s return, followed by the diversified financial services industry. The capital markets industry detracted most significantly from the Fund’s return during the period, followed by the banks and consumer finance industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included W.R. Berkley Corp., an insurance company (portfolio average weight of 1.55%) and Chubb Ltd., an insurance company (portfolio average weight of 1.53%). Positions that detracted most significantly from the Fund’s return during this period included MarketAxess Holdings Inc., a capital markets company (portfolio average weight of 1.42%) and Invesco, Ltd., a capital markets company (portfolio average weight of 1.45%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Insurance	35.52
Capital Markets	30.84
Banks	25.48
Consumer Finance	6.52
Diversified Financial Services	1.56
Money Market Funds Plus Other Assets Less Liabilities	0.08
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Arthur J. Gallagher & Co.	1.73
Marsh & McLennan Cos., Inc.	1.71
Discover Financial Services	1.70
Assurant, Inc.	1.69
W.R. Berkley Corp.	1.67
Synchrony Financial	1.66
Principal Financial Group, Inc.	1.66
Hartford Financial Services Group, Inc. (The)	1.65
American Express Co.	1.65
Moody’s Corp.	1.64
Total	16.76

* Excluding money market fund holdings.

17

Invesco S&P 500^® Equal Weight Financials ETF (RYF) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

				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		(1.52	)%		12.37	%		41.88	%		11.56	%		72.83	%		14.08	%		273.31	%		6.13	%		151.32	%
S&P 500® Index		0.21			13.85			47.56			13.66			89.68			13.67			260.05			9.60			314.05
Fund
NAV Return		(1.90	)		11.97			40.39			11.15			69.62			13.54			256.18			5.44			127.20
Market Price Return		(2.08	)		11.93			40.24			11.16			69.70			13.54			256.12			5.43			126.96

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 Fund’s expense ratio of 0.40% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and indexes 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

RYH	Management’s Discussion of Fund Performance
	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 composed of all of the components of the S&P 500^® Health Care Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500^® Index that are classified as members of the health care sector, as defined 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.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted 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.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 0.91%. On a net asset value (“NAV”) basis, the Fund returned 1.00%. During the same time period, the Index returned 1.42%. 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 fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.21%. 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. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the health care equipment & supplies industry and most

underweight in the software industry during the fiscal year ended April 30, 2022. 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 health care providers & services and pharmaceuticals industries, respectively.

For the fiscal year ended April 30, 2022, the health care providers & services industry contributed most significantly to the Fund’s return, followed by the pharmaceuticals and biotechnology industries, respectively. The health care equipment & supplies industry detracted most significantly from the Fund’s return, followed by the life sciences tools & services industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included McKesson Corp., a health care providers & services company (portfolio average weight of 1.63%) and Eli Lilly and Co., a pharmaceuticals company (portfolio average weight of 1.61%). Positions that detracted most significantly from the Fund’s return during this period included Moderna, Inc., a biotechnology company (portfolio average weight of 1.07%) and Align Technology, Inc., a health care equipment & services company (portfolio average weight of 1.46%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Health Care Equipment & Supplies	28.19
Health Care Providers & Services	24.88
Life Sciences Tools & Services	17.96
Pharmaceuticals	14.42
Biotechnology	12.93
Health Care Technology	1.57
Money Market Funds Plus Other Assets Less Liabilities	0.05
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Vertex Pharmaceuticals, Inc.	1.81
Merck & Co., Inc.	1.78
Cardinal Health, Inc.	1.73
McKesson Corp.	1.73
Eli Lilly and Co.	1.72
Bristol-Myers Squibb Co.	1.71
Cigna Corp.	1.71
Anthem, Inc.	1.69
Johnson & Johnson	1.67
UnitedHealth Group, Inc.	1.65
Total	17.20

* Excluding money market fund holdings.

19

Invesco S&P 500^® Equal Weight Health Care ETF (RYH) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

				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 Health Care Index		1.42	%		14.43	%		49.82	%		12.50	%		80.21	%		15.47	%		321.39	%		13.14	%		577.37	%
S&P 500® Index		0.21			13.85			47.56			13.66			89.68			13.67			260.05			9.60			314.05
Fund
NAV Return		1.00			13.98			48.07			12.06			76.74			14.97			303.48			12.49			519.51
Market Price Return		0.91			13.97			48.03			12.06			76.67			14.95			302.97			12.49			519.47

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 Fund’s expense ratio of 0.40% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and indexes 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.

20

RGI	Management’s Discussion of Fund Performance
	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 composed of all of the components of the S&P 500^® Industrials Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500^® Index that are classified as members of the industrials sector, as defined according to the Global Industry Classification Standard (“GICS”). The industrials sector includes manufacturers and distributors of capital goods such as aerospace and defense, building products, 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.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted 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.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (3.71)%. On a net asset value (“NAV”) basis, the Fund returned (3.70)%. During the same time period, the Index returned (3.32)%. 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 fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.21%. 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. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

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, 2022. 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 within the machinery industry.

For the fiscal year ended April 30, 2022, the aerospace & defense industry contributed most significantly to the Fund’s return, followed by the professional services and commercial services & supplies industries, respectively. The machinery industry detracted most significantly from the Fund’s return during this period, followed by the building products and industrial conglomerates industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Quanta Services, Inc., a construction & engineering company (portfolio average weight of 1.37%) and Republic Services Inc., a commercial services & supplies company (portfolio average weight of 1.41%). Positions that detracted most significantly from the Fund’s return during the period included Stanley Black & Decker, Inc., a machinery company (portfolio average weight of 1.31%) and Boeing Co., an aerospace & defense company (portfolio average weight of 1.32%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Machinery	23.14
Aerospace & Defense	13.72
Professional Services	9.26
Building Products	9.22
Airlines	9.00
Commercial Services & Supplies	7.38
Electrical Equipment	6.63
Road & Rail	6.50
Air Freight & Logistics	5.41
Trading Companies & Distributors	4.31
Industrial Conglomerates	4.07
Industry Types Each Less Than 3%	1.32
Money Market Funds Plus Other Assets Less Liabilities	0.04

21

Invesco S&P 500^® Equal Weight Industrials ETF (RGI) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Nielsen Holdings PLC	2.15
United Airlines Holdings, Inc.	2.03
Delta Air Lines, Inc.	1.89
American Airlines Group, Inc.	1.88
Southwest Airlines Co.	1.63
Verisk Analytics, Inc.	1.57
Alaska Air Group, Inc.	1.57
Jacobs Engineering Group, Inc.	1.56
Waste Management, Inc.	1.53
Cintas Corp.	1.51
Total	17.32

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

				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 Industrials Index		(3.32	)%		13.67	%		46.87	%		12.75	%		82.24	%		14.02	%		271.32	%		10.90	%		396.96	%
S&P 500® Index		0.21			13.85			47.56			13.66			89.68			13.67			260.05			9.60			314.05
Fund
NAV Return		(3.70	)		13.26			45.30			12.32			78.74			13.54			255.97			10.38			362.20
Market Price Return		(3.71	)		13.25			45.25			12.33			78.82			13.52			255.47			10.38			361.90

22

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 Fund’s expense ratio of 0.40% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and indexes 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

RTM	Management’s Discussion of Fund Performance
	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 composed of all of the components of the S&P 500^® Materials Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500^® Index that are classified as members of the materials sector, as defined 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.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted 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.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 10.11%. On a net asset value (“NAV”) basis, the Fund returned 10.18%. During the same time period, the Index returned 10.58%. 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 the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.21%. 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. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the chemicals industry and most underweight in the software industry during the fiscal year ended April 30, 2022. 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 within the chemicals and metals & mining industries.

For the fiscal year ended April 30, 2022, the chemicals industry contributed most significantly to the Fund’s return followed by the metals & mining industry. No industry detracted from the Fund’s return during this period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included CF Industries Holdings, Inc., a chemicals company (portfolio average weight of 3.95%) and Mosaic Co. (The), a chemicals company (portfolio average weight of 3.88%). Positions that detracted most significantly from the Fund’s return during the period included PPG Industries, Inc., a chemicals company (portfolio average weight of 3.54%) and Ecolab Inc., a chemicals company (portfolio average weight of 3.44%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Chemicals	57.59
Containers & Packaging	25.56
Metals & Mining	10.14
Construction Materials	6.65
Money Market Funds Plus Other Assets Less Liabilities	0.06
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Sherwin-Williams Co. (The)	4.04
Nucor Corp.	3.93
WestRock Co.	3.92
Avery Dennison Corp.	3.82
Linde PLC	3.81
Dow, Inc.	3.74
International Paper Co.	3.74
Amcor PLC	3.73
Packaging Corp. of America	3.69
Corteva, Inc.	3.69
Total	38.11

* Excluding money market fund holdings.

24

Invesco S&P 500^® Equal Weight Materials ETF (RTM) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

				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 Materials Index		10.58	%		21.03	%		77.30	%		15.63	%		106.67	%		13.42	%		252.30	%		11.36	%		429.97	%
S&P 500® Index		0.21			13.85			47.56			13.66			89.68			13.67			260.05			9.60			314.05
Fund
NAV Return		10.18			20.64			75.56			15.20			102.93			12.94			237.73			10.76			386.99
Market Price Return		10.11			20.61			75.47			15.22			103.09			12.94			237.78			10.75			386.83

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 Fund’s expense ratio of 0.40% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and indexes 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

EWRE	Management’s Discussion of Fund Performance
	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 composed of all of the components of the S&P 500^® Real Estate Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500^® Index that are classified as members of the real estate sector, as defined 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.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted 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.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 13.37%. On a net asset value (“NAV”) basis, the Fund returned 13.20%. During the same time period, the Index returned 13.63%. 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 fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.21%. 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. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the equity REITs industry and most underweight in the software industry during the fiscal year ended April 30, 2022. 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 equity REITs industry. For the fiscal year ended April 30, 2022, the equity REITs industry contributed most significantly to the Fund’s return, followed by the real estate management & development industry. No industry detracted from the Fund’s return during this period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Iron Mountain, Inc., an equity REITs company (portfolio average weight of 3.41%) and Prologis, Inc, an equity REITs company (portfolio average weight of 3.54%). Positions that detracted most significantly from the Fund’s return during the period included Camden Property Trust, an equity REITs company (portfolio average weight of 0.22%) and Vornado Realty Trust, an equity REITs company (portfolio average weight of 3.31%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Equity REITs	96.79
Real Estate Management & Development	3.17
Money Market Funds Plus Other Assets Less Liabilities	0.04
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Host Hotels & Resorts, Inc.	3.77
Prologis, Inc.	3.62
SBA Communications Corp., Class A	3.61
Digital Realty Trust, Inc.	3.59
Kimco Realty Corp.	3.57
Crown Castle International Corp.	3.56
Iron Mountain, Inc.	3.55
Realty Income Corp.	3.54
Weyerhaeuser Co.	3.47
Equinix, Inc.	3.46
Total	35.74

* Excluding money market fund holdings.

26

Invesco S&P 500^® Equal Weight Real Estate ETF (EWRE) (continued)

Growth of a $10,000 Investment Since Inception

Fund Performance History as of April 30, 2022

				3 Years Average Annualized			3 Years Cumulative			5 Years Average Annualized			5 Years Cumulative			Fund Inception
Index	1 Year															Average Annualized			Cumulative
S&P 500® Equal Weight Real Estate Index		13.63	%		13.72	%		47.07	%		11.88	%		75.28	%		10.29	%		93.07	%
S&P 500® Index		0.21			13.85			47.56			13.66			89.68			12.85			125.12
Fund
NAV Return		13.20			13.37			45.71			11.49			72.29			9.92			88.75
Market Price Return		13.37			13.41			45.87			11.58			72.96			10.03			89.96

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 Fund’s expense ratio of 0.40% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and indexes 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

RYT	Management’s Discussion of Fund Performance
	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 composed of all of the components of the S&P 500^® Information Technology Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500^® Index that are classified as members of the information technology sector, as defined 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.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted 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.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (6.08)%. On a net asset value (“NAV”) basis, the Fund returned (6.10)%. During the same time period, the Index returned (5.73)%. 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 incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.21%. 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. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the IT services industry and most underweight in the interactive media & services industry during the fiscal year ended April 30,

2022. 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 IT services industry. For the fiscal year ended April 30, 2022, the communications equipment industry was the only industry to contribute to the Fund’s return. The IT services industry detracted most significantly from the Fund’s return during this period, followed by the electronic equipment, instruments and components and software industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Arista Networks, Inc., a communications equipment company (portfolio average weight of 1.46%) and Gartner, Inc., an IT Services company (portfolio average weight of 1.41%). Positions that detracted most significantly from the Fund’s return during this period included PayPal Holdings, Inc., an IT services company (portfolio average weight of 1.22%) and IPG Photonics Corp., an electronic equipment, instruments & components company (portfolio average weight of 1.23%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
IT Services	26.56
Semiconductors & Semiconductor Equipment	23.88
Software	23.64
Electronic Equipment, Instruments & Components	11.71
Technology Hardware, Storage & Peripherals	8.00
Communications Equipment	6.24
Money Market Funds Plus Other Assets Less Liabilities	(0.03)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
EPAM Systems, Inc.	1.78
Western Digital Corp.	1.58
Mastercard, Inc., Class A	1.51
Fidelity National Information Services, Inc.	1.49
PTC, Inc.	1.48
FleetCor Technologies, Inc.	1.46
Roper Technologies, Inc.	1.46
Visa, Inc., Class A	1.46
Global Payments, Inc.	1.45
International Business Machines Corp.	1.44
Total	15.11

* Excluding money market fund holdings.

28

Invesco S&P 500^® Equal Weight Technology ETF (RYT) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

				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		(5.73	)%		14.40	%		49.72	%		17.73	%		126.14	%		18.18	%		431.53	%		12.94	%		558.86	%
S&P 500® Index		0.21			13.85			47.56			13.66			89.68			13.67			260.05			9.60			314.05
Fund
NAV Return		(6.10	)		13.95			47.94			17.25			121.59			17.67			408.96			12.41			512.47
Market Price Return		(6.08	)		13.95			47.96			17.24			121.48			17.67			408.86			12.41			512.42

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 Fund’s expense ratio of 0.40% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and indexes 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

RYU	Management’s Discussion of Fund Performance
	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 composed of all of the components of the S&P 500^® Utilities Index (the “Parent Index”), an index that contains the common stocks of all companies included in the S&P 500^® Index that are classified as members of the utilities sector, as defined according to the Global Industry Classification Standard (“GICS”), with a 22 company minimum count. 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 companies eligible for inclusion in the Index at a 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 company minimum is reached. Any supplementary companies that are added to the Index will remain in the Index until at least the next quarterly rebalance, at which point those companies will be reviewed.

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted 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.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 11.15%. On a net asset value (“NAV”) basis, the Fund returned 10.90%. During the same time period, the Index returned 11.39%. 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 the fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.21%. 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. Furthermore, the Fund seeks to track an index that focuses on a particular sector, whereas the Benchmark Index is a broad-based index.

Relative to the Benchmark Index, the Fund was most overweight in the electric utilities industry and most underweight in the software industry during the fiscal year ended April 30, 2022. 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 electric utilities industry.

For the fiscal year ended April 30, 2022, the electric utilities industry contributed most significantly to the Fund’s return, followed by the multi-utilities and gas utilities industries, respectively. The independent power and renewable electricity producers industry was the only industry to detract from the Fund’s return during this period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Exelon Corp., an electric utilities company (portfolio average weight of 3.54%) and CenterPoint Energy, Inc., a multi-utilities company (portfolio average weight of 3.59%). Positions that detracted most significantly from the Fund’s return during this period included AES Corp. (The), an independent power and renewable electricity producers company (portfolio average weight of 3.41%) and Pinnacle West Capital Corp., an electric utilities company (portfolio average weight of 3.47%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Electric Utilities	55.30
Multi-Utilities	34.74
Water Utilities	3.39
Gas Utilities	3.33
Independent Power and Renewable Electricity Producers	3.08
Money Market Funds Plus Other Assets Less Liabilities	0.16

30

Invesco S&P 500^® Equal Weight Utilities ETF (RYU) (continued)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Constellation Energy Corp.	4.01
Entergy Corp.	3.65
PPL Corp.	3.60
CenterPoint Energy, Inc.	3.60
Exelon Corp.	3.58
Southern Co. (The)	3.57
WEC Energy Group, Inc.	3.56
Edison International	3.55
Ameren Corp.	3.55
Public Service Enterprise Group, Inc.	3.54
Total	36.21

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

				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 Utilities Plus Index		11.39	%		9.79	%		32.33	%		10.19	%		62.42	%		11.78	%		204.45	%		9.06	%		283.69	%
S&P 500® Index		0.21			13.85			47.56			13.66			89.68			13.67			260.05			9.60			314.05
Fund
NAV Return		10.90			9.39			30.91			9.77			59.40			11.32			192.11			8.56			257.11
Market Price Return		11.15			9.40			30.95			9.75			59.23			11.32			192.33			8.56			257.04

31

Invesco S&P 500^® Equal Weight Utilities ETF (RYU) (continued)

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 Fund’s expense ratio of 0.40% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and indexes 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.

32

EWMC	Management’s Discussion of Fund Performance
	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 (the “Parent Index”), a broad-based index of approximately 400 securities 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”).

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted 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.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (6.81)%. On a net asset value (“NAV”) basis, the Fund returned (6.72)%. During the same time period, the Index returned (6.37)%. 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 fees and expenses that the Fund incurred during the period.

During this same time period, the S&P MidCap 400^® Index (the “Benchmark Index”) returned (7.03)%. 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 financials sector and most underweight in the industrials sector during the fiscal year ended April 30, 2022. 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 and industrials sectors, respectively.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the real estate and materials sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return during this period, followed by the information technology and health care sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Avis Budget Group, Inc., an industrials company (portfolio average weight of 0.33%) and Murphy Oil Corp., an energy company (portfolio average weight of 0.28%). Positions that detracted most significantly from the Fund’s return during this period included Cerence, Inc., an information technology company (no longer held at fiscal year-end) and Boston Beer Co., Inc. (The), Class A, a consumer staples company (portfolio average weight of 0.22%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Industrials	16.86
Consumer Discretionary	15.80
Financials	14.60
Information Technology	13.92
Health Care	9.27
Real Estate	8.54
Materials	6.81
Consumer Staples	4.83
Utilities	3.62
Energy	3.47
Communication Services	2.21
Money Market Funds Plus Other Assets Less Liabilities	0.07
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
EQT Corp.	0.38
SailPoint Technologies Holding, Inc.	0.37
GameStop Corp., Class A	0.35
Murphy USA, Inc.	0.34
Alleghany Corp.	0.34
Avis Budget Group, Inc.	0.33
Chemours Co. (The)	0.32
FirstCash Holdings, Inc.	0.32
Pilgrim’s Pride Corp.	0.32
Ollie’s Bargain Outlet Holdings, Inc.	0.31
Total	3.38

* Excluding money market fund holdings.

33

Invesco S&P MidCap 400^® Equal Weight ETF (EWMC) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

				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 MidCap 400® Equal Weight Index		(6.37	)%		10.79	%		36.00	%		9.36	%		56.39	%		11.58	%		199.05	%		11.47	%		245.30	%
S&P MidCap 400® Index		(7.03	)		9.91			32.78			9.29			55.94			11.40			194.47			11.20			235.65
Fund
NAV Return		(6.72	)		10.40			34.57			8.96			53.60			11.12			187.01			11.03			229.75
Market Price Return		(6.81	)		10.36			34.43			8.93			53.40			11.13			187.40			11.02			229.45

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 Fund’s expense ratio of 0.40% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The

returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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, 2022.

- Average Annualized and Cumulative Inception returns for the Fund and indexes 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

EWSC	Management’s Discussion of Fund Performance
	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 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 SmallCap 600^® Index (the Parent Index”), a broad-based index of approximately 600 securities 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”).

The Index is an equal-weighted version of the Parent Index. Unlike the Parent Index, which employs a float-adjusted 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.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (8.54)%. On a net asset value (“NAV”) basis, the Fund returned (8.27)%. During the same time period, the Index returned (7.97)%. 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 fees and expenses that the Fund incurred during the period.

During this same time period, the S&P SmallCap 600^® Index (the “Benchmark Index”) returned (8.54)%. 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 health care sector and most underweight in the information technology sector during the fiscal year ended April 30, 2022. 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 materials and industrials sectors, respectively.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the materials sector. The consumer discretionary sector detracted most significantly from the Fund’s return during this period, followed by the health care and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included CONSOL Energy, Inc., an energy company (portfolio average weight of 0.20%) and Lantheus Holdings, Inc., a health care company (portfolio average weight of 0.19%). Positions that detracted most significantly from the Fund’s return during this period included Tabula Rasa Healthcare, Inc., a health care company (no longer held at fiscal year-end) and SelectQuote, Inc., a financials company (portfolio average weight of 0.12%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials	17.45
Industrials	14.55
Consumer Discretionary	14.48
Health Care	13.51
Information Technology	11.17
Real Estate	8.05
Materials	6.22
Consumer Staples	5.53
Energy	4.95
Sector Types Each Less Than 3%	4.04
Money Market Funds Plus Other Assets Less Liabilities	0.05
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Plantronics, Inc.	0.27
CONSOL Energy, Inc.	0.25
CoreCivic, Inc.	0.25
Southwestern Energy Co.	0.24
Natus Medical, Inc.	0.24
Sylvamo Corp.	0.23
Chico’s FAS, Inc.	0.23
Guess?, Inc.	0.23
Cutera, Inc.	0.23
Chefs’ Warehouse, Inc. (The)	0.23
Total	2.40

* Excluding money market fund holdings.

35

Invesco S&P SmallCap 600^® Equal Weight ETF (EWSC) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

				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 SmallCap 600® Equal Weight Index		(7.97	)%		11.59	%		38.97	%		9.80	%		59.59	%		10.41	%		169.14	%		9.80	%		190.51	%
S&P SmallCap 600® Index		(8.54	)		9.15			30.06			8.91			53.22			11.79			204.75			11.68			252.60
Fund
NAV Return		(8.27	)		11.21			37.55			9.43			56.93			9.99			159.02			9.35			177.26
Market Price Return		(8.54	)		11.24			37.65			9.29			55.93			9.97			158.65			9.32			176.51

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 Fund’s expense ratio of 0.40% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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, 2022.

- Average Annualized and Cumulative Inception returns for the Fund and indexes 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.

36

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (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 15, 2022, 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 January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during 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.

37

Invesco S&P 500^® Equal Weight ETF (RSP)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.89%
Communication Services-4.28%
Activision Blizzard, Inc.		808,627	$	61,132,201
Alphabet, Inc., Class A(b)		12,635		28,835,471
Alphabet, Inc., Class C(b)		11,743		27,001,032
AT&T, Inc.		3,616,418		68,205,644
Charter Communications, Inc., Class A(b)(c)		115,972		49,692,842
Comcast Corp., Class A		1,442,486		57,353,243
DISH Network Corp., Class A(b)(c)		2,161,144		61,614,215
Electronic Arts, Inc.		530,735		62,653,267
Fox Corp., Class A		1,160,888		41,606,226
Fox Corp., Class B		532,744		17,708,411
Interpublic Group of Cos., Inc. (The)		1,931,765		63,014,174
Live Nation Entertainment, Inc.(b)(c)		598,089		62,727,574
Lumen Technologies, Inc.(c)		6,029,363		60,655,392
Match Group, Inc.(b)(c)		734,392		58,127,127
Meta Platforms, Inc., Class A(b)		346,221		69,406,924
Netflix, Inc.(b)		190,944		36,348,100
News Corp., Class A		2,353,152		46,733,599
News Corp., Class B		729,013		14,514,649
Omnicom Group, Inc.		852,257		64,882,325
Paramount Global, Class B(c)		1,990,786		57,971,688
Take-Two Interactive Software, Inc.(b)(c)		422,933		50,544,723
T-Mobile US, Inc.(b)		521,386		64,203,472
Twitter, Inc.(b)(c)		1,967,883		96,465,625
Verizon Communications, Inc.		1,224,364		56,688,053
Walt Disney Co. (The)(b)		492,633		54,992,622
Warner Bros Discovery, Inc.(b)		2,705,833		49,110,877
				1,382,189,476
Consumer Discretionary-11.78%
Advance Auto Parts, Inc.		318,410		63,564,188
Amazon.com, Inc.(b)		22,303		55,437,006
Aptiv PLC(b)		611,786		65,094,030
AutoZone, Inc.(b)		35,011		68,462,960
Bath & Body Works, Inc.(c)		1,387,085		73,362,926
Best Buy Co., Inc.		686,364		61,724,715
Booking Holdings, Inc.(b)		31,833		70,360,798
BorgWarner, Inc.(c)		1,788,102		65,855,797
Caesars Entertainment, Inc.(b)(c)		868,202		57,544,429
CarMax, Inc.(b)(c)		654,601		56,151,674
Carnival Corp.(b)(c)		3,710,712		64,195,318
Chipotle Mexican Grill, Inc.(b)		44,009		64,059,940
D.R. Horton, Inc.		802,268		55,829,830
Darden Restaurants, Inc.		503,402		66,313,145
Dollar General Corp.		315,731		74,995,584
Dollar Tree, Inc.(b)		442,404		71,868,530
Domino’s Pizza, Inc.(c)		168,218		56,857,684
eBay, Inc.		1,297,098		67,345,328
Etsy, Inc.(b)(c)		535,426		49,896,349
Expedia Group, Inc.(b)(c)		362,461		63,340,060
Ford Motor Co.		4,048,537		57,327,284
Garmin Ltd.		591,418		64,902,211
General Motors Co.(b)		1,564,172		59,297,761
Genuine Parts Co.(c)		533,469		69,377,643
Hasbro, Inc.		750,857		66,120,467
Hilton Worldwide Holdings, Inc.(b)(c)		458,090		71,136,796
Home Depot, Inc. (The)		204,825		61,529,430

	Shares		Value
Consumer Discretionary-(continued)
Las Vegas Sands Corp.(b)(c)		1,782,816	$	63,165,171
Lennar Corp., Class A		750,008		57,368,112
LKQ Corp.		1,474,020		73,155,613
Lowe’s Cos., Inc.		292,082		57,753,374
Marriott International, Inc., Class A(b)		401,590		71,290,257
McDonald’s Corp.		286,203		71,310,339
MGM Resorts International		1,619,030		66,444,991
Mohawk Industries, Inc.(b)		495,467		69,890,575
Newell Brands, Inc.(c)		3,008,965		69,657,540
NIKE, Inc., Class B		529,463		66,024,036
Norwegian Cruise Line Holdings Ltd.(b)(c)		3,712,595		74,363,278
NVR, Inc.(b)		13,356		58,448,661
O’Reilly Automotive, Inc.(b)		96,012		58,236,079
Penn National Gaming, Inc.(b)(c)		1,521,617		55,645,534
Pool Corp.		147,017		59,574,229
PulteGroup, Inc.		1,399,864		58,458,321
PVH Corp.		895,500		65,174,490
Ralph Lauren Corp.(c)		604,042		63,025,742
Ross Stores, Inc.		740,045		73,834,290
Royal Caribbean Cruises Ltd.(b)(c)		948,820		73,751,779
Starbucks Corp.		785,010		58,593,146
Tapestry, Inc.		1,890,307		62,228,906
Target Corp.		313,609		71,706,698
Tesla, Inc.(b)		81,769		71,201,174
TJX Cos., Inc. (The)		1,056,984		64,771,979
Tractor Supply Co.		286,636		57,742,822
Ulta Beauty, Inc.(b)		176,197		69,914,970
Under Armour, Inc., Class A(b)		2,072,823		31,838,561
Under Armour, Inc., Class C(b)(c)		2,362,988		33,530,800
VF Corp.(c)		1,213,576		63,105,952
Whirlpool Corp.(c)		350,262		63,579,558
Wynn Resorts Ltd.(b)		897,925		63,285,754
Yum! Brands, Inc.		558,304		65,327,151
				3,805,351,765
Consumer Staples-7.02%
Altria Group, Inc.		1,286,527		71,492,305
Archer-Daniels-Midland Co.		777,191		69,605,226
Brown-Forman Corp., Class B		1,027,020		69,262,229
Campbell Soup Co.(c)		1,539,741		72,706,570
Church & Dwight Co., Inc.		682,407		66,575,627
Clorox Co. (The)		499,007		71,592,534
Coca-Cola Co. (The)		1,121,079		72,432,914
Colgate-Palmolive Co.		880,188		67,818,485
Conagra Brands, Inc.		2,157,151		75,349,285
Constellation Brands, Inc., Class A		305,766		75,245,955
Costco Wholesale Corp.		123,294		65,557,886
Estee Lauder Cos., Inc. (The), Class A		245,663		64,869,772
General Mills, Inc.		1,043,017		73,772,592
Hershey Co. (The)		317,210		71,616,502
Hormel Foods Corp.(c)		1,286,527		67,401,150
JM Smucker Co. (The)		504,014		69,014,637
Kellogg Co.		1,085,218		74,337,433
Kimberly-Clark Corp.		552,419		76,692,330
Kraft Heinz Co. (The)		1,737,976		74,089,917
Kroger Co. (The)		1,162,071		62,705,351
Lamb Weston Holdings, Inc.		1,282,484		84,772,192

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, 2022

	Shares		Value
Consumer Staples-(continued)
McCormick & Co., Inc.		672,919	$	67,675,464
Molson Coors Beverage Co., Class B(c)		1,277,621		69,170,401
Mondelez International, Inc., Class A		1,098,340		70,820,963
Monster Beverage Corp.(b)		886,638		75,967,144
PepsiCo, Inc.		422,286		72,510,729
Philip Morris International, Inc.		730,543		73,054,300
Procter & Gamble Co. (The)		453,548		72,817,131
Sysco Corp.		834,417		71,325,965
Tyson Foods, Inc., Class A		741,038		69,035,100
Walgreens Boots Alliance, Inc.		1,368,591		58,028,258
Walmart, Inc.		457,142		69,938,155
				2,267,254,502
Energy-4.28%
APA Corp.		1,663,778		68,098,434
Baker Hughes Co., Class A		1,725,605		53,528,267
Chevron Corp.		379,979		59,531,310
ConocoPhillips		660,248		63,066,889
Coterra Energy, Inc.		2,534,639		72,972,257
Devon Energy Corp.		1,107,788		64,440,028
Diamondback Energy, Inc.		501,230		63,270,263
EOG Resources, Inc.		562,181		65,640,254
Exxon Mobil Corp.		765,079		65,222,985
Halliburton Co.		1,736,054		61,838,243
Hess Corp.(c)		686,409		70,748,176
Kinder Morgan, Inc.		3,587,813		65,118,806
Marathon Oil Corp.		2,802,881		69,847,794
Marathon Petroleum Corp.		828,132		72,262,798
Occidental Petroleum Corp.		1,121,365		61,775,998
ONEOK, Inc.		983,242		62,268,716
Phillips 66		804,116		69,765,104
Pioneer Natural Resources Co.(c)		279,972		65,085,091
Schlumberger N.V.(c)		1,514,575		59,083,571
Valero Energy Corp.		708,359		78,967,861
Williams Cos., Inc. (The)(c)		2,036,119		69,818,520
				1,382,351,365
Financials-12.68%
Aflac, Inc.		1,082,791		62,022,268
Allstate Corp. (The)		526,776		66,658,235
American Express Co.		386,919		67,598,618
American International Group, Inc.		1,139,253		66,657,693
Ameriprise Financial, Inc.		238,899		63,425,296
Aon PLC, Class A		216,125		62,241,839
Arthur J. Gallagher & Co.		422,582		71,200,841
Assurant, Inc.		382,847		69,632,212
Bank of America Corp.		1,609,903		57,441,339
Bank of New York Mellon Corp. (The)		1,288,701		54,202,764
Berkshire Hathaway, Inc., Class B(b)		195,291		63,045,794
BlackRock, Inc.		94,376		58,954,800
Brown & Brown, Inc.		1,035,400		64,174,092
Capital One Financial Corp.(c)		499,270		62,219,027
Cboe Global Markets, Inc.		569,627		64,356,458
Charles Schwab Corp. (The)		809,318		53,682,063
Chubb Ltd.		322,326		66,544,203
Cincinnati Financial Corp.		533,645		65,456,896
Citigroup, Inc.		1,176,350		56,711,833
Citizens Financial Group, Inc.		1,385,083		54,572,270
CME Group, Inc., Class A		287,332		63,023,401
Comerica, Inc.		737,740		60,420,906
Discover Financial Services		611,978		68,823,046

	Shares		Value
Financials-(continued)
Everest Re Group Ltd.		239,295	$	65,736,729
FactSet Research Systems, Inc.		157,346		63,487,538
Fifth Third Bancorp		1,475,660		55,381,520
First Republic Bank		404,629		60,378,739
Franklin Resources, Inc.(c)		2,382,272		58,580,068
Globe Life, Inc.		670,673		65,779,608
Goldman Sachs Group, Inc. (The)		199,214		60,857,885
Hartford Financial Services Group, Inc. (The)		969,817		67,819,303
Huntington Bancshares, Inc.		4,411,323		58,008,897
Intercontinental Exchange, Inc.		513,676		59,488,818
Invesco Ltd.(d)		3,240,408		59,558,699
JPMorgan Chase & Co.		503,822		60,136,194
KeyCorp		2,833,051		54,706,215
Lincoln National Corp.		1,051,728		63,261,439
Loews Corp.		1,067,519		67,082,894
M&T Bank Corp.		376,998		62,822,947
MarketAxess Holdings, Inc.		188,862		49,785,912
Marsh & McLennan Cos., Inc.		434,186		70,207,876
MetLife, Inc.		1,011,411		66,429,474
Moody’s Corp.		213,400		67,536,832
Morgan Stanley		763,077		61,496,375
MSCI, Inc.		141,962		59,801,492
Nasdaq, Inc.		393,881		61,985,053
Northern Trust Corp.		618,034		63,688,404
PNC Financial Services Group, Inc. (The)		356,383		59,195,216
Principal Financial Group, Inc.(c)		998,315		68,025,184
Progressive Corp. (The)		615,656		66,096,828
Prudential Financial, Inc.		612,351		66,446,207
Raymond James Financial, Inc.		675,592		65,843,196
Regions Financial Corp.		2,963,673		61,407,305
S&P Global, Inc.(c)		171,119		64,426,346
Signature Bank		224,392		54,358,962
State Street Corp.		781,914		52,364,781
SVB Financial Group(b)		122,573		59,771,498
Synchrony Financial		1,853,422		68,224,464
T. Rowe Price Group, Inc.(c)		476,442		58,621,424
Travelers Cos., Inc. (The)		373,870		63,954,202
Truist Financial Corp.		1,136,519		54,950,694
U.S. Bancorp		1,233,219		59,885,115
W.R. Berkley Corp.		1,032,225		68,632,640
Wells Fargo & Co.		1,339,677		58,450,108
Willis Towers Watson PLC		294,001		63,169,055
Zions Bancorporation N.A.		1,011,257		57,146,133
				4,098,054,163
Health Care-12.80%
Abbott Laboratories		569,529		64,641,542
AbbVie, Inc.		436,695		64,141,762
ABIOMED, Inc.(b)(c)		226,278		64,846,749
Agilent Technologies, Inc.		498,445		59,449,535
Align Technology, Inc.(b)		161,893		46,934,400
AmerisourceBergen Corp.		449,586		68,017,866
Amgen, Inc.		283,777		66,173,959
Anthem, Inc.		137,068		68,798,541
Baxter International, Inc.(c)		845,184		60,058,775
Becton, Dickinson and Co.		261,385		64,611,758
Biogen, Inc.(b)		328,517		68,147,566
Bio-Rad Laboratories, Inc., Class A(b)		122,732		62,846,148
Bio-Techne Corp.		161,826		61,443,714

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, 2022

	Shares		Value
Health Care-(continued)
Boston Scientific Corp.(b)		1,557,217	$	65,574,408
Bristol-Myers Squibb Co.		943,843		71,043,063
Cardinal Health, Inc.		1,235,058		71,695,117
Catalent, Inc.(b)		675,661		61,187,860
Centene Corp.(b)		779,011		62,749,336
Cerner Corp.		695,534		65,129,804
Charles River Laboratories International, Inc.(b)		250,013		60,380,640
Cigna Corp.		286,215		70,632,138
Cooper Cos., Inc. (The)		170,996		61,736,396
CVS Health Corp.		628,617		60,428,952
Danaher Corp.		247,231		62,087,121
DaVita, Inc.(b)		590,523		63,994,978
DENTSPLY SIRONA, Inc.		1,331,605		53,250,884
DexCom, Inc.(b)		166,578		68,060,439
Edwards Lifesciences Corp.(b)		627,875		66,416,617
Eli Lilly and Co.		244,293		71,365,314
Gilead Sciences, Inc.		1,119,565		66,434,987
HCA Healthcare, Inc.		238,219		51,109,886
Henry Schein, Inc.(b)		771,545		62,572,300
Hologic, Inc.(b)		935,301		67,332,319
Humana, Inc.		152,412		67,756,279
IDEXX Laboratories, Inc.(b)		130,398		56,133,731
Illumina, Inc.(b)		213,812		63,427,330
Incyte Corp.(b)		878,206		65,830,322
Intuitive Surgical, Inc.(b)		237,343		56,796,180
IQVIA Holdings, Inc.(b)		304,056		66,281,167
Johnson & Johnson		383,208		69,153,716
Laboratory Corp. of America Holdings(b)		244,521		58,753,506
McKesson Corp.		231,587		71,701,651
Medtronic PLC		625,684		65,296,382
Merck & Co., Inc.		829,822		73,596,913
Mettler-Toledo International, Inc.(b)		49,407		63,118,925
Moderna, Inc.(b)		469,652		63,125,925
Molina Healthcare, Inc.(b)		207,158		64,933,675
Organon & Co.(c)		1,812,501		58,598,157
PerkinElmer, Inc.		389,626		57,123,068
Pfizer, Inc.		1,291,791		63,388,184
Quest Diagnostics, Inc.		476,408		63,762,447
Regeneron Pharmaceuticals, Inc.(b)		99,200		65,383,712
ResMed, Inc.		272,537		54,499,224
STERIS PLC(c)		297,046		66,553,156
Stryker Corp.		262,104		63,235,211
Teleflex, Inc.		193,352		55,225,198
Thermo Fisher Scientific, Inc.		122,750		67,870,930
UnitedHealth Group, Inc.		134,420		68,359,291
Universal Health Services, Inc., Class B(c)		431,478		52,868,999
Vertex Pharmaceuticals, Inc.(b)		275,225		75,196,974
Viatris, Inc.		6,480,842		66,947,098
Waters Corp.(b)		207,249		62,800,592
West Pharmaceutical Services, Inc.		178,715		56,305,948
Zimmer Biomet Holdings, Inc.		546,544		65,995,188
Zoetis, Inc.		350,465		62,119,921
				4,135,433,874
Industrials-14.28%
3M Co.		460,668		66,437,539
A.O. Smith Corp.		988,047		57,731,586
Alaska Air Group, Inc.(b)(c)		1,330,269		72,353,331

	Shares		Value
Industrials-(continued)
Allegion PLC		583,560	$	66,665,894
American Airlines Group, Inc.(b)(c)		4,631,560		86,934,381
AMETEK, Inc.		511,590		64,593,353
Boeing Co. (The)(b)		368,563		54,856,917
C.H. Robinson Worldwide, Inc.(c)		635,151		67,421,279
Carrier Global Corp.		1,502,675		57,507,372
Caterpillar, Inc.		302,365		63,659,927
Cintas Corp		175,828		69,849,431
Copart, Inc.(b)		562,286		63,903,804
CSX Corp.		1,871,709		64,274,487
Cummins, Inc.		326,660		61,800,805
Deere & Co.		167,015		63,056,513
Delta Air Lines, Inc.(b)		2,024,648		87,120,603
Dover Corp.		428,263		57,087,458
Eaton Corp. PLC		441,913		64,086,223
Emerson Electric Co.		698,310		62,973,596
Equifax, Inc.		289,922		59,004,925
Expeditors International of Washington, Inc.		652,347		64,628,017
Fastenal Co.		1,203,250		66,551,757
FedEx Corp.		304,657		60,547,532
Fortive Corp.		1,154,783		66,400,023
Fortune Brands Home & Security, Inc.		774,019		55,148,854
Generac Holdings, Inc.(b)(c)		230,783		50,629,175
General Dynamics Corp.		279,601		66,134,025
General Electric Co.		703,646		52,456,809
Honeywell International, Inc.		356,210		68,930,197
Howmet Aerospace, Inc.(c)		1,925,907		65,711,947
Huntington Ingalls Industries, Inc.		314,951		67,002,676
IDEX Corp.		342,592		65,030,813
Illinois Tool Works, Inc.		318,747		62,828,221
Ingersoll Rand, Inc.		1,364,365		59,977,485
J.B. Hunt Transport Services, Inc.		321,233		54,882,658
Jacobs Engineering Group, Inc.		519,507		71,977,695
Johnson Controls International PLC		1,073,698		64,282,299
L3Harris Technologies, Inc.		260,477		60,498,388
Leidos Holdings, Inc.		636,799		65,915,064
Lockheed Martin Corp.		148,422		64,136,115
Masco Corp.		1,208,514		63,676,603
Nielsen Holdings PLC		3,708,441		99,423,303
Nordson Corp.		299,726		64,647,901
Norfolk Southern Corp.		242,863		62,629,510
Northrop Grumman Corp.		149,185		65,551,889
Old Dominion Freight Line, Inc.		210,421		58,943,131
Otis Worldwide Corp.		896,953		65,334,057
PACCAR, Inc.		759,131		63,045,830
Parker-Hannifin Corp.		239,667		64,906,617
Pentair PLC		1,206,974		61,253,931
Quanta Services, Inc.		526,923		61,112,530
Raytheon Technologies Corp.		671,188		63,702,453
Republic Services, Inc.		512,960		68,875,139
Robert Half International, Inc.		596,689		58,660,496
Rockwell Automation, Inc.		252,875		63,893,926
Rollins, Inc.(c)		2,016,668		67,639,045
Snap-on, Inc.		315,506		67,041,870
Southwest Airlines Co.(b)		1,613,907		75,401,735
Stanley Black & Decker, Inc.		443,273		53,259,251
Textron, Inc.		938,611		64,998,812
Trane Technologies PLC(c)		436,358		61,042,121
TransDigm Group, Inc.(b)		104,181		61,967,901

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

40

Invesco S&P 500^® Equal Weight ETF (RSP)–(continued)

April 30, 2022

	Shares		Value
Industrials-(continued)
Union Pacific Corp.		243,292	$	57,000,883
United Airlines Holdings, Inc.(b)(c)		1,862,272		94,044,736
United Parcel Service, Inc., Class B		318,685		57,356,926
United Rentals, Inc.(b)		201,118		63,657,869
Verisk Analytics, Inc.		356,594		72,763,006
W.W. Grainger, Inc.		137,379		68,693,621
Wabtec Corp.		729,177		65,560,304
Waste Management, Inc.		428,909		70,529,796
Xylem, Inc.		776,350		62,496,175
				4,614,100,541
Information Technology-14.91%
Accenture PLC, Class A		208,633		62,665,008
Adobe, Inc.(b)		155,904		61,730,189
Advanced Micro Devices, Inc.(b)		622,446		53,231,582
Akamai Technologies, Inc.(b)		598,683		67,220,127
Amphenol Corp., Class A		882,063		63,067,505
Analog Devices, Inc.		439,919		67,914,695
ANSYS, Inc.(b)		221,119		60,960,297
Apple, Inc.		414,949		65,416,710
Applied Materials, Inc.		525,226		57,958,689
Arista Networks, Inc.(b)		541,678		62,601,726
Autodesk, Inc.(b)		337,485		63,879,161
Automatic Data Processing, Inc.		306,249		66,817,407
Broadcom, Inc.		112,319		62,268,530
Broadridge Financial Solutions, Inc.		448,832		64,690,156
Cadence Design Systems, Inc.(b)		447,891		67,564,357
CDW Corp.		381,762		62,295,923
Ceridian HCM Holding, Inc.(b)		1,057,828		59,375,886
Cisco Systems, Inc.		1,187,285		58,153,219
Citrix Systems, Inc.		642,664		64,330,666
Cognizant Technology Solutions Corp., Class A		738,252		59,724,587
Corning, Inc.		1,781,858		62,703,583
DXC Technology Co.(b)		2,124,921		60,985,233
Enphase Energy, Inc.(b)		379,449		61,243,069
EPAM Systems, Inc.(b)		324,546		86,001,445
F5, Inc.(b)		333,879		55,894,683
Fidelity National Information Services, Inc.		726,778		72,060,039
Fiserv, Inc.(b)		689,479		67,513,784
FleetCor Technologies, Inc.(b)		282,942		70,599,688
Fortinet, Inc.(b)		232,814		67,285,574
Gartner, Inc.(b)		232,244		67,478,494
Global Payments, Inc.		511,206		70,024,998
Hewlett Packard Enterprise Co.		3,923,643		60,463,339
HP, Inc.(c)		1,789,549		65,551,180
Intel Corp.		1,417,067		61,769,951
International Business Machines Corp.		523,898		69,264,555
Intuit, Inc.		147,927		61,944,431
IPG Photonics Corp.(b)(c)		586,190		55,383,231
Jack Henry & Associates, Inc.(c)		346,818		65,749,756
Juniper Networks, Inc.		1,959,264		61,756,001
Keysight Technologies, Inc.(b)		445,030		62,424,358
KLA Corp.		200,801		64,107,727
Lam Research Corp.		134,278		62,541,321
Mastercard, Inc., Class A		199,880		72,632,394
Microchip Technology, Inc.(c)		940,608		61,327,642
Micron Technology, Inc.		891,886		60,817,706
Microsoft Corp.		232,049		64,398,238

	Shares		Value
Information Technology-(continued)
Monolithic Power Systems, Inc.		163,844	$	64,266,171
Motorola Solutions, Inc.		292,650		62,536,379
NetApp, Inc.		772,036		56,551,637
NortonLifeLock, Inc.(c)		2,350,934		58,867,387
NVIDIA Corp.		293,649		54,463,080
NXP Semiconductors N.V. (China)		363,853		62,182,478
Oracle Corp.		834,417		61,246,208
Paychex, Inc.		538,687		68,267,804
Paycom Software, Inc.(b)		214,261		60,308,044
PayPal Holdings, Inc.(b)		672,577		59,139,696
PTC, Inc.(b)		624,977		71,378,623
Qorvo, Inc.(b)		525,268		59,764,993
QUALCOMM, Inc.		426,034		59,512,689
Roper Technologies, Inc.		150,275		70,617,228
salesforce.com, inc.(b)		328,143		57,733,479
Seagate Technology Holdings PLC		743,614		61,006,093
ServiceNow, Inc.(b)(c)		126,889		60,665,631
Skyworks Solutions, Inc.		509,046		57,674,912
SolarEdge Technologies, Inc.(b)(c)		204,447		51,195,573
Synopsys, Inc.(b)		221,067		63,399,805
TE Connectivity Ltd. (Switzerland)(c)		509,515		63,577,282
Teledyne Technologies, Inc.(b)		154,443		66,649,877
Teradyne, Inc.(c)		607,694		64,087,409
Texas Instruments, Inc.		380,998		64,864,909
Trimble, Inc.(b)		991,743		66,149,258
Tyler Technologies, Inc.(b)		162,834		64,272,208
VeriSign, Inc.(b)		318,288		56,874,883
Visa, Inc., Class A(c)		330,087		70,351,442
Western Digital Corp.(b)		1,433,277		76,064,010
Zebra Technologies Corp., Class A(b)		168,346		62,230,782
				4,819,688,810
Materials-5.85%
Air Products and Chemicals, Inc.		296,225		69,337,386
Albemarle Corp.		351,450		67,770,104
Amcor PLC(c)		5,957,570		70,656,780
Avery Dennison Corp.		399,796		72,203,158
Ball Corp.		759,131		61,611,072
Celanese Corp.		470,286		69,103,825
CF Industries Holdings, Inc.		676,534		65,508,787
Corteva, Inc.		1,210,904		69,857,052
Dow, Inc.		1,066,273		70,907,154
DuPont de Nemours, Inc.		895,863		59,064,248
Eastman Chemical Co.		604,235		62,036,807
Ecolab, Inc.		408,951		69,251,762
FMC Corp.		526,995		69,847,917
Freeport-McMoRan, Inc.		1,383,895		56,116,942
International Flavors & Fragrances, Inc.		549,625		66,669,513
International Paper Co.(c)		1,530,525		70,832,697
Linde PLC (United Kingdom)		231,491		72,215,932
LyondellBasell Industries N.V., Class A		627,994		66,586,204
Martin Marietta Materials, Inc.		175,094		62,021,797
Mosaic Co. (The)		1,049,499		65,509,728
Newmont Corp.		845,703		61,609,464
Nucor Corp.(c)		481,173		74,475,957
Packaging Corp. of America		434,271		69,991,457
PPG Industries, Inc.		540,266		69,148,645
Sealed Air Corp.		1,002,692		64,382,853
Sherwin-Williams Co. (The)		278,138		76,476,824

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

41

Invesco S&P 500^® Equal Weight ETF (RSP)–(continued)

April 30, 2022

	Shares		Value
Materials-(continued)
Vulcan Materials Co.		370,436	$	63,822,418
WestRock Co.		1,499,479		74,269,195
				1,891,285,678
Real Estate-6.01%
Alexandria Real Estate Equities, Inc.		345,037		62,851,940
American Tower Corp.		276,688		66,687,342
AvalonBay Communities, Inc.		269,184		61,233,976
Boston Properties, Inc.		526,060		61,864,656
Camden Property Trust		376,032		58,995,661
CBRE Group, Inc., Class A(b)		741,618		61,583,959
Crown Castle International Corp.		365,576		67,708,331
Digital Realty Trust, Inc.		478,677		69,944,283
Duke Realty Corp.		1,210,721		66,286,975
Equinix, Inc.		93,507		67,239,014
Equity Residential		748,061		60,966,972
Essex Property Trust, Inc.		193,335		63,659,415
Extra Space Storage, Inc.		330,416		62,779,040
Federal Realty Investment Trust		548,262		64,179,550
Healthpeak Properties, Inc.(c)		2,003,393		65,731,324
Host Hotels & Resorts, Inc.		3,603,387		73,328,925
Iron Mountain, Inc.(c)		1,285,280		69,058,094
Kimco Realty Corp.(c)		2,738,789		69,373,525
Mid-America Apartment Communities, Inc.		311,397		61,245,562
Prologis, Inc.		439,249		70,407,222
Public Storage		177,385		65,898,528
Realty Income Corp.		993,500		68,909,160
Regency Centers Corp.		971,354		66,858,296
SBA Communications Corp., Class A		198,010		68,731,251
Simon Property Group, Inc.		499,421		58,931,678
UDR, Inc.		1,146,319		60,995,634
Ventas, Inc.		1,110,203		61,671,777
Vornado Realty Trust(c)		1,404,907		54,383,950
Welltower, Inc.		712,393		64,692,408
Weyerhaeuser Co.		1,639,092		67,563,372
				1,943,761,820
Utilities-6.00%
AES Corp. (The)		2,924,852		59,725,478
Alliant Energy Corp.		1,078,063		63,400,885
Ameren Corp.(c)		742,282		68,957,998
American Electric Power Co., Inc.		679,985		67,393,313
American Water Works Co., Inc.		426,748		65,753,332
Atmos Energy Corp.(c)		570,993		64,750,606
CenterPoint Energy, Inc.		2,283,353		69,893,435
CMS Energy Corp.		984,943		67,655,735
Consolidated Edison, Inc.		727,372		67,456,479
Constellation Energy Corp.		1,316,612		77,956,597
Dominion Energy, Inc.		789,775		64,477,231

	Shares		Value
Utilities-(continued)
DTE Energy Co.		511,291	$	66,999,573
Duke Energy Corp.		612,565		67,480,160
Edison International		1,002,389		68,954,339
Entergy Corp.		597,011		70,954,757
Evergy, Inc.		1,009,102		68,467,571
Eversource Energy		774,626		67,702,313
Exelon Corp.		1,488,842		69,648,029
FirstEnergy Corp.		1,476,772		63,958,995
NextEra Energy, Inc.		809,045		57,458,376
NiSource, Inc.		2,179,845		63,477,086
NRG Energy, Inc.		1,687,551		60,583,081
Pinnacle West Capital Corp.		880,305		62,677,716
PPL Corp.		2,472,001		69,982,348
Public Service Enterprise Group, Inc.		988,047		68,827,354
Sempra Energy		421,103		67,949,180
Southern Co. (The)		945,302		69,375,714
WEC Energy Group, Inc.		692,044		69,239,002
Xcel Energy, Inc.		922,746		67,600,372
				1,938,757,055
Total Common Stocks & Other Equity Interests (Cost $31,637,813,965)				32,278,229,049
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $17,804,249)		17,804,249		17,804,249
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $31,655,618,214)				32,296,033,298
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.75%
Invesco Private Government Fund, 0.40%(d)(e)(f)		367,592,691		367,592,691
Invesco Private Prime Fund, 0.35%(d)(e)(f)		845,183,990		845,183,990
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,212,646,444)				1,212,776,681
TOTAL INVESTMENTS IN SECURITIES-103.69% (Cost $32,868,264,658)				33,508,809,979
OTHER ASSETS LESS LIABILITIES-(3.69)%				(1,193,911,855	)
NET ASSETS-100.00%			$	32,314,898,124

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

42

Invesco S&P 500^® Equal Weight ETF (RSP)–(continued)

April 30, 2022

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, 2022.

^(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, 2022.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Invesco Ltd.	$	53,120,799	$	46,734,104	$	(16,335,474	)	$	(28,493,262	)	$	4,532,532		$	59,558,699	$	1,574,968
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		8,055,574		482,481,657		(472,732,982	)		-			-			17,804,249		11,619
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		282,481,546		3,364,650,716		(3,279,539,571	)		-			-			367,592,691		316,094	*
Invesco Private Prime Fund		465,681,081		6,526,375,828		(6,146,546,790	)		130,233			(456,362	)		845,183,990		1,125,373	*
Total	$	809,339,000	$	10,420,242,305	$	(9,915,154,817	)	$	(28,363,029	)	$	4,076,170		$	1,290,139,629	$	3,028,054

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

43

Invesco S&P 500^® Equal Weight Communication Services ETF (EWCO)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Diversified Telecommunication Services-13.48%
AT&T, Inc.		100,549	$	1,896,354
Lumen Technologies, Inc.(b)		167,558		1,685,633
Verizon Communications, Inc.		33,672		1,559,014
				5,141,001
Entertainment-27.24%
Activision Blizzard, Inc.		22,239		1,681,269
Electronic Arts, Inc.		14,599		1,723,412
Live Nation Entertainment, Inc.(c)		16,484		1,728,842
Netflix, Inc.(c)		5,250		999,390
Take-Two Interactive Software, Inc.(c)		11,632		1,390,140
Walt Disney Co. (The)(c)		13,583		1,516,270
Warner Bros Discovery, Inc.(c)		74,627		1,354,480
				10,393,803
Interactive Media & Services-20.29%
Alphabet, Inc., Class A(c)		356		812,460
Alphabet, Inc., Class C(c)		330		758,779
Match Group, Inc.(c)		20,233		1,601,442
Meta Platforms, Inc., Class A(c)		9,538		1,912,083
Twitter, Inc.(b)(c)		54,211		2,657,423
				7,742,187
Media-34.36%
Charter Communications, Inc., Class A(c)		3,194		1,368,597
Comcast Corp., Class A		39,672		1,577,359
DISH Network Corp., Class A(c)		59,548		1,697,714
Fox Corp., Class A		31,930		1,144,371
Fox Corp., Class B		14,659		487,265

	Shares		Value
Media-(continued)
Interpublic Group of Cos., Inc. (The)		54,137	$	1,765,949
News Corp., Class A		64,720		1,285,339
News Corp., Class B		20,052		399,235
Omnicom Group, Inc.(b)		23,425		1,783,345
Paramount Global, Class B		54,856		1,597,407
				13,106,581
Wireless Telecommunication Services-4.64%
T-Mobile US, Inc.(c)		14,366		1,769,029
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $47,140,240)				38,152,601
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-7.95%
Invesco Private Government Fund, 0.40%(d)(e)(f) .		910,132		910,132
Invesco Private Prime Fund, 0.35%(d)(e)(f)		2,122,766		2,122,766
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,032,763)				3,032,898
TOTAL INVESTMENTS IN SECURITIES-107.96% (Cost $50,173,003)				41,185,499
OTHER ASSETS LESS LIABILITIES-(7.96)%				(3,034,968	)
NET ASSETS-100.00%			$	38,150,531

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	770,874		$	(770,874	)		$	-		$	-			$	-		$	11
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			168,501			11,081,887			(10,340,256	)			-			-				910,132			638	*
Invesco Private Prime Fund			252,751			20,047,816			(18,177,346	)			135			(590	)			2,122,766			1,942	*
Total		$	421,252		$	31,900,577		$	(29,288,476	)		$	135		$	(590	)		$	3,032,898		$	2,591

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

44

Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (RCD)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Auto Components-3.44%
Aptiv PLC(b)		58,811	$	6,257,491
BorgWarner, Inc.		171,906		6,331,298
				12,588,789
Automobiles-4.93%
Ford Motor Co.		389,250		5,511,780
General Motors Co.(b)		150,409		5,702,005
Tesla, Inc.(b)		7,859		6,843,303
				18,057,088
Distributors-5.31%
Genuine Parts Co.		51,315		6,673,516
LKQ Corp.		141,730		7,034,060
Pool Corp.		14,130		5,725,758
				19,433,334
Hotels, Restaurants & Leisure-30.95%
Booking Holdings, Inc.(b)		3,091		6,832,068
Caesars Entertainment, Inc.(b)		83,455		5,531,397
Carnival Corp.(b)(c)		362,793		6,276,319
Chipotle Mexican Grill, Inc.(b)		4,227		6,152,863
Darden Restaurants, Inc.		48,405		6,376,391
Domino’s Pizza, Inc.		16,158		5,461,404
Expedia Group, Inc.(b)		34,815		6,083,921
Hilton Worldwide Holdings, Inc.(b)		44,040		6,838,972
Las Vegas Sands Corp.(b)(c)		171,441		6,074,155
Marriott International, Inc., Class A(b)		38,628		6,857,243
McDonald’s Corp.		27,525		6,858,129
MGM Resorts International		155,667		6,388,574
Norwegian Cruise Line Holdings Ltd.(b)(c)		356,983		7,150,369
Penn National Gaming, Inc.(b)(c)		146,314		5,350,703
Royal Caribbean Cruises Ltd.(b)(c)		91,241		7,092,163
Starbucks Corp.		75,467		5,632,857
Wynn Resorts Ltd.(b)(c)		86,330		6,084,538
Yum! Brands, Inc.		53,699		6,283,320
				113,325,386
Household Durables-13.10%
D.R. Horton, Inc.		77,112		5,366,224
Garmin Ltd.		56,859		6,239,707
Lennar Corp., Class A		72,125		5,516,841
Mohawk Industries, Inc.(b)(c)		47,619		6,717,136
Newell Brands, Inc.		289,314		6,697,619
NVR, Inc.(b)		1,305		5,710,954
PulteGroup, Inc.		134,580		5,620,061
Whirlpool Corp.(c)		33,671		6,111,960
				47,980,502
Internet & Direct Marketing Retail-4.53%
Amazon.com, Inc.(b)		2,144		5,329,191
eBay, Inc.		124,724		6,475,670
Etsy, Inc.(b)(c)		51,503		4,799,564
				16,604,425

	Shares		Value
Leisure Products-1.74%
Hasbro, Inc.		72,215	$	6,359,253
Multiline Retail-5.74%
Dollar General Corp.		30,379		7,215,924
Dollar Tree, Inc.(b)		42,469		6,899,089
Target Corp.		30,173		6,899,056
				21,014,069
Specialty Retail-20.13%
Advance Auto Parts, Inc.		30,593		6,107,281
AutoZone, Inc.(b)		3,342		6,535,181
Bath & Body Works, Inc.(c)		133,389		7,054,944
Best Buy Co., Inc.(c)		66,002		5,935,560
CarMax, Inc.(b)(c)		62,934		5,398,478
Home Depot, Inc. (The)		19,707		5,919,983
Lowe’s Cos., Inc.		28,103		5,556,806
O’Reilly Automotive, Inc.(b)		9,255		5,613,620
Ross Stores, Inc.		71,138		7,097,438
TJX Cos., Inc. (The)		101,645		6,228,806
Tractor Supply Co.		27,571		5,554,178
Ulta Beauty, Inc.(b)		16,948		6,724,966
				73,727,241
Textiles, Apparel & Luxury Goods-10.11%
NIKE, Inc., Class B		50,914		6,348,976
PVH Corp.		86,095		6,265,994
Ralph Lauren Corp.(c)		58,058		6,057,772
Tapestry, Inc.		181,753		5,983,309
Under Armour, Inc., Class A(b)		199,275		3,060,864
Under Armour, Inc., Class C(b)		227,196		3,223,911
VF Corp.(c)		116,703		6,068,556
				37,009,382
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $449,070,823)				366,099,469
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-15.32%
Invesco Private Government Fund, 0.40%(d)(e)(f)		17,585,005		17,585,005
Invesco Private Prime Fund, 0.35%(d)(e)(f)		38,490,048		38,490,048
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $56,072,075)				56,075,053
TOTAL INVESTMENTS IN SECURITIES-115.30% (Cost $505,142,898)				422,174,522
OTHER ASSETS LESS LIABILITIES-(15.30)%				(56,011,015	)
NET ASSETS-100.00%			$	366,163,507

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

45

Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (RCD)–(continued)

April 30, 2022

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	348,584		$	6,065,457		$	(6,414,041	)		$	-		$	-			$	-		$	92
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			14,580,099			184,726,623			(181,721,717	)			-			-				17,585,005			11,328	*
Invesco Private Prime Fund			21,870,149			375,148,034			(358,514,912	)			2,977			(16,200	)			38,490,048			43,403	*
Total		$	36,798,832		$	565,940,114		$	(546,650,670	)		$	2,977		$	(16,200	)		$	56,075,053		$	54,823

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

46

Invesco S&P 500^® Equal Weight Consumer Staples ETF (RHS)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Beverages-19.18%
Brown-Forman Corp., Class B		267,320	$	18,028,061
Coca-Cola Co. (The)		288,682		18,651,744
Constellation Brands, Inc., Class A		78,727		19,373,927
Molson Coors Beverage Co., Class B		328,933		17,808,433
Monster Beverage Corp.(b)		228,386		19,568,112
PepsiCo, Inc.		108,798		18,681,705
				112,111,982
Food & Staples Retailing-14.42%
Costco Wholesale Corp.		31,695		16,852,866
Kroger Co. (The)		299,118		16,140,407
Sysco Corp.		214,914		18,370,849
Walgreens Boots Alliance, Inc.		352,423		14,942,735
Walmart, Inc.		117,662		18,001,109
				84,307,966
Food Products-41.44%
Archer-Daniels-Midland Co.		200,011		17,912,985
Campbell Soup Co.		396,384		18,717,252
Conagra Brands, Inc.		555,547		19,405,257
General Mills, Inc.		268,547		18,994,329
Hershey Co. (The)		81,662		18,436,830
Hormel Foods Corp.		331,140		17,348,425
JM Smucker Co. (The)		129,744		17,765,846
Kellogg Co.		279,407		19,139,380
Kraft Heinz Co. (The)		447,618		19,081,955
Lamb Weston Holdings, Inc.		333,765		22,061,866
McCormick & Co., Inc.(c)		173,224		17,421,138
Mondelez International, Inc., Class A		282,740		18,231,075
Tyson Foods, Inc., Class A		190,744		17,769,711
				242,286,049
Household Products-15.65%
Church & Dwight Co., Inc.		175,682		17,139,536

	Shares		Value
Household Products-(continued)
Clorox Co. (The)(c)		128,479	$	18,432,882
Colgate-Palmolive Co.		226,600		17,459,530
Kimberly-Clark Corp.		142,250		19,748,568
Procter & Gamble Co. (The)		116,762		18,746,139
				91,526,655
Personal Products-2.86%
Estee Lauder Cos., Inc. (The), Class A		63,282		16,710,245
Tobacco-6.37%
Altria Group, Inc.		331,237		18,406,840
Philip Morris International, Inc.		188,167		18,816,700
				37,223,540
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.92% (Cost $507,863,264)				584,166,437
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.37%
Invesco Private Government Fund, 0.40%(d)(e)(f)		7,669,376		7,669,376
Invesco Private Prime Fund, 0.35%(d)(e)(f)		17,886,073		17,886,073
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $25,555,449)				25,555,449
TOTAL INVESTMENTS IN SECURITIES-104.29% (Cost $533,418,713)				609,721,886
OTHER ASSETS LESS LIABILITIES-(4.29)%				(25,094,471	)
NET ASSETS-100.00%			$	584,627,415

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, 2022.

^(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, 2022.

	Value April 30, 2021		Purchases at Cost		Proceeds from  Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	-	$	13,637,645	$	(13,637,645	)		$-	$	-	$	-	$	193

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

47

Invesco S&P 500^® Equal Weight Consumer Staples ETF (RHS)–(continued)

April 30, 2022

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	5,457,724		$	85,135,066		$	(82,923,414	)		$	-		$	-			$	7,669,376		$	2,412	*
Invesco Private Prime Fund			8,186,586			201,600,531			(191,894,209	)			-			(6,835	)			17,886,073			8,862	*
Total		$	13,644,310		$	300,373,242		$	(288,455,268	)		$	-		$	(6,835	)		$	25,555,449		$	11,467

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

48

Invesco S&P 500^® Equal Weight Energy ETF (RYE)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.83%
Energy Equipment & Services-12.00%
Baker Hughes Co., Class A		645,836	$	20,033,834
Halliburton Co.		649,811		23,146,268
Schlumberger N.V.		566,645		22,104,821
				65,284,923
Oil, Gas & Consumable Fuels-87.83%
APA Corp.		622,521		25,479,784
Chevron Corp.		142,242		22,285,054
ConocoPhillips		247,026		23,595,924
Coterra Energy, Inc.		948,471		27,306,480
Devon Energy Corp.		414,545		24,114,083
Diamondback Energy, Inc.		187,477		23,665,222
EOG Resources, Inc.		210,140		24,535,946
Exxon Mobil Corp.		286,257		24,403,409
Hess Corp.		256,948		26,483,630
Kinder Morgan, Inc.		1,343,051		24,376,376
Marathon Oil Corp.		1,049,176		26,145,466
Marathon Petroleum Corp.		309,624		27,017,790
Occidental Petroleum Corp.		419,481		23,109,208
ONEOK, Inc.		367,988		23,304,680
Phillips 66		300,970		26,112,157
Pioneer Natural Resources Co.(b)		104,551		24,304,971
Targa Resources Corp.		354,826		26,047,777
Valero Energy Corp.		265,189		29,563,270
Williams Cos., Inc. (The)(b)		762,035		26,130,180
				477,981,407
Total Common Stocks & Other Equity Interests (Cost $433,058,767)				543,266,330

	Shares		Value
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(c)(d) (Cost $181,238)		181,238	$	181,238
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% (Cost $433,240,005)				543,447,568
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-9.31%
Invesco Private Government Fund, 0.40%(c)(d)(e)		15,203,522		15,203,522
Invesco Private Prime Fund, 0.35%(c)(d)(e)		35,462,109		35,462,109
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $50,663,831)				50,665,631
TOTAL INVESTMENTS IN SECURITIES-109.17% (Cost $483,903,836)				594,113,199
OTHER ASSETS LESS LIABILITIES-(9.17)%				(49,928,318	)
NET ASSETS-100.00%			$	544,184,881

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	77,255		$	28,455,922		$	(28,351,939	)		$	-		$	-			$	181,238		$	325
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			96,108,937			(80,905,415	)			-			-				15,203,522			6,030	*
Invesco Private Prime Fund			-			191,843,619			(156,376,218	)			1,800			(7,092	)			35,462,109			14,652	*
Total		$	77,255		$	316,408,478		$	(265,633,572	)		$	1,800		$	(7,092	)		$	50,846,869		$	21,007

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

49

Invesco S&P 500^® Equal Weight Financials ETF (RYF)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Banks-25.48%
Bank of America Corp.		189,576	$	6,764,072
Citigroup, Inc.		141,167		6,805,661
Citizens Financial Group, Inc.		163,069		6,424,919
Comerica, Inc.		86,843		7,112,442
Fifth Third Bancorp		173,755		6,521,025
First Republic Bank		47,666		7,112,720
Huntington Bancshares, Inc.		519,387		6,829,939
JPMorgan Chase & Co.		59,323		7,080,793
KeyCorp		333,573		6,441,295
M&T Bank Corp.		44,388		7,396,816
PNC Financial Services Group, Inc. (The)		41,965		6,970,386
Regions Financial Corp.		348,950		7,230,244
Signature Bank		26,434		6,403,636
SVB Financial Group(b)		14,413		7,028,355
Truist Financial Corp.		133,799		6,469,182
U.S. Bancorp		145,195		7,050,669
Wells Fargo & Co.		157,725		6,881,542
Zions Bancorporation N.A.		119,070		6,728,646
				123,252,342
Capital Markets-30.84%
Ameriprise Financial, Inc.		28,124		7,466,641
Bank of New York Mellon Corp. (The)		152,891		6,430,596
BlackRock, Inc.(c)		11,129		6,952,064
Cboe Global Markets, Inc.		67,070		7,577,569
Charles Schwab Corp. (The)		95,287		6,320,387
CME Group, Inc., Class A		33,845		7,423,562
FactSet Research Systems, Inc.		18,751		7,565,841
Franklin Resources, Inc.(c)		280,449		6,896,241
Goldman Sachs Group, Inc. (The)		23,366		7,138,079
Intercontinental Exchange, Inc.		60,503		7,006,852
Invesco Ltd.(d)		381,503		7,012,025
MarketAxess Holdings, Inc.		22,307		5,880,348
Moody’s Corp.(c)		25,095		7,942,066
Morgan Stanley		89,743		7,232,388
MSCI, Inc.		16,752		7,056,780
Nasdaq, Inc.		46,361		7,295,831
Northern Trust Corp.		72,701		7,491,838
Raymond James Financial, Inc.		79,517		7,749,727
S&P Global, Inc.		20,146		7,584,969
State Street Corp.		93,122		6,236,380
T. Rowe Price Group, Inc.(c)		56,082		6,900,329
				149,160,513
Consumer Finance-6.52%
American Express Co.		45,523		7,953,323
Capital One Financial Corp.		58,769		7,323,793
Discover Financial Services		73,185		8,230,385
Synchrony Financial		218,180		8,031,206
				31,538,707
Diversified Financial Services-1.56%
Berkshire Hathaway, Inc., Class B(b)		23,394		7,552,285

	Shares		Value
Insurance-35.52%
Aflac, Inc.		127,512	$	7,303,887
Allstate Corp. (The)		61,970		7,841,684
American International Group, Inc.		134,111		7,846,835
Aon PLC, Class A		25,874		7,451,453
Arthur J. Gallagher & Co.		49,757		8,383,557
Assurant, Inc.		44,987		8,182,236
Brown & Brown, Inc.		121,912		7,556,106
Chubb Ltd.		37,853		7,814,752
Cincinnati Financial Corp.(c)		62,831		7,706,850
Everest Re Group Ltd.		28,163		7,736,658
Globe Life, Inc.		78,948		7,743,220
Hartford Financial Services Group, Inc. (The)		114,191		7,985,377
Lincoln National Corp.		126,199		7,590,870
Loews Corp.		125,573		7,891,007
Marsh & McLennan Cos., Inc.		51,107		8,264,002
MetLife, Inc.		119,088		7,821,700
Principal Financial Group, Inc.(c)		117,511		8,007,199
Progressive Corp. (The)		72,440		7,777,158
Prudential Financial, Inc.(c)		72,100		7,823,571
Travelers Cos., Inc. (The)		44,019		7,529,890
W.R. Berkley Corp.		121,487		8,077,671
Willis Towers Watson PLC		34,648		7,444,469
				171,780,152
Total Common Stocks & Other Equity Interests (Cost $496,078,986)				483,283,999
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $28,273)		28,273		28,273
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $496,107,259)				483,312,272
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.17%
Invesco Private Government Fund, 0.40%(d)(e)(f)		6,115,131		6,115,131
Invesco Private Prime Fund, 0.35%(d)(e)(f)		14,063,546		14,063,546
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $20,178,677)				20,178,677
TOTAL INVESTMENTS IN SECURITIES-104.10% (Cost $516,285,936)				503,490,949
OTHER ASSETS LESS LIABILITIES-(4.10)%				(19,840,305	)
NET ASSETS-100.00%			$	483,650,644

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

50

Invesco S&P 500^® Equal Weight Financials ETF (RYF)–(continued)

April 30, 2022

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Invesco Ltd.		$	5,769,981		$	6,391,624		$	(2,257,618	)		$	(3,177,837	)		$	285,875			$	7,012,025		$	183,015
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			215,534			10,440,558			(10,627,819	)			-				-				28,273			153
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			90,187,453			(84,072,322	)			-				-				6,115,131			1,868	*
Invesco Private Prime Fund			-			182,550,106			(168,483,616	)			-				(2,944	)			14,063,546			7,302	*
Total		$	5,985,515		$	289,569,741		$	(265,441,375	)		$	(3,177,837	)		$	282,931			$	27,218,975		$	192,338

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

51

Invesco S&P 500^® Equal Weight Health Care ETF (RYH)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Biotechnology-12.93%
AbbVie, Inc.		94,833	$	13,929,071
Amgen, Inc.		61,776		14,405,546
Biogen, Inc.(b)		71,506		14,833,205
Gilead Sciences, Inc.		243,706		14,461,514
Incyte Corp.(b)		191,164		14,329,653
Moderna, Inc.(b)		102,279		13,747,320
Regeneron Pharmaceuticals, Inc.(b)		22,007		14,505,034
Vertex Pharmaceuticals, Inc.(b)		59,783		16,333,911
				116,545,254
Health Care Equipment & Supplies-28.19%
Abbott Laboratories		123,967		14,070,254
ABIOMED, Inc.(b)		49,287		14,124,668
Align Technology, Inc.(b)		35,278		10,227,445
Baxter International, Inc.		183,927		13,069,853
Becton, Dickinson and Co.		56,877		14,059,426
Boston Scientific Corp.(b)		338,964		14,273,774
Cooper Cos., Inc. (The)		37,201		13,431,049
DENTSPLY SIRONA, Inc.		289,828		11,590,222
DexCom, Inc.(b)		36,219		14,798,359
Edwards Lifesciences Corp.(b)		136,634		14,453,145
Hologic, Inc.(b)		203,553		14,653,780
IDEXX Laboratories, Inc.(b)		28,380		12,217,022
Intuitive Surgical, Inc.(b)		51,645		12,358,648
Medtronic PLC		136,146		14,208,197
ResMed, Inc.(c)		59,375		11,873,219
STERIS PLC		64,620		14,478,111
Stryker Corp.		57,048		13,763,400
Teleflex, Inc.(c)		42,069		12,015,748
Zimmer Biomet Holdings, Inc.		118,961		14,364,541
				254,030,861
Health Care Providers & Services-24.88%
AmerisourceBergen Corp.		97,791		14,794,800
Anthem, Inc.		30,394		15,255,660
Cardinal Health, Inc.		268,875		15,608,194
Centene Corp.(b)		169,466		13,650,486
Cigna Corp.		62,314		15,377,849
CVS Health Corp.		136,617		13,132,992
DaVita, Inc.(b)		128,534		13,929,230
HCA Healthcare, Inc.		52,950		11,360,423
Henry Schein, Inc.(b)		167,936		13,619,610
Humana, Inc.		33,173		14,747,389
Laboratory Corp. of America Holdings(b)		53,241		12,792,747
McKesson Corp.		50,265		15,562,547
Molina Healthcare, Inc.(b)		45,144		14,150,387
Quest Diagnostics, Inc.		103,674		13,875,728
UnitedHealth Group, Inc.		29,288		14,894,412
Universal Health Services, Inc., Class B(c)		93,827		11,496,622
				224,249,076
Health Care Technology-1.57%
Cerner Corp.		151,340		14,171,478
Life Sciences Tools & Services-17.96%
Agilent Technologies, Inc.		108,472		12,937,455

	Shares		Value
Life Sciences Tools & Services-(continued)
Bio-Rad Laboratories, Inc., Class A(b)		26,675	$	13,659,201
Bio-Techne Corp.		35,264		13,389,388
Charles River Laboratories International, Inc.(b)		54,461		13,152,876
Danaher Corp.		53,843		13,521,593
Illumina, Inc.(b)		46,516		13,798,971
IQVIA Holdings, Inc.(b)		66,172		14,424,834
Mettler-Toledo International, Inc.(b)		10,782		13,774,329
PerkinElmer, Inc.(c)		85,205		12,491,905
Thermo Fisher Scientific, Inc.		26,679		14,751,353
Waters Corp.(b)		45,164		13,685,595
West Pharmaceutical Services, Inc.		38,918		12,261,505
				161,849,005
Pharmaceuticals-14.42%
Bristol-Myers Squibb Co.		205,252		15,449,318
Catalent, Inc.(b)		147,055		13,317,301
Eli Lilly and Co.		53,087		15,508,305
Johnson & Johnson		83,476		15,064,079
Merck & Co., Inc.		180,619		16,019,099
Organon & Co.(c)		394,497		12,754,088
Pfizer, Inc.		281,180		13,797,503
Viatris, Inc.		1,410,657		14,572,087
Zoetis, Inc.		76,284		13,521,339
				130,003,119
Total Common Stocks & Other Equity Interests (Cost $802,084,330)				900,848,793
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $363,099)		363,099		363,099
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $802,447,429)				901,211,892
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.56%
Invesco Private Government Fund, 0.40%(d)(e)(f)		6,702,093		6,702,093
Invesco Private Prime Fund, 0.35%(d)(e)(f)		16,417,660		16,417,660
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $23,118,877)				23,119,753
TOTAL INVESTMENTS IN SECURITIES-102.55% (Cost $825,566,306)				924,331,645
OTHER ASSETS LESS LIABILITIES-(2.55)%				(23,022,143	)
NET ASSETS-100.00%			$	901,309,502

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

52

Invesco S&P 500^® Equal Weight Health Care ETF (RYH)–(continued)

April 30, 2022

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	13,227,650		$	(12,864,551	)		$	-		$	-			$	363,099		$	194
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			5,413,191			116,671,289			(115,382,387	)			-			-				6,702,093			4,504	*
Invesco Private Prime Fund			8,119,787			222,758,047			(214,459,550	)			876			(1,500	)			16,417,660			13,269	*
Total		$	13,532,978		$	352,656,986		$	(342,706,488	)		$	876		$	(1,500	)		$	23,482,852		$	17,967

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

53

Invesco S&P 500^® Equal Weight Industrials ETF (RGI)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Aerospace & Defense-13.72%
Boeing Co. (The)(b)		32,756	$	4,875,403
General Dynamics Corp.		24,830		5,873,040
Howmet Aerospace, Inc.		171,140		5,839,297
Huntington Ingalls Industries, Inc.		28,013		5,959,486
L3Harris Technologies, Inc.		23,090		5,362,883
Lockheed Martin Corp.		13,148		5,681,514
Northrop Grumman Corp.		13,231		5,813,701
Raytheon Technologies Corp.		59,560		5,652,840
Textron, Inc.		83,430		5,777,527
TransDigm Group, Inc.(b)		9,251		5,502,587
				56,338,278
Air Freight & Logistics-5.41%
C.H. Robinson Worldwide, Inc.(c)		56,461		5,993,335
Expeditors International of Washington, Inc.		57,981		5,744,177
FedEx Corp.		27,078		5,381,482
United Parcel Service, Inc., Class B		28,311		5,095,414
				22,214,408
Airlines-9.00%
Alaska Air Group, Inc.(b)(c)		118,242		6,431,182
American Airlines Group, Inc.(b)(c)		411,737		7,728,303
Delta Air Lines, Inc.(b)		179,999		7,745,357
Southwest Airlines Co.(b)(c)		143,453		6,702,124
United Airlines Holdings, Inc.(b)(c)		165,545		8,360,023
				36,966,989
Building Products-9.22%
A.O. Smith Corp.		87,836		5,132,257
Allegion PLC(c)		51,860		5,924,486
Carrier Global Corp.		133,562		5,111,418
Fortune Brands Home & Security, Inc.		68,819		4,903,354
Johnson Controls International PLC		95,446		5,714,352
Masco Corp.		107,436		5,660,803
Trane Technologies PLC		38,786		5,425,774
				37,872,444
Capital Markets-0.00%
S&P Global, Inc.		1		339
Commercial Services & Supplies-7.38%
Cintas Corp.		15,631		6,209,571
Copart, Inc.(b)		49,970		5,679,091
Republic Services, Inc.		45,618		6,125,129
Rollins, Inc.(c)		179,272		6,012,783
Waste Management, Inc.		38,110		6,266,808
				30,293,382
Construction & Engineering-1.32%
Quanta Services, Inc.		46,810		5,429,024
Electrical Equipment-6.63%
AMETEK, Inc.		45,691		5,768,946
Eaton Corp. PLC		39,290		5,697,836
Emerson Electric Co.		62,070		5,597,473
Generac Holdings, Inc.(b)(c)		20,496		4,496,412
Rockwell Automation, Inc.		22,460		5,674,968
				27,235,635
Industrial Conglomerates-4.07%
3M Co.(c)		40,952		5,906,097

	Shares		Value
Industrial Conglomerates-(continued)
General Electric Co.		62,555	$	4,663,475
Honeywell International, Inc.		31,676		6,129,623
				16,699,195
Machinery-23.14%
Caterpillar, Inc.		26,870		5,657,210
Cummins, Inc.		29,559		5,592,267
Deere & Co.		14,821		5,595,669
Dover Corp.		38,323		5,108,456
Fortive Corp.		102,641		5,901,857
IDEX Corp.		30,440		5,778,121
Illinois Tool Works, Inc.		28,316		5,581,367
Ingersoll Rand, Inc.		121,298		5,332,260
Nordson Corp.		26,843		5,789,767
Otis Worldwide Corp.		79,731		5,807,606
PACCAR, Inc.		67,468		5,603,217
Parker-Hannifin Corp.		21,303		5,769,278
Pentair PLC		107,297		5,445,323
Snap-on, Inc.(c)		28,063		5,963,107
Stanley Black & Decker, Inc.		39,414		4,735,592
Wabtec Corp.		64,831		5,828,955
Xylem, Inc.		69,033		5,557,157
				95,047,209
Professional Services-9.26%
Equifax, Inc.		25,782		5,247,153
Jacobs Engineering Group, Inc.		46,169		6,396,715
Leidos Holdings, Inc.		56,610		5,859,701
Nielsen Holdings PLC		329,672		8,838,506
Robert Half International, Inc.		53,052		5,215,542
Verisk Analytics, Inc.		31,710		6,470,426
				38,028,043
Road & Rail-6.50%
CSX Corp.		166,404		5,714,313
J.B. Hunt Transport Services, Inc.		29,103		4,972,248
Norfolk Southern Corp.		21,593		5,568,403
Old Dominion Freight Line, Inc.		18,841		5,277,741
Union Pacific Corp.		22,073		5,171,483
				26,704,188
Trading Companies & Distributors-4.31%
Fastenal Co.		106,959		5,915,902
United Rentals, Inc.(b)		17,886		5,661,277
W.W. Grainger, Inc.		12,223		6,111,867
				17,689,046
Total Common Stocks & Other Equity Interests (Cost $421,667,813)				410,518,180
Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $23,375)		23,375		23,375
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $421,691,188)				410,541,555

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

54

Invesco S&P 500^® Equal Weight Industrials ETF (RGI)–(continued)

April 30, 2022

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-7.42%
Invesco Private Government Fund, 0.40%(d)(e)(f)		11,480,647	$	11,480,647
Invesco Private Prime Fund, 0.35%(d)(e)(f)		18,975,917		18,975,917
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $30,456,564)				30,456,564
TOTAL INVESTMENTS IN SECURITIES-107.38% (Cost $452,147,752)				440,998,119
OTHER ASSETS LESS LIABILITIES-(7.38)%				(30,313,002	)
NET ASSETS-100.00%			$	410,685,117

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	4,849,144		$	(4,825,769	)		$	-		$	-			$	23,375		$	109
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			2,020,793			99,391,121			(89,931,267	)			-			-				11,480,647			4,586	*
Invesco Private Prime Fund			3,031,189			178,828,562			(162,876,876	)			-			(6,958	)			18,975,917			16,747	*
Total		$	5,051,982		$	283,068,827		$	(257,633,912	)		$	-		$	(6,958	)		$	30,479,939		$	21,442

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

55

Invesco S&P 500^® Equal Weight Materials ETF (RTM)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Chemicals-57.59%
Air Products and Chemicals, Inc.		89,693	$	20,994,440
Albemarle Corp.		106,520		20,540,252
Celanese Corp.		142,611		20,955,260
CF Industries Holdings, Inc.		204,879		19,838,434
Corteva, Inc.		366,804		21,160,923
Dow, Inc.(b)		323,107		21,486,615
DuPont de Nemours, Inc.		271,466		17,897,753
Eastman Chemical Co.		186,664		19,164,793
Ecolab, Inc.		123,882		20,978,178
FMC Corp.		159,651		21,160,144
International Flavors & Fragrances, Inc.		166,596		20,208,095
Linde PLC (United Kingdom)		70,092		21,865,900
LyondellBasell Industries N.V., Class A		190,286		20,176,025
Mosaic Co. (The)		317,816		19,838,075
PPG Industries, Inc.		163,702		20,952,219
Sherwin-Williams Co. (The)		84,238		23,162,080
				330,379,186
Construction Materials-6.65%
Martin Marietta Materials, Inc.		53,069		18,798,101
Vulcan Materials Co.		112,258		19,340,931
				38,139,032
Containers & Packaging-25.56%
Amcor PLC(b)		1,805,468		21,412,850
Avery Dennison Corp.		121,205		21,889,623
Ball Corp.		230,018		18,668,261
International Paper Co.		463,798		21,464,571
Packaging Corp. of America		131,429		21,182,412
Sealed Air Corp.		303,820		19,508,282
WestRock Co.		454,484		22,510,593
				146,636,592

	Shares		Value
Metals & Mining-10.14%
Freeport-McMoRan, Inc.		419,323	$	17,003,548
Newmont Corp.		255,952		18,646,103
Nucor Corp.		145,517		22,523,121
				58,172,772
Total Common Stocks & Other Equity Interests (Cost $545,550,893)				573,327,582
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(c)(d) (Cost $137,092)		137,092		137,092
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.97% (Cost $545,687,985)				573,464,674
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.24%
Invesco Private Government Fund, 0.40%(c)(d)(e)		3,860,545		3,860,545
Invesco Private Prime Fund, 0.35%(c)(d)(e)		9,001,641		9,001,641
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,862,186)				12,862,186
TOTAL INVESTMENTS IN SECURITIES-102.21% (Cost $558,550,171)				586,326,860
OTHER ASSETS LESS LIABILITIES-(2.21)%				(12,673,827	)
NET ASSETS-100.00%			$	573,653,033

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	10,032,062		$	(9,894,970	)		$	-		$	-			$	137,092		$	243
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			74,325,547			(70,465,002	)			-			-				3,860,545			2,300	*
Invesco Private Prime Fund			-			146,668,948			(137,663,230	)			-			(4,077	)			9,001,641			7,763	*
Total		$	-		$	231,026,557		$	(218,023,202	)		$	-		$	(4,077	)		$	12,999,278		$	10,306

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

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

56

Invesco S&P 500^® Equal Weight Materials ETF (RTM)–(continued)

April 30, 2022

^(d)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

57

Invesco S&P 500^® Equal Weight Real Estate ETF (EWRE)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Equity REITs-96.79%
Alexandria Real Estate Equities, Inc.		30,513	$	5,558,248
American Tower Corp.		24,474		5,898,723
AvalonBay Communities, Inc.		23,848		5,424,943
Boston Properties, Inc.		46,570		5,476,632
Camden Property Trust		32,011		5,022,206
Crown Castle International Corp.		33,117		6,133,599
Digital Realty Trust, Inc.		42,355		6,188,913
Duke Realty Corp.		107,172		5,867,667
Equinix, Inc.		8,297		5,966,207
Equity Residential		66,220		5,396,930
Essex Property Trust, Inc.		17,119		5,636,773
Extra Space Storage, Inc.		29,255		5,558,450
Federal Realty Investment Trust		48,525		5,680,336
Healthpeak Properties, Inc.(b)		177,347		5,818,755
Host Hotels & Resorts, Inc.		318,979		6,491,223
Iron Mountain, Inc.(b)		113,753		6,111,949
Kimco Realty Corp.		242,437		6,140,929
Mid-America Apartment Communities, Inc.		27,571		5,422,664
Prologis, Inc.		38,895		6,234,479
Public Storage		15,696		5,831,064
Realty Income Corp.		87,957		6,100,697
Regency Centers Corp.		86,007		5,919,862
SBA Communications Corp., Class A		17,905		6,215,004
Simon Property Group, Inc.		44,212		5,217,016
UDR, Inc.		101,498		5,400,709
Ventas, Inc.		98,252		5,457,899
Vornado Realty Trust(b)		124,363		4,814,092
Welltower, Inc.		63,023		5,723,119
Weyerhaeuser Co.		145,090		5,980,610
				166,689,698

	Shares		Value
Real Estate Management & Development-3.17%
CBRE Group, Inc., Class A(c)		65,645	$	5,451,161
Total Common Stocks & Other Equity Interests (Cost $172,834,390)				172,140,859
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $67,431)		67,431		67,431
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $172,901,821)				172,208,290
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.33%
Invesco Private Government Fund, 0.40%(d)(e)(f)		2,756,763		2,756,763
Invesco Private Prime Fund, 0.35%(d)(e)(f)		6,428,598		6,428,598
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $9,185,361)				9,185,361
TOTAL INVESTMENTS IN SECURITIES-105.33% (Cost $182,087,182)				181,393,651
OTHER ASSETS LESS LIABILITIES-(5.33)%				(9,183,534	)
NET ASSETS-100.00%			$	172,210,117

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) All or a portion of this security was out on loan at April 30, 2022.

^(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, 2022.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$7,450		$3,257,395		$(3,197,414)		$-		$-		$67,431		$71

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

58

Invesco S&P 500^® Equal Weight Real Estate ETF (EWRE)–(continued)

April 30, 2022

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	627,528		$	29,193,370		$	(27,064,135	)		$-		$	-			$	2,756,763		$	1,948	*
Invesco Private Prime Fund			941,292			61,329,342			(55,840,732	)		-			(1,304	)			6,428,598			4,908	*
Total			$1,576,270			$93,780,107			$(86,102,281)			$-			$(1,304)				$9,252,792			$6,927

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

59

Invesco S&P 500^® Equal Weight Technology ETF (RYT)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.03%
Communications Equipment-6.24%
Arista Networks, Inc.(b)		244,318	$	28,235,831
Cisco Systems, Inc.		535,679		26,237,558
F5, Inc.(b)		150,678		25,225,004
Juniper Networks, Inc.(c)		884,014		27,864,121
Motorola Solutions, Inc.		132,102		28,228,876
				135,791,390
Electronic Equipment, Instruments & Components-11.71%
Amphenol Corp., Class A		397,992		28,456,428
CDW Corp.		172,331		28,120,973
Corning, Inc.		803,957		28,291,247
IPG Photonics Corp.(b)		264,406		24,981,079
Keysight Technologies, Inc.(b)		200,838		28,171,546
TE Connectivity Ltd. (Switzerland)		229,918		28,689,168
Teledyne Technologies, Inc.(b)		69,686		30,072,993
Trimble, Inc.(b)		447,477		29,846,716
Zebra Technologies Corp., Class A(b)		75,884		28,051,279
				254,681,429
IT Services-26.56%
Accenture PLC, Class A		94,025		28,241,349
Akamai Technologies, Inc.(b)		270,162		30,333,789
Automatic Data Processing, Inc.		141,344		30,838,434
Broadridge Financial Solutions, Inc.		202,602		29,201,026
Cognizant Technology Solutions Corp., Class A		332,760		26,920,284
DXC Technology Co.(b)		958,646		27,513,140
EPAM Systems, Inc.(b)		146,379		38,788,971
Fidelity National Information Services, Inc.		327,919		32,513,169
Fiserv, Inc.(b)		311,166		30,469,375
FleetCor Technologies, Inc.(b)		127,630		31,846,238
Gartner, Inc.(b)		104,692		30,418,261
Global Payments, Inc.		230,696		31,600,738
International Business Machines Corp.		236,337		31,246,115
Jack Henry & Associates, Inc.		159,722		30,280,097
Mastercard, Inc., Class A		90,201		32,777,239
Paychex, Inc.		242,941		30,787,913
PayPal Holdings, Inc.(b)		303,368		26,675,148
VeriSign, Inc.(b)		143,496		25,641,300
Visa, Inc., Class A(c)		148,931		31,741,664
				577,834,250
Semiconductors & Semiconductor Equipment-23.88%
Advanced Micro Devices, Inc.(b)		280,912		24,023,594
Analog Devices, Inc.		198,484		30,641,960
Applied Materials, Inc.		236,948		26,147,212
Broadcom, Inc.		50,699		28,107,019
Enphase Energy, Inc.(b)		171,252		27,640,073
Intel Corp.		639,236		27,864,297
KLA Corp.		90,624		28,932,618
Lam Research Corp.		60,606		28,227,851
Microchip Technology, Inc.		424,337		27,666,772
Micron Technology, Inc.		402,310		27,433,519
Monolithic Power Systems, Inc.		74,029		29,037,135
NVIDIA Corp.		132,562		24,586,274
NXP Semiconductors N.V. (China)		164,070		28,039,563
Qorvo, Inc.(b)		236,967		26,962,105
QUALCOMM, Inc.		192,308		26,863,505

	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
Skyworks Solutions, Inc.		229,703	$	26,025,350
SolarEdge Technologies, Inc.(b)(c)		92,146		23,074,280
Teradyne, Inc.(c)		274,104		28,907,008
Texas Instruments, Inc.		171,966		29,277,211
				519,457,346
Software-23.64%
Adobe, Inc.(b)		70,359		27,858,646
ANSYS, Inc.(b)		99,775		27,506,970
Autodesk, Inc.(b)		152,339		28,834,726
Cadence Design Systems, Inc.(b)		202,168		30,497,043
Ceridian HCM Holding, Inc.(b)		477,293		26,790,456
Citrix Systems, Inc.		290,004		29,029,400
Fortinet, Inc.(b)		104,955		30,333,045
Intuit, Inc.		66,686		27,924,763
Microsoft Corp.		104,604		29,029,702
NortonLifeLock, Inc.(c)		1,060,689		26,559,653
Oracle Corp.		376,461		27,632,237
Paycom Software, Inc.(b)		96,617		27,194,787
PTC, Inc.(b)		281,858		32,191,002
Roper Technologies, Inc.		67,766		31,844,599
salesforce.com, inc.(b)		148,036		26,045,454
ServiceNow, Inc.(b)		57,203		27,348,754
Synopsys, Inc.(b)		99,752		28,607,876
Tyler Technologies, Inc.(b)		73,550		29,030,920
				514,260,033
Technology Hardware, Storage & Peripherals-8.00%
Apple, Inc.		189,338		29,849,136
Hewlett Packard Enterprise Co.		1,770,166		27,278,258
HP, Inc.(c)		807,280		29,570,666
NetApp, Inc.		348,349		25,516,564
Seagate Technology Holdings PLC(c)		335,466		27,521,631
Western Digital Corp.(b)		646,715		34,321,165
				174,057,420
Total Common Stocks & Other Equity Interests (Cost $2,129,395,067)				2,176,081,868
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $360,687)		360,687		360,687
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $2,129,755,754)				2,176,442,555
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.00%
Invesco Private Government Fund, 0.40%(d)(e)(f)		32,615,774		32,615,774

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

60

Invesco S&P 500^® Equal Weight Technology ETF (RYT)–(continued)

April 30, 2022

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.35%(d)(e)(f)		76,062,459	$	76,062,459
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $108,672,606)				108,678,233
TOTAL INVESTMENTS IN SECURITIES-105.05% (Cost $2,238,428,360)				2,285,120,788
OTHER ASSETS LESS LIABILITIES-(5.05)%				(109,806,930	)
NET ASSETS-100.00%			$	2,175,313,858

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	367,137		$	37,720,710		$	(37,727,160	)		$	-		$	-			$	360,687		$	407
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			20,978,643			401,183,197			(389,546,066	)			-			-				32,615,774			18,657	*
Invesco Private Prime Fund			31,709,690			887,699,196			(843,316,582	)			5,627			(35,472	)			76,062,459			63,845	*
Total		$	53,055,470		$	1,326,603,103		$	(1,270,589,808	)		$	5,627		$	(35,472	)		$	109,038,920		$	82,909

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

61

Invesco S&P 500^® Equal Weight Utilities ETF (RYU)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.84%
Electric Utilities-55.30%
Alliant Energy Corp.		185,016	$	10,880,791
American Electric Power Co., Inc.		116,628		11,559,001
Constellation Energy Corp.		225,962		13,379,210
Duke Energy Corp.		104,974		11,563,936
Edison International		172,027		11,833,737
Entergy Corp.		102,496		12,181,650
Evergy, Inc.		173,196		11,751,349
Eversource Energy		132,990		11,623,326
Exelon Corp.		255,411		11,948,127
FirstEnergy Corp.		253,433		10,976,183
NextEra Energy, Inc.		140,527		9,980,227
NRG Energy, Inc.		289,598		10,396,568
Pinnacle West Capital Corp.		151,080		10,756,896
PPL Corp.		424,190		12,008,819
Southern Co. (The)		162,226		11,905,766
Xcel Energy, Inc.		158,380		11,602,919
				184,348,505
Gas Utilities-3.33%
Atmos Energy Corp.(b)		97,990		11,112,066
Independent Power and Renewable Electricity Producers-3.08%
AES Corp. (The)		501,967		10,250,166
Multi-Utilities-34.74%
Ameren Corp.		127,380		11,833,602
CenterPoint Energy, Inc.		391,686		11,989,508
CMS Energy Corp.		168,961		11,605,931
Consolidated Edison, Inc.		124,754		11,569,686
Dominion Energy, Inc.(b)		135,456		11,058,628
DTE Energy Co.		87,770		11,501,381
NiSource, Inc.		374,108		10,894,025
Public Service Enterprise Group, Inc.		169,570		11,812,246
Sempra Energy		72,288		11,664,392
WEC Energy Group, Inc.		118,751		11,881,037
				115,810,436

	Shares		Value
Water Utilities-3.39%
American Water Works Co., Inc.		73,272	$	11,289,750
Total Common Stocks & Other Equity Interests (Cost $308,725,878)				332,810,923
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(c)(d) (Cost $47,578)		47,578		47,578
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.86% (Cost $308,773,456)				332,858,501
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.86%
Invesco Private Government Fund, 0.40%(c)(d)(e)		2,860,309		2,860,309
Invesco Private Prime Fund, 0.35%(c)(d)(e)		6,674,440		6,674,440
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $9,534,749)				9,534,749
TOTAL INVESTMENTS IN SECURITIES-102.72% (Cost $318,308,205)				342,393,250
OTHER ASSETS LESS LIABILITIES-(2.72)%				(9,059,771	)
NET ASSETS-100.00%			$	333,333,479

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	116,957		$	7,308,042		$	(7,377,421	)		$	-		$	-		$	47,578		$	121

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

62

Invesco S&P 500^® Equal Weight Utilities ETF (RYU)–(continued)

April 30, 2022

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain			Value April 30, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	-		$	25,833,951		$	(22,973,642	)		$	-		$	-		$	2,860,309		$	1,543	*
Invesco Private Prime Fund			-			60,301,042			(53,627,669	)			-			1,067			6,674,440			3,965	*
Total		$	116,957		$	93,443,035		$	(83,978,732	)		$	-		$	1,067		$	9,582,327		$	5,629

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d) The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

63

Invesco S&P MidCap 400^® Equal Weight ETF (EWMC)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-2.21%
Cable One, Inc.		217	$	253,065
Iridium Communications, Inc.(b)		8,054		287,608
John Wiley & Sons, Inc., Class A		6,157		313,330
New York Times Co. (The), Class A		6,973		267,205
TEGNA, Inc.		14,188		312,846
TripAdvisor, Inc.(b)(c)		13,431		344,774
World Wrestling Entertainment, Inc., Class A(c)		5,588		326,283
Yelp, Inc.(b)		9,918		322,633
Ziff Davis, Inc.(b)		3,334		294,592
				2,722,336
Consumer Discretionary-15.80%
Adient PLC(b)		9,115		311,186
American Eagle Outfitters, Inc.(c)		18,116		273,733
AutoNation, Inc.(b)(c)		2,860		331,503
Boyd Gaming Corp.		4,929		298,599
Brunswick Corp.		3,527		266,676
Callaway Golf Co.(b)(c)		14,002		307,204
Capri Holdings Ltd.(b)		6,413		305,900
Carter’s, Inc.(c)		3,402		286,584
Choice Hotels International, Inc.		2,335		327,974
Churchill Downs, Inc.		1,473		298,931
Columbia Sportswear Co.		3,697		303,746
Cracker Barrel Old Country Store, Inc.(c)		2,694		299,007
Crocs, Inc.(b)		4,510		299,599
Dana, Inc.		18,672		276,532
Deckers Outdoor Corp.(b)		1,229		326,607
Dick’s Sporting Goods, Inc.(c)		2,939		283,378
Five Below, Inc.(b)(c)		2,062		323,940
Foot Locker, Inc.		10,600		310,686
Fox Factory Holding Corp.(b)		3,114		254,974
GameStop Corp., Class A(b)(c)		3,412		426,739
Gap, Inc. (The)		22,416		278,407
Gentex Corp.		11,220		329,307
Goodyear Tire & Rubber Co. (The)(b)(c)		24,293		323,583
Graham Holdings Co., Class B		543		321,657
Grand Canyon Education, Inc.(b)(c)		3,455		331,576
H&R Block, Inc.(c)		13,039		339,927
Hanesbrands, Inc.(c)		20,406		270,584
Harley-Davidson, Inc.		8,213		299,364
Helen of Troy Ltd.(b)(c)		1,533		328,844
KB Home		8,348		270,726
Kohl’s Corp.		5,867		339,582
Lear Corp.		2,329		297,972
Leggett & Platt, Inc.		8,762		312,190
Light & Wonder, Inc.(b)		5,366		300,818
Lithia Motors, Inc., Class A		988		279,732
Macy’s, Inc.(c)		13,380		323,395
Marriott Vacations Worldwide Corp.		2,089		311,950
Mattel, Inc.(b)		13,979		339,829
Murphy USA, Inc.		1,804		421,414
Nordstrom, Inc.(c)		13,758		353,581
Ollie’s Bargain Outlet Holdings, Inc.(b)(c)		8,065		387,523
Papa John’s International, Inc.		3,334		303,561
Polaris, Inc.(c)		2,972		282,162
RH(b)		973		327,045

	Shares		Value
Consumer Discretionary-(continued)
Service Corp. International		5,291	$	347,143
Six Flags Entertainment Corp.(b)		7,818		299,195
Skechers U.S.A., Inc., Class A(b)		8,471		324,439
Taylor Morrison Home Corp., Class A(b)		10,512		275,309
Tempur Sealy International, Inc		10,134		274,733
Texas Roadhouse, Inc.		4,014		330,473
Thor Industries, Inc.		3,740		286,297
Toll Brothers, Inc.		6,250		289,812
TopBuild Corp.(b)		1,464		265,189
Travel + Leisure Co.		5,890		326,777
Tri Pointe Homes, Inc.(b)		14,286		295,292
Urban Outfitters, Inc.(b)(c)		12,241		291,336
Victoria’s Secret & Co.(b)(c)		6,744		317,777
Visteon Corp.(b)		3,102		324,810
Wendy’s Co. (The)		14,878		293,989
Williams-Sonoma, Inc.(c)		2,241		292,406
Wingstop, Inc.(c)		2,570		235,823
Wyndham Hotels & Resorts, Inc.		3,820		336,007
YETI Holdings, Inc.(b)(c)		5,526		270,056
				19,465,090
Consumer Staples-4.83%
BellRing Brands, Inc.(b)		12,900		276,447
BJ’s Wholesale Club Holdings, Inc.(b)		5,183		333,526
Boston Beer Co., Inc. (The), Class A(b)(c)		913		342,375
Casey’s General Stores, Inc.		1,815		365,360
Coty, Inc., Class A(b)		38,526		312,446
Darling Ingredients, Inc.(b)		4,262		312,788
Energizer Holdings, Inc.(c)		10,766		326,102
Flowers Foods, Inc.		13,000		344,760
Grocery Outlet Holding Corp.(b)(c)		10,758		362,222
Hain Celestial Group, Inc. (The)(b)		9,808		328,960
Ingredion, Inc.		3,811		324,354
Lancaster Colony Corp.(c)		2,064		320,292
Nu Skin Enterprises, Inc., Class A		6,744		287,564
Performance Food Group Co.(b)		6,649		327,463
Pilgrim’s Pride Corp.(b)		13,704		388,508
Post Holdings, Inc.(b)(c)		4,741		352,683
Sanderson Farms, Inc.		1,767		334,617
Sprouts Farmers Market, Inc.(b)		10,200		303,960
				5,944,427
Energy-3.47%
Antero Midstream Corp.		31,009		318,463
ChampionX Corp.		12,482		263,370
CNX Resources Corp.(b)		17,276		355,022
DT Midstream, Inc.		5,601		301,054
EQT Corp.		11,717		465,751
Equitrans Midstream Corp.		42,513		334,152
HF Sinclair Corp.(b)		8,865		337,047
Matador Resources Co.(c)		5,963		291,114
Murphy Oil Corp.		8,591		327,145
NOV, Inc.		14,956		271,152
PDC Energy, Inc.		4,731		329,940
Range Resources Corp.(b)		11,493		344,100
Targa Resources Corp.		4,621		339,228
				4,277,538

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

64

Invesco S&P MidCap 400^® Equal Weight ETF (EWMC)–(continued)

April 30, 2022

	Shares		Value
Financials-14.60%
Affiliated Managers Group, Inc.		2,482	$	311,665
Alleghany Corp.(b)		495		414,067
American Financial Group, Inc.		2,320		321,274
Associated Banc-Corp		13,628		271,879
Bank of Hawaii Corp.		3,772		280,410
Bank OZK		7,271		279,352
Brighthouse Financial, Inc.(b)		6,845		351,559
Cadence Bank		10,639		266,401
Cathay General Bancorp		6,988		280,149
CNO Financial Group, Inc.		13,581		327,845
Commerce Bancshares, Inc.		4,459		304,862
Cullen/Frost Bankers, Inc.		2,292		303,209
East West Bancorp, Inc.		4,127		294,255
Essent Group Ltd.(c)		7,747		313,986
Evercore, Inc., Class A		2,858		302,234
F.N.B. Corp.		24,827		286,007
Federated Hermes, Inc., Class B		10,006		284,971
First American Financial Corp.		4,746		276,739
First Financial Bankshares, Inc.(c)		6,858		274,183
First Horizon Corp.		13,708		306,785
FirstCash Holdings, Inc.(c)		4,918		392,358
Fulton Financial Corp.		18,023		273,409
Glacier Bancorp, Inc.		5,909		270,396
Hancock Whitney Corp.		5,929		277,299
Hanover Insurance Group, Inc. (The)		2,270		333,281
Home BancShares, Inc.		13,681		295,783
Interactive Brokers Group, Inc., Class A		5,192		309,236
International Bancshares Corp.		7,395		294,247
Janus Henderson Group PLC(c)		9,768		297,729
Jefferies Financial Group, Inc.		10,401		319,935
Kemper Corp.		5,960		275,114
Kinsale Capital Group, Inc.(c)		1,511		334,974
Mercury General Corp.		5,918		298,445
MGIC Investment Corp.		22,821		298,042
Navient Corp.		19,020		302,228
New York Community Bancorp, Inc.(c)		28,521		263,534
Old National Bancorp		18,105		274,472
Old Republic International Corp.		12,302		270,767
PacWest Bancorp		7,215		237,301
Pinnacle Financial Partners, Inc.		3,337		258,784
Primerica, Inc.		2,502		324,159
Prosperity Bancshares, Inc.		4,481		292,968
Reinsurance Group of America, Inc.		3,129		335,804
RenaissanceRe Holdings Ltd. (Bermuda)		2,243		321,915
RLI Corp.		3,040		348,931
SEI Investments Co.(c)		5,670		315,932
Selective Insurance Group, Inc.		3,801		313,050
SLM Corp.		18,411		308,016
Stifel Financial Corp.		4,951		306,219
Synovus Financial Corp.		6,660		276,656
Texas Capital Bancshares, Inc.(b)		5,120		262,963
UMB Financial Corp.		3,187		287,404
Umpqua Holdings Corp.		15,163		250,796
United Bankshares, Inc.		8,870		295,016
Unum Group		11,690		356,779
Valley National Bancorp		23,412		280,476
Voya Financial, Inc.		5,049		318,794
Washington Federal, Inc.		9,105		277,065

	Shares		Value
Financials-(continued)
Webster Financial Corp.		5,709	$	285,393
Wintrust Financial Corp.		3,447		300,992
				17,988,494
Health Care-9.27%
Acadia Healthcare Co., Inc.(b)		4,870		330,576
Amedisys, Inc.(b)(c)		2,110		269,341
Arrowhead Pharmaceuticals, Inc.(b)(c)		7,571		311,244
Azenta, Inc.		4,051		303,663
Bruker Corp.(c)		5,013		288,197
Chemed Corp.		673		330,705
Encompass Health Corp.		4,680		322,124
Enovis Corp.(b)(c)		4,702		305,019
Envista Holdings Corp.(b)(c)		7,023		278,251
Exelixis, Inc.(b)		15,069		336,641
Globus Medical, Inc., Class A(b)		4,610		305,274
Haemonetics Corp.(b)(c)		5,876		297,737
Halozyme Therapeutics, Inc.(b)(c)		9,110		363,489
HealthEquity, Inc.(b)(c)		6,099		380,090
ICU Medical, Inc.(b)		1,413		302,368
Integra LifeSciences Holdings Corp.(b)(c)		4,858		297,115
Jazz Pharmaceuticals PLC(b)(c)		2,045		327,650
LHC Group, Inc.(b)		2,318		384,440
LivaNova PLC(b)(c)		4,422		338,990
Masimo Corp.(b)		2,313		261,300
Medpace Holdings, Inc.(b)		2,240		299,197
Neogen Corp.(b)(c)		9,355		246,972
Neurocrine Biosciences, Inc.(b)		3,542		318,886
NuVasive, Inc.(b)(c)		6,144		316,047
Option Care Health, Inc.(b)		12,283		367,016
Patterson Cos., Inc.		10,206		314,039
Penumbra, Inc.(b)(c)		1,646		284,034
Perrigo Co. PLC		8,372		287,160
Progyny, Inc.(b)(c)		7,275		279,724
Quidel Corp.(b)(c)		3,188		320,777
R1 RCM, Inc.(b)(c)		12,842		289,202
Repligen Corp.(b)		1,894		297,813
STAAR Surgical Co.(b)(c)		4,903		279,912
Syneos Health, Inc.(b)		4,204		307,270
Tandem Diabetes Care, Inc.(b)		2,999		289,343
Tenet Healthcare Corp.(b)		3,556		257,846
United Therapeutics Corp.(b)		1,828		324,580
				11,414,032
Industrials-16.86%
Acuity Brands, Inc.		1,749		301,668
AECOM		4,113		290,213
AGCO Corp.		2,418		308,053
ASGN, Inc.(b)		2,994		339,669
Avis Budget Group, Inc.(b)(c)		1,521		407,126
Axon Enterprise, Inc.(b)		2,537		284,651
Brink’s Co. (The)		4,973		293,158
Builders FirstSource, Inc.(b)		4,255		261,980
CACI International, Inc., Class A(b)		1,049		278,300
Carlisle Cos., Inc.		1,363		353,508
Chart Industries, Inc.(b)		1,817		306,746
Clean Harbors, Inc.(b)		2,995		314,265
Crane Co.		3,084		296,773
Curtiss-Wright Corp.		2,164		309,257
Donaldson Co., Inc.		6,311		309,491
Dycom Industries, Inc.(b)		3,177		269,759

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

65

Invesco S&P MidCap 400^® Equal Weight ETF (EWMC)–(continued)

April 30, 2022

	Shares		Value
Industrials-(continued)
EMCOR Group, Inc.		2,711	$	288,667
EnerSys		4,302		281,609
Esab Corp.(b)		7,059		331,773
Flowserve Corp.		9,355		306,002
Fluor Corp.(b)(c)		11,090		274,478
FTI Consulting, Inc.(b)(c)		2,179		343,650
GATX Corp.(c)		2,639		272,846
Graco, Inc.		4,697		291,308
GXO Logistics, Inc.(b)		4,807		284,526
Hexcel Corp.		5,719		310,885
Hubbell, Inc.		1,775		346,764
IAA, Inc.(b)		8,867		324,976
Insperity, Inc.(c)		3,640		386,022
ITT, Inc.		4,145		291,062
JetBlue Airways Corp.(b)(c)		25,123		276,604
KBR, Inc.		5,712		281,202
Kennametal, Inc.		10,914		280,817
Kirby Corp.(b)		4,360		284,272
Knight-Swift Transportation Holdings, Inc.		6,157		294,859
Landstar System, Inc.		2,083		322,657
Lennox International, Inc.		1,234		263,076
Lincoln Electric Holdings, Inc.		2,516		338,981
ManpowerGroup, Inc.		3,606		325,261
MasTec, Inc.(b)		3,705		266,797
MDU Resources Group, Inc.		12,556		323,443
Mercury Systems, Inc.(b)(c)		4,827		269,298
Middleby Corp. (The)(b)		1,903		292,853
MillerKnoll, Inc.(c)		9,262		293,883
MSA Safety, Inc.		2,470		298,104
MSC Industrial Direct Co., Inc., Class A		4,131		342,295
nVent Electric PLC		9,192		310,506
Oshkosh Corp.		2,960		273,622
Owens Corning		3,522		320,255
Regal Rexnord Corp.		2,042		259,824
Ryder System, Inc.(c)		3,994		279,181
Saia, Inc.(b)		1,210		249,212
Science Applications International Corp.		3,565		296,715
Simpson Manufacturing Co., Inc.		2,737		283,745
Stericycle, Inc.(b)		5,705		286,334
Sunrun, Inc.(b)(c)		10,758		214,945
Terex Corp.		8,233		279,922
Tetra Tech, Inc.		1,992		277,446
Timken Co. (The)		5,157		297,250
Toro Co. (The)		3,889		311,626
Trex Co., Inc.(b)(c)		4,272		248,588
Trinity Industries, Inc.(c)		9,693		268,884
Univar Solutions, Inc.(b)		10,320		300,518
Valmont Industries, Inc.		1,386		344,851
Vicor Corp.(b)		4,141		250,613
Watsco, Inc.		1,112		296,659
Watts Water Technologies, Inc., Class A		2,240		285,510
Werner Enterprises, Inc.		7,506		297,463
Woodward, Inc.(c)		2,596		286,806
XPO Logistics, Inc.(b)		4,488		241,410
				20,775,472
Information Technology-13.92%
ACI Worldwide, Inc.(b)(c)		10,006		276,366
Amkor Technology, Inc.		15,192		285,762
Arrow Electronics, Inc.(b)		2,639		311,033

	Shares		Value
Information Technology-(continued)
Aspen Technology, Inc.(b)		2,268	$	359,569
Avnet, Inc.		7,754		338,540
Belden, Inc.		5,634		290,883
Blackbaud, Inc.(b)(c)		5,312		308,149
Bread Financial Holdings, Inc.		5,702		312,470
Calix, Inc.(b)(c)		7,273		290,265
CDK Global, Inc.		6,612		359,759
Ciena Corp.(b)		5,753		317,393
Cirrus Logic, Inc.(b)		3,860		292,588
CMC Materials, Inc.		1,752		313,450
Cognex Corp.		4,798		324,489
Coherent, Inc.(b)		1,225		328,178
CommVault Systems, Inc.(b)		5,236		319,396
Concentrix Corp.		1,613		254,015
Digital Turbine, Inc.(b)(c)		9,071		287,097
Envestnet, Inc.(b)(c)		4,341		345,717
Euronet Worldwide, Inc.(b)(c)		2,790		339,403
Fair Isaac Corp.(b)		683		255,107
First Solar, Inc.(b)		4,195		306,361
Genpact Ltd.		7,666		308,710
II-VI Incorporated(b)		4,815		294,726
Jabil, Inc.		5,685		328,195
Kyndryl Holdings, Inc.(b)(c)		27,432		326,166
Lattice Semiconductor Corp.(b)		5,873		282,139
Littelfuse, Inc.		1,320		302,610
LiveRamp Holdings, Inc.(b)		9,047		283,352
Lumentum Holdings, Inc.(b)(c)		3,459		280,905
Manhattan Associates, Inc.(b)		2,420		315,931
Maximus, Inc.		4,332		315,716
Mimecast Ltd.(b)		3,988		317,764
MKS Instruments, Inc.		2,224		253,492
National Instruments Corp.		8,297		299,854
NCR Corp.(b)		8,441		295,688
Paylocity Holding Corp.(b)		1,669		316,492
Power Integrations, Inc.		3,632		290,560
Qualys, Inc.(b)		2,481		338,111
Sabre Corp.(b)(c)		34,720		363,518
SailPoint Technologies Holding, Inc.(b)(c)		7,225		461,172
Semtech Corp.(b)		5,096		303,722
Silicon Laboratories, Inc.(b)		2,297		309,888
SiTime Corp.(b)(c)		1,684		283,872
SunPower Corp.(b)(c)		15,429		254,733
Synaptics, Inc.(b)		1,538		228,301
TD SYNNEX Corp.		2,880		288,259
Teradata Corp.(b)		7,148		295,570
Universal Display Corp.		2,017		257,631
ViaSat, Inc.(b)(c)		6,225		229,142
Vishay Intertechnology, Inc.		16,969		316,132
Vontier Corp.		13,752		352,326
Western Union Co. (The)(c)		18,379		308,032
WEX, Inc.(b)		1,945		323,337
Wolfspeed, Inc.(b)(c)		3,436		315,116
Xerox Holdings Corp.		16,951		294,947
				17,152,099
Materials-6.81%
Alcoa Corp.		4,004		271,471
AptarGroup, Inc.		2,817		323,476
Ashland Global Holdings, Inc.		3,588		376,632
Avient Corp.		6,466		318,386

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

66

Invesco S&P MidCap 400^® Equal Weight ETF (EWMC)–(continued)

April 30, 2022

	Shares		Value
Materials-(continued)
Cabot Corp.		4,512	$	297,115
Chemours Co. (The)(c)		11,999		396,807
Cleveland-Cliffs, Inc.(b)		12,235		311,870
Commercial Metals Co.		7,826		320,866
Eagle Materials, Inc.		2,382		293,748
Greif, Inc., Class A(c)		5,380		326,458
Ingevity Corp.(b)		4,972		297,823
Louisiana-Pacific Corp.		4,767		307,567
Minerals Technologies, Inc.		4,914		312,580
NewMarket Corp.		992		322,013
Olin Corp.		6,499		373,043
Reliance Steel & Aluminum Co.		1,683		333,655
Royal Gold, Inc.(c)		2,308		301,148
RPM International, Inc.		4,017		333,009
Scotts Miracle-Gro Co. (The)(c)		2,749		285,704
Sensient Technologies Corp.		4,200		355,320
Silgan Holdings, Inc.		7,392		327,983
Sonoco Products Co.		5,684		351,896
Steel Dynamics, Inc.		4,387		376,185
United States Steel Corp.		9,488		289,289
Valvoline, Inc.		10,722		324,126
Worthington Industries, Inc.(c)		5,403		257,021
				8,385,191
Real Estate-8.54%
American Campus Communities, Inc.		5,799		375,021
Apartment Income REIT Corp.		6,020		296,003
Brixmor Property Group, Inc.		12,721		322,859
Corporate Office Properties Trust		11,055		295,058
Cousins Properties, Inc.(c)		7,948		285,333
Douglas Emmett, Inc.		9,524		280,577
EastGroup Properties, Inc.		1,691		317,063
EPR Properties		6,016		315,960
First Industrial Realty Trust, Inc.		5,479		317,782
Healthcare Realty Trust, Inc.(c)		11,793		319,354
Highwoods Properties, Inc.		7,158		292,333
Hudson Pacific Properties, Inc.		11,594		269,908
JBG SMITH Properties		10,888		287,008
Jones Lang LaSalle, Inc.(b)		1,415		309,503
Kilroy Realty Corp.		4,320		302,400
Kite Realty Group Trust		14,184		316,303
Lamar Advertising Co., Class A		2,904		320,631
Life Storage, Inc.		2,412		319,566
Macerich Co. (The)(c)		21,996		276,050
Medical Properties Trust, Inc.		15,697		288,668
National Retail Properties, Inc.		7,323		321,040
National Storage Affiliates Trust		5,273		298,452
Omega Healthcare Investors, Inc.		11,009		280,509
Park Hotels & Resorts, Inc.		17,125		337,534
Pebblebrook Hotel Trust		13,698		334,505
Physicians Realty Trust		18,850		323,089
PotlatchDeltic Corp.		5,767		319,434
PS Business Parks, Inc.		2,016		377,395

	Shares		Value
Real Estate-(continued)
Rayonier, Inc.		7,430	$	320,976
Rexford Industrial Realty, Inc.(c)		4,595		358,594
Sabra Health Care REIT, Inc.		22,690		265,019
SL Green Realty Corp.(c)		4,003		277,088
Spirit Realty Capital, Inc.		6,808		295,808
STORE Capital Corp.		10,755		305,765
				10,522,588
Utilities-3.62%
ALLETE, Inc.		4,816		285,781
Black Hills Corp.(c)		4,452		326,064
Essential Utilities, Inc.		6,767		302,891
Hawaiian Electric Industries, Inc.		7,600		312,436
IDACORP, Inc.		2,875		302,392
National Fuel Gas Co.		4,731		331,785
New Jersey Resources Corp		7,186		310,148
NorthWestern Corp.(c)		5,252		297,736
OGE Energy Corp.(c)		8,176		316,248
ONE Gas, Inc.		3,675		310,060
PNM Resources, Inc.		6,918		322,794
Southwest Gas Holdings, Inc.		4,357		383,895
Spire, Inc.		4,609		335,305
UGI Corp.		9,553		327,668
				4,465,203
Total Common Stocks & Other Equity Interests (Cost $120,466,081)				123,112,470
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $68,915)		68,915		68,915
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $120,534,996)				123,181,385
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-22.21%
Invesco Private Government Fund, 0.40%(d)(e)(f)		8,211,304		8,211,304
Invesco Private Prime Fund, 0.35%(d)(e)(f)		19,147,838		19,147,838
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $27,356,818)				27,359,142
TOTAL INVESTMENTS IN SECURITIES-122.20% (Cost $147,891,814)				150,540,527
OTHER ASSETS LESS LIABILITIES-(22.20)%				(27,345,654	)
NET ASSETS-100.00%			$	123,194,873

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

67

Invesco S&P MidCap 400^® Equal Weight ETF (EWMC)–(continued)

April 30, 2022

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	50,708		$	3,417,527		$	(3,399,320	)		$	-		$	-			$	68,915		$	51
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,270,908			33,341,158			(28,400,762	)			-			-				8,211,304			5,179	*
Invesco Private Prime Fund			5,042,491			69,577,284			(55,467,186	)			2,324			(7,075	)			19,147,838			17,448	*
Total		$	8,364,107		$	106,335,969		$	(87,267,268	)		$	2,324		$	(7,075	)		$	27,428,057		$	22,678

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Communication Services-2.74%
AMC Networks, Inc., Class A(b)		2,805	$	91,527
ATN International, Inc.		3,066		121,107
Cars.com, Inc.(b)		7,411		82,410
Cinemark Holdings, Inc.(b)(c)		6,998		110,988
Cogent Communications Holdings, Inc.		1,714		100,269
Consolidated Communications Holdings, Inc.(b)		19,456		115,763
E.W. Scripps Co. (The), Class A(b)		5,108		84,078
Gannett Co., Inc.(b)(c)		25,288		101,405
Gogo, Inc.(b)(c)		5,719		105,287
Loyalty Ventures, Inc.(b)		5,704		72,954
Marcus Corp. (The)(b)(c)		6,293		98,989
QuinStreet, Inc.(b)		9,539		90,716
Scholastic Corp.		2,578		94,999
Shenandoah Telecommunications Co.(c)		5,242		105,888
TechTarget, Inc.(b)(c)		1,489		100,225
Telephone & Data Systems, Inc.(c)		5,728		104,937
Thryv Holdings, Inc.(b)(c)		3,782		97,689
				1,679,231
Consumer Discretionary-14.48%
Aaron’s Co., Inc. (The)		4,944		101,500
Abercrombie & Fitch Co., Class A(b)		3,797		131,300
Academy Sports & Outdoors, Inc.(c)		3,408		127,323
Adtalem Global Education, Inc.(b)(c)		4,471		131,045
American Axle & Manufacturing Holdings, Inc.(b)		12,855		85,100
American Public Education, Inc.(b)		4,908		95,412
America’s Car-Mart, Inc.(b)		1,202		97,182
Asbury Automotive Group, Inc.(b)(c)		576		105,817
Bed Bath & Beyond, Inc.(b)(c)		5,402		73,521
Big Lots, Inc.(c)		3,252		100,487
BJ’s Restaurants, Inc.(b)		4,049		112,522
Bloomin’ Brands, Inc.		5,311		116,789
Boot Barn Holdings, Inc.(b)		1,232		110,954
Brinker International, Inc.(b)(c)		3,063		111,279
Buckle, Inc. (The)(c)		2,984		92,683
Caleres, Inc.		5,495		126,000
Cato Corp. (The), Class A		6,458		87,506
Cavco Industries, Inc.(b)		405		95,681
Century Communities, Inc.		1,786		94,158
Cheesecake Factory, Inc. (The)(b)(c)		3,150		116,266
Chico’s FAS, Inc.(b)		26,728		141,658
Children’s Place, Inc. (The)(b)(c)		2,095		97,061
Chuy’s Holdings, Inc.(b)		3,976		99,440
Conn’s, Inc.(b)(c)		5,830		91,239
Dave & Buster’s Entertainment, Inc.(b)(c)		2,745		124,897
Designer Brands, Inc., Class A(c)		8,708		120,345
Dine Brands Global, Inc.		1,503		107,750
Dorman Products, Inc.(b)		1,135		112,047
El Pollo Loco Holdings, Inc.(b)		9,464		100,792
Ethan Allen Interiors, Inc.(c)		4,172		99,043
Fossil Group, Inc.(b)(c)		12,412		122,631
Genesco, Inc.(b)		1,589		98,566
Gentherm, Inc.(b)(c)		1,574		106,119
G-III Apparel Group Ltd.(b)		4,499		119,134
Golden Entertainment, Inc.(b)		2,019		96,831

	Shares		Value
Consumer Discretionary-(continued)
Group 1 Automotive, Inc.		576	$	100,305
Guess?, Inc.		6,216		139,674
Haverty Furniture Cos.,Inc., (Acquired 03/15/2018 - 03/16/2022; Cost $120,113)(c)(d)		3,809		94,577
Hibbett, Inc.		2,383		102,898
Installed Building Products, Inc.(c)		1,086		87,390
iRobot Corp.(b)(c)		1,884		95,425
Jack in the Box, Inc.(c)		1,320		109,243
Kontoor Brands, Inc.		2,471		98,173
La-Z-Boy, Inc.		3,789		99,575
LCI Industries(c)		939		91,383
LGI Homes, Inc.(b)(c)		908		85,089
Liquidity Services, Inc.(b)		6,608		95,287
LL Flooring Holdings, Inc.(b)(c)		7,151		98,755
M.D.C. Holdings, Inc.		2,516		92,866
M/I Homes, Inc.(b)(c)		2,220		98,302
MarineMax, Inc.(b)(c)		2,505		102,505
Meritage Homes Corp.(b)		1,139		94,024
Monarch Casino & Resort, Inc.(b)		1,328		93,159
Monro, Inc.		2,403		109,889
Motorcar Parts of America, Inc.(b)(c)		6,405		97,420
Movado Group, Inc.		3,145		113,126
ODP Corp. (The)(b)		2,541		109,339
Oxford Industries, Inc.		1,296		116,122
Patrick Industries, Inc.		1,674		104,206
Perdoceo Education Corp.(b)		10,063		112,504
PetMed Express, Inc.(c)		4,052		88,739
Red Robin Gourmet Burgers, Inc.(b)(c)		6,791		89,573
Rent-A-Center, Inc.		4,166		100,484
Ruth’s Hospitality Group, Inc.		4,860		101,914
Sally Beauty Holdings, Inc.(b)(c)		6,513		98,477
Shake Shack, Inc., Class A(b)(c)		1,695		98,022
Shoe Carnival, Inc.		3,698		111,643
Shutterstock, Inc.		1,246		94,347
Signet Jewelers Ltd.		1,643		115,339
Sleep Number Corp.(b)(c)		1,782		72,278
Sonic Automotive, Inc., Class A		2,283		97,142
Sonos, Inc.(b)		3,494		79,733
Standard Motor Products, Inc.		2,512		107,212
Steven Madden Ltd.		2,819		115,748
Strategic Education, Inc.(c)		1,821		117,637
Sturm Ruger & Co., Inc.(c)		1,529		104,201
Tupperware Brands Corp.(b)(c)		6,060		106,535
Unifi, Inc.(b)		6,202		90,983
Universal Electronics, Inc.(b)		3,411		100,624
Vera Bradley, Inc.(b)(c)		15,316		94,193
Vista Outdoor, Inc.(b)		3,020		106,395
Winnebago Industries, Inc.(c)		1,834		97,532
Wolverine World Wide, Inc.		4,823		95,592
WW International, Inc.(b)(c)		11,007		107,759
XPEL, Inc.(b)(c)(e)		1,889		81,737
Zumiez, Inc.(b)(c)		2,695		98,718
				8,863,871
Consumer Staples-5.53%
Andersons, Inc. (The)		2,460		123,566
B&G Foods, Inc.(c)		4,203		113,187

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

69

Invesco S&P SmallCap 600^® Equal Weight ETF (EWSC)–(continued)

April 30, 2022

	Shares		Value
Consumer Staples-(continued)
Calavo Growers, Inc.		2,989	$	108,321
Cal-Maine Foods, Inc.		2,494		134,003
Celsius Holdings, Inc.(b)(c)		2,392		124,384
Central Garden & Pet Co.(b)(c)		516		22,596
Central Garden & Pet Co., Class A(b)		2,125		87,933
Chefs’ Warehouse, Inc. (The)(b)(c)		3,789		138,677
Coca-Cola Consolidated, Inc.		240		105,960
Edgewell Personal Care Co.(c)		3,015		114,992
elf Beauty, Inc.(b)		4,572		111,237
Fresh Del Monte Produce, Inc.		4,406		114,776
Hostess Brands, Inc.(b)		5,343		121,233
Inter Parfums, Inc.		1,331		108,783
J&J Snack Foods Corp.		705		105,538
John B. Sanfilippo & Son, Inc.		1,362		105,746
Medifast, Inc.		625		111,475
MGP Ingredients, Inc.(c)		1,413		129,049
National Beverage Corp.(c)		2,731		120,382
PriceSmart, Inc.		1,438		114,249
Seneca Foods Corp., Class A(b)		2,212		120,001
Simply Good Foods Co. (The)(b)		2,940		122,451
SpartanNash Co.		3,546		121,557
Tootsie Roll Industries, Inc.(c)		3,271		114,583
TreeHouse Foods, Inc.(b)(c)		3,300		103,950
United Natural Foods, Inc.(b)(c)		3,067		131,666
Universal Corp.		1,970		113,964
USANA Health Sciences, Inc.(b)		1,313		100,655
Vector Group Ltd.		10,659		135,582
WD-40 Co.(c)		568		104,501
				3,384,997
Energy-4.95%
Archrock, Inc.		11,712		102,012
Bristow Group, Inc.(b)		2,812		83,854
Callon Petroleum Co.(b)(c)		1,843		94,491
Civitas Resources, Inc.(c)		1,945		114,016
CONSOL Energy, Inc.(b)		3,246		154,347
Core Laboratories N.V.(c)		3,398		88,348
DMC Global, Inc.(b)(c)		3,262		65,207
Dorian LPG Ltd.		7,724		113,697
Dril-Quip, Inc.(b)(c)		2,682		77,456
Green Plains, Inc.(b)(c)		3,501		98,273
Helix Energy Solutions Group, Inc.(b)(c)		21,300		87,543
Helmerich & Payne, Inc.		2,581		118,803
Laredo Petroleum, Inc.(b)(c)		1,479		105,320
Nabors Industries Ltd.(b)		679		104,987
Oceaneering International, Inc.(b)		6,558		74,302
Oil States International, Inc.(b)(c)		14,572		98,507
Par Pacific Holdings, Inc.(b)		8,423		123,565
Patterson-UTI Energy, Inc.		6,704		110,214
PBF Energy, Inc., Class A(b)		4,274		124,202
ProPetro Holding Corp.(b)		7,435		105,131
Ranger Oil Corp.(b)(c)		2,877		91,632
Renewable Energy Group, Inc.(b)		1,773		108,259
REX American Resources Corp.(b)		1,125		95,209
RPC, Inc.(b)(c)		9,422		97,424
SM Energy Co.		2,841		100,941
Southwestern Energy Co.(b)		19,491		146,183
Talos Energy, Inc.(b)		6,882		125,046

	Shares		Value
Energy-(continued)
US Silica Holdings, Inc.(b)		6,790	$	126,158
World Fuel Services Corp.		3,996		96,783
				3,031,910
Financials-17.45%
Allegiance Bancshares, Inc.		2,426		99,126
Ambac Financial Group, Inc.(b)(c)		8,680		67,096
American Equity Investment Life Holding Co.		2,816		106,220
Ameris Bancorp		2,259		94,200
AMERISAFE, Inc.		2,297		106,466
Apollo Commercial Real Estate Finance, Inc.		8,064		97,091
ARMOUR Residential REIT, Inc.		12,600		92,484
Assured Guaranty Ltd.		1,884		103,903
Axos Financial, Inc.(b)		2,224		84,245
B. Riley Financial, Inc.(c)		1,703		76,907
Banc of California, Inc.		5,612		101,240
BancFirst Corp.(c)		1,382		112,978
Bancorp, Inc. (The)(b)		3,960		89,852
BankUnited, Inc.		2,592		97,304
Banner Corp.		1,808		97,090
Berkshire Hills Bancorp, Inc.		3,626		89,707
Blucora, Inc.(b)		5,904		119,556
Brightsphere Investment Group, Inc.		4,570		91,583
Brookline Bancorp, Inc.		6,556		94,800
Capitol Federal Financial, Inc.		9,737		93,767
Central Pacific Financial Corp.		3,855		93,214
City Holding Co.(c)		1,355		104,850
Columbia Banking System, Inc.		3,062		85,981
Community Bank System, Inc.		1,511		97,308
Customers Bancorp, Inc.(b)		1,936		81,448
CVB Financial Corp.		4,601		105,915
Dime Community Bancshares, Inc.(c)		3,207		100,828
Donnelley Financial Solutions, Inc.(b)(c)		3,462		101,333
Eagle Bancorp, Inc.		1,844		92,845
eHealth, Inc.(b)(c)		10,514		84,638
Ellington Financial, Inc.		6,077		98,387
Employers Holdings, Inc.		2,706		106,454
Encore Capital Group, Inc.(b)(c)		1,740		100,589
Enova International, Inc.(b)		3,223		120,540
EZCORP, Inc., Class A(b)(c)		19,282		134,974
FB Financial Corp.		2,424		93,397
First Bancorp		8,476		115,358
First Bancorp/Southern Pines NC		2,481		92,938
First Commonwealth Financial Corp.		6,904		93,066
First Financial Bancorp		4,499		92,005
First Hawaiian, Inc.(c)		3,852		90,946
Flagstar Bancorp, Inc.		2,478		87,473
Franklin BSP Realty Trust, Inc.		8,300		110,058
Genworth Financial, Inc., Class A(b)		29,184		108,273
Granite Point Mortgage Trust, Inc.		9,816		95,510
Green Dot Corp., Class A(b)		4,305		113,996
Greenhill & Co., Inc.		6,678		80,871
Hanmi Financial Corp.		4,365		101,050
HCI Group, Inc.(c)		1,614		103,441
Heritage Financial Corp.		4,275		103,540
Hilltop Holdings, Inc.		3,526		89,878
HomeStreet, Inc.		2,142		86,944
Hope Bancorp, Inc.		6,556		93,751
Horace Mann Educators Corp.		2,644		105,363
Independent Bank Corp.		1,278		98,610

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

70

Invesco S&P SmallCap 600^® Equal Weight ETF (EWSC)–(continued)

April 30, 2022

	Shares		Value
Financials-(continued)
Independent Bank Group, Inc.		1,410	$	95,598
Invesco Mortgage Capital, Inc.(f)		49,306		85,792
James River Group Holdings Ltd.		5,122		121,443
KKR Real Estate Finance Trust, Inc.(c)		5,454		103,626
Lakeland Financial Corp.(c)		1,350		98,307
LendingTree, Inc.(b)(c)		1,110		88,156
Meta Financial Group, Inc.		2,107		91,971
Mr. Cooper Group, Inc.(b)		2,278		102,442
National Bank Holdings Corp., Class A		2,580		94,196
NBT Bancorp, Inc.		2,819		99,229
New York Mortgage Trust, Inc.		29,342		94,481
NMI Holdings, Inc., Class A(b)		5,179		95,190
Northfield Bancorp, Inc.		7,095		92,874
Northwest Bancshares, Inc.		7,707		97,725
OFG Bancorp		3,979		105,762
Pacific Premier Bancorp, Inc.		2,966		93,014
Palomar Holdings, Inc.(b)		1,829		99,589
Park National Corp.(c)		788		92,866
PennyMac Mortgage Investment Trust(c)		6,629		101,689
Piper Sandler Cos.		869		99,918
PRA Group, Inc.(b)(c)		2,498		104,991
Preferred Bank		1,437		96,451
ProAssurance Corp.		4,300		105,651
PROG Holdings, Inc.(b)(c)		3,130		82,851
Provident Financial Services, Inc.		4,601		101,820
Ready Capital Corp.		7,025		102,354
Redwood Trust, Inc.		10,026		97,252
Renasant Corp.		3,035		90,413
S&T Bancorp Inc.		3,501		98,938
Safety Insurance Group, Inc.(c)		1,271		109,357
Seacoast Banking Corp. of Florida		3,090		100,425
Selectquote, Inc.(b)(c)		48,422		99,749
ServisFirst Bancshares, Inc.(c)		1,228		98,633
Simmons First National Corp., Class A		3,789		90,443
SiriusPoint Ltd. (Bermuda)(b)		16,287		102,282
Southside Bancshares, Inc.(c)		2,562		100,405
Stewart Information Services Corp.		1,647		84,985
StoneX Group, Inc.(b)		1,518		102,890
Tompkins Financial Corp.(c)		1,354		98,842
Triumph Bancorp Inc.(b)(c)		1,134		78,745
Trupanion, Inc.(b)(c)		1,367		86,969
TrustCo Bank Corp.		3,203		99,773
Trustmark Corp.(c)		3,390		94,513
Two Harbors Investment Corp.(c)		20,686		99,500
United Community Banks, Inc.		2,856		86,080
United Fire Group, Inc.		3,877		113,557
Universal Insurance Holdings, Inc.		8,836		110,980
Veritex Holdings, Inc.		2,679		88,005
Virtus Investment Partners, Inc.		510		90,352
Walker & Dunlop, Inc.		815		97,604
Westamerica Bancorporation		1,753		103,287
WisdomTree Investments, Inc.(c)		20,846		121,532
World Acceptance Corp.(b)(c)		660		124,549
WSFS Financial Corp.		2,113		84,668
				10,684,101
Health Care-13.51%
Addus HomeCare Corp.(b)(c)		1,382		116,475
Allscripts Healthcare Solutions, Inc.(b)		5,150		106,399
AMN Healthcare Services, Inc.(b)		1,151		112,510

	Shares		Value
Health Care-(continued)
Amphastar Pharmaceuticals, Inc.(b)		3,151	$	111,766
AngioDynamics, Inc.(b)		4,746		99,903
ANI Pharmaceuticals, Inc.(b)		2,974		87,763
Anika Therapeutics, Inc.(b)		4,221		90,878
Apollo Medical Holdings, Inc.(b)(c)		2,681		97,803
Arcus Biosciences, Inc.(b)		2,786		67,449
Artivion, Inc.(b)(c)		5,506		111,717
Avanos Medical, Inc.(b)		3,405		99,290
Avid Bioservices, Inc.(b)(c)		5,812		78,230
BioLife Solutions, Inc.(b)		4,709		59,663
Cara Therapeutics, Inc.(b)(c)		8,931		77,878
Cardiovascular Systems, Inc.(b)		5,849		109,376
Coherus Biosciences, Inc.(b)(c)		8,758		79,172
Collegium Pharmaceutical, Inc.(b)		6,278		101,076
Community Health Systems, Inc.(b)		9,253		70,971
Computer Programs & Systems, Inc.(b)		3,173		101,282
CONMED Corp.(c)		782		103,975
Corcept Therapeutics, Inc.(b)		4,440		95,504
CorVel Corp.(b)		689		106,850
Covetrus, Inc.(b)(c)		6,509		89,824
Cross Country Healthcare, Inc.(b)		5,656		105,994
Cutera, Inc.(b)		2,556		138,816
Cytokinetics, Inc.(b)(c)		2,879		114,786
Eagle Pharmaceuticals, Inc.(b)(c)		2,128		93,909
Embecta Corp.(b)(c)		3,484		106,018
Emergent BioSolutions, Inc.(b)		2,960		95,845
Enanta Pharmaceuticals, Inc.(b)		1,661		106,968
Endo International PLC(b)		46,543		93,086
Ensign Group, Inc. (The)		1,273		102,260
Fulgent Genetics, Inc.(b)(c)		1,992		109,321
Glaukos Corp.(b)(c)		2,131		100,775
Hanger, Inc.(b)		5,659		93,034
Harmony Biosciences Holdings, Inc.(b)(c)		2,464		110,979
HealthStream, Inc.(b)		5,615		107,247
Heska Corp.(b)(c)		750		82,380
Innoviva, Inc.(b)(c)		5,724		97,651
Inogen, Inc.(b)(c)		3,624		91,615
Integer Holdings Corp.(b)		1,383		103,960
iTeos Therapeutics, Inc.(b)		3,011		80,364
Joint Corp. (The)(b)(c)		3,350		102,242
Lantheus Holdings, Inc.(b)		2,086		138,531
LeMaitre Vascular, Inc.		2,547		110,056
Ligand Pharmaceuticals, Inc.(b)(c)		1,048		97,317
MEDNAX, Inc.(b)		4,591		85,025
Meridian Bioscience, Inc.(b)		4,295		109,909
Merit Medical Systems, Inc.(b)		1,725		106,967
Mesa Laboratories, Inc.		435		92,929
ModivCare, Inc.(b)(c)		1,006		104,594
Myriad Genetics, Inc.(b)		4,134		84,747
Natus Medical, Inc.(b)		4,361		145,091
Nektar Therapeutics, (Acquired 12/17/2021 - 04/19/2022; Cost $102,206)(b)(c)(d)		8,371		34,572
NeoGenomics, Inc.(b)		6,795		64,213
NextGen Healthcare, Inc.(b)		5,604		105,635
Omnicell, Inc.(b)		801		87,445
OptimizeRx Corp.(b)(c)		2,872		80,732
OraSure Technologies, Inc.(b)(c)		15,856		97,356
Organogenesis Holdings, Inc.(b)(c)		14,171		91,261
Orthofix Medical, Inc.(b)		3,367		104,377
Owens & Minor, Inc.(c)		2,733		96,994

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

71

Invesco S&P SmallCap 600^® Equal Weight ETF (EWSC)–(continued)

April 30, 2022

	Shares		Value
Health Care-(continued)
Pacira BioSciences, Inc.(b)(c)		1,523	$	113,570
Pennant Group, Inc. (The)(b)(c)		7,631		125,072
Phibro Animal Health Corp., Class A		5,388		96,930
Prestige Consumer Healthcare, Inc.(b)		1,926		105,275
RadNet, Inc.(b)		5,196		101,322
REGENXBIO, Inc.(b)(c)		3,841		106,626
Select Medical Holdings Corp.(c)		4,507		101,903
Simulations Plus, Inc.(c)		2,635		122,949
Supernus Pharmaceuticals, Inc.(b)(c)		3,488		97,315
SurModics, Inc.(b)(c)		2,594		100,284
Tactile Systems Technology, Inc.(b)(c)		6,443		108,758
Tivity Health, Inc.(b)		3,571		114,736
uniQure N.V. (Netherlands)(b)(c)		7,194		107,478
US Physical Therapy, Inc.(c)		1,142		118,505
Vanda Pharmaceuticals, Inc.(b)		9,693		96,155
Varex Imaging Corp.(b)(c)		4,427		87,876
Vericel Corp.(b)(c)		3,177		90,545
Vir Biotechnology, Inc.(b)(c)		4,472		91,005
Xencor, Inc.(b)		3,928		98,122
Zimvie, Inc.(b)		4,579		103,028
Zynex, Inc.(c)		20,805		132,528
				8,270,737
Industrials-14.55%
AAON, Inc.		2,006		97,772
AAR Corp.(b)		2,384		112,000
ABM Industries, Inc.(c)		2,347		113,290
Aerojet Rocketdyne Holdings, Inc.(b)		2,784		111,304
AeroVironment, Inc.(b)(c)		1,426		114,536
Alamo Group, Inc.		751		94,956
Albany International Corp., Class A		1,284		100,435
Allegiant Travel Co.(b)		770		119,496
American Woodmark Corp.(b)		1,851		86,719
Apogee Enterprises, Inc.		2,299		101,156
Applied Industrial Technologies, Inc.		1,070		112,018
ArcBest Corp.(c)		1,285		92,726
Arcosa, Inc.		1,878		100,529
Astec Industries, Inc.		2,486		97,203
Atlas Air Worldwide Holdings, Inc.(b)(c)		1,332		91,828
AZZ, Inc.		2,205		100,636
Barnes Group, Inc.		2,609		87,610
Boise Cascade Co.		1,408		106,417
Brady Corp., Class A		2,578		115,366
CIRCOR International, Inc.(b)		4,469		87,816
Comfort Systems USA, Inc.		1,189		100,375
CoreCivic, Inc.(b)		12,201		151,658
Deluxe Corp.		3,520		95,322
DXP Enterprises, Inc.(b)		3,466		81,902
Encore Wire Corp.		861		97,129
Enerpac Tool Group Corp.(c)		5,566		111,765
EnPro Industries, Inc.		1,067		99,455
ESCO Technologies, Inc.		1,512		94,424
Exponent, Inc.		1,144		109,607
Federal Signal Corp.(c)		3,211		109,270
Forrester Research, Inc.(b)		2,145		119,455
Forward Air Corp.		1,077		104,437
Franklin Electric Co., Inc.		1,320		92,321
GEO Group, Inc. (The)(b)(c)		19,526		127,505
Gibraltar Industries, Inc.(b)		2,317		87,675
GMS, Inc.(b)		2,111		101,223

	Shares		Value
Industrials-(continued)
Granite Construction, Inc.(c)		3,397	$	100,721
Greenbrier Cos., Inc. (The)(c)		2,108		90,033
Griffon Corp.		4,926		92,166
Harsco Corp.(b)		7,975		81,505
Hawaiian Holdings, Inc.(b)(c)		6,544		110,986
Healthcare Services Group, Inc.(c)		6,267		107,103
Heartland Express, Inc.		7,658		105,680
Heidrick & Struggles International, Inc.		2,881		92,077
Hillenbrand, Inc.		2,419		98,744
HNI Corp.		3,006		107,134
Hub Group, Inc., Class A(b)		1,371		92,076
Insteel Industries, Inc.		2,791		118,394
Interface, Inc.		8,371		106,228
John Bean Technologies Corp.		997		117,536
Kaman Corp.		2,578		100,568
KAR Auction Services, Inc.(b)(c)		6,113		89,617
Kelly Services, Inc., Class A		5,473		105,574
Korn Ferry		1,773		108,933
Lindsay Corp.		736		99,470
ManTech International Corp., Class A		1,220		98,015
Marten Transport Ltd.		5,515		95,851
Matson, Inc.		997		85,762
Matthews International Corp., Class A		3,240		96,584
Meritor, Inc.(b)(c)		3,055		109,705
Moog, Inc., Class A		1,285		102,633
Mueller Industries, Inc.		1,961		106,188
MYR Group, Inc.(b)		1,149		90,874
National Presto Industries, Inc.		1,356		96,452
NOW, Inc.(b)		10,046		109,501
NV5 Global, Inc.(b)		872		104,466
Park Aerospace Corp.		7,865		92,021
PGT Innovations, Inc.(b)		5,127		91,107
Pitney Bowes, Inc.		21,947		115,661
Powell Industries, Inc.(c)		5,084		98,121
Proto Labs, Inc.(b)		2,121		90,376
Quanex Building Products Corp.		4,705		90,430
Resideo Technologies, Inc.(b)		4,273		96,100
Resources Connection, Inc.		6,808		117,030
SkyWest, Inc.(b)		4,263		124,267
SPX Corp.(b)		2,226		93,269
Standex International Corp.		1,033		97,143
Tennant Co.		1,337		86,344
Titan International, Inc.(b)		7,804		108,164
Triumph Group, Inc.(b)		4,686		105,622
TrueBlue, Inc.(b)		4,067		103,993
UFP Industries, Inc.		1,282		99,188
UniFirst Corp.		627		108,032
US Ecology, Inc.(b)		2,279		109,369
Veritiv Corp.(b)		910		127,891
Viad Corp.(b)		3,216		105,324
Wabash National Corp.		6,913		98,925
				8,906,289
Information Technology-11.17%
3D Systems Corp.(b)(c)		7,478		84,800
8x8, Inc.(b)		10,196		93,497
A10 Networks, Inc.		7,563		108,000
ADTRAN, Inc.		5,535		96,254
Advanced Energy Industries, Inc.		1,293		98,940
Agilysys, Inc.(b)		2,725		100,307

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

72

Invesco S&P SmallCap 600^® Equal Weight ETF (EWSC)–(continued)

April 30, 2022

	Shares		Value
Information Technology-(continued)
Alarm.com Holdings, Inc.(b)		1,676	$	102,370
Arlo Technologies, Inc.(b)		11,086		85,806
Axcelis Technologies, Inc.(b)		1,704		92,783
Badger Meter, Inc.		1,160		93,600
Benchmark Electronics, Inc.		4,182		99,364
Bottomline Technologies (DE), Inc.(b)		1,908		108,031
CalAmp Corp.(b)(c)		14,691		80,360
Cerence, Inc.(b)		3,423		100,978
CEVA, Inc.(b)		2,889		104,986
Cohu, Inc.(b)		3,809		101,167
Comtech Telecommunications Corp.		6,821		92,766
Consensus Cloud Solutions, Inc.(b)		1,921		101,275
Corsair Gaming, Inc.(b)(c)		5,713		86,438
CSG Systems International, Inc.		1,698		104,376
CTS Corp.		3,100		109,647
Diebold Nixdorf, Inc.(b)(c)		14,956		61,320
Digi International, Inc.(b)		5,404		102,244
Diodes, Inc.(b)		1,314		95,961
Ebix, Inc.(c)		2,772		82,606
ePlus, Inc.(b)		2,052		115,897
EVERTEC, Inc.		2,787		109,808
ExlService Holdings, Inc.(b)		863		117,497
Extreme Networks, Inc.(b)		9,763		93,725
Fabrinet (Thailand)(b)		1,114		109,384
FARO Technologies, Inc.(b)		2,109		72,318
FormFactor, Inc.(b)		2,754		104,955
Harmonic, Inc.(b)(c)		12,174		101,044
Ichor Holdings Ltd.(b)(c)		3,238		94,258
Insight Enterprises, Inc.(b)(c)		1,034		102,749
InterDigital, Inc.		1,739		98,862
Itron, Inc.(b)		2,333		111,471
Knowles Corp.(b)		5,089		94,248
Kulicke & Soffa Industries, Inc. (Singapore)(c)		2,114		98,111
LivePerson, Inc.(b)(c)		4,732		107,038
MaxLinear, Inc.(b)		1,983		94,926
Methode Electronics, Inc.		2,486		110,900
NETGEAR, Inc.(b)		4,562		98,995
NetScout Systems, Inc.(b)		3,429		105,613
OneSpan, Inc.(b)		8,502		120,133
Onto Innovation, Inc.(b)(c)		1,386		98,600
OSI Systems, Inc.(b)		1,344		106,310
PC Connection, Inc.		2,126		105,216
PDF Solutions, Inc.(b)(c)		4,046		94,069
Perficient, Inc.(b)		1,065		105,872
Photronics, Inc.(b)		6,326		94,827
Plantronics, Inc.(b)		4,117		164,104
Plexus Corp.(b)		1,309		106,212
Progress Software Corp.		2,462		118,127
Rambus, Inc.(b)		3,896		97,049
Rogers Corp.(b)		396		107,205
Sanmina Corp.(b)		2,704		110,567
ScanSource, Inc.(b)		3,276		112,170
SMART Global Holdings, Inc.(b)(c)		4,270		96,758
SPS Commerce, Inc.(b)		881		105,394
TTEC Holdings, Inc.		1,387		102,374
TTM Technologies, Inc.(b)		8,403		117,222
Ultra Clean Holdings, Inc.(b)		2,700		84,159
Unisys Corp.(b)		4,855		68,990
Veeco Instruments, Inc.(b)(c)		3,898		89,342
Viavi Solutions, Inc.(b)		6,843		98,129

	Shares		Value
Information Technology-(continued)
Vonage Holdings Corp.(b)		5,383	$	107,445
Xperi Holding Corp.		6,470		100,932
				6,840,881
Materials-6.22%
AdvanSix, Inc.		2,270		101,106
Allegheny Technologies, Inc.(b)		4,075		110,759
American Vanguard Corp.		6,202		132,723
Arconic Corp.(b)		4,484		112,817
Balchem Corp.		809		99,669
Carpenter Technology Corp.		3,098		118,282
Century Aluminum Co.(b)		4,512		76,117
Clearwater Paper Corp.(b)		3,692		122,242
Compass Minerals International, Inc.		1,766		104,424
FutureFuel Corp.		12,855		122,251
GCP Applied Technologies, Inc.(b)		3,442		107,976
Glatfelter Corp.(c)		8,543		93,973
H.B. Fuller Co.		1,656		110,455
Hawkins, Inc.		2,330		86,862
Haynes International, Inc.		2,587		101,100
Innospec, Inc.		1,180		112,466
Kaiser Aluminum Corp.		1,239		119,563
Koppers Holdings, Inc.		3,840		93,158
Livent Corp.(b)(c)		4,724		100,905
Materion Corp.		1,241		105,671
Mercer International, Inc. (Germany)		7,432		118,986
Myers Industries, Inc.		6,029		132,216
Neenah, Inc.(c)		3,031		107,297
O-I Glass, Inc.(b)		9,151		123,355
Olympic Steel, Inc.		3,696		126,884
Quaker Chemical Corp.(c)		638		103,809
Rayonier Advanced Materials, Inc.(b)(c)		16,846		86,420
Schweitzer-Mauduit International, Inc., Class A		3,762		94,652
Stepan Co.		1,126		114,976
SunCoke Energy, Inc.		12,413		103,276
Sylvamo Corp.(b)		3,175		141,764
TimkenSteel Corp.(b)(c)		5,689		117,592
Tredegar Corp.(c)		9,205		105,397
Trinseo PLC		2,329		110,511
Warrior Met Coal, Inc.		2,590		88,241
				3,807,895
Real Estate-8.05%
Acadia Realty Trust		5,004		104,684
Agree Realty Corp.		1,684		114,377
Alexander & Baldwin, Inc.		4,664		98,877
American Assets Trust, Inc.		2,967		108,592
Armada Hoffler Properties, Inc.		7,286		98,725
Brandywine Realty Trust(c)		8,101		94,539
CareTrust REIT, Inc.		6,234		101,053
Centerspace		1,083		99,918
Chatham Lodging Trust(b)		7,685		110,357
Community Healthcare Trust, Inc.		2,654		97,720
DiamondRock Hospitality Co.(b)		11,295		119,953
Diversified Healthcare Trust		36,114		81,256
Douglas Elliman, Inc.		16,189		98,105
Easterly Government Properties, Inc.(c)		5,130		97,726
Essential Properties Realty Trust, Inc.		4,354		104,496
Four Corners Property Trust, Inc.		3,999		109,813
Franklin Street Properties Corp.(c)		18,812		97,070

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

73

Invesco S&P SmallCap 600^® Equal Weight ETF (EWSC)–(continued)

April 30, 2022

	Shares		Value
Real Estate-(continued)
Getty Realty Corp.		3,861	$	103,900
Global Net Lease, Inc.		7,267		101,956
Hersha Hospitality Trust(b)(c)		12,105		118,387
Independence Realty Trust, Inc.		4,212		114,819
Industrial Logistics Properties Trust(c)		4,910		79,346
Innovative Industrial Properties, Inc.		578		83,573
iStar, Inc.		4,481		75,460
LTC Properties, Inc.(c)		3,016		99,528
LXP Industrial Trust		7,012		88,001
Marcus & Millichap, Inc.		2,383		106,735
NexPoint Residential Trust, Inc.		1,214		108,240
Office Properties Income Trust		4,317		93,334
Orion Office REIT, Inc.(c)		6,431		86,304
RE/MAX Holdings, Inc., Class A		3,758		88,163
Realogy Holdings Corp.(b)(c)		6,971		76,402
Retail Opportunity Investments Corp.		5,774		107,570
RPT Realty(c)		8,125		107,981
Safehold, Inc.		1,955		84,163
Saul Centers, Inc.		2,348		121,180
Service Properties Trust(c)		13,168		106,924
SITE Centers Corp.		6,719		106,832
St. Joe Co. (The)		2,007		106,792
Summit Hotel Properties, Inc.(b)(c)		10,798		106,576
Tanger Factory Outlet Centers, Inc.		6,307		101,732
Uniti Group, Inc.(c)		8,199		101,586
Universal Health Realty Income Trust(c)		1,827		91,697
Urban Edge Properties		5,881		109,916
Urstadt Biddle Properties, Inc., Class A		5,338		92,614
Veris Residential, Inc.(b)(c)		6,199		99,246
Washington REIT(c)		4,416		106,381
Whitestone REIT		8,332		101,234
Xenia Hotels & Resorts, Inc.(b)		5,774		111,380
				4,925,213
Utilities-1.30%
American States Water Co.		1,287		101,236
Avista Corp.		2,374		96,313

	Shares		Value
Utilities-(continued)
California Water Service Group		1,905	$	98,812
Chesapeake Utilities Corp.		768		96,131
Middlesex Water Co.		1,086		96,600
Northwest Natural Holding Co.		1,963		93,890
South Jersey Industries, Inc.(c)		3,101		106,023
Unitil Corp.		2,096		106,896
				795,901
Total Common Stocks & Other Equity Interests (Cost $72,085,725)				61,191,026
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(f)(g) (Cost $25,492)		25,492		25,492
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $72,111,217)				61,216,518
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-28.35%
Invesco Private Government Fund, 0.40%(f)(g)(h)		5,207,827		5,207,827
Invesco Private Prime Fund, 0.35%(f)(g)(h)		12,146,569		12,146,569
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $17,353,247)				17,354,396
TOTAL INVESTMENTS IN SECURITIES-128.34% (Cost $89,464,464)				78,570,914
OTHER ASSETS LESS LIABILITIES-(28.34)%				(17,348,505	)
NET ASSETS-100.00%			$	61,222,409

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, 2022.

^(d)  Restricted security. The aggregate value of these securities at April 30, 2022 was $129,149, which represented less than 1% of the Fund’s Net Assets.

^(e)  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, 2022 represented less than 1% of the Fund’s Net Assets.

^(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, 2022.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change  in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Invesco Mortgage Capital, Inc.	$	103,272	$	133,197	$	(80,622	)		$(45,372)		$(24,683)	$	85,792	$	14,700

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

74

Invesco S&P SmallCap 600^® Equal Weight ETF (EWSC)–(continued)

April 30, 2022

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change  in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	58,820		$	2,707,712		$	(2,741,040	)		$	-			$	-			$	25,492		$	24
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,391,253			16,836,421			(13,019,847	)			-				-				5,207,827			2,765	*
Invesco Private Prime Fund			2,086,880			36,076,044			(26,013,226	)			1,149				(4,278	)			12,146,569			9,835	*
Total		$	3,640,225		$	55,753,374		$	(41,854,735	)		$	(44,223	)		$	(28,961	)		$	17,465,680		$	27,324

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(g)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

75

Statements of Assets and Liabilities

April 30, 2022

	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)		$	32,218,670,350			$	38,152,601			$	366,099,469			$	584,166,437
Affiliated investments in securities, at value			1,290,139,629				3,032,898				56,075,053				25,555,449
Cash			-				-				-				-
Receivable for:
Dividends			24,392,485				66,036				213,398				896,622
Securities lending			145,408				335				5,435				470
Investments sold			121,544,134				-				-				-
Investments sold - affiliated broker			-				-				-				-
Fund shares sold			90,340,187				-				-				3,581,634
Total assets			33,745,232,193				41,251,870				422,393,355				614,200,612
Liabilities:
Due to custodian			53,054				53,824				18,678				234,087
Payable for:
Investments purchased			89,943,221				-				-				3,599,861
Investments purchased - affiliated broker			-				-				-				-
Collateral upon return of securities loaned			1,212,646,444				3,032,763				56,072,075				25,555,449
Fund shares repurchased			122,087,148				-				-				-
Accrued unitary management fees			5,604,202				14,752				139,095				183,800
Total liabilities			1,430,334,069				3,101,339				56,229,848				29,573,197
Net Assets		$	32,314,898,124			$	38,150,531			$	366,163,507			$	584,627,415
Net assets consist of:
Shares of beneficial interest		$	34,007,907,725			$	49,566,045			$	489,630,754			$	578,584,131
Distributable earnings (loss)			(1,693,009,601	)			(11,415,514	)			(123,467,247	)			6,043,284
Net Assets		$	32,314,898,124			$	38,150,531			$	366,163,507			$	584,627,415
Shares outstanding (unlimited amount authorized, $0.01 par value)			219,112,663				1,270,001				2,860,000				3,350,000
Net asset value		$	147.48			$	30.04			$	128.03			$	174.52
Market price		$	147.45			$	30.04			$	127.91			$	174.50
Unaffiliated investments in securities, at cost		$	31,565,413,140			$	47,140,240			$	449,070,823			$	507,863,264
Affiliated investments in securities, at cost		$	1,302,851,518			$	3,032,763			$	56,072,075			$	25,555,449
(a) Includes securities on loan with an aggregate value of:		$	1,140,799,617			$	2,856,639			$	53,001,987			$	24,231,628

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

76

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)
	$543,266,330			$	476,271,974			$	900,848,793		$	410,518,180			$	573,327,582		$	172,140,859			$	2,176,081,868
	50,846,869				27,218,975				23,482,852			30,479,939				12,999,278			9,252,792				109,038,920
	108				977				-			-				-			-				-
	937,763				510,053				413,279			175,409				382,237			58,898				138,375
	3,953				715				2,327			2,978				1,623			1,227				8,078
	11,166,949				-				-			8,090,614				-			-				5,178,935
	-				-				-			-				-			-				31,408,125
	-				-				-			-				-			3,490,741				-
	606,221,972				504,002,694				924,747,251			449,267,120				586,710,720			184,944,517				2,321,854,301
	-				-				-			1,436				-			-				-
	-				-				-			2,396,026				-			3,491,927				31,921,337
	-				-				-			3,676,936				-			-				-
	50,663,831				20,178,677				23,118,877			30,456,564				12,862,186			9,185,361				108,672,606
	11,186,332				-				-			1,909,637				-			-				5,179,296
	186,928				173,373				318,872			141,404				195,501			57,112				767,204
	62,037,091				20,352,050				23,437,749			38,582,003				13,057,687			12,734,400				146,540,443
	$544,184,881			$	483,650,644			$	901,309,502		$	410,685,117			$	573,653,033		$	172,210,117			$	2,175,313,858
	$606,596,676			$	531,128,887			$	893,564,234		$	454,722,854			$	571,429,405		$	175,224,701			$	2,283,144,006
	(62,411,795	)			(47,478,243	)			7,745,268			(44,037,737	)			2,223,628			(3,014,584	)			(107,830,148	)
	$544,184,881			$	483,650,644			$	901,309,502		$	410,685,117			$	573,653,033		$	172,210,117			$	2,175,313,858
	8,270,005				8,400,000				3,200,000			2,320,000				3,200,000			4,440,000				8,400,000
	$65.80			$	57.58			$	281.66		$	177.02			$	179.27		$	38.79			$	258.97
	$65.79			$	57.53			$	281.64		$	176.94			$	179.25		$	38.88			$	258.95
	$433,058,767			$	486,351,098			$	802,084,330		$	421,667,813			$	545,550,893		$	172,834,390			$	2,129,395,067
	$50,845,069			$	29,934,838			$	23,481,976		$	30,479,939			$	12,999,278		$	9,252,792			$	109,033,293
	$  48,987,635			$	18,963,535			$	21,912,694		$	28,857,614			$	12,311,969		$	8,625,200			$	102,583,971

77

Statements of Assets and Liabilities–(continued)

April 30, 2022

	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)		$	332,810,923			$	123,112,470			$	61,105,234
Affiliated investments in securities, at value			9,582,327				27,428,057				17,465,680
Receivable for:
Dividends			576,557				49,150				24,269
Securities lending			1,162				4,585				1,983
Fund shares sold			6,027,071				-				-
Total assets			348,998,040				150,594,262				78,597,166
Liabilities:
Due to custodian			-				-				115
Payable for:
Investments purchased			6,022,486				-				-
Collateral upon return of securities loaned			9,534,749				27,356,818				17,353,247
Accrued unitary management fees			107,326				42,571				21,395
Total liabilities			15,664,561				27,399,389				17,374,757
Net Assets		$	333,333,479			$	123,194,873			$	61,222,409
Net assets consist of:
Shares of beneficial interest		$	338,756,046			$	148,990,123			$	94,637,669
Distributable earnings (loss)			(5,422,567	)			(25,795,250	)			(33,415,260	)
Net Assets		$	333,333,479			$	123,194,873			$	61,222,409
Shares outstanding (unlimited amount authorized, $0.01 par value)			2,850,000				1,440,000				830,000
Net asset value		$	116.96			$	85.55			$	73.76
Market price		$	116.96			$	85.47			$	73.55
Unaffiliated investments in securities, at cost		$	308,725,878			$	120,466,081			$	71,946,681
Affiliated investments in securities, at cost		$	9,582,327			$	27,425,733			$	17,517,783
(a) Includes securities on loan with an aggregate value of:		$	9,065,535			$	25,948,334			$	16,403,406

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

78

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79

Statements of Operations

For the year ended April 30, 2022

	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		$	511,993,817			$	674,006			$	6,535,918			$	13,824,498
Affiliated dividend income			1,586,587				11				92				193
Securities lending income			1,110,952				4,661				40,802				9,032
Foreign withholding tax			(110,328	)			-				-				-
Total investment income			514,581,028				678,678				6,576,812				13,833,723
Expenses:
Unitary management fees			61,140,475				177,926				2,572,451				1,938,038
Tax expenses			-				278				-				-
Professional fees			167				-				442				-
Total expenses			61,140,642				178,204				2,572,893				1,938,038
Less: Waivers			(1,613	)			(1	)			(10	)			(22	)
Net expenses			61,139,029				178,203				2,572,883				1,938,016
Net investment income			453,441,999				500,475				4,003,929				11,895,707
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(266,117,535	)			(1,834,179	)			(9,948,345	)			(1,251,656	)
Affiliated investment securities			(789,444	)			(590	)			(16,200	)			(6,835	)
Unaffiliated in-kind redemptions			4,294,731,353				6,691,390				117,990,356				25,125,954
Affiliated in-kind redemptions			4,865,614				-				-				-
Net realized gain			4,032,689,988				4,856,621				108,025,811				23,867,463
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(4,513,715,637	)			(14,693,384	)			(181,530,639	)			11,129,654
Affiliated investment securities			(28,363,029	)			135				2,977				-
Change in net unrealized appreciation (depreciation)			(4,542,078,666	)			(14,693,249	)			(181,527,662	)			11,129,654
Net realized and unrealized gain (loss)			(509,388,678	)			(9,836,628	)			(73,501,851	)			34,997,117
Net increase (decrease) in net assets resulting from operations		$	(55,946,679	)		$	(9,336,153	)		$	(69,497,922	)		$	46,892,824

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

80

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)
	$    9,808,861			$	9,609,850			$	9,236,433			$	5,919,296			$	9,810,292			$	2,027,198			$	25,371,922
	325				183,168				194				109				243				71				407
	10,216				7,674				10,038				15,322				6,625				3,350				57,077
	-				-				-				-				-				-				(65,415	)
	9,819,402				9,800,692				9,246,665				5,934,727				9,817,160				2,030,619				25,363,991
	1,181,763				1,884,628				3,750,119				1,987,393				2,069,764				432,956				10,874,146
	-				-				-				-				1,460				-				-
	-				-				-				-				-				-				-
	1,181,763				1,884,628				3,750,119				1,987,393				2,071,224				432,956				10,874,146
	(30	)			(18	)			(24	)			(10	)			(23	)			(9	)			(58	)
	1,181,733				1,884,610				3,750,095				1,987,383				2,071,201				432,947				10,874,088
	8,637,669				7,916,082				5,496,570				3,947,344				7,745,959				1,597,672				14,489,903
	(14,232,922)				(4,751,036	)			(12,406,778	)			(3,335,962	)			(3,816,386	)			7,571				(17,470,888	)
	(7,092)				(92,445	)			(1,500	)			(6,958	)			(4,077	)			(1,304	)			(35,472	)
	44,761,777				45,474,198				109,589,586				89,976,841				113,106,656				7,916,798				544,733,848
	-				375,376				-				-				-				-				-
	30,521,763				41,006,093				97,181,308				86,633,921				109,286,193				7,923,065				527,227,488
	112,998,526				(69,131,161	)			(100,451,564	)			(108,913,558	)			(78,942,473	)			(4,181,810	)			(692,886,101	)
	1,800				(3,177,837	)			876				-				-				-				5,627
	113,000,326				(72,308,998	)			(100,450,688	)			(108,913,558	)			(78,942,473	)			(4,181,810	)			(692,880,474	)
	143,522,089				(31,302,905	)			(3,269,380	)			(22,279,637	)			30,343,720				3,741,255				(165,652,986	)
	$152,159,758			$	(23,386,823	)		$	2,227,190			$	(18,332,293	)		$	38,089,679			$	5,338,927			$	(151,163,083	)

81

Statements of Operations–(continued)

For the year ended April 30, 2022

	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		$	6,875,592			$	1,812,990			$	962,209
Affiliated dividend income			121				51				14,724
Securities lending income			2,133				19,113				16,169
Foreign withholding tax			-				-				(692	)
Total investment income			6,877,846				1,832,154				992,410
Expenses:
Unitary management fees			928,006				520,734				280,937
Less: Waivers			(14	)			(5	)			(3	)
Net expenses			927,992				520,729				280,934
Net investment income			5,949,854				1,311,425				711,476
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(1,320,471	)			(548,142	)			(1,769,577	)
Affiliated investment securities			1,067				(7,075	)			(27,031	)
Unaffiliated in-kind redemptions			10,533,559				16,492,139				14,093,540
Affiliated in-kind redemptions			-				-				(1,930	)
Net realized gain			9,214,155				15,936,922				12,295,002
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			6,353,473				(26,327,558	)			(20,871,110	)
Affiliated investment securities			-				2,324				(44,223	)
Change in net unrealized appreciation (depreciation)			6,353,473				(26,325,234	)			(20,915,333	)
Net realized and unrealized gain (loss)			15,567,628				(10,388,312	)			(8,620,331	)
Net increase (decrease) in net assets resulting from operations		$	21,517,482			$	(9,076,887	)		$	(7,908,855	)

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

82

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83

Statements of Changes in Net Assets

For the years ended April 30, 2022 and 2021

	Invesco S&P 500® Equal Weight ETF (RSP)								Invesco S&P 500® Equal Weight Communication Services ETF (EWCO)
	2022				2021				2022				2021
Operations:
Net investment income		$	453,441,999			$	258,782,784			$	500,475			$	345,721
Net realized gain (loss)			4,032,689,988				1,428,792,314				4,856,621				4,195,900
Change in net unrealized appreciation (depreciation)			(4,542,078,666	)			5,636,848,615				(14,693,249	)			8,575,532
Net increase (decrease) in net assets resulting from operations			(55,946,679	)			7,324,423,713				(9,336,153	)			13,117,153
Distributions to Shareholders from:
Distributable earnings			(414,826,419	)			(280,652,301	)			(492,257	)			(305,268	)
Shareholder Transactions:
Proceeds from shares sold			17,287,255,363				15,219,941,599				38,761,355				23,309,725
Value of shares repurchased			(11,107,088,517	)			(6,602,078,748	)			(33,782,369	)			(11,301,795	)
Net increase (decrease) in net assets resulting from share transactions			6,180,166,846				8,617,862,851				4,978,986				12,007,930
Net increase (decrease) in net assets			5,709,393,748				15,661,634,263				(4,849,424	)			24,819,815
Net assets:
Beginning of period			26,605,504,376				10,943,870,113				42,999,955				18,180,140
End of period		$	32,314,898,124			$	26,605,504,376			$	38,150,531			$	42,999,955
Changes in Shares Outstanding:
Shares sold			111,570,000				121,770,000				1,070,000				680,000
Shares repurchased			(72,000,000	)			(56,030,000	)			(920,000	)			(360,000	)
Shares outstanding, beginning of period			179,542,663				113,802,663				1,120,001				800,001
Shares outstanding, end of period			219,112,663				179,542,663				1,270,001				1,120,001

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

84

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)
2022			2021				2022				2021				2022				2021
	$	4,003,929		$	1,403,819			$	11,895,707			$	9,533,055			$	8,637,669			$	2,469,642
		108,025,811			63,838,217				23,867,463				9,207,255				30,521,763				(43,763,473	)
		(181,527,662)			117,527,797				11,129,654				84,530,376				113,000,326				61,490,167
		(69,497,922)			182,769,833				46,892,824				103,270,686				152,159,758				20,196,336
		(3,814,408)			(1,486,049	)			(9,688,630	)			(10,934,630	)			(7,745,649	)			(2,847,442	)
		544,817,140			1,048,062,462				168,265,330				83,915,892				424,900,042				124,277,512
		(1,078,796,534)			(304,919,446	)			(98,015,506	)			(180,158,902	)			(181,594,852	)			(67,899,355	)
		(533,979,394)			743,143,016				70,249,824				(96,243,010	)			243,305,190				56,378,157
		(607,291,724)			924,426,800				107,454,018				(3,906,954	)			387,719,299				73,727,051
		973,455,231			49,028,431				477,173,397				481,080,351				156,465,582				82,738,531
	$	366,163,507		$	973,455,231			$	584,627,415			$	477,173,397			$	544,184,881			$	156,465,582
		3,720,000			8,310,000				990,000				570,000				7,790,000				3,600,000
		(7,400,000)			(2,370,000	)			(600,000	)			(1,210,000	)			(3,360,000	)			(2,710,000	)
		6,540,000			600,000				2,960,000				3,600,000				3,840,005				2,950,005
		2,860,000			6,540,000				3,350,000				2,960,000				8,270,005				3,840,005

85

Statements of Changes in Net Assets–(continued)

For the years ended April 30, 2022 and 2021

	Invesco S&P 500® Equal Weight Financials ETF (RYF)								Invesco S&P 500® Equal Weight Health Care ETF (RYH)
	2022				2021				2022				2021
Operations:
Net investment income		$	7,916,082			$	4,463,515			$	5,496,570			$	3,770,010
Net realized gain (loss)			41,006,093				(396,842	)			97,181,308				64,202,939
Change in net unrealized appreciation (depreciation)			(72,308,998	)			104,291,984				(100,450,688	)			137,216,794
Net increase (decrease) in net assets resulting from operations			(23,386,823	)			108,358,657				2,227,190				205,189,743
Distributions to Shareholders from:
Distributable earnings			(7,576,669	)			(4,598,534	)			(5,700,199	)			(3,959,289	)
Shareholder Transactions:
Proceeds from shares sold			291,613,975				177,652,506				347,594,026				106,177,815
Value of shares repurchased			(152,900,425	)			(66,714,583	)			(256,351,506	)			(200,305,554	)
Net increase (decrease) in net assets resulting from share transactions			138,713,550				110,937,923				91,242,520				(94,127,739	)
Net increase (decrease) in net assets			107,750,058				214,698,046				87,769,511				107,102,715
Net assets:
Beginning of period			375,900,586				161,202,540				813,539,991				706,437,276
End of period		$	483,650,644			$	375,900,586			$	901,309,502			$	813,539,991
Changes in Shares Outstanding:
Shares sold			4,570,000				3,420,000				1,140,000				420,000
Shares repurchased			(2,470,000	)			(1,670,000	)			(840,000	)			(820,000	)
Shares outstanding, beginning of period			6,300,000				4,550,000				2,900,000				3,300,000
Shares outstanding, end of period			8,400,000				6,300,000				3,200,000				2,900,000

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

86

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)
2022			2021				2022				2021				2022				2021
	$	3,947,344		$	3,000,487			$	7,745,959			$	5,768,223			$	1,597,672			$	510,012
		86,633,921			48,330,095				109,286,193				41,505,275				7,923,065				(1,464,527	)
		(108,913,558)			125,722,356				(78,942,473	)			131,431,807				(4,181,810	)			9,164,368
		(18,332,293)			177,052,938				38,089,679				178,705,305				5,338,927				8,209,853
		(3,744,767)			(3,070,411	)			(7,882,048	)			(5,559,565	)			(2,593,643	)			(873,599	)
		225,497,806			537,764,033				340,502,147				452,166,650				169,321,932				22,472,423
		(350,326,361)			(296,428,381	)			(410,473,194	)			(120,375,446	)			(45,120,196	)			(7,629,655	)
		(124,828,555)			241,335,652				(69,971,047	)			331,791,204				124,201,736				14,842,768
		(146,905,615)			415,318,179				(39,763,416	)			504,936,944				126,947,020				22,179,022
		557,590,732			142,272,553				613,416,449				108,479,505				45,263,097				23,084,075
	$	410,685,117		$	557,590,732			$	573,653,033			$	613,416,449			$	172,210,117			$	45,263,097
		1,180,000			3,790,000				1,920,000				3,350,000				4,340,000				680,000
		(1,870,000)			(2,080,000	)			(2,430,000	)			(790,000	)			(1,190,000	)			(290,000	)
		3,010,000			1,300,000				3,710,000				1,150,000				1,290,000				900,000
		2,320,000			3,010,000				3,200,000				3,710,000				4,440,000				1,290,000

87

Statements of Changes in Net Assets–(continued)

For the years ended April 30, 2022 and 2021

	Invesco S&P 500® Equal Weight Technology ETF (RYT)								Invesco S&P 500® Equal Weight Utilities ETF (RYU)
	2022				2021				2022				2021
Operations:
Net investment income		$	14,489,903			$	16,551,951			$	5,949,854			$	6,455,813
Net realized gain			527,227,488				198,466,957				9,214,155				11,357,673
Change in net unrealized appreciation (depreciation)			(692,880,474	)			636,741,544				6,353,473				24,559,905
Net increase (decrease) in net assets resulting from operations			(151,163,083	)			851,760,452				21,517,482				42,373,391
Distributions to Shareholders from:
Distributable earnings			(14,410,661	)			(25,926,165	)			(5,695,196	)			(7,025,165	)
Shareholder Transactions:
Proceeds from shares sold			1,044,687,721				893,999,654				174,240,285				14,519,622
Value of shares repurchased			(1,293,818,623	)			(659,158,576	)			(65,285,928	)			(141,323,667	)
Net increase (decrease) in net assets resulting from share transactions			(249,130,902	)			234,841,078				108,954,357				(126,804,045	)
Net increase (decrease) in net assets			(414,704,646	)			1,060,675,365				124,776,643				(91,455,819	)
Net assets:
Beginning of period			2,590,018,504				1,529,343,139				208,556,836				300,012,655
End of period		$	2,175,313,858			$	2,590,018,504			$	333,333,479			$	208,556,836
Changes in Shares Outstanding:
Shares sold			3,550,000				3,730,000				1,520,000				150,000
Shares repurchased			(4,490,000	)			(2,740,000	)			(600,000	)			(1,470,000	)
Shares outstanding, beginning of period			9,340,000				8,350,000				1,930,000				3,250,000
Shares outstanding, end of period			8,400,000				9,340,000				2,850,000				1,930,000

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

88

Invesco S&P MidCap 400®  Equal Weight ETF (EWMC)					Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)
2022		2021			2022			2021
$	1,311,425	$	846,476		$	711,476		$	303,189
	15,936,922		3,647,091			12,295,002			1,631,073
	(26,325,234)		40,883,567			(20,915,333	)		16,352,097
	(9,076,887)		45,377,134			(7,908,855	)		18,286,359
	(1,286,646)		(899,756	)		(665,001	)		(351,099	)
	60,749,853		30,866,943			64,179,090			28,476,495
	(41,124,909)		(14,505,986	)		(52,840,953	)		(9,269,618	)
	19,624,944		16,360,957			11,338,137			19,206,877
	9,261,411		60,838,335			2,764,281			37,142,137
	113,933,462		53,095,127			58,458,128			21,315,991
$	123,194,873	$	113,933,462		$	61,222,409		$	58,458,128
	660,000		420,000			770,000			370,000
	(450,000)		(190,000	)		(660,000	)		(150,000	)
	1,230,000		1,000,000			720,000			500,000
	1,440,000		1,230,000			830,000			720,000

89

Financial Highlights

Invesco S&P 500^® Equal Weight ETF (RSP)

	Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	148.18			$	96.17			$	108.20			$	99.87			$	96.58			$	81.57
Net investment income(a)			2.30				1.93				2.15				1.78				0.85				1.39
Net realized and unrealized gain (loss) on investments			(0.91	)			52.09				(11.97	)			8.45				3.33				14.85
Total from investment operations			1.39				54.02				(9.82	)			10.23				4.18				16.24
Distributions to shareholders from:
Net investment income			(2.09	)			(2.01	)			(2.21	)			(1.90	)			(0.89	)			(1.23	)
Net asset value at end of period		$	147.48			$	148.18			$	96.17			$	108.20			$	99.87			$	96.58
Market price at end of period(b)		$	147.45			$	148.23			$	96.31			$	108.22			$	99.92
Net Asset Value Total Return(c)			0.88	%			56.72	%			(8.98	)%			10.45	%			4.30	%			19.98	%
Market Price Total Return(c)			0.86	%			56.53	%			(8.89	)%			10.43	%			4.36	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	32,314,898			$	26,605,504			$	10,943,870			$	16,143,961			$	14,616,057			$	14,226,625
Ratio to average net assets of:
Expenses, after Waivers			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%(d)			0.33	%
Expenses, prior to Waivers			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%(d)			0.36	%
Net investment income			1.48	%			1.60	%			2.01	%			1.74	%			1.69	%(d)			1.52	%
Portfolio turnover rate(e)			18	%			24	%			19	%			19	%			9	%			21	%

^(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 Communication Services ETF (EWCO)

													For the Period November 5, 2018(a) Through April 30, 2019
	Years Ended April 30,
	2022				2021				2020
Per Share Operating Performance:
Net asset value at beginning of period		$	38.39			$	22.73			$	25.39			$	25.00
Net investment income(b)			0.41				0.41				0.41	(c)			0.16
Net realized and unrealized gain (loss) on investments			(8.37	)			15.60				(2.64	)			0.33
Total from investment operations			(7.96	)			16.01				(2.23	)			0.49
Distributions to shareholders from:
Net investment income			(0.39	)			(0.35	)			(0.40	)			(0.10	)
Net realized gains			-				-				(0.03	)			-
Total distributions			(0.39	)			(0.35	)			(0.43	)			(0.10	)
Net asset value at end of period		$	30.04			$	38.39			$	22.73			$	25.39
Market price at end of period(d)		$	30.04			$	38.43			$	22.74			$	25.41
Net Asset Value Total Return(e)			(20.90	)%			70.90	%			(8.89	)%			2.04	%(f)
Market Price Total Return(e)			(20.98	)%			71.00	%			(8.92	)%			2.12	%(f)
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	38,151			$	43,000			$	18,180			$	22,851
Ratio to average net assets of:
Expenses			0.40	%			0.40	%			0.42	%(g)			0.40	%(h)
Net investment income			1.13	%			1.36	%			1.65	%(c)(g)			1.42	%(h)
Portfolio turnover rate(i)			29	%			20	%			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.

91

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Consumer Discretionary ETF (RCD)

	Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	148.85			$	81.71			$	107.85			$	99.15			$	91.21			$	85.40
Net investment income(a)			0.92				0.56				1.83				1.49				0.68				1.27
Net realized and unrealized gain (loss) on investments			(20.78	)			67.17				(26.05	)			8.80				7.98				5.84
Total from investment operations			(19.86	)			67.73				(24.22	)			10.29				8.66				7.11
Distributions to shareholders from:
Net investment income			(0.96	)			(0.59	)			(1.92	)			(1.59	)			(0.72	)			(1.30	)
Net asset value at end of period		$	128.03			$	148.85			$	81.71			$	107.85			$	99.15			$	91.21
Market price at end of period(b)		$	127.91			$	148.79			$	81.63			$	107.86			$	99.13
Net Asset Value Total Return(c)			(13.40	)%			83.19	%			(22.56	)%			10.58	%			9.49	%			8.32	%
Market Price Total Return(c)			(13.44	)%			83.29	%			(22.64	)%			10.61	%			9.48	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	366,164			$	973,455			$	49,028			$	113,239			$	84,279			$	72,965
Ratio to average net assets of:
Expenses			0.40	%			0.40	%			0.41	%(d)			0.40	%			0.40	%(e)			0.40	%
Net investment income			0.62	%			0.45	%			1.80	%(d)			1.45	%			1.38	%(e)			1.39	%
Portfolio turnover rate(f)			21	%			33	%			28	%			30	%			13	%			29	%

^(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.

92

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Consumer Staples ETF (RHS)

	Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	161.21			$	133.63			$	134.95			$	122.87			$	121.67			$	121.52
Net investment income(a)			4.02				2.79				3.19				2.87				1.32				2.30
Net realized and unrealized gain (loss) on investments			12.63				28.05				(1.34	)			12.30				1.14				0.13
Total from investment operations			16.65				30.84				1.85				15.17				2.46				2.43
Distributions to shareholders from:
Net investment income			(3.34	)			(3.26	)			(3.17	)			(3.09	)			(1.26	)			(2.28	)
Net asset value at end of period		$	174.52			$	161.21			$	133.63			$	134.95			$	122.87			$	121.67
Market price at end of period(b)		$	174.50			$	161.11			$	133.58			$	134.97			$	122.84
Net Asset Value Total Return(c)			10.51	%			23.34	%			1.44	%			12.63	%			1.96	%			1.99	%
Market Price Total Return(c)			10.58	%			23.31	%			1.37	%			12.67	%			1.97	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	584,627			$	477,173			$	481,080			$	431,837			$	417,753			$	444,092
Ratio to average net assets of:
Expenses			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%(d)			0.40	%
Net investment income			2.46	%			1.91	%			2.32	%			2.27	%			2.06	%(d)			1.86	%
Portfolio turnover rate(e)			13	%			14	%			22	%			19	%			9	%			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.

93

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Energy ETF (RYE)

	Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	40.75			$	28.05			$	51.81			$	60.29			$	54.29			$	56.90
Net investment income(a)			1.54				0.86				1.09				0.82				0.47				1.28
Net realized and unrealized gain (loss) on investments			24.84				12.80				(23.84	)			(8.34	)			5.98				(2.50	)
Total from investment operations			26.38				13.66				(22.75	)			(7.52	)			6.45				(1.22	)
Distributions to shareholders from:
Net investment income			(1.33	)			(0.96	)			(1.01	)			(0.96	)			(0.45	)			(1.39	)
Net asset value at end of period		$	65.80			$	40.75			$	28.05			$	51.81			$	60.29			$	54.29
Market price at end of period(b)		$	65.79			$	40.80			$	28.06			$	51.82			$	60.43
Net Asset Value Total Return(c)			65.91	%			50.01	%			(44.18	)%			(12.46	)%			11.97	%			(2.20	)%
Market Price Total Return(c)			65.68	%			50.15	%			(44.17	)%			(12.65	)%			12.31	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	544,185			$	156,466			$	82,739			$	209,823			$	253,202			$	230,747
Ratio to average net assets of:
Expenses			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%(d)			0.40	%
Net investment income			2.92	%			2.75	%			2.60	%			1.46	%			1.69	%(d)			2.22	%
Portfolio turnover rate(e)			50	%			37	%			34	%			31	%			10	%			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. For the year ended April 30, 2022, 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.

94

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Financials ETF (RYF)

	Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	59.67			$	35.43			$	43.78			$	43.94			$	41.93			$	31.41
Net investment income(a)			1.05				1.05				0.92				0.78				0.40				0.55
Net realized and unrealized gain (loss) on investments			(2.13	)			24.25				(8.38	)			-				1.91				10.45
Total from investment operations			(1.08	)			25.30				(7.46	)			0.78				2.31				11.00
Distributions to shareholders from:
Net investment income			(1.01	)			(1.06	)			(0.89	)			(0.94	)			(0.30	)			(0.48	)
Net asset value at end of period		$	57.58			$	59.67			$	35.43			$	43.78			$	43.94			$	41.93
Market price at end of period(b)		$	57.53			$	59.73			$	35.53			$	43.79			$	43.98
Net Asset Value Total Return(c)			(1.90	)%			72.61	%			(17.09	)%			1.98	%			5.50	%			35.15	%
Market Price Total Return(c)			(2.08	)%			72.30	%			(16.88	)%			1.91	%			5.47	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	483,651			$	375,901			$	161,203			$	291,145			$	441,558			$	358,496
Ratio to average net assets of:
Expenses			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%(d)			0.40	%
Net investment income			1.68	%			2.33	%			2.15	%			1.86	%			1.81	%(d)			1.44	%
Portfolio turnover rate(e)			17	%			19	%			23	%			17	%			7	%			15	%

^(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.

95

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Health Care ETF (RYH)

	Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	280.53			$	214.07			$	193.66			$	178.78			$	175.84			$	143.79
Net investment income(a)			1.76				1.25				1.31				1.05				0.44				0.78
Net realized and unrealized gain on investments			1.19	(b)			66.53				20.36				14.87				2.93				32.02
Total from investment operations			2.95				67.78				21.67				15.92				3.37				32.80
Distributions to shareholders from:
Net investment income			(1.82	)			(1.32	)			(1.26	)			(1.04	)			(0.43	)			(0.75	)
Net asset value at end of period		$	281.66			$	280.53			$	214.07			$	193.66			$	178.78			$	175.84
Market price at end of period(c)		$	281.64			$	280.73			$	214.39			$	193.67			$	178.95
Net Asset Value Total Return(d)			1.00	%			31.76	%			11.27	%			8.91	%			1.92	%			22.85	%
Market Price Total Return(d)			0.91	%			31.66	%			11.42	%			8.82	%			2.06	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	901,310			$	813,540			$	706,437			$	706,845			$	598,911			$	650,617
Ratio to average net assets of:
Expenses			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%(e)			0.40	%
Net investment income			0.59	%			0.51	%			0.64	%			0.55	%			0.49	%(e)			0.48	%
Portfolio turnover rate(f)			22	%			20	%			23	%			23	%			12	%			24	%

^(a)  Based on average shares outstanding.

^(b)  Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(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.

96

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Industrials ETF (RGI)

	Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	185.25			$	109.44			$	126.03			$	115.01			$	113.29			$	90.92
Net investment income(a)			1.50				1.31				1.83				1.53				0.62				1.24
Net realized and unrealized gain (loss) on investments			(8.31	)			75.87				(16.57	)			11.15				1.73				22.50
Total from investment operations			(6.81	)			77.18				(14.74	)			12.68				2.35				23.74
Distributions to shareholders from:
Net investment income			(1.42	)			(1.37	)			(1.85	)			(1.66	)			(0.63	)			(1.37	)
Net asset value at end of period		$	177.02			$	185.25			$	109.44			$	126.03			$	115.01			$	113.29
Market price at end of period(b)		$	176.94			$	185.17			$	109.50			$	126.01			$	115.03
Net Asset Value Total Return(c)			(3.70	)%			70.89	%			(11.70	)%			11.21	%			2.05	%			26.21	%
Market Price Total Return(c)			(3.71	)%			70.73	%			(11.64	)%			11.17	%			2.00	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	410,685			$	557,591			$	142,273			$	245,750			$	281,763			$	226,584
Ratio to average net assets of:
Expenses			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%(d)			0.40	%
Net investment income			0.79	%			0.89	%			1.46	%			1.29	%			1.05	%(d)			1.18	%
Portfolio turnover rate(e)			17	%			19	%			23	%			28	%			7	%			18	%

^(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.

97

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Materials ETF (RTM)

	Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	165.34			$	94.33			$	108.11			$	106.31			$	107.79			$	84.46
Net investment income(a)			2.58				2.48				2.10				1.79				0.70				1.49
Net realized and unrealized gain (loss) on investments			14.03				70.77				(13.65	)			1.97				(1.50	)			23.28
Total from investment operations			16.61				73.25				(11.55	)			3.76				(0.80	)			24.77
Distributions to shareholders from:
Net investment income			(2.68	)			(2.24	)			(2.23	)			(1.96	)			(0.68	)			(1.44	)
Net asset value at end of period		$	179.27			$	165.34			$	94.33			$	108.11			$	106.31			$	107.79
Market price at end of period(b)		$	179.25			$	165.42			$	94.49			$	108.16			$	106.31
Net Asset Value Total Return(c)			10.18	%			78.45	%			(10.70	)%			3.67	%			(0.77	)%			29.52	%
Market Price Total Return(c)			10.11	%			78.24	%			(10.58	)%			3.70	%			(0.91	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	573,653			$	613,416			$	108,480			$	129,728			$	180,726			$	194,020
Ratio to average net assets of:
Expenses			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%(d)			0.40	%
Net investment income			1.50	%			1.83	%			1.99	%			1.69	%			1.28	%(d)			1.54	%
Portfolio turnover rate(e)			15	%			18	%			25	%			23	%			6	%			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.

98

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Real Estate ETF (EWRE)

	Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	35.09			$	25.65			$	29.71			$	25.96			$	27.29			$	25.81
Net investment income(a)			0.57				0.67	(b)			0.72				0.69				0.44				0.54
Net realized and unrealized gain (loss) on investments			4.04				9.93				(3.62	)			3.97				(1.20	)			1.59
Total from investment operations			4.61				10.60				(2.90	)			4.66				(0.76	)			2.13
Distributions to shareholders from:
Net investment income			(0.91	)			(1.16	)			(1.03	)			(0.85	)			(0.35	)			(0.65	)
Net realized gains			-				-				(0.13	)			(0.06	)			(0.22	)			-
Total distributions			(0.91	)			(1.16	)			(1.16	)			(0.91	)			(0.57	)			(0.65	)
Net asset value at end of period		$	38.79			$	35.09			$	25.65			$	29.71			$	25.96			$	27.29
Market price at end of period(c)		$	38.88			$	35.12			$	25.65			$	29.75			$	25.96
Net Asset Value Total Return(d)			13.20	%			42.37	%			(9.59	)%			18.35	%			(2.93	)%			8.33	%
Market Price Total Return(d)			13.37	%			42.50	%			(9.71	)%			18.51	%			(2.35	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	172,210			$	45,263			$	23,084			$	37,143			$	16,873			$	24,561
Ratio to average net assets of:
Expenses			0.40	%			0.40	%			0.41	%(e)			0.40	%			0.41	%(f)			0.41	%
Net investment income			1.48	%			2.36	%(b)			2.37	%(e)			2.46	%			3.28	%(f)			2.00	%
Portfolio turnover rate(g)			19	%			21	%			15	%			14	%			2	%			24	%

^(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 $0.49 and 1.73%, 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 0.01%.

^(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.

99

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Technology ETF (RYT)

	Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	277.30			$	183.15			$	180.69			$	150.94			$	142.44			$	104.67
Net investment income(a)			1.57				1.87				3.15	(b)			1.57				0.56				1.16
Net realized and unrealized gain (loss) on investments			(18.32	)			95.21				1.50				29.78				8.56				37.61
Total from investment operations			(16.75	)			97.08				4.65				31.35				9.12				38.77
Distributions to shareholders from:
Net investment income			(1.58	)			(2.93	)			(2.19	)			(1.60	)			(0.62	)			(1.00	)
Net asset value at end of period		$	258.97			$	277.30			$	183.15			$	180.69			$	150.94			$	142.44
Market price at end of period(c)		$	258.95			$	277.24			$	183.44			$	180.66			$	151.10
Net Asset Value Total Return(d)			(6.10	)%			53.40	%			2.73	%			20.92	%			6.40	%			37.19	%
Market Price Total Return(d)			(6.08	)%			53.12	%			2.91	%			20.77	%			6.48	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	2,175,314			$	2,590,019			$	1,529,343			$	1,788,846			$	1,615,066			$	1,509,833
Ratio to average net assets of:
Expenses			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%(e)			0.40	%
Net investment income			0.53	%			0.81	%			1.73	%(b)			0.98	%			0.76	%(e)			0.95	%(e)
Portfolio turnover rate(f)			24	%			25	%			23	%			27	%			10	%			19	%

^(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.

100

Financial Highlights–(continued)

Invesco S&P 500^® Equal Weight Utilities ETF (RYU)

	Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	108.06			$	92.31			$	97.25			$	84.51			$	88.52			$	81.10
Net investment income(a)			2.82				2.70				2.77				2.67				1.38				2.54
Net realized and unrealized gain (loss) on investments			8.74				16.05				(4.99	)			12.69				(3.92	)			7.44
Total from investment operations			11.56				18.75				(2.22	)			15.36				(2.54	)			9.98
Distributions to shareholders from:
Net investment income			(2.66	)			(3.00	)			(2.72	)			(2.62	)			(1.47	)			(2.56	)
Net asset value at end of period		$	116.96			$	108.06			$	92.31			$	97.25			$	84.51			$	88.52
Market price at end of period(b)		$	116.96			$	107.84			$	92.52			$	97.23			$	84.45
Net Asset Value Total Return(c)			10.90	%			20.80	%			(2.28	)%			18.54	%			(2.88	)%			12.51	%
Market Price Total Return(c)			11.15	%			20.28	%			(2.04	)%			18.60	%			(2.92	)%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	333,333			$	208,557			$	300,013			$	335,499			$	139,434			$	168,180
Ratio to average net assets of:
Expenses			0.40	%			0.40	%			0.40	%			0.40	%			0.40	%(d)			0.40	%
Net investment income			2.56	%			2.77	%			2.72	%			2.96	%			3.29	%(d)			3.01	%
Portfolio turnover rate(e)			15	%			10	%			11	%			27	%			7	%			11	%

^(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.

101

Financial Highlights–(continued)

Invesco S&P MidCap 400^® Equal Weight ETF (EWMC)

	Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	92.63			$	53.10			$	66.18			$	63.30			$	62.00			$	51.40
Net investment income(a)			0.93				0.75				0.89				0.77				0.42				0.60
Net realized and unrealized gain (loss) on investments			(7.10	)			39.56				(12.99	)			2.96				1.30				10.59
Total from investment operations			(6.17	)			40.31				(12.10	)			3.73				1.72				11.19
Distributions to shareholders from:
Net investment income			(0.91	)			(0.78	)			(0.98	)			(0.85	)			(0.42	)			(0.59	)
Net asset value at end of period		$	85.55			$	92.63			$	53.10			$	66.18			$	63.30			$	62.00
Market price at end of period(b)		$	85.47			$	92.64			$	52.87			$	66.19			$	63.29
Net Asset Value Total Return(c)			(6.72	)%			76.41	%			(18.24	)%			5.96	%			2.76	%			21.82	%
Market Price Total Return(c)			(6.81	)%			77.20	%			(18.60	)%			5.99	%			2.74	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	123,195			$	113,933			$	53,095			$	105,893			$	104,438			$	114,692
Ratio to average net assets of:
Expenses			0.40	%			0.40	%			0.41	%(d)			0.40	%			0.40	%(e)			0.41	%
Net investment income			1.01	%			1.06	%			1.42	%(d)			1.19	%			1.33	%(e)			1.02	%
Portfolio turnover rate(f)			28	%			33	%			32	%			30	%			9	%			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)  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.

102

Financial Highlights–(continued)

Invesco S&P SmallCap 600^® Equal Weight ETF (EWSC)

	Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	81.19			$	42.63			$	55.83			$	54.92			$	52.78			$	42.47
Net investment income(a)			0.83				0.59				0.62				0.59				0.29				0.47
Net realized and unrealized gain (loss) on investments			(7.48	)			38.62				(12.84	)			0.80				2.15				10.27
Total from investment operations			(6.65	)			39.21				(12.22	)			1.39				2.44				10.74
Distributions to shareholders from:
Net investment income			(0.78	)			(0.65	)			(0.98	)			(0.48	)			(0.30	)			(0.43	)
Net asset value at end of period		$	73.76			$	81.19			$	42.63			$	55.83			$	54.92			$	52.78
Market price at end of period(b)		$	73.55			$	81.20			$	42.39			$	55.63			$	55.02
Net Asset Value Total Return(c)			(8.27	)%			92.69	%			(22.17	)%			2.55	%			4.62	%			25.32	%
Market Price Total Return(c)			(8.54	)%			93.79	%			(22.33	)%			2.00	%			4.55	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	61,222			$	58,458			$	21,316			$	36,287			$	30,208			$	31,666
Ratio to average net assets of:
Expenses			0.40	%			0.40	%			0.42	%(d)			0.40	%			0.40	%(e)			0.41	%
Net investment income			1.01	%			0.99	%			1.20	%(d)			1.05	%			1.10	%(e)			0.96	%
Portfolio turnover rate(f)			29	%			40	%			42	%			34	%			10	%			24	%

^(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.

103

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2022

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust 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 Plus 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 Utilities Plus 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.

104

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 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 (“OTC”) 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 may be valued up to 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 debt 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. 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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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.

C. 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.

D. 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.

E. 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.

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.

F. 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 distribution fees, if any, brokerage expenses, taxes, interest,

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acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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.

G. 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.

H. 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. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each 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 invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) 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.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through April 30, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:

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	Amount
S&P 500® Equal Weight ETF	$	37,072
S&P 500® Equal Weight Communication Services ETF		160
S&P 500® Equal Weight Consumer Discretionary ETF		1,486
S&P 500® Equal Weight Consumer Staples ETF		259
S&P 500® Equal Weight Energy ETF		704
S&P 500® Equal Weight Financials ETF		309
S&P 500® Equal Weight Health Care ETF		598
S&P 500® Equal Weight Industrials ETF		657
S&P 500® Equal Weight Materials ETF		242
S&P 500® Equal Weight Real Estate ETF		283
S&P 500® Equal Weight Technology ETF		2,438
S&P 500® Equal Weight Utilities ETF		53
S&P MidCap 400® Equal Weight ETF		937
S&P SmallCap 600® Equal Weight ETF		551

J. 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 Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, 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, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries 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.

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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. Additionally, a Fund’s use of a representative sampling approach may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the 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 S&P 500^® Equal Weight Communication Services ETF is non-diversified, and to the extent certain Funds become 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 the Fund’s performance.

REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. 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 REIT shareholders will incur a proportionate share of the underlying expenses.

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. 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.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

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 unitary management fee. 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 distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

	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%

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	Unitary Management Fees (as a % of average daily net assets)
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%

Further, through at least August 31, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for 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, 2022, the Adviser waived fees for each Fund in the following amounts:

S&P 500® Equal Weight ETF	$	1,613
S&P 500® Equal Weight Communication Services ETF		1
S&P 500® Equal Weight Consumer Discretionary ETF		10
S&P 500® Equal Weight Consumer Staples ETF		22
S&P 500® Equal Weight Energy ETF		30
S&P 500® Equal Weight Financials ETF		18
S&P 500® Equal Weight Health Care ETF		24
S&P 500® Equal Weight Industrials ETF		10
S&P 500® Equal Weight Materials ETF		23
S&P 500® Equal Weight Real Estate ETF		9
S&P 500® Equal Weight Technology ETF		58
S&P 500® Equal Weight Utilities ETF		14
S&P MidCap 400® Equal Weight ETF		5
S&P SmallCap 600® Equal Weight ETF		3

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 BNYM, 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.

For the fiscal year ended April 30, 2022, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

S&P 500® Equal Weight ETF	$	338,399
S&P 500® Equal Weight Communication Services ETF		2,283
S&P 500® Equal Weight Consumer Discretionary ETF		16,146
S&P 500® Equal Weight Consumer Staples ETF		8,045
S&P 500® Equal Weight Energy ETF		37,999
S&P 500® Equal Weight Financials ETF		7,918
S&P 500® Equal Weight Health Care ETF		11,167
S&P 500® Equal Weight Industrials ETF		8,092
S&P 500® Equal Weight Materials ETF		6,887
S&P 500® Equal Weight Real Estate ETF		1,349
S&P 500® Equal Weight Technology ETF		35,415
S&P 500® Equal Weight Utilities ETF		5,726

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S&P MidCap 400® Equal Weight ETF	$	6,083
S&P SmallCap 600® Equal Weight ETF		7,924

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold – affiliated broker and/or payable caption Investments purchased – affiliated broker.

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, 2022, 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		$22,875,454		$2,398,775		$(106,159)
S&P 500® Equal Weight Consumer Discretionary ETF		-		75,815		13,928
S&P 500® Equal Weight Energy ETF		-		266,070		(283,631)
S&P 500® Equal Weight Health Care ETF		1,666,367		487,672		(9,903)
S&P 500® Equal Weight Industrials ETF		1,520,343		-		-
S&P 500® Equal Weight Technology ETF		7,937,397		-		-
S&P 500® Equal Weight Utilities ETF		-		44,541		3,617
S&P MidCap 400® Equal Weight ETF		2,255,405		2,045,432		203,103
S&P SmallCap 600® Equal Weight ETF		513,660		173,419		71,534

* Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

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, 2022. 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		$	32,278,229,049		$	-		$-		$	32,278,229,049
Money Market Funds			17,804,249			1,212,776,681		-			1,230,580,930
Total Investments		$	32,296,033,298		$	1,212,776,681		$-		$	33,508,809,979

111

	Level 1			Level 2			Level 3			Total
S&P 500® Equal Weight Communication Services ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	38,152,601		$	-		$	-		$	38,152,601
Money Market Funds			-			3,032,898			-			3,032,898
Total Investments		$	38,152,601		$	3,032,898		$	-		$	41,185,499
S&P 500® Equal Weight Consumer Discretionary ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	366,099,469		$	-		$	-		$	366,099,469
Money Market Funds			-			56,075,053			-			56,075,053
Total Investments		$	366,099,469		$	56,075,053		$	-		$	422,174,522
S&P 500® Equal Weight Consumer Staples ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	584,166,437		$	-		$	-		$	584,166,437
Money Market Funds			-			25,555,449			-			25,555,449
Total Investments		$	584,166,437		$	25,555,449		$	-		$	609,721,886
S&P 500® Equal Weight Energy ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	543,266,330		$	-		$	-		$	543,266,330
Money Market Funds			181,238			50,665,631			-			50,846,869
Total Investments		$	543,447,568		$	50,665,631		$	-		$	594,113,199
S&P 500® Equal Weight Financials ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	483,283,999		$	-		$	-		$	483,283,999
Money Market Funds			28,273			20,178,677			-			20,206,950
Total Investments		$	483,312,272		$	20,178,677		$	-		$	503,490,949
S&P 500® Equal Weight Health Care ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	900,848,793		$	-		$	-		$	900,848,793
Money Market Funds			363,099			23,119,753			-			23,482,852
Total Investments		$	901,211,892		$	23,119,753		$	-		$	924,331,645
S&P 500® Equal Weight Industrials ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	410,518,180		$	-		$	-		$	410,518,180
Money Market Funds			23,375			30,456,564			-			30,479,939
Total Investments		$	410,541,555		$	30,456,564		$	-		$	440,998,119
S&P 500® Equal Weight Materials ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	573,327,582		$	-		$	-		$	573,327,582
Money Market Funds			137,092			12,862,186			-			12,999,278
Total Investments		$	573,464,674		$	12,862,186		$	-		$	586,326,860
S&P 500® Equal Weight Real Estate ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	172,140,859		$	-		$	-		$	172,140,859
Money Market Funds			67,431			9,185,361			-			9,252,792
Total Investments		$	172,208,290		$	9,185,361		$	-		$	181,393,651
S&P 500® Equal Weight Technology ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	2,176,081,868		$	-		$	-		$	2,176,081,868
Money Market Funds			360,687			108,678,233			-			109,038,920
Total Investments		$	2,176,442,555		$	108,678,233		$	-		$	2,285,120,788

112

	Level 1			Level 2			Level 3			Total
S&P 500® Equal Weight Utilities ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	332,810,923		$	-		$	-		$	332,810,923
Money Market Funds			47,578			9,534,749			-			9,582,327
Total Investments		$	332,858,501		$	9,534,749		$	-		$	342,393,250
S&P MidCap 400® Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	123,112,470		$	-		$	-		$	123,112,470
Money Market Funds			68,915			27,359,142			-			27,428,057
Total Investments		$	123,181,385		$	27,359,142		$	-		$	150,540,527
S&P SmallCap 600® Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	61,191,026		$	-		$	-		$	61,191,026
Money Market Funds			25,492			17,354,396			-			17,379,888
Total Investments		$	61,216,518		$	17,354,396		$	-		$	78,570,914

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, 2022 and 2021:

	2022		2021
	Ordinary Income*		Ordinary Income*
S&P 500® Equal Weight ETF	$	414,826,419	$	280,652,301
S&P 500® Equal Weight Communication Services ETF		492,257		305,268
S&P 500® Equal Weight Consumer Discretionary ETF		3,814,408		1,486,049
S&P 500® Equal Weight Consumer Staples ETF		9,688,630		10,934,630
S&P 500® Equal Weight Energy ETF		7,745,649		2,847,442
S&P 500® Equal Weight Financials ETF		7,576,669		4,598,534
S&P 500® Equal Weight Health Care ETF		5,700,199		3,959,289
S&P 500® Equal Weight Industrials ETF		3,744,767		3,070,411
S&P 500® Equal Weight Materials ETF		7,882,048		5,559,565
S&P 500® Equal Weight Real Estate ETF		2,593,643		873,599
S&P 500® Equal Weight Technology ETF		14,410,661		25,926,165
S&P 500® Equal Weight Utilities ETF		5,695,196		7,025,165
S&P MidCap 400® Equal Weight ETF		1,286,646		899,756
S&P SmallCap 600® Equal Weight ETF		665,001		351,099

* Includes short-term capital gain distributions, if any.

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® Equal Weight ETF		$38,615,579		$625,696,598			$(2,357,321,778)			$34,007,907,725		$32,314,898,124
S&P 500® Equal Weight Communication Services ETF		57,491		(9,936,110	)		(1,536,895	)		49,566,045		38,150,531
S&P 500® Equal Weight Consumer Discretionary ETF		189,521		(83,086,759	)		(40,570,009	)		489,630,754		366,163,507
S&P 500® Equal Weight Consumer Staples ETF		2,893,698		75,004,594			(71,855,008	)		578,584,131		584,627,415
S&P 500® Equal Weight Energy ETF		994,439		104,137,340			(167,543,574	)		606,596,676		544,184,881
S&P 500® Equal Weight Financials ETF		542,768		(13,231,584	)		(34,789,427	)		531,128,887		483,650,644
S&P 500® Equal Weight Health Care ETF		88,027		94,340,148			(86,682,907	)		893,564,234		901,309,502
S&P 500® Equal Weight Industrials ETF		233,446		(12,212,209	)		(32,058,974	)		454,722,854		410,685,117
S&P 500® Equal Weight Materials ETF		74,029		27,532,718			(25,383,119	)		571,429,405		573,653,033

113

			Net
			Unrealized
	Undistributed		Appreciation						Shares of
	Ordinary		(Depreciation)-			Capital Loss			Beneficial		Total
	Income		Investments			Carryforwards			Interest		Net Assets
S&P 500® Equal Weight Real Estate ETF	$	-	$	(1,714,205	)	$	(1,300,379	)	$	175,224,701	$	172,210,117
S&P 500® Equal Weight Technology ETF		131,885		40,033,483			(147,995,516	)		2,283,144,006		2,175,313,858
S&P 500® Equal Weight Utilities ETF		254,658		23,739,413			(29,416,638	)		338,756,046		333,333,479
S&P MidCap 400® Equal Weight ETF		24,781		2,527,872			(28,347,903	)		148,990,123		123,194,873
S&P SmallCap 600® Equal Weight ETF		46,485		(10,914,574	)		(22,547,171	)		94,637,669		61,222,409

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 Funds have capital loss carryforwards as of April 30, 2022, as follows:

	No expiration
	Short-Term		Long-Term		Total*
S&P 500® Equal Weight ETF	$	421,732,928	$	1,935,588,850	$	2,357,321,778
S&P 500® Equal Weight Communication Services ETF		853,534		683,361		1,536,895
S&P 500® Equal Weight Consumer Discretionary ETF		11,079,764		29,490,245		40,570,009
S&P 500® Equal Weight Consumer Staples ETF		9,858,678		61,996,330		71,855,008
S&P 500® Equal Weight Energy ETF		27,995,785		139,547,789		167,543,574
S&P 500® Equal Weight Financials ETF		6,725,173		28,064,254		34,789,427
S&P 500® Equal Weight Health Care ETF		10,032,742		76,650,165		86,682,907
S&P 500® Equal Weight Industrials ETF		8,844,627		23,214,347		32,058,974
S&P 500® Equal Weight Materials ETF		5,973,047		19,410,072		25,383,119
S&P 500® Equal Weight Real Estate ETF		436,802		863,577		1,300,379
S&P 500® Equal Weight Technology ETF		44,346,756		103,648,760		147,995,516
S&P 500® Equal Weight Utilities ETF		11,627,561		17,789,077		29,416,638
S&P MidCap 400® Equal Weight ETF		10,606,463		17,741,440		28,347,903
S&P SmallCap 600® Equal Weight ETF		9,980,801		12,566,370		22,547,171

* 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, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
S&P 500® Equal Weight ETF	$	5,381,990,683	$	5,348,664,312
S&P 500® Equal Weight Communication Services ETF		12,606,592		12,677,964
S&P 500® Equal Weight Consumer Discretionary ETF		133,999,280		134,352,216
S&P 500® Equal Weight Consumer Staples ETF		65,169,297		64,350,914
S&P 500® Equal Weight Energy ETF		214,976,298		146,601,758
S&P 500® Equal Weight Financials ETF		79,586,231		78,942,734
S&P 500® Equal Weight Health Care ETF		205,515,677		204,690,794
S&P 500® Equal Weight Industrials ETF		82,288,510		82,322,395
S&P 500® Equal Weight Materials ETF		77,338,703		77,956,552
S&P 500® Equal Weight Real Estate ETF		20,497,840		20,269,400
S&P 500® Equal Weight Technology ETF		652,833,681		651,685,110
S&P 500® Equal Weight Utilities ETF		34,340,334		33,987,342
S&P MidCap 400® Equal Weight ETF		37,276,426		36,036,675
S&P SmallCap 600® Equal Weight ETF		21,419,604		20,132,993

114

For the fiscal year ended April 30, 2022, in-kind transactions associated with creations and redemptions were as follows:

	In-kind		In-kind
	Purchases		Sales
S&P 500® Equal Weight ETF	$	17,177,852,375	$	10,998,245,231
S&P 500® Equal Weight Communication Services ETF		38,728,223		33,631,705
S&P 500® Equal Weight Consumer Discretionary ETF		544,556,092		1,077,701,966
S&P 500® Equal Weight Consumer Staples ETF		168,097,101		98,058,388
S&P 500® Equal Weight Energy ETF		333,301,427		156,940,771
S&P 500® Equal Weight Financials ETF		291,182,532		152,638,599
S&P 500® Equal Weight Health Care ETF		347,456,124		257,721,797
S&P 500® Equal Weight Industrials ETF		225,363,888		350,319,112
S&P 500® Equal Weight Materials ETF		340,107,411		409,997,230
S&P 500® Equal Weight Real Estate ETF		169,186,168		45,087,652
S&P 500® Equal Weight Technology ETF		1,044,466,384		1,294,064,775
S&P 500® Equal Weight Utilities ETF		174,036,346		65,098,198
S&P MidCap 400® Equal Weight ETF		60,538,252		41,933,281
S&P SmallCap 600® Equal Weight ETF		63,990,342		53,722,815

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of April 30, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes 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	$	2,661,255,802	$	(2,035,559,204	)	$	625,696,598		$	32,883,113,381
S&P 500® Equal Weight Communication Services ETF		316,973		(10,253,083	)		(9,936,110	)		51,121,609
S&P 500® Equal Weight Consumer Discretionary ETF		4,662,563		(87,749,322	)		(83,086,759	)		505,261,281
S&P 500® Equal Weight Consumer Staples ETF		82,602,987		(7,598,393	)		75,004,594			534,717,292
S&P 500® Equal Weight Energy ETF		110,209,363		(6,072,023	)		104,137,340			489,975,859
S&P 500® Equal Weight Financials ETF		25,363,556		(38,595,140	)		(13,231,584	)		516,722,533
S&P 500® Equal Weight Health Care ETF		146,622,960		(52,282,812	)		94,340,148			829,991,497
S&P 500® Equal Weight Industrials ETF		18,341,444		(30,553,653	)		(12,212,209	)		453,210,328
S&P 500® Equal Weight Materials ETF		46,249,136		(18,716,418	)		27,532,718			558,794,142
S&P 500® Equal Weight Real Estate ETF		5,043,203		(6,757,408	)		(1,714,205	)		183,107,856
S&P 500® Equal Weight Technology ETF		208,371,405		(168,337,922	)		40,033,483			2,245,087,305
S&P 500® Equal Weight Utilities ETF		27,868,337		(4,128,924	)		23,739,413			318,653,837
S&P MidCap 400® Equal Weight ETF		12,010,258		(9,482,386	)		2,527,872			148,012,655
S&P SmallCap 600® Equal Weight ETF		2,085,821		(13,000,395	)		(10,914,574	)		89,485,488

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of taxable overdistributions and 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, 2022, the reclassifications were as follows:

	Undistributed Net			Undistributed Net				Shares of
	Investment Income			Realized Gain (Loss)				Beneficial Interest
S&P 500® Equal Weight ETF		$	-		$	(4,286,020,988	)		$	4,286,020,988
S&P 500® Equal Weight Communication Services ETF			-			(6,149,246	)			6,149,246
S&P 500® Equal Weight Consumer Discretionary ETF			-			(117,442,763	)			117,442,763
S&P 500® Equal Weight Consumer Staples ETF			686,621			(24,969,226	)			24,282,605
S&P 500® Equal Weight Energy ETF			-			(41,642,412	)			41,642,412
S&P 500® Equal Weight Financials ETF			-			(45,354,122	)			45,354,122
S&P 500® Equal Weight Health Care ETF			-			(108,409,360	)			108,409,360
S&P 500® Equal Weight Industrials ETF			-			(89,516,569	)			89,516,569

115

	Undistributed Net			Undistributed Net				Shares of
	Investment Income			Realized Gain (Loss)				Beneficial Interest
S&P 500® Equal Weight Materials ETF		$	-		$	(112,646,563	)		$	112,646,563
S&P 500® Equal Weight Real Estate ETF			995,971			(7,271,553	)			6,275,582
S&P 500® Equal Weight Technology ETF			-			(541,345,074	)			541,345,074
S&P 500® Equal Weight Utilities ETF			-			(10,370,043	)			10,370,043
S&P MidCap 400® Equal Weight ETF			-			(16,466,325	)			16,466,325
S&P SmallCap 600® Equal Weight ETF			10			(14,079,693	)			14,079,683

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 consisting of a specified number of Shares as set forth in each Fund’s prospectus. 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 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.

116

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, 2022, the related statements of operations for the year ended April 30, 2022, the statements of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the four years in the period ended April 30, 2022 and for the six months ended April 30, 2018 (or for Invesco S&P 500^® Equal Weight Communication Services ETF, for each of the three years in the period ended April 30, 2022 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, 2022, 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, 2022, and each of the financial highlights for each of the four years in the period ended April 30, 2022 and for the six months ended April 30, 2018 (or for Invesco S&P 500^® Equal Weight Communication Services ETF, for each of the three years in the period ended April 30, 2022 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 and financial highlights of the Predecessor Funds listed in the table above as of and for the year ended 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.

117

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, 2022 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 23, 2022

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.

118

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, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). 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, 2021 through April 30, 2022.

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, 2021			April 30, 2022			Six-Month Period			Six-Month Period(1)
Invesco S&P 500® Equal Weight ETF (RSP)
Actual		$	1,000.00		$	942.10		0.20	%		$	0.96
Hypothetical (5% return before expenses)			1,000.00			1,023.80		0.20				1.00
Invesco S&P 500® Equal Weight Communication Services ETF (EWCO)
Actual			1,000.00			807.10		0.40				1.79
Hypothetical (5% return before expenses)			1,000.00			1,022.81		0.40				2.01
Invesco S&P 500® Equal Weight Consumer Discretionary ETF (RCD)
Actual			1,000.00			840.50		0.40				1.83
Hypothetical (5% return before expenses)			1,000.00			1,022.81		0.40				2.01
Invesco S&P 500® Equal Weight Consumer Staples ETF (RHS)
Actual			1,000.00			1,132.90		0.40				2.12
Hypothetical (5% return before expenses)			1,000.00			1,022.81		0.40				2.01
Invesco S&P 500® Equal Weight Energy ETF (RYE)
Actual			1,000.00			1,342.10		0.40				2.32
Hypothetical (5% return before expenses)			1,000.00			1,022.81		0.40				2.01

119

Calculating your ongoing Fund expenses–(continued)

					Annualized
	Beginning		Ending		Expense Ratio		Expenses Paid
	Account Value		Account Value		Based on the		During the
	November 1, 2021		April 30, 2022		Six-Month Period		Six-Month Period(1)
Invesco S&P 500® Equal Weight Financials ETF (RYF)
Actual		$1,000.00		$ 889.00		0.40%		$1.87
Hypothetical (5% return before expenses)		1,000.00		1,022.81		0.40		2.01
Invesco S&P 500® Equal Weight Health Care ETF (RYH)
Actual		1,000.00		917.40		0.40		1.90
Hypothetical (5% return before expenses)		1,000.00		1,022.81		0.40		2.01
Invesco S&P 500® Equal Weight Industrials ETF (RGI)
Actual		1,000.00		915.00		0.40		1.90
Hypothetical (5% return before expenses)		1,000.00		1,022.81		0.40		2.01
Invesco S&P 500® Equal Weight Materials ETF (RTM)
Actual		1,000.00		1,064.30		0.40		2.05
Hypothetical (5% return before expenses)		1,000.00		1,022.81		0.40		2.01
Invesco S&P 500® Equal Weight Real Estate ETF (EWRE)
Actual		1,000.00		1,005.90		0.40		1.99
Hypothetical (5% return before expenses)		1,000.00		1,022.81		0.40		2.01
Invesco S&P 500® Equal Weight Technology ETF (RYT)
Actual		1,000.00		852.20		0.40		1.84
Hypothetical (5% return before expenses)		1,000.00		1,022.81		0.40		2.01
Invesco S&P 500® Equal Weight Utilities ETF (RYU)
Actual		1,000.00		1,111.60		0.40		2.09
Hypothetical (5% return before expenses)		1,000.00		1,022.81		0.40		2.01
Invesco S&P MidCap 400® Equal Weight ETF (EWMC)
Actual		1,000.00		911.70		0.40		1.90
Hypothetical (5% return before expenses)		1,000.00		1,022.81		0.40		2.01
Invesco S&P SmallCap 600® Equal Weight ETF (EWSC)
Actual		1,000.00		889.40		0.40		1.87
Hypothetical (5% return before expenses)		1,000.00		1,022.81		0.40		2.01

⁽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, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

120

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, 2022:

	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*
Invesco S&P 500® Equal Weight ETF		0	%		98	%		95	%		0	%		0	%
Invesco S&P 500® Equal Weight Communication Services ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P 500® Equal Weight Consumer Discretionary ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P 500® Equal Weight Consumer Staples ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P 500® Equal Weight Energy ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P 500® Equal Weight Financials ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P 500® Equal Weight Health Care ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P 500® Equal Weight Industrials ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P 500® Equal Weight Materials ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P 500® Equal Weight Real Estate ETF		54	%		2	%		0	%		0	%		0	%
Invesco S&P 500® Equal Weight Technology ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P 500® Equal Weight Utilities ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P MidCap 400® Equal Weight ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P SmallCap 600® Equal Weight ETF		0	%		100	%		100	%		0	%		0	%

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

121

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:

As of April 30, 2022

				Number of
		Term of		Portfolios	Other
		Office		in Fund	Directorships
		and		Complex**	Held by
	Position(s)	Length of	Principal	Overseen by	Independent
Name, Address and Year of	Held	Time	Occupation(s) During	Independent	Trustees During
Birth of Independent Trustees	with Trust	Served*	the Past 5 Years	Trustees	the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair 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).	224	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, 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.	224	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.

122

Trustees and Officers–(continued)

				Number of
		Term of		Portfolios	Other
		Office		in Fund	Directorships
		and		Complex**	Held by
	Position(s)	Length of	Principal	Overseen by	Independent
Name, Address and Year of	Held	Time	Occupation(s) During	Independent	Trustees During
Birth of Independent Trustees	with Trust	Served*	the Past 5 Years	Trustees	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, First Eagle Alternative Credit LLC (2020-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, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chair of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	224	Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

* 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.

123

Trustees and Officers–(continued)

				Number of
		Term of		Portfolios	Other
		Office		in Fund	Directorships
		and		Complex**	Held by
	Position(s)	Length of	Principal	Overseen by	Independent
Name, Address and Year of	Held	Time	Occupation(s) During	Independent	Trustees During
Birth of Independent Trustees	with Trust	Served*	the Past 5 Years	Trustees	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).	224	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, Mather LifeWays (2001-2021); 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.

124

Trustees and Officers–(continued)

				Number of
		Term of		Portfolios	Other
		Office		in Fund	Directorships
		and		Complex**	Held by
	Position(s)	Length of	Principal	Overseen by	Independent
Name, Address and Year of	Held	Time	Occupation(s) During	Independent	Trustees During
Birth of Independent Trustees	with Trust	Served*	the Past 5 Years	Trustees	the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Audit Committee and Trustee	Chair of the Audit Committee since 2008; Trustee since 2006	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); 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).	224	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; 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	Chair of the Investment Oversight Committee and Trustee	Chair 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).	224	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

* 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.

125

Trustees and Officers–(continued)

				Number of
		Term of		Portfolios	Other
		Office		in Fund	Directorships
		and		Complex**	Held by
	Position(s)	Length of	Principal	Overseen by	Independent
Name, Address and Year of	Held	Time	Occupation(s) During	Independent	Trustees During
Birth of Independent Trustees	with Trust	Served*	the Past 5 Years	Trustees	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.	224	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); 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.

126

Trustees and Officers–(continued)

				Number of
		Term of		Portfolios	Other
		Office		in Fund	Directorships
		and		Complex**	Held by
	Position(s)	Length of	Principal	Overseen by	Independent
Name, Address and Year of	Held	Time	Occupation(s) During	Independent	Trustees During
Birth of Independent Trustees	with Trust	Served*	the Past 5 Years	Trustees	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.	224	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	Chair of the Board and Trustee	Chair since 2012; Trustee since 2006	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair 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); Chair, 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).	224	Director, Penfield Children’s Center (2004-Present); Board Chair, 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.

127

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 overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below:

				Number of
		Term of		Portfolios	Other
		Office		in Fund	Directorships
		and		Complex**	Held by
	Position(s)	Length of	Principal	Overseen by	Interested
Name, Address and Year of Birth	Held	Time	Occupation(s) During	Interested	Trustee During
of Interested Trustee	with Trust	Served*	the Past 5 Years	Trustee	the Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515	Trustee, President and Principal Executive Officer	Trustee since 2022, President and Principal Executive Officer since 2020	President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), 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; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, 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 (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).	224	None

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

128

Trustees and Officers–(continued)

	Position(s)	Length of	Principal
Name, Address and Year of Birth	Held	Time	Occupation(s) During
of Executive Officers	with Trust	Served*	the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2020	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, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	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 and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; 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); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, 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 (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

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

129

Trustees and Officers–(continued)

	Position(s)	Length of	Principal
Name, Address and Year of Birth	Held	Time	Occupation(s) During
of Executive Officers	with Trust	Served*	the Past 5 Years
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).
Michael McMaster–1962 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Chief Tax Officer	Since 2020	Vice President and Head of Global Fund Services Tax, Invesco Advisers, Inc. (2020-Present); Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds (2020-Present); Assistant Treasurer, Invesco Capital Management LLC (2020-Present); Chief Tax Officer and Assistant 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 (2020-Present); Assistant Treasurer, Invesco Specialized Products, LLC (2020-Present); formerly, Senior Vice President, Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) (2007-2020).
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	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); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-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, Treasurer (2008-2020), 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.; Treasurer, 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.; Vice President, Invesco Advisers, Inc. (2009-2020).
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).

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

130

Trustees and Officers–(continued)

	Position(s)	Length of	Principal
Name, Address and Year of Birth	Held	Time	Occupation(s) During
of Executive Officers	with Trust	Served*	the Past 5 Years
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).

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

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.

131

Approval of Investment Advisory Contracts

At a meeting held on April 6, 2022, 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 collectively, the “Funds”):

Invesco Dow Jones Industrial Average Dividend ETF	Invesco S&P 500® Equal Weight Real Estate ETF
Invesco NASDAQ Internet ETF	Invesco S&P 500® Equal Weight Technology ETF
Invesco Raymond James SB-1 Equity ETF	Invesco S&P 500® Equal Weight Utilities ETF
Invesco S&P 500 BuyWrite ETF	Invesco S&P 500® Pure Growth ETF
Invesco S&P 500® Equal Weight Communications Services ETF	Invesco S&P 500® Pure Value ETF
Invesco S&P 500® Equal Weight Consumer Discretionary ETF	Invesco S&P 500® Top 50 ETF
Invesco S&P 500® Equal Weight Consumer Staples ETF	Invesco S&P MidCap 400® Equal Weight ETF
Invesco S&P 500® Equal Weight Energy ETF	Invesco S&P MidCap 400® Pure Growth ETF
Invesco S&P 500® Equal Weight ETF	Invesco S&P MidCap 400® Pure Value ETF
Invesco S&P 500® Equal Weight Financials ETF	Invesco S&P SmallCap 600® Equal Weight ETF
Invesco S&P 500® Equal Weight Health Care ETF	Invesco S&P SmallCap 600® Pure Growth ETF
Invesco S&P 500® Equal Weight Industrials ETF	Invesco S&P SmallCap 600® Pure Value ETF
Invesco S&P 500® Equal Weight Materials 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 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, 2021, 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 (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 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. The Trustees 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 advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

132

Approval of Investment Advisory Contracts–(continued)

● 0.07% of the Fund’s average daily net assets for Invesco Dow Jones Industrial Average Dividend 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;

● 0.35% 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;

● 0.49% of the Fund’s average daily net assets for Invesco S&P 500 BuyWrite ETF;

● 0.60% of the Fund’s average daily net assets for Invesco NASDAQ Internet ETF;

● 0.75% of the Fund’s average daily net assets for Invesco Raymond James SB-1 Equity 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. (“Lipper”) databases on the net expense ratios of comparable 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.

	Equal	Equal to/Lower	Lower than
	to/Lower	than Open-End	Open-End
	than ETF	Index Fund	Active Fund
Invesco Fund	Peer Median	Peer Median	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		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
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

133

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 fee 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 products that have 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 of 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, advisory fees for money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s unitary 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.

134

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.

©2022 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, 2022
	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

Table of Contents

The Market Environment	3
Management’s Discussion of Fund Performance	4
Liquidity Risk Management Program	18
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	48
Report of Independent Registered Public Accounting Firm	58
Fund Expenses	60
Tax Information	62
Trustees and Officers	63
Approval of Investment Advisory Contracts	73

2

The Market Environment

Domestic Equity

The US stock market hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the US gross domestic product (GDP) grew at a 6.4% annualized rate for the first quarter of 2021.¹ Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July 2021 despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing monthly from June through September,² the US Federal Reserve (the Fed) declined to raise interest rates at its September Federal Open Market Committee meeting. The US stock market saw continued volatility in August 2021 and a selloff through most of September due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs.

Equity markets were volatile in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil (West Texas Intermediate) rose to nearly $85 per barrel in October,³ causing higher gas prices for consumers and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the last 12 months, the highest since 1982.² To combat inflation, the Fed announced a faster pace of tapering at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.³ The CPI rose by 7.9% for the 12 months ended February 28, 2022 the largest 12-month increase since 1982.² To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March, with several more rate increases expected in 2022. As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix reported slowing growth and profits, equity markets sold off for much of the month of April 2022. In this environment, US stocks had flat returns for the fiscal year ended April 30, 2022, of 0.21%, as measured by the S&P 500 Index.⁴

¹  Source: US Bureau of Economic Analysis

²  Source: US Bureau of Labor Statistics

³  Source: Bloomberg L.P.

⁴  Source: Lipper Inc.

3

RPG	Management’s Discussion of Fund Performance
	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: three-year sales per share growth rate, the three-year ratio of earnings per share change to price per share, 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 both growth and value characteristics. 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, 2022, on a market price basis, the Fund returned (8.10)%. On a net asset value (“NAV”) basis, the Fund returned (8.08)%. During the same time period, the Index returned (7.76)%. 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^® Growth Index returned (3.23)%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the materials sector. The financials sector detracted most significantly from the Fund’s return during this period, followed by the communication services and consumer discretionary sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Devon Energy Corp., an energy company (portfolio average weight of 0.79%) and NVIDIA Corp., an information technology company (portfolio average weight of 2.56%). Positions that detracted most

significantly from the Fund’s return during this period included Moderna, Inc., a health care company (portfolio average weight of 0.76%) and EPAM Systems, Inc., an information technology company (portfolio average weight of 0.64%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Information Technology	35.08
Health Care	17.10
Consumer Discretionary	14.15
Financials	12.16
Industrials	6.28
Energy	5.64
Communication Services	4.04
Utilities	3.36
Real Estate	2.19
Money Market Funds Plus Other Assets Less Liabilities	0.00
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
NRG Energy, Inc.	3.36
Fortinet, Inc.	3.22
Diamondback Energy, Inc.	2.97
Tesla, Inc.	2.91
Devon Energy Corp.	2.67
Goldman Sachs Group, Inc. (The)	2.64
SVB Financial Group	2.54
Discover Financial Services	2.48
Enphase Energy, Inc.	2.46
Eli Lilly and Co.	2.46
Total	27.71

* 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, 2022

				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® Pure Growth Index		(7.76	)%		10.90	%		36.40	%		12.60	%		81.03	%		13.51	%		255.06	%		10.93	%		434.41	%
S&P 500® Growth Index		(3.23	)		15.64			54.64			16.31			112.87			15.26			313.83			11.31			465.35
Fund
NAV Return		(8.08	)		10.51			34.97			12.20			77.80			13.10			242.56			10.53			404.52
Market Price Return		(8.10	)		10.51			34.97			12.21			77.86			13.09			242.24			10.53			404.57

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 Fund’s expense ratio of 0.35% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes 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	Management’s Discussion of Fund Performance
	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 rate, 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 both value and growth characteristics. 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, 2022, on a market price basis, the Fund returned 8.06%. On a net asset value (“NAV”) basis, the Fund returned 8.13%. 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 the fees and expenses that the Fund incurred during the period. During this same time period, the S&P 500^® Value Index returned 3.25%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return followed by the financials and materials sectors, respectively. The communication services sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and information technology sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Ford Motor Co., a consumer discretionary company (portfolio average weight of 1.73%) and Mosaic Co., a materials company (portfolio average weight of 1.08%). Positions that detracted most significantly from the Fund’s return during this period included Invesco Ltd., a financials company (portfolio average weight of 1.37%) and

General Motors Co., a consumer discretionary company (portfolio average weight of 1.16%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials	29.94
Health Care	11.58
Consumer Staples	10.64
Energy	9.33
Materials	8.21
Communication Services	7.08
Consumer Discretionary	6.67
Utilities	6.22
Industrials	5.39
Information Technology	4.40
Real Estate	0.47
Money Market Funds Plus Other Assets Less Liabilities	0.07
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Berkshire Hathaway, Inc., Class B	2.31
Archer-Daniels-Midland Co.	2.00
Cigna Corp.	1.98
Prudential Financial, Inc.	1.97
Marathon Petroleum Corp.	1.91
Valero Energy Corp.	1.89
WestRock Co.	1.87
Mosaic Co. (The)	1.83
MetLife, Inc.	1.78
Allstate Corp. (The)	1.74
Total	19.28

* 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, 2022

	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		8.52	%		9.99	%		33.07	%		9.50	%		57.46	%		12.77	%		232.50	%		9.11	%		309.07	%
S&P 500® Value Index		3.25			10.74			35.80			10.05			61.42			11.49			196.66			7.61			227.11
Fund
NAV Return		8.13			9.73			32.12			9.19			55.21			12.40			221.80			8.69			284.34
Market Price Return		8.06			9.71			32.06			9.19			55.24			12.42			222.56			8.69			284.39

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 Fund’s expense ratio of 0.35% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes 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	Management’s Discussion of Fund Performance
	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 companies in the S&P 500^® Index based on 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, 2022, on a market price basis, the Fund returned 1.12%. On a net asset value (“NAV”) basis, the Fund returned 1.21%. 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 100^® Index (the “Benchmark Index”) returned 0.26%. 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, 2022. 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 within, the industrials sector.

For the fiscal year ended April 30, 2022, the health care sector contributed most significantly to the Fund’s return, followed by the information technology and consumer staples sectors, respectively. The communication services sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Apple, Inc., an information technology company, (portfolio average weight of

11.82%) and Microsoft Corp., an information technology company (portfolio average weight of 10.92%). Positions that detracted most significantly from the Fund’s return during this period included Amazon.com, Inc., a consumer discretionary company (portfolio average weight of 7.06%) and Meta Platforms Inc., Class A, a communication services company (portfolio average weight of 3.63%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Information Technology	38.50
Health Care	14.28
Communication Services	13.83
Consumer Discretionary	13.25
Consumer Staples	7.92
Financials	7.83
Energy	3.55
Industrials	0.80
Money Market Funds Plus Other Assets Less Liabilities	0.04
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Apple, Inc.	13.08
Microsoft Corp.	11.13
Amazon.com, Inc.	5.82
Tesla, Inc.	3.90
Alphabet, Inc., Class A	3.67
Alphabet, Inc., Class C	3.42
Berkshire Hathaway, Inc., Class B	3.16
UnitedHealth Group, Inc.	2.56
Johnson & Johnson	2.54
NVIDIA Corp.	2.48
Total	51.76

* 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, 2022

	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		1.40	%		15.76	%		55.11	%		15.27	%		103.51	%		14.23	%		278.28	%		9.87	%		394.97	%
S&P 100® Index		0.26			14.87			51.58			14.37			95.68			13.81			264.65			9.76			386.77
Fund
NAV Return		1.21			15.54			54.23			15.05			101.56			13.99			270.46			9.66			378.89
Market Price Return		1.12			15.51			54.13			15.03			101.42			13.99			270.33			9.65			378.61

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 Fund’s expense ratio of 0.20% 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.

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, 2022.

- 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	Management’s Discussion of Fund Performance
	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: three-year sales per share growth rate, three-year ratio of earnings per share change to price per share, 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 both growth and value characteristics. 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, 2022, on a market price basis, the Fund returned (18.21)%. On a net asset value (“NAV”) basis, the Fund returned (18.15)%. During the same time period, the Index returned (17.87)%. 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 the fees and expenses that the Fund incurred during the period. During this same time period, the S&P MidCap 400^® Growth Index returned (11.65)%.

For the fiscal year ended April 30, 2022, the energy sector was the only sector to contribute to the Fund’s return. The consumer discretionary sector detracted most significantly from the Fund’s performance during this period, followed by the health care and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Steel Dynamics, Inc., a materials company (portfolio average weight of 0.78%) and Cleveland-Cliffs, Inc., a materials company (portfolio average weight of 1.78%). Positions that detracted most significantly from the Fund’s return during the period included Boston Beer Co., Inc.,

Class A, a consumer staples company (no longer held at fiscal year-end) and STAAR Surgical Co., a health care company (portfolio average weight of 0.64%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Consumer Discretionary	18.48
Financials	17.56
Materials	14.00
Information Technology	12.61
Industrials	12.51
Health Care	11.85
Energy	9.47
Sector Types Each Less Than 3%	3.49
Money Market Funds Plus Other Assets Less Liabilities	0.03
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Cleveland-Cliffs, Inc.	3.49
Louisiana-Pacific Corp.	2.92
Steel Dynamics, Inc.	2.80
Navient Corp.	2.76
SLM Corp.	2.65
Concentrix Corp.	2.46
Dick’s Sporting Goods, Inc.	2.36
Jefferies Financial Group, Inc.	2.25
Matador Resources Co.	2.10
Mimecast Ltd.	2.09
Total	25.88

* 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, 2022

	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		(17.87	)%		7.70	%		24.92	%		6.97	%		40.09	%		8.47	%		125.45	%		8.93	%		298.66	%
S&P MidCap 400® Growth Index		(11.65	)		9.26			30.42			9.29			55.93			11.10			186.53			9.34			323.47
Fund
NAV Return		(18.15	)		7.48			24.15			6.70			38.28			8.16			119.14			8.60			279.59
Market Price Return		(18.21	)		7.42			23.94			6.68			38.19			8.15			118.96			8.60			279.30

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 Fund’s expense ratio of 0.35% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes 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	Management’s Discussion of Fund Performance
	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 rate, 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. 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, 2022, on a market price basis, the Fund returned (2.56)%. On a net asset value (“NAV”) basis, the Fund returned (2.28)%. During the same time period, the Index returned (1.93)%. 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 the fees and expenses that the Fund incurred during the period. During this same time period, the S&P MidCap 400^® Value Index returned (2.30)%.

For the fiscal year ended April 30, 2022, the materials sector contributed most significantly to the Fund’s return, followed by the financials and energy sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s performance during this period, followed by the industrials and information technology sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included United States Steel Corp., a materials company (portfolio average weight of 1.38%) and Commercial Metals Co., a materials company (portfolio average weight of 1.99%). Positions that detracted

most significantly from the Fund’s return during this period included Foot Locker, Inc., a consumer discretionary company (portfolio average weight of 1.35%) and Dana, Inc., a consumer discretionary company (portfolio average weight of 1.36%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials	27.86
Consumer Discretionary	21.44
Industrials	12.87
Materials	10.95
Information Technology	9.82
Consumer Staples	5.17
Utilities	4.53
Energy	4.17
Sector Types Each Less Than 3%	3.09
Money Market Funds Plus Other Assets Less Liabilities	0.10
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
United States Steel Corp.	3.02
Unum Group	2.96
HF Sinclair Corp.	2.59
Avnet, Inc.	2.52
Reinsurance Group of America, Inc.	2.33
Kohl’s Corp.	1.98
Commercial Metals Co.	1.93
Alleghany Corp.	1.91
CNO Financial Group, Inc.	1.90
Xerox Holdings Corp.	1.82
Total	22.96

* 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, 2022

	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		(1.93	)%		11.39	%		38.21	%		9.85	%		59.95	%		11.77	%		204.23	%		8.92	%		297.76	%
S&P MidCap 400® Value Index		(2.30	)		9.91			32.76			8.87			52.96			11.39			194.14			8.56			276.94
Fund
NAV Return		(2.28	)		11.09			37.11			9.54			57.73			11.41			194.52			8.53			275.25
Market Price Return		(2.56	)		10.97			36.65			9.51			57.49			11.38			193.91			8.51			274.43

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 Fund’s expense ratio of 0.35% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes 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	Management’s Discussion of Fund Performance
	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: three-year sales per share growth rate, three-year ratio of earnings per share change to price per share, 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 both growth and value characteristics. 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, 2022, on a market price basis, the Fund returned (21.68)%. On a net asset value (“NAV”) basis, the Fund returned (21.63)%. During the same time period, the Index returned (21.44)%. 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 were 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^® Growth Index returned (12.36)%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the real estate sector. The health care sector detracted most significantly from the Fund’s return during this period, followed by the consumer discretionary and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Civitas Resources, Inc., an energy company (portfolio average weight of 1.55%) and Stamps.com, Inc., an industrials company (no longer held at fiscal year-end). Positions that detracted most significantly

from the Fund’s return during this period included OptimizeRx Corp., a health care company (portfolio average weight of 0.65%) and B. Riley Financial, Inc., a financials company (portfolio average weight of 0.64%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials	22.30
Health Care	19.76
Information Technology	14.38
Consumer Discretionary	14.36
Industrials	11.29
Consumer Staples	7.43
Energy	4.72
Real Estate	3.59
Sector Types Each Less Than 3%	2.13
Money Market Funds Plus Other Assets Less Liabilities	0.04
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Vir Biotechnology, Inc.	1.92
Encore Wire Corp.	1.68
Dorian LPG Ltd.	1.62
Fulgent Genetics, Inc.	1.48
Customers Bancorp, Inc.	1.47
First Bancorp	1.45
Innoviva, Inc.	1.41
B. Riley Financial, Inc.	1.40
Kulicke & Soffa Industries, Inc.	1.32
United Natural Foods, Inc.	1.31
Total	15.06

* 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, 2022

				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 SmallCap 600® Pure Growth Index		(21.44	)%		3.32	%		10.28	%		4.83	%		26.60	%		9.48	%		147.31	%		8.14	%		254.48	%
S&P SmallCap 600® Growth Index		(12.36	)		8.26			26.88			9.10			54.56			11.96			209.41			9.34			323.19
Fund
NAV Return		(21.63	)		2.96			9.15			4.49			24.56			9.15			140.06			7.85			239.09
Market Price Return		(21.68	)		2.92			9.03			4.50			24.64			9.14			139.86			7.84			238.65

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 Fund’s expense ratio of 0.35% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes 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	Management’s Discussion of Fund Performance
	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 SmallCap 600^® 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 rate, 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 both value and growth characteristics. 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, 2022, on a market price basis, the Fund returned 4.08%. On a net asset value (“NAV”) basis, the Fund returned 4.11%. During the same time period, the Index returned 4.50%. 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 the fees and expenses that the Fund incurred during the period. During this same time period, the S&P SmallCap 600^® Value Index returned (4.69)%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the industrials and materials sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return during this period, followed by the real estate and information technology sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Veritiv Corp., an industrials company (portfolio average weight of 2.41%) and CONSOL Energy, Inc., an energy company (portfolio average weight of 1.87%). Positions that detracted most significantly from

the Fund’s return during this period included Loyalty Ventures, Inc., a communication services company (portfolio average weight of 0.24%) and Aaron’s Co., Inc. (The), a consumer discretionary company (portfolio average weight of 1.31%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Consumer Discretionary	20.04
Financials	18.41
Industrials	16.51
Materials	13.47
Consumer Staples	9.08
Energy	8.73
Information Technology	7.46
Sector Types Each Less Than 3%	6.24
Money Market Funds Plus Other Assets Less Liabilities	0.06
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Olympic Steel, Inc.	1.89
PBF Energy, Inc., Class A	1.55
Andersons, Inc. (The)	1.51
Mercer International, Inc.	1.49
TimkenSteel Corp.	1.48
Seneca Foods Corp., Class A	1.46
SpartanNash Co.	1.44
Kelly Services, Inc., Class A	1.38
United Fire Group, Inc.	1.35
SunCoke Energy, Inc.	1.32
Total	14.87

* 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, 2022

	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		4.50	%		12.15	%		41.04	%		7.61	%		44.32	%		10.19	%		163.90	%		6.96	%		196.52	%
S&P SmallCap 600® Value Index		(4.69	)		9.54			31.42			8.44			49.95			11.45			195.63			8.18			256.41
Fund
NAV Return		4.11			11.83			39.84			7.32			42.38			9.88			156.45			6.70			185.26
Market Price Return		4.08			11.80			39.76			7.38			42.77			9.85			155.86			6.70			185.42

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 Fund’s expense ratio of 0.35% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes 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

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (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 15, 2022, 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 January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during 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, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Communication Services-4.04%
Alphabet, Inc., Class A(b)		11,995	$	27,374,869
Alphabet, Inc., Class C(b)		11,142		25,619,135
Meta Platforms, Inc., Class A(b)		123,154		24,688,683
Netflix, Inc.(b)		75,901		14,448,514
				92,131,201
Consumer Discretionary-14.15%
Amazon.com, Inc.(b)		9,888		24,577,909
AutoZone, Inc.(b)		23,449		45,853,816
Etsy, Inc.(b)(c)		292,392		27,248,011
Lowe’s Cos., Inc.		176,111		34,822,428
O’Reilly Automotive, Inc.(b)		59,927		36,348,722
Pool Corp.		100,193		40,600,207
Tesla, Inc.(b)		76,307		66,445,083
Tractor Supply Co.		233,695		47,077,858
				322,974,034
Energy-5.64%
Devon Energy Corp.		1,045,356		60,808,359
Diamondback Energy, Inc.		537,367		67,831,836
				128,640,195
Financials-12.16%
Discover Financial Services		502,986		56,565,805
First Republic Bank		205,717		30,697,091
Goldman Sachs Group, Inc. (The)		197,224		60,249,960
MSCI, Inc.		57,591		24,260,209
Signature Bank		197,160		47,762,010
SVB Financial Group(b)		118,942		58,000,877
				277,535,952
Health Care-17.10%
Align Technology, Inc.(b)		66,293		19,219,004
Bio-Techne Corp.		71,901		27,300,091
Charles River Laboratories International, Inc.(b)		114,416		27,632,608
DexCom, Inc.(b)		132,249		54,034,296
Eli Lilly and Co.		191,899		56,059,455
Moderna, Inc.(b)		317,080		42,618,723
PerkinElmer, Inc.		289,381		42,426,148
Regeneron Pharmaceuticals, Inc.(b)		80,060		52,768,346
Thermo Fisher Scientific, Inc.		61,828		34,185,938
West Pharmaceutical Services, Inc.		108,363		34,140,847
				390,385,456
Industrials-6.28%
Equifax, Inc.(c)		132,403		26,946,659
Expeditors International of Washington, Inc.		411,782		40,795,243
Generac Holdings, Inc.(b)(c)		198,719		43,594,974
Old Dominion Freight Line, Inc.		114,685		32,125,562
				143,462,438

	Shares		Value
Information Technology-35.08%
Adobe, Inc.(b)		65,456	$	25,917,303
Advanced Micro Devices, Inc.(b)		494,004		42,247,222
Apple, Inc.		217,179		34,238,269
Applied Materials, Inc.		365,649		40,349,367
Arista Networks, Inc.(b)		373,021		43,110,037
Cadence Design Systems, Inc.(b)		182,850		27,582,923
Enphase Energy, Inc.(b)		348,266		56,210,132
EPAM Systems, Inc.(b)		112,479		29,805,810
Fortinet, Inc.(b)		254,357		73,511,717
Gartner, Inc.(b)		138,636		40,280,690
Intuit, Inc.		91,867		38,469,306
KLA Corp		155,108		49,519,780
Lam Research Corp.		62,708		29,206,878
Microsoft Corp.		131,369		36,457,525
Monolithic Power Systems, Inc.		127,010		49,818,402
NVIDIA Corp.		255,935		47,468,265
Oracle Corp.		453,548		33,290,423
QUALCOMM, Inc.		272,869		38,117,071
ServiceNow, Inc.(b)		60,356		28,856,204
Teradyne, Inc.(c)		343,494		36,224,877
				800,682,201
Real Estate-2.19%
Camden Property Trust		107,662		16,891,091
Extra Space Storage, Inc.		173,877		33,036,630
				49,927,721
Utilities-3.36%
NRG Energy, Inc.		2,134,044		76,612,179
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $2,445,343,868)				2,282,351,377
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.25%
Invesco Private Government Fund, 0.40%(d)(e)(f)		22,260,207		22,260,207
Invesco Private Prime Fund, 0.35%(d)(e)(f)		51,899,910		51,899,910
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $74,152,585)				74,160,117
TOTAL INVESTMENTS IN SECURITIES-103.25% (Cost $2,519,496,453)				2,356,511,494
OTHER ASSETS LESS LIABILITIES-(3.25)%				(74,175,162	)
NET ASSETS-100.00%			$	2,282,336,332

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, 2022

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	837,629		$	20,350,506		$	(21,188,135	)		$	-		$	-			$	-		$	201
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			4,879,734			587,933,609			(570,553,136	)			-			-				22,260,207			16,793	*
Invesco Private Prime Fund			7,319,602			1,154,657,978			(1,110,056,997	)			7,531			(28,204	)			51,899,910			65,775	*
Total		$	13,036,965		$	1,762,942,093		$	(1,701,798,268	)		$	7,531		$	(28,204	)		$	74,160,117		$	82,769

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-7.08%
AT&T, Inc.		1,852,341	$	34,935,151
DISH Network Corp., Class A(b)(c)		1,552,057		44,249,145
Fox Corp., Class A		400,400		14,350,336
Fox Corp., Class B		185,375		6,161,865
Lumen Technologies, Inc.(c)		3,428,752		34,493,245
News Corp., Class A		796,196		15,812,453
News Corp., Class B		243,718		4,852,426
Omnicom Group, Inc.		225,979		17,203,781
Paramount Global, Class B(c)		1,973,569		57,470,329
T-Mobile US, Inc.(b)		100,923		12,427,658
Verizon Communications, Inc.		299,253		13,855,414
Warner Bros Discovery, Inc.(b)		619,111		11,236,859
				267,048,662
Consumer Discretionary-6.67%
Best Buy Co., Inc.		333,620		30,002,447
BorgWarner, Inc.		939,495		34,601,601
Ford Motor Co.		1,983,365		28,084,448
General Motors Co.(b)		803,839		30,473,536
Lennar Corp., Class A		269,228		20,593,250
Mohawk Industries, Inc.(b)		214,349		30,236,070
PulteGroup, Inc.		578,200		24,145,632
PVH Corp.		311,476		22,669,223
Whirlpool Corp.(c)		170,492		30,947,708
				251,753,915
Consumer Staples-10.64%
Archer-Daniels-Midland Co.		842,897		75,489,855
Conagra Brands, Inc.		778,740		27,201,388
JM Smucker Co. (The)		143,767		19,686,015
Kraft Heinz Co. (The)		1,209,503		51,561,113
Kroger Co. (The)		833,559		44,978,844
Molson Coors Beverage Co., Class B(c)		851,106		46,078,879
Sysco Corp.		194,595		16,633,981
Tyson Foods, Inc., Class A		591,502		55,104,326
Walgreens Boots Alliance, Inc.		1,042,050		44,182,920
Walmart, Inc.		135,003		20,654,109
				401,571,430
Energy-9.33%
Baker Hughes Co., Class A		1,264,277		39,217,873
Chevron Corp.		167,289		26,209,168
Exxon Mobil Corp.		336,860		28,717,315
Kinder Morgan, Inc.		1,644,509		29,847,838
Marathon Oil Corp.		1,279,310		31,880,405
Marathon Petroleum Corp		826,307		72,103,549
Phillips 66		605,911		52,568,838
Valero Energy Corp.		641,062		71,465,592
				352,010,578
Financials-29.94%
Aflac, Inc.		704,960		40,380,109
Allstate Corp. (The)		518,650		65,629,971
American International Group, Inc.(c)		1,009,838		59,085,621
Assurant, Inc.		224,789		40,884,623
Bank of New York Mellon Corp. (The)		463,628		19,500,194
Berkshire Hathaway, Inc., Class B(b)		270,193		87,226,406
Chubb Ltd.		157,119		32,437,218

	Shares		Value
Financials-(continued)
Citigroup, Inc.		712,283	$	34,339,163
Citizens Financial Group, Inc.		799,867		31,514,760
Everest Re Group Ltd.		194,450		53,417,360
Fifth Third Bancorp		435,155		16,331,367
Globe Life, Inc.		415,935		40,794,905
Hartford Financial Services Group, Inc. (The)		560,614		39,203,737
Huntington Bancshares, Inc.		1,421,195		18,688,714
Invesco Ltd.(d)		1,959,554		36,016,603
KeyCorp.		1,109,630		21,426,955
Lincoln National Corp.		955,854		57,494,618
Loews Corp.		974,352		61,228,280
M&T Bank Corp.		176,898		29,478,283
MetLife, Inc.		1,021,437		67,087,982
PNC Financial Services Group, Inc. (The)		59,943		9,956,532
Principal Financial Group, Inc.(c)		539,209		36,741,701
Progressive Corp. (The)		161,154		17,301,493
Prudential Financial, Inc.		684,702		74,297,014
State Street Corp.		259,634		17,387,689
Travelers Cos., Inc. (The)		256,075		43,804,190
Truist Financial Corp.		362,237		17,514,159
U.S. Bancorp		251,425		12,209,198
W.R. Berkley Corp.		323,849		21,532,720
Wells Fargo & Co.		615,143		26,838,689
				1,129,750,254
Health Care-11.58%
AmerisourceBergen Corp.		229,599		34,736,033
Anthem, Inc.		63,106		31,674,795
Cardinal Health, Inc.		661,207		38,383,066
Centene Corp.(b)		657,228		52,939,715
Cigna Corp.		302,935		74,758,299
CVS Health Corp.		569,984		54,792,562
DaVita, Inc.(b)		139,483		15,115,773
Henry Schein, Inc.(b)		312,701		25,360,051
Humana, Inc.		61,054		27,142,166
Organon & Co.(c)		411,756		13,312,072
Universal Health Services, Inc., Class B(c)		323,936		39,691,878
Viatris, Inc.		2,815,579		29,084,931
				436,991,341
Industrials-5.39%
Alaska Air Group, Inc.(b)		362,565		19,719,910
C.H. Robinson Worldwide, Inc.(c)		252,237		26,774,958
FedEx Corp.		132,066		26,246,797
Huntington Ingalls Industries, Inc.		147,806		31,444,248
Leidos Holdings, Inc.		217,095		22,471,504
Nielsen Holdings PLC		804,193		21,560,414
PACCAR, Inc.		163,264		13,559,075
Raytheon Technologies Corp.		162,954		15,465,964
Textron, Inc.		181,227		12,549,970
Wabtec Corp.		150,097		13,495,221
				203,288,061
Information Technology-4.40%
DXC Technology Co.(b)		1,651,548		47,399,428
Fidelity National Information Services, Inc.		101,250		10,038,938
Global Payments, Inc.		112,375		15,393,127
Hewlett Packard Enterprise Co.		3,421,386		52,723,558

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, 2022

	Shares		Value
Information Technology-(continued)
Intel Corp.		244,409	$	10,653,788
Western Digital Corp.(b)		563,153		29,886,530
				166,095,369
Materials-8.21%
Corteva, Inc.		464,911		26,820,716
Dow, Inc.		581,235		38,652,128
DuPont de Nemours, Inc.		241,085		15,894,734
Eastman Chemical Co.		106,816		10,966,799
International Paper Co.		778,961		36,050,315
LyondellBasell Industries N.V., Class A		395,974		41,985,123
Mosaic Co. (The)		1,104,915		68,968,794
WestRock Co.		1,422,178		70,440,476
				309,779,085
Real Estate-0.47%
Kimco Realty Corp.		695,166		17,608,555
Utilities-6.22%
American Electric Power Co., Inc.		149,003		14,767,687
Atmos Energy Corp.(c)		155,664		17,652,298
Consolidated Edison, Inc.		259,749		24,089,122
Constellation Energy Corp.		131,916		7,810,746
DTE Energy Co.		102,800		13,470,912
Duke Energy Corp.		126,534		13,938,986
Edison International		213,997		14,720,854
Entergy Corp.		162,588		19,323,584
Evergy, Inc.		245,826		16,679,294
Exelon Corp.		395,662		18,509,068
NiSource, Inc.		431,553		12,566,823
Pinnacle West Capital Corp.		438,727		31,237,362
PPL Corp.		550,857		15,594,762
Sempra Energy		88,152		14,224,207
				234,585,705
Total Common Stocks & Other Equity Interests (Cost $3,737,505,695)				3,770,482,955

	Shares		Value
Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $228,618)		228,618	$	228,618
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased with cash collateral from securities on loan)-99.93% (Cost $3,737,734,313)				3,770,711,573
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.20%
Invesco Private Government Fund, 0.40%(d)(e)(f)		36,255,009		36,255,009
Invesco Private Prime Fund, 0.35%(d)(e)(f)		84,530,808		84,530,808
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $120,783,108)				120,785,817
TOTAL INVESTMENTS IN SECURITIES-103.13%
(Cost $3,858,517,421)				3,891,497,390
OTHER ASSETS LESS LIABILITIES-(3.13)%				(118,256,392	)
NET ASSETS-100.00%			$	3,773,240,998

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, 2022.

^(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, 2022.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Invesco Ltd.	$	35,552,358	$	50,577,989	$	(32,903,569	)		$(18,730,551)	$	1,520,376	$	36,016,603	$	1,117,707
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		-		76,991,445		(76,762,827	)		-		-		228,618		1,296

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, 2022

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	$	11,852,653	$	513,397,893	$	(488,995,537	)	$	-		$	-		$	36,255,009	$	32,918	*
Invesco Private Prime Fund		17,778,980		1,004,659,686		(937,879,642	)		2,709			(30,925	)		84,530,808		110,674	*
Total	$	65,183,991	$	1,645,627,013	$	(1,536,541,575	)	$	(18,727,842	)	$	1,489,451		$	157,031,038	$	1,262,595

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-13.83%
Alphabet, Inc., Class A(b)		34,435	$	78,587,213
Alphabet, Inc., Class C(b)		31,798		73,114,095
AT&T, Inc.		817,534		15,418,691
Comcast Corp., Class A		517,905		20,591,903
Meta Platforms, Inc., Class A(b)		264,354		52,995,046
Netflix, Inc.(b)		50,830		9,675,999
Verizon Communications, Inc.		480,606		22,252,058
Walt Disney Co. (The)(b)		208,436		23,267,711
				295,902,716
Consumer Discretionary-13.25%
Amazon.com, Inc.(b)		50,102		124,535,034
Home Depot, Inc. (The)		119,551		35,913,121
McDonald’s Corp.		85,551		21,315,887
NIKE, Inc., Class B		146,117		18,220,790
Tesla, Inc.(b)		95,842		83,455,380
				283,440,212
Consumer Staples-7.92%
Coca-Cola Co. (The)		445,054		28,754,939
Costco Wholesale Corp.		50,769		26,994,893
PepsiCo, Inc.		158,385		27,196,288
Philip Morris International, Inc.		177,432		17,743,200
Procter & Gamble Co. (The)		274,427		44,059,255
Walmart, Inc.		161,960		24,778,260
				169,526,835
Energy-3.55%
Chevron Corp.		220,691		34,575,659
Exxon Mobil Corp.		484,678		41,318,799
				75,894,458
Financials-7.83%
Bank of America Corp.		813,809		29,036,705
Berkshire Hathaway, Inc., Class B(b)		209,665		67,686,152
Citigroup, Inc.		227,183		10,952,492
JPMorgan Chase & Co.		338,335		40,383,666
Wells Fargo & Co.		444,866		19,409,504
				167,468,519
Health Care-14.28%
Abbott Laboratories		202,443		22,977,280
AbbVie, Inc.		202,397		29,728,071
Bristol-Myers Squibb Co.		249,545		18,783,252
Eli Lilly and Co.		90,897		26,553,741
Johnson & Johnson		301,395		54,389,742
Medtronic PLC		153,933		16,064,448

	Shares		Value
Health Care-(continued)
Merck & Co., Inc.		289,185	$	25,647,818
Pfizer, Inc.		642,585		31,531,646
Thermo Fisher Scientific, Inc.		45,112		24,943,327
UnitedHealth Group, Inc.		107,826		54,834,912
			305,454,237
Industrials-0.80%
Union Pacific Corp.		72,914		17,083,021
Information Technology-38.50%
Accenture PLC, Class A		72,353		21,731,947
Adobe, Inc.(b)		54,002		21,382,092
Apple, Inc.		1,774,909		279,814,404
Broadcom, Inc.		47,268		26,204,906
Cisco Systems, Inc.		482,852		23,650,091
Intel Corp.		466,178		20,320,699
Mastercard, Inc., Class A		99,337		36,097,079
Microsoft Corp.		858,275		238,188,478
NVIDIA Corp.		286,211		53,083,554
Oracle Corp.		180,379		13,239,819
PayPal Holdings, Inc.(b)		133,377		11,727,840
salesforce.com, inc.(b)		112,769		19,840,578
Texas Instruments, Inc.		105,730		18,000,532
Visa, Inc., Class A(c)		189,865		40,465,927
			823,747,946
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $1,718,451,000)				2,138,517,944

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-1.77%
Invesco Private Government Fund, 0.40%(d)(e)(f)	12,114,562		12,114,562
Invesco Private Prime Fund, 0.35%(d)(e)(f)	25,624,591		25,624,591
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $37,734,810)			37,739,153
TOTAL INVESTMENTS IN SECURITIES-101.73% (Cost $1,756,185,810)			2,176,257,097
OTHER ASSETS LESS LIABILITIES-(1.73)%			(36,915,211	)
NET ASSETS-100.00%		$	2,139,341,886

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, 2022

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, 2022.

^(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, 2022.

	Value April 30, 2021		Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency
Portfolio, Institutional Class		$-		$	27,874,379		$	(27,874,379	)		$	-		$	-			$	-		$	603
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-			94,320,116			(82,205,554	)			-			-				12,114,562			7,210	*
Invesco Private Prime Fund		-			213,505,677			(187,874,391	)			4,343			(11,038	)			25,624,591			23,338	*
Total		$-		$	335,700,172		$	(297,954,324	)		$	4,343		$	(11,038	)		$	37,739,153		$	31,151

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Communication Services-0.67%
Ziff Davis, Inc.(b)(c)		21,448	$	1,895,145
Consumer Discretionary-18.48%
Boyd Gaming Corp.		41,709		2,526,731
Brunswick Corp.(c)		24,573		1,857,965
Churchill Downs, Inc.		12,258		2,487,639
Crocs, Inc.(b)		49,994		3,321,101
Deckers Outdoor Corp.(b)		11,455		3,044,166
Dick’s Sporting Goods, Inc.(c)		69,575		6,708,422
Five Below, Inc.(b)(c)		17,558		2,758,362
Fox Factory Holding Corp.(b)		41,288		3,380,662
GameStop Corp., Class A(b)(c)		17,693		2,212,864
Light & Wonder, Inc.(b)(c)		37,453		2,099,615
Mattel, Inc.(b)(c)		152,888		3,716,707
RH(b)		3,977		1,336,749
Service Corp. International		31,569		2,071,242
Tempur Sealy International, Inc.		154,758		4,195,489
TopBuild Corp.(b)		12,923		2,340,872
Williams-Sonoma, Inc.(c)		32,724		4,269,828
Wingstop, Inc.(c)		20,478		1,879,061
YETI Holdings, Inc.(b)(c)		45,689		2,232,821
				52,440,296
Consumer Staples-0.73%
Darling Ingredients, Inc.(b)		28,305		2,077,304
Energy-9.47%
Antero Midstream Corp.(c)		556,642		5,716,713
Matador Resources Co.(c)		121,795		5,946,032
Murphy Oil Corp.(c)		146,368		5,573,693
PDC Energy, Inc.		55,648		3,880,892
Targa Resources Corp.		78,328		5,750,059
				26,867,389
Financials-17.56%
Affiliated Managers Group, Inc.		20,785		2,609,972
East West Bancorp, Inc.		45,979		3,278,303
Evercore, Inc., Class A		42,656		4,510,872
First Financial Bankshares, Inc.(c)		49,968		1,997,721
Jefferies Financial Group, Inc.		207,972		6,397,219
Kinsale Capital Group, Inc.		9,320		2,066,151
Navient Corp.		492,949		7,832,959
PacWest Bancorp		102,502		3,371,291
Pinnacle Financial Partners, Inc.		52,040		4,035,702
SLM Corp.		449,536		7,520,737
Stifel Financial Corp.		55,953		3,460,693
UMB Financial Corp.		30,359		2,737,774
				49,819,394
Health Care-11.85%
Arrowhead Pharmaceuticals, Inc.(b)(c)		40,717		1,673,876
Azenta, Inc.(c)		42,035		3,150,944
Bruker Corp.(c)		34,151		1,963,341
Medpace Holdings, Inc.(b)		26,318		3,515,295
Neurocrine Biosciences, Inc.(b)		29,719		2,675,602
Option Care Health, Inc.(b)		145,325		4,342,311
Quidel Corp.(b)(c)		20,279		2,040,473
Repligen Corp.(b)		20,344		3,198,890
STAAR Surgical Co.(b)(c)		31,787		1,814,720

	Shares		Value
Health Care-(continued)
Syneos Health, Inc.(b)		19,608	$	1,433,149
Tandem Diabetes Care, Inc.(b)		35,438		3,419,058
Tenet Healthcare Corp.(b)		60,748		4,404,837
				33,632,496
Industrials-12.51%
ASGN, Inc.(b)		21,498		2,438,948
Avis Budget Group, Inc.(b)(c)		12,866		3,443,842
Axon Enterprise, Inc.(b)		27,347		3,068,333
Builders FirstSource, Inc.(b)		79,925		4,920,982
Carlisle Cos., Inc.(c)		8,412		2,181,736
Chart Industries, Inc.(b)(c)		9,211		1,555,001
FTI Consulting, Inc.(b)(c)		18,929		2,985,293
GXO Logistics, Inc.(b)(c)		34,887		2,064,962
Saia, Inc.(b)		13,284		2,735,973
Simpson Manufacturing Co., Inc.		14,079		1,459,570
Tetra Tech, Inc.		10,054		1,400,321
Trex Co., Inc.(b)(c)		42,390		2,466,674
Valmont Industries, Inc.		8,025		1,996,700
Vicor Corp.(b)		22,338		1,351,896
Watts Water Technologies, Inc., Class A		11,060		1,409,708
				35,479,939
Information Technology-12.61%
Calix, Inc.(b)(c)		64,815		2,586,767
Concentrix Corp.		44,377		6,988,490
Digital Turbine, Inc.(b)(c)		63,247		2,001,767
Lattice Semiconductor Corp.(b)		36,752		1,765,566
Maximus, Inc.		37,001		2,696,633
Mimecast Ltd.(b)		74,379		5,926,519
Paylocity Holding Corp.(b)		11,412		2,164,058
Power Integrations, Inc.		33,882		2,710,560
Qualys, Inc.(b)(c)		17,626		2,402,071
Silicon Laboratories, Inc.(b)(c)		11,635		1,569,678
SiTime Corp.(b)(c)		7,626		1,285,515
Synaptics, Inc.(b)		6,541		970,946
Teradata Corp.(b)(c)		65,587		2,712,022
				35,780,592
Materials-14.00%
Avient Corp.(c)		48,437		2,385,038
Cleveland-Cliffs, Inc.(b)		387,999		9,890,094
Eagle Materials, Inc.		23,971		2,956,104
Louisiana-Pacific Corp.(c)		128,196		8,271,206
Olin Corp.		72,223		4,145,600
Scotts Miracle-Gro Co. (The)(c)		13,213		1,373,227
Steel Dynamics, Inc.(c)		92,741		7,952,541
Valvoline, Inc.		90,981		2,750,356
				39,724,166
Real Estate-2.09%
Life Storage, Inc.		24,805		3,286,414
National Storage Affiliates Trust		46,903		2,654,710
				5,941,124
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.97% (Cost $303,477,174)				283,657,845

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, 2022

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-24.19%
Invesco Private Government Fund, 0.40%(d)(e)(f)		20,042,244	$	20,042,244
Invesco Private Prime Fund, 0.35%(d)(e)(f)		48,584,214		48,584,214
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $68,625,145)				68,626,458
TOTAL INVESTMENTS IN SECURITIES-124.16% (Cost $372,102,319)				352,284,303
OTHER ASSETS LESS LIABILITIES-(24.16)%				(68,550,316	)
NET ASSETS-100.00%			$	283,733,987

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	41,757		$	27,031,297		$	(27,073,054	)		$	-		$	-			$	-		$	164
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			21,986,402			219,131,837			(221,075,995	)			-			-				20,042,244			12,477	*
Invesco Private Prime Fund			32,979,603			412,482,928			(396,868,071	)			1,313			(11,559	)			48,584,214			57,514	*
Total		$	55,007,762		$	658,646,062		$	(645,017,120	)		$	1,313		$	(11,559	)		$	68,626,458		$	70,155

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.90%
Consumer Discretionary-21.44%
Adient PLC(b)(c)		49,221	$	1,680,405
Callaway Golf Co.(b)(c)		36,708		805,374
Dana, Inc.		89,878		1,331,093
Foot Locker, Inc.		54,823		1,606,862
Gap, Inc. (The)(c)		124,740		1,549,271
Goodyear Tire & Rubber Co. (The)(b)(c)		106,677		1,420,938
Graham Holdings Co., Class B		3,913		2,317,944
Harley-Davidson, Inc.(c)		15,118		551,051
KB Home		49,584		1,608,009
Kohl’s Corp.		47,961		2,775,983
Lear Corp.		9,265		1,185,364
Lithia Motors, Inc., Class A		7,404		2,096,294
Macy’s, Inc.(c)		62,380		1,507,725
Murphy USA, Inc.		6,714		1,568,390
Nordstrom, Inc.(c)		34,953		898,292
Taylor Morrison Home Corp., Class A(b)		80,239		2,101,459
Thor Industries, Inc.(c)		20,074		1,536,665
Toll Brothers, Inc.		17,374		805,632
Tri Pointe Homes, Inc.(b)		76,740		1,586,216
Urban Outfitters, Inc.(b)(c)		47,195		1,123,241
				30,056,208
Consumer Staples-5.17%
BJ’s Wholesale Club Holdings, Inc.(b)		10,840		697,554
Ingredion, Inc.		7,276		619,260
Nu Skin Enterprises, Inc., Class A		24,287		1,035,598
Performance Food Group Co.(b)		34,945		1,721,041
Pilgrim’s Pride Corp.(b)		46,627		1,321,876
Sprouts Farmers Market, Inc.(b)(c)		62,040		1,848,792
				7,244,121
Energy-4.17%
Equitrans Midstream Corp.		61,813		485,850
HF Sinclair Corp.(b)		95,703		3,638,628
NOV, Inc.(c)		95,261		1,727,082
				5,851,560
Financials-27.86%
Alleghany Corp.(b)		3,207		2,682,655
Associated Banc-Corp.		61,707		1,231,055
Cadence Bank(c)		36,964		925,579
CNO Financial Group, Inc.		110,354		2,663,946
Essent Group Ltd.		23,047		934,095
F.N.B. Corp.		114,132		1,314,801
First Horizon Corp.		68,891		1,541,781
Fulton Financial Corp.		78,606		1,192,453
Hanover Insurance Group, Inc. (The)		12,184		1,788,855
International Bancshares Corp.		18,986		755,453
Kemper Corp.		44,886		2,071,938
Mercury General Corp.		39,612		1,997,633
MGIC Investment Corp.		94,142		1,229,494
New York Community Bancorp, Inc.(c)		107,239		990,888
Old National Bancorp		50,854		770,947
Old Republic International Corp.		86,508		1,904,041
Prosperity Bancshares, Inc.(c)		12,654		827,318
Reinsurance Group of America, Inc.		30,497		3,272,938
RenaissanceRe Holdings Ltd. (Bermuda)		4,939		708,845
Selective Insurance Group, Inc.		10,525		866,839

	Shares		Value
Financials-(continued)
Texas Capital Bancshares, Inc.(b)		20,188	$	1,036,856
United Bankshares, Inc.(c)		27,671		920,337
Unum Group		136,158		4,155,542
Valley National Bancorp		53,560		641,649
Voya Financial, Inc.(c)		30,418		1,920,592
Washington Federal, Inc.		22,902		696,908
				39,043,438
Health Care-1.91%
Patterson Cos., Inc.		48,724		1,499,237
Perrigo Co. PLC		34,456		1,181,841
				2,681,078
Industrials-12.87%
AGCO Corp.		8,525		1,086,085
CACI International, Inc., Class A(b)		2,602		690,311
EMCOR Group, Inc.		7,355		783,160
EnerSys		9,103		595,882
Fluor Corp.(b)(c)		42,906		1,061,923
JetBlue Airways Corp.(b)(c)		76,000		836,760
Kirby Corp.(b)		11,414		744,193
Knight-Swift Transportation Holdings, Inc.		11,255		539,002
ManpowerGroup, Inc.		20,186		1,820,777
MDU Resources Group, Inc.		38,131		982,255
MillerKnoll, Inc.(c)		18,923		600,427
Oshkosh Corp.		6,578		608,070
Owens Corning		9,732		884,931
Ryder System, Inc.(c)		25,518		1,783,708
Science Applications International Corp.		11,486		955,980
Terex Corp.		16,498		560,932
Timken Co. (The)		7,700		443,828
Univar Solutions, Inc.(b)		65,205		1,898,770
Werner Enterprises, Inc.		12,283		486,775
XPO Logistics, Inc.(b)		12,470		670,761
				18,034,530
Information Technology-9.82%
Arrow Electronics, Inc.(b)		18,271		2,153,420
Avnet, Inc.		80,790		3,527,291
Bread Financial Holdings, Inc.		22,999		1,260,345
Kyndryl Holdings, Inc.(b)		55,214		656,494
TD SYNNEX Corp.		17,878		1,789,409
ViaSat, Inc.(b)(c)		20,895		769,145
Vishay Intertechnology, Inc.		56,469		1,052,018
Xerox Holdings Corp.		147,044		2,558,566
				13,766,688
Materials-10.95%
Cabot Corp.(c)		12,022		791,649
Chemours Co. (The)(c)		16,645		550,450
Commercial Metals Co.(c)		66,109		2,710,469
Greif, Inc., Class A		29,474		1,788,482
Minerals Technologies, Inc.		14,677		933,604
Reliance Steel & Aluminum Co.		10,524		2,086,383
Silgan Holdings, Inc.		16,358		725,805
United States Steel Corp.		138,667		4,227,957
Worthington Industries, Inc.(c)		32,083		1,526,188
				15,340,987

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, 2022

	Shares		Value
Real Estate-1.18%
Sabra Health Care REIT, Inc.		45,224	$	528,216
SL Green Realty Corp.(c)		16,338		1,130,917
				1,659,133
Utilities-4.53%
ALLETE, Inc.		10,365		615,059
Hawaiian Electric Industries, Inc		13,568		557,781
NorthWestern Corp.(c)		14,111		799,953
ONE Gas, Inc		7,895		666,101
Southwest Gas Holdings, Inc.(c)		16,921		1,490,909
Spire, Inc.(c)		18,499		1,345,802
UGI Corp.		25,312		868,202
				6,343,807
Total Common Stocks & Other Equity Interests (Cost $150,252,894)				140,021,550
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $89,315)		89,315		89,315
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $150,342,209)				140,110,865

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-17.87%
Invesco Private Government Fund, 0.40%(d)(e)(f)		7,518,534	$	7,518,534
Invesco Private Prime Fund, 0.35%(d)(e)(f)		17,532,140		17,532,140
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $25,049,022)				25,050,674
TOTAL INVESTMENTS IN SECURITIES-117.83% (Cost $175,391,231)				165,161,539
OTHER ASSETS LESS LIABILITIES-(17.83)%				(24,993,579	)
NET ASSETS-100.00%			$	140,167,960

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	4,848		$	4,240,551		$	(4,156,084	)		$	-		$	-			$	89,315		$	64
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			4,367,082			64,552,861			(61,401,409	)			-			-				7,518,534			5,207	*
Invesco Private Prime Fund			6,550,623			128,563,287			(117,577,053	)			1,652			(6,369	)			17,532,140			17,640	*
Total		$	10,922,553		$	197,356,699		$	(183,134,546	)		$	1,652		$	(6,369	)		$	25,139,989		$	22,911

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-1.83%
TechTarget, Inc.(b)(c)		18,724	$	1,260,312
Thryv Holdings, Inc.(b)(c)		28,619		739,229
				1,999,541
Consumer Discretionary-14.36%
Boot Barn Holdings, Inc.(b)		11,243		1,012,545
Buckle, Inc. (The)(c)		23,123		718,200
Cavco Industries, Inc.(b)		2,628		620,865
Century Communities, Inc.(c)		20,440		1,077,597
Children’s Place, Inc. (The)(b)(c)		11,015		510,325
Gentherm, Inc.(b)(c)		5,050		340,471
Hibbett, Inc.(c)		30,046		1,297,386
Installed Building Products, Inc.(c)		5,118		411,845
LGI Homes, Inc.(b)(c)		8,659		811,435
Liquidity Services, Inc.(b)		40,048		577,492
MarineMax, Inc.(b)(c)		29,264		1,197,483
Movado Group, Inc.(c)		25,431		914,753
Shoe Carnival, Inc.(c)		36,266		1,094,870
Shutterstock, Inc.		5,586		422,972
Signet Jewelers Ltd		15,259		1,071,182
Sleep Number Corp.(b)(c)		14,088		571,409
Sturm Ruger & Co., Inc.(c)		9,006		613,759
Vista Outdoor, Inc.(b)(c)		35,107		1,236,820
XPEL, Inc.(b)(c)(d)		27,199		1,176,901
				15,678,310
Consumer Staples-7.43%
Celsius Holdings, Inc.(b)(c)		25,864		1,344,928
Coca-Cola Consolidated, Inc.		1,828		807,062
Inter Parfums, Inc.		8,165		667,325
Medifast, Inc.(c)		3,896		694,891
MGP Ingredients, Inc.(c)		12,357		1,128,565
Simply Good Foods Co. (The)(b)		34,345		1,430,469
United Natural Foods, Inc.(b)(c)		33,384		1,433,175
Vector Group Ltd.		47,053		598,514
				8,104,929
Energy-4.72%
Callon Petroleum Co.(b)(c)		18,184		932,294
Civitas Resources, Inc.(c)		22,610		1,325,398
Dorian LPG Ltd.(c)		119,733		1,762,470
Ranger Oil Corp.(b)(c)		14,505		461,984
SM Energy Co.		18,847		669,634
				5,151,780
Financials-22.30%
Axos Financial, Inc.(b)		22,324		845,633
B. Riley Financial, Inc.(c)		33,741		1,523,743
Bancorp, Inc. (The)(b)(c)		33,853		768,125
Brightsphere Investment Group, Inc.		23,942		479,798
Customers Bancorp, Inc.(b)		38,244		1,608,925
Donnelley Financial Solutions, Inc.(b)(c)		15,562		455,500
Enova International, Inc.(b)		32,597		1,219,128
First Bancorp		116,327		1,583,210
Flagstar Bancorp, Inc.		36,467		1,287,285
Greenhill & Co., Inc		75,871		918,798
HCI Group, Inc.(c)		12,589		806,829
HomeStreet, Inc.(c)		25,226		1,023,923

	Shares		Value
Financials-(continued)
Meta Financial Group, Inc.		27,306	$	1,191,907
Palomar Holdings, Inc.(b)		12,461		678,501
Piper Sandler Cos.		11,766		1,352,855
Preferred Bank		15,862		1,064,657
Redwood Trust, Inc.		87,023		844,123
ServisFirst Bancshares, Inc.(c)		17,249		1,385,440
Triumph Bancorp, Inc.(b)(c)		14,237		988,617
Trupanion, Inc.(b)(c)		5,038		320,518
Veritex Holdings, Inc		29,142		957,315
Virtus Investment Partners, Inc		4,169		738,580
Walker & Dunlop, Inc.		9,411		1,127,061
World Acceptance Corp.(b)(c)		6,191		1,168,304
				24,338,775
Health Care-19.76%
AMN Healthcare Services, Inc.(b)		10,989		1,074,175
AngioDynamics, Inc.(b)(c)		34,322		722,478
Apollo Medical Holdings, Inc.(b)(c)		10,459		381,544
Arcus Biosciences, Inc.(b)		24,805		600,529
Avid Bioservices, Inc.(b)(c)		67,414		907,392
BioLife Solutions, Inc.(b)(c)		20,243		256,479
Cara Therapeutics, Inc.(b)(c)		86,191		751,586
Collegium Pharmaceutical, Inc.(b)		46,154		743,079
Community Health Systems, Inc.(b)		117,863		904,009
CorVel Corp.(b)(c)		4,079		632,571
Cross Country Healthcare, Inc.(b)		54,597		1,023,148
Endo International PLC(b)		227,091		454,182
Fulgent Genetics, Inc.(b)(c)		29,460		1,616,765
Heska Corp.(b)(c)		2,493		273,831
Innoviva, Inc.(b)		90,051		1,536,270
iTeos Therapeutics, Inc.(b)		30,751		820,744
Joint Corp. (The)(b)(c)		25,506		778,443
Ligand Pharmaceuticals, Inc.(b)(c)		7,687		713,815
Omnicell, Inc.(b)		4,162		454,366
OptimizeRx Corp.(b)(c)		30,028		844,087
Organogenesis Holdings, Inc.(b)(c)		195,505		1,259,052
RadNet, Inc.(b)(c)		17,810		347,295
Supernus Pharmaceuticals, Inc.(b)(c)		18,934		528,259
uniQure N.V. (Netherlands)(b)		40,213		600,782
Vericel Corp.(b)(c)		20,599		587,072
Vir Biotechnology, Inc.(b)(c)		103,027		2,096,599
Xencor, Inc.(b)		14,814		370,054
Zynex, Inc.(c)		46,560		296,587
				21,575,193
Industrials-11.29%
ArcBest Corp.(c)		9,858		711,353
Comfort Systems USA, Inc.(c)		13,495		1,139,248
Encore Wire Corp.		16,203		1,827,861
Heidrick & Struggles International, Inc.		20,655		660,134
Insteel Industries, Inc.		27,005		1,145,552
Korn Ferry		11,794		724,623
Matson, Inc.		12,306		1,058,562
Mueller Industries, Inc.(c)		21,902		1,185,993
MYR Group, Inc.(b)		14,149		1,119,045
NV5 Global, Inc.(b)(c)		7,763		930,007

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, 2022

	Shares		Value
Industrials-(continued)
Triumph Group, Inc.(b)		25,369	$	571,817
UFP Industries, Inc.		16,113		1,246,663
				12,320,858
Information Technology-14.38%
3D Systems Corp.(b)(c)		38,403		435,490
A10 Networks, Inc.		56,428		805,792
ADTRAN, Inc		21,195		368,581
Advanced Energy Industries, Inc.		6,131		469,144
Alarm.com Holdings, Inc.(b)		6,559		400,624
Axcelis Technologies, Inc.(b)		12,785		696,143
Diebold Nixdorf, Inc.(b)(c)		79,523		326,044
Diodes, Inc.(b)		9,685		707,296
ExlService Holdings, Inc.(b)		5,044		686,741
Extreme Networks, Inc.(b)		56,229		539,798
Fabrinet (Thailand)(b)		8,121		797,401
Harmonic, Inc.(b)(c)		52,167		432,986
Kulicke & Soffa Industries, Inc. (Singapore)(c)		31,093		1,443,026
MaxLinear, Inc.(b)		24,287		1,162,619
Onto Innovation, Inc.(b)		16,859		1,199,349
Perficient, Inc.(b)(c)		9,516		945,986
Rambus, Inc.(b)		26,943		671,150
Rogers Corp.(b)		2,600		703,872
SPS Commerce, Inc.(b)(c)		4,170		498,857
TTEC Holdings, Inc.		6,173		455,629
Ultra Clean Holdings, Inc.(b)		19,913		620,688
Veeco Instruments, Inc.(b)(c)		35,294		808,939
Vonage Holdings Corp.(b)		26,051		519,978
				15,696,133
Materials-0.30%
Balchem Corp.		2,679		330,053
Real Estate-3.59%
Douglas Elliman, Inc.		23,489		142,343

	Shares		Value
Real Estate-(continued)
Independence Realty Trust, Inc.		29,823	$	812,975
Innovative Industrial Properties, Inc.		6,068		877,372
NexPoint Residential Trust, Inc.		8,778		782,647
St. Joe Co. (The)(c)		24,541		1,305,827
				3,921,164
Total Common Stocks & Other Equity Interests (Cost $132,456,681)				109,116,736
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(e)(f) (Cost $56,928)		56,928		56,928
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $132,513,609)				109,173,664
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-33.78%
Invesco Private Government Fund, 0.40%(e)(f)(g)		11,064,178		11,064,178
Invesco Private Prime Fund, 0.35%(e)(f)(g)		25,804,690		25,804,690
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $36,867,485)				36,868,868
TOTAL INVESTMENTS IN SECURITIES-133.79% (Cost $169,381,094)				146,042,532
OTHER ASSETS LESS LIABILITIES-(33.79)%				(36,881,056	)
NET ASSETS-100.00%			$	109,161,476

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, 2022.

^(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, 2022 was $1,176,901, which represented 1.08% 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, 2022.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	2,306,469	$	2,379,563	$	(4,629,104)	$	-	$	-	$	56,928	$	34

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, 2022

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	10,675,039		$	71,951,922		$	(71,562,783	)		$	-		$	-			$	11,064,178		$	7,088	*
Invesco Private Prime Fund			16,078,005			141,463,469			(131,728,073	)			1,383			(10,094	)			25,804,690			31,455	*
Total		$	29,059,513		$	215,794,954		$	(207,919,960	)		$	1,383		$	(10,094	)		$	36,925,796		$	38,577

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(f)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-2.81%
AMC Networks, Inc., Class A(b)(c)		50,954	$	1,662,629
ATN International, Inc.		31,470		1,243,065
Loyalty Ventures, Inc.(b)		72,322		924,998
Scholastic Corp.		31,887		1,175,036
Telephone & Data Systems, Inc.(c)		165,147		3,025,493
				8,031,221
Consumer Discretionary-20.04%
Aaron’s Co., Inc. (The)(c)		141,075		2,896,270
Adtalem Global Education, Inc.(b)(c)		29,324		859,486
American Axle & Manufacturing Holdings, Inc.(b)		179,685		1,189,515
American Public Education, Inc.(b)		87,571		1,702,380
America’s Car-Mart, Inc.(b)		20,063		1,622,094
Bed Bath & Beyond, Inc.(b)(c)		48,816		664,386
Big Lots, Inc.(c)		66,075		2,041,718
Bloomin’ Brands, Inc.		48,144		1,058,687
Brinker International, Inc.(b)(c)		21,636		786,036
Caleres, Inc.(c)		50,836		1,165,669
Cato Corp. (The), Class A		158,426		2,146,672
Chico’s FAS, Inc.(b)		446,399		2,365,915
Conn’s, Inc.(b)(c)		166,365		2,603,612
El Pollo Loco Holdings, Inc.(b)		68,389		728,343
Ethan Allen Interiors, Inc.(c)		58,372		1,385,751
Fossil Group, Inc.(b)(c)		178,930		1,767,828
G-III Apparel Group Ltd.(b)		92,617		2,452,498
Group 1 Automotive, Inc.(c)		11,331		1,973,180
Guess?, Inc.(c)		64,802		1,456,101
Haverty Furniture Cos., Inc., (Acquired 12/17/2021- 04/05/2022; Cost $2,108,149)(c)(d)		66,154		1,642,604
La-Z-Boy, Inc.(c)		35,037		920,772
LL Flooring Holdings, Inc.(b)(c)		135,647		1,873,285
M.D.C. Holdings, Inc.(c)		39,005		1,439,675
M/I Homes, Inc.(b)(c)		51,784		2,292,996
Motorcar Parts of America, Inc.(b)(c)		158,977		2,418,040
ODP Corp. (The)(b)		61,808		2,659,598
Perdoceo Education Corp.(b)		175,671		1,964,002
Sonic Automotive, Inc., Class A(c)		45,755		1,946,875
Standard Motor Products, Inc.		19,145		817,109
Strategic Education, Inc.(c)		28,565		1,845,299
Tupperware Brands Corp.(b)(c)		61,499		1,081,152
Unifi, Inc.(b)		136,280		1,999,228
Universal Electronics, Inc.(b)		27,476		810,542
Vera Bradley, Inc.(b)(c)		335,016		2,060,348
Zumiez, Inc.(b)(c)		16,834		616,629
				57,254,295
Consumer Staples-9.08%
Andersons, Inc. (The)		85,667		4,303,053
Central Garden & Pet Co.(b)(c)		4,750		208,003
Central Garden & Pet Co., Class A(b)		19,395		802,565
Edgewell Personal Care Co.(c)		18,278		697,123
Fresh Del Monte Produce, Inc.		127,050		3,309,652
Hostess Brands, Inc.(b)(c)		54,309		1,232,271
PriceSmart, Inc.		15,350		1,219,558
Seneca Foods Corp., Class A(b)		76,880		4,170,740
SpartanNash Co.		119,677		4,102,528

	Shares		Value
Consumer Staples-(continued)
TreeHouse Foods, Inc.(b)(c)		68,549	$	2,159,294
Universal Corp.		64,864		3,752,382
				25,957,169
Energy-8.73%
Archrock, Inc.		84,629		737,119
Bristow Group, Inc.(b)(c)		35,931		1,071,462
CONSOL Energy, Inc.(b)		41,445		1,970,710
Helix Energy Solutions Group, Inc.(b)(c)		552,732		2,271,728
Nabors Industries Ltd.(b)		8,447		1,306,075
Oceaneering International, Inc.(b)		79,360		899,149
Oil States International, Inc.(b)(c)		277,613		1,876,664
PBF Energy, Inc., Class A(b)		152,868		4,442,344
ProPetro Holding Corp.(b)		91,434		1,292,877
Renewable Energy Group, Inc.(b)		36,229		2,212,143
REX American Resources Corp.(b)		12,062		1,020,807
US Silica Holdings, Inc.(b)		165,088		3,067,335
World Fuel Services Corp.		114,997		2,785,227
				24,953,640
Financials-18.41%
Allegiance Bancshares, Inc.		22,966		938,391
American Equity Investment Life Holding Co.		67,355		2,540,631
Apollo Commercial Real Estate Finance, Inc.		78,344		943,262
ARMOUR Residential REIT, Inc.		114,051		837,134
BankUnited, Inc.		16,698		626,843
Berkshire Hills Bancorp, Inc.(c)		29,989		741,928
Columbia Banking System, Inc.		29,031		815,190
eHealth, Inc.(b)(c)		51,675		415,984
Employers Holdings, Inc.		43,590		1,714,831
EZCORP, Inc., Class A(b)(c)		383,605		2,685,235
First Financial Bancorp		46,118		943,113
Franklin BSP Realty Trust, Inc.(c)		71,289		945,292
Genworth Financial, Inc., Class A(b)		878,601		3,259,610
Granite Point Mortgage Trust, Inc.		91,691		892,153
Heritage Financial Corp.		54,755		1,326,166
Hope Bancorp, Inc.		83,382		1,192,363
Horace Mann Educators Corp.		50,995		2,032,151
Invesco Mortgage Capital, Inc.(c)(e)		279,101		485,636
Mr. Cooper Group, Inc.(b)(c)		57,600		2,590,272
New York Mortgage Trust, Inc.		301,802		971,802
NMI Holdings, Inc., Class A(b)		41,546		763,615
Northwest Bancshares, Inc.		64,828		822,019
PennyMac Mortgage Investment Trust(c)		71,131		1,091,149
PRA Group, Inc.(b)(c)		16,452		691,478
ProAssurance Corp.		81,909		2,012,504
Ready Capital Corp.		85,290		1,242,675
Renasant Corp.(c)		30,969		922,566
S&T Bancorp, Inc.		34,231		967,368
Safety Insurance Group, Inc.(c)		16,540		1,423,102
Simmons First National Corp., Class A		29,355		700,704
SiriusPoint Ltd. (Bermuda)(b)		443,139		2,782,913
StoneX Group, Inc.(b)		45,346		3,073,552
TrustCo Bank Corp.		25,748		802,050
Trustmark Corp.		27,850		776,458
Two Harbors Investment Corp.(c)		212,876		1,023,934

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, 2022

	Shares		Value
Financials-(continued)
United Fire Group, Inc.		132,071	$	3,868,360
Universal Insurance Holdings, Inc.		218,476		2,744,058
				52,606,492
Health Care-1.35%
Covetrus, Inc.(b)		78,458		1,082,720
Emergent BioSolutions, Inc.(b)		16,360		529,737
Owens & Minor, Inc.(c)		33,651		1,194,274
Select Medical Holdings Corp.(c)		46,037		1,040,897
				3,847,628
Industrials-16.51%
AAR Corp.(b)		60,503		2,842,431
ABM Industries, Inc.(c)		39,067		1,885,764
American Woodmark Corp.(b)		28,294		1,325,574
Arcosa, Inc.		13,943		746,369
Atlas Air Worldwide Holdings, Inc.(b)(c)		33,454		2,306,319
CoreCivic, Inc.(b)		166,041		2,063,890
Deluxe Corp.		18,949		513,139
DXP Enterprises, Inc.(b)		60,476		1,429,048
GEO Group, Inc. (The)(b)(c)		463,267		3,025,133
Granite Construction, Inc.(c)		42,066		1,247,257
Greenbrier Cos., Inc. (The)(c)		48,993		2,092,491
Griffon Corp.		56,956		1,065,647
Harsco Corp.(b)		105,049		1,073,601
Hub Group, Inc., Class A(b)		12,595		845,880
KAR Auction Services, Inc.(b)(c)		76,592		1,122,839
Kelly Services, Inc., Class A		204,703		3,948,721
Matthews International Corp., Class A(c)		29,970		893,406
Meritor, Inc.(b)		61,987		2,225,953
Moog, Inc., Class A		17,504		1,398,044
NOW, Inc.(b)		161,813		1,763,762
Powell Industries, Inc.		86,325		1,666,072
Quanex Building Products Corp.		62,989		1,210,649
Resideo Technologies, Inc.(b)		58,140		1,307,569
Resources Connection, Inc.		60,687		1,043,209
SkyWest, Inc.(b)		51,035		1,487,670
Titan International, Inc.(b)		161,516		2,238,612
TrueBlue, Inc.(b)		68,148		1,742,544
Veritiv Corp.(b)		10,110		1,420,859
Wabash National Corp.(c)		86,494		1,237,729
				47,170,181
Information Technology-7.46%
Benchmark Electronics, Inc.		120,026		2,851,818
Consensus Cloud Solutions, Inc.(b)(c)		22,606		1,191,788
Ebix, Inc.(c)		34,858		1,038,768
Insight Enterprises, Inc.(b)(c)		15,781		1,568,158
NETGEAR, Inc.(b)		87,520		1,899,184
PC Connection, Inc.		44,523		2,203,443
Photronics, Inc.(b)		82,252		1,232,958
Plexus Corp.(b)		9,526		772,940
Sanmina Corp.(b)		74,460		3,044,669
ScanSource, Inc.(b)		90,381		3,094,645
TTM Technologies, Inc.(b)		172,288		2,403,418
				21,301,789
Materials-13.47%
American Vanguard Corp.		109,505		2,343,407

	Shares		Value
Materials-(continued)
Arconic Corp.(b)		25,189	$	633,755
Carpenter Technology Corp.		29,245		1,116,574
Clearwater Paper Corp.(b)		45,582		1,509,220
FutureFuel Corp.		108,829		1,034,964
Glatfelter Corp.(c)		87,666		964,326
Kaiser Aluminum Corp.		8,180		789,370
Koppers Holdings, Inc.		75,041		1,820,495
Mercer International, Inc. (Germany)		265,164		4,245,276
O-I Glass, Inc.(b)(c)		95,608		1,288,796
Olympic Steel, Inc.		157,478		5,406,220
Rayonier Advanced Materials, Inc.(b)(c)		444,672		2,281,167
Schweitzer-Mauduit International, Inc., Class A		55,924		1,407,048
SunCoke Energy, Inc.		452,482		3,764,650
Sylvamo Corp.(b)		42,774		1,909,859
TimkenSteel Corp.(b)		204,620		4,229,495
Tredegar Corp.(c)		155,940		1,785,513
Trinseo PLC		41,293		1,959,353
				38,489,488
Real Estate-2.08%
Diversified Healthcare Trust		372,032		837,072
Franklin Street Properties Corp.		183,458		946,643
Office Properties Income Trust		31,341		677,593
Orion Office REIT, Inc.		41,279		553,964
RE/MAX Holdings, Inc., Class A		21,989		515,862
Realogy Holdings Corp.(b)(c)		219,379		2,404,394
				5,935,528
Total Common Stocks & Other Equity Interests (Cost $294,860,889)				285,547,431
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(e)(f) (Cost $104,095)		104,095		104,095
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.97% (Cost $294,964,984)				285,651,526

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds-19.83%
Invesco Private Government Fund, 0.40%(e)(f)(g)	16,991,207		16,991,207
Invesco Private Prime Fund, 0.35%(e)(f)(g)	39,656,595		39,656,595
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $56,645,487)			56,647,802
TOTAL INVESTMENTS IN SECURITIES-119.80% (Cost $351,610,471)			342,299,328
OTHER ASSETS LESS LIABILITIES-(19.80)%			(56,581,583	)
NET ASSETS-100.00%		$	285,717,745

Investment Abbreviations:

REIT -Real Estate Investment Trust

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, 2022

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, 2022.

^(d)  Restricted security. The value of this security at April 30, 2022 represented less than 1% 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, 2022.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Invesco Mortgage Capital, Inc.	$	-	$	842,799	$	(92,199	)	$	(263,000	)	$	(1,964	)	$	485,636	$	49,144
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		125,192		11,287,513		(11,308,610	)		-			-			104,095		115
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		10,807,634		91,700,622		(85,517,049	)		-			-			16,991,207		9,530	*
Invesco Private Prime Fund		16,211,450		183,805,937		(160,347,785	)		2,315			(15,322	)		39,656,595		35,540	*
Total		$27,144,276	$	287,636,871		$(257,265,643)			$(260,685)		$	(17,286	)	$	57,237,533		$94,329

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(f)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

35

Statements of Assets and Liabilities

April 30, 2022

	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)		$	2,282,351,377			$	3,734,466,352			$	2,138,517,944
Affiliated investments in securities, at value			74,160,117				157,031,038				37,739,153
Receivable for:
Dividends			1,100,867				3,654,836				1,915,484
Securities lending			7,082				17,101				3,257
Investments sold			12,697,205				-				-
Fund shares sold			1,649,885				-				6,414,277
Total assets			2,371,966,533				3,895,169,327				2,184,590,115
Liabilities:
Due to custodian			400,205				21,163				715,353
Payable for:
Investments purchased			1,650,430				-				6,418,447
Collateral upon return of securities loaned			74,152,585				120,783,108				37,734,810
Fund shares repurchased			12,696,947				-				-
Accrued unitary management fees			730,034				1,124,058				379,619
Total liabilities			89,630,201				121,928,329				45,248,229
Net Assets		$	2,282,336,332			$	3,773,240,998			$	2,139,341,886
Net assets consist of:
Shares of beneficial interest		$	2,817,678,329			$	4,119,996,825			$	1,780,995,551
Distributable earnings (loss)			(535,341,997	)			(346,755,827	)			358,346,335
Net Assets		$	2,282,336,332			$	3,773,240,998			$	2,139,341,886
Shares outstanding (unlimited amount authorized, $0.01 par value)			14,380,299				46,232,836				6,810,785
Net asset value		$	158.71			$	81.61			$	314.11
Market price		$	158.73			$	81.60			$	313.84
Unaffiliated investments in securities, at cost		$	2,445,343,868			$	3,691,353,574			$	1,718,451,000
Affiliated investments in securities, at cost		$	74,152,585			$	167,163,847			$	37,734,810
(a) Includes securities on loan with an aggregate value of:		$	67,747,130			$	115,283,830			$	35,726,768

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)
$	283,657,845		$	140,021,550		$	109,116,736		$	285,061,795
	68,626,458			25,139,989			36,925,796			57,237,533
	207,670			101,843			15,914			143,761
	14,545			2,764			3,610			5,647
	-			-			-			-
	-			-			1,240,496			-
	352,506,518			165,266,146			147,302,552			342,448,736
	60,789			7,124			-			-
	-			-			1,239,554			-
	68,625,145			25,049,022			36,867,485			56,645,487
	-			-			-			-
	86,597			42,040			34,037			85,504
	68,772,531			25,098,186			38,141,076			56,730,991
$	283,733,987		$	140,167,960		$	109,161,476		$	285,717,745
$	514,673,449		$	210,336,891		$	242,954,396		$	438,573,631
	(230,939,462	)		(70,168,931	)		(133,792,920	)		(152,855,886	)
$	283,733,987		$	140,167,960		$	109,161,476		$	285,717,745
	1,520,021			1,560,499			880,004			3,120,040
$	186.66		$	89.82		$	124.05		$	91.58
$	186.49		$	89.63		$	123.88		$	91.61
$	303,477,174		$	150,252,894		$	132,456,681		$	294,112,253
$	68,625,145		$	25,138,337		$	36,924,413		$	57,498,218
$	65,277,493		$	23,810,750		$	34,589,761		$	53,453,213

37

Statements of Operations

For the year ended April 30, 2022

	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	$	12,228,814		$	71,412,033		$	26,647,190
Affiliated dividend income		201			1,119,003			603
Securities lending income		59,701			118,610			20,172
Foreign withholding tax		-			-			-
Total investment income		12,288,716			72,649,646			26,667,965
Expenses:
Unitary management fees		10,561,614			10,629,175			4,367,232
Other expenses		-			426			-
Total expenses		10,561,614			10,629,601			4,367,232
Less: Waivers		(30	)		(108	)		(66	)
Net expenses		10,561,584			10,629,493			4,367,166
Net investment income		1,727,132			62,020,153			22,300,799
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(22,998,459	)		(63,584,567	)		(8,829,917	)
Affiliated investment securities		(28,204	)		(3,463,368	)		(11,038	)
Unaffiliated in-kind redemptions		515,879,805			359,949,370			196,049,344
Affiliated in-kind redemptions		-			4,952,819			-
Net realized gain		492,853,142			297,854,254			187,208,389
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(765,705,843	)		(224,898,754	)		(231,472,080	)
Affiliated investment securities		7,531			(18,727,842	)		4,343
Change in net unrealized appreciation (depreciation)		(765,698,312	)		(243,626,596	)		(231,467,737	)
Net realized and unrealized gain (loss)		(272,845,170	)		54,227,658			(44,259,348	)
Net increase (decrease) in net assets resulting from operations	$	(271,118,038	)	$	116,247,811		$	(21,958,549	)

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)
	$	1,749,966			$	3,567,446			$	963,989			$	4,000,233
		164				64				34				49,259
		74,039				16,199				84,153				41,499
		-				-				(1,052	)			(4,219	)
		1,824,169				3,583,709				1,047,124				4,086,772
		1,313,561				569,453				471,879				1,099,247
		-				-				-				-
		1,313,561				569,453				471,879				1,099,247
		(4	)			(7	)			(5	)			(8	)
		1,313,557				569,446				471,874				1,099,239
		510,612				3,014,263				575,250				2,987,533
		(11,746,652	)			(4,223,281	)			(4,232,480	)			(7,548,106	)
		(11,559	)			(6,369	)			(10,094	)			(15,442	)
		55,112,732				25,360,678				27,326,970				64,575,149
		-				-				-				(1,844	)
		43,354,521				21,131,028				23,084,396				57,009,757
		(113,801,474	)			(32,406,220	)			(53,378,633	)			(50,884,420	)
		1,313				1,652				1,383				(260,685	)
		(113,800,161	)			(32,404,568	)			(53,377,250	)			(51,145,105	)
		(70,445,640	)			(11,273,540	)			(30,292,854	)			5,864,652
	$	(69,935,028	)		$	(8,259,277	)		$	(29,717,604	)		$	8,852,185

39

Statements of Changes in Net Assets

For the years ended April 30, 2022 and 2021

	Invesco S&P 500® Pure Growth ETF (RPG)						Invesco S&P 500® Pure Value ETF (RPV)
	2022			2021			2022			2021
Operations:
Net investment income	$	1,727,132		$	5,923,715		$	62,020,153		$	21,377,264
Net realized gain		492,853,142			339,923,200			297,854,254			1,522,849
Change in net unrealized appreciation (depreciation)		(765,698,312	)		643,823,132			(243,626,596	)		516,940,386
Net increase (decrease) in net assets resulting from operations		(271,118,038	)		989,670,047			116,247,811			539,840,499
Distributions to Shareholders from:
Distributable earnings		(119,825	)		(8,103,553	)		(51,458,072	)		(22,328,116	)
Shareholder Transactions:
Proceeds from shares sold		1,901,217,760			1,094,025,663			3,495,329,984			1,540,688,142
Value of shares repurchased		(1,998,029,879	)		(1,620,306,685	)		(2,025,732,789	)		(315,891,971	)
Net increase (decrease) in net assets resulting from share transactions		(96,812,119	)		(526,281,022	)		1,469,597,195			1,224,796,171
Net increase (decrease) in net assets		(368,049,982	)		455,285,472			1,534,386,934			1,742,308,554
Net assets:
Beginning of year		2,650,386,314			2,195,100,842			2,238,854,064			496,545,510
End of year	$	2,282,336,332		$	2,650,386,314		$	3,773,240,998		$	2,238,854,064
Changes in Shares Outstanding:
Shares sold		9,250,000			7,020,000			43,130,000			23,420,000
Shares repurchased		(10,220,000	)		(10,470,000	)		(26,030,000	)		(5,140,000	)
Shares outstanding, beginning of year		15,350,299			18,800,299			29,132,836			10,852,836
Shares outstanding, end of year		14,380,299			15,350,299			46,232,836			29,132,836

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)
2022			2021			2022			2021
$	22,300,799		$	21,652,115		$	510,612		$	27,076
	187,208,389			110,375,037			43,354,521			63,304,051
	(231,467,737	)		421,915,124			(113,800,161	)		124,557,720
	(21,958,549	)		553,942,276			(69,935,028	)		187,888,847
	(22,288,877	)		(20,757,071	)		(290,367	)		(633,740	)
	722,727,072			372,960,417			137,069,734			165,857,673
	(351,981,215	)		(216,049,793	)		(187,101,780	)		(219,728,451	)
	370,745,857			156,910,624			(50,032,046	)		(53,870,778	)
	326,498,431			690,095,829			(120,257,441	)		133,384,329
	1,812,843,455			1,122,747,626			403,991,428			270,607,099
$	2,139,341,886		$	1,812,843,455		$	283,733,987		$	403,991,428
	2,080,000			1,510,000			610,000			870,000
	(1,050,000	)		(780,000	)		(860,000	)		(1,150,000	)
	5,780,785			5,050,785			1,770,021			2,050,021
	6,810,785			5,780,785			1,520,021			1,770,021

41

Statements of Changes in Net Assets–(continued)

For the years ended April 30, 2022 and 2021

	Invesco S&P MidCap 400® Pure Value ETF (RFV)								Invesco S&P SmallCap 600® Pure Growth ETF (RZG)
	2022				2021				2022				2021
Operations:
Net investment income		$	3,014,263			$	827,152			$	575,250			$	462,214
Net realized gain			21,131,028				3,638,552				23,084,396				6,712,698
Change in net unrealized appreciation (depreciation)			(32,404,568	)			48,017,993				(53,377,250	)			59,896,509
Net increase (decrease) in net assets resulting from operations			(8,259,277	)			52,483,697				(29,717,604	)			67,071,421
Distributions to Shareholders from:
Distributable earnings			(2,774,070	)			(1,217,459	)			(432,797	)			(477,180	)
Shareholder Transactions:
Proceeds from shares sold			134,036,525				102,432,486				129,783,035				14,013,999
Value of shares repurchased			(146,614,490	)			(46,091,777	)			(128,659,135	)			(39,027,883	)
Net increase (decrease) in net assets resulting from share transactions			(12,577,965	)			56,340,709				1,123,900				(25,013,884	)
Net increase (decrease) in net assets			(23,611,312	)			107,606,947				(29,026,501	)			41,580,357
Net assets:
Beginning of year			163,779,272				56,172,325				138,187,977				96,607,620
End of year		$	140,167,960			$	163,779,272			$	109,161,476			$	138,187,977
Changes in Shares Outstanding:
Shares sold			1,390,000				1,240,000				900,000				100,000
Shares repurchased			(1,580,000	)			(690,000	)			(890,000	)			(330,000	)
Shares outstanding, beginning of year			1,750,499				1,200,499				870,004				1,100,004
Shares outstanding, end of year			1,560,499				1,750,499				880,004				870,004

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)
2022				2021
	$	2,987,533			$	1,385,706
		57,009,757				5,245,793
		(51,145,105	)			95,982,093
		8,852,185				102,613,592
		(2,916,498	)			(1,364,203	)
		194,344,627				269,839,422
		(252,069,646	)			(115,423,970	)
		(57,725,019	)			154,415,452
		(51,789,332	)			255,664,841
		337,507,077				81,842,236
	$	285,717,745			$	337,507,077
		2,030,000				3,550,000
		(2,710,000	)			(1,650,000	)
		3,800,040				1,900,040
		3,120,040				3,800,040

43

Financial Highlights

Invesco S&P 500^® Pure Growth ETF (RPG)

	Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of year		$	172.66			$	116.76			$	119.17			$	109.10			$	103.50			$	82.11
Net investment income(a)			0.11				0.34				1.00				0.60				0.25				0.47
Net realized and unrealized gain (loss) on investments			(14.05	)			56.02				(2.28	)			10.04				5.55				21.52
Total from investment operations			(13.94	)			56.36				(1.28	)			10.64				5.80				21.99
Distributions to shareholders from:
Net investment income			(0.01	)			(0.46	)			(1.13	)			(0.57	)			(0.20	)			(0.60	)
Net asset value at end of year		$	158.71			$	172.66			$	116.76			$	119.17			$	109.10			$	103.50
Market price at end of year(b)		$	158.73			$	172.70			$	116.76			$	119.19			$	109.20
Net Asset Value Total Return(c)			(8.08	)%			48.37	%			(1.02	)%			9.79	%			5.61	%			26.87	%
Market Price Total Return(c)			(8.10	)%			48.40	%			(1.03	)%			9.71	%			5.71	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	2,282,336			$	2,650,386			$	2,195,101			$	2,842,159			$	2,345,747			$	2,214,956
Ratio to average net assets of:
Expenses			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%(d)			0.35	%
Net investment income			0.06	%			0.23	%			0.84	%			0.53	%			0.47	%(d)			0.52	%
Portfolio turnover rate(e)			45	%			56	%			73	%			64	%			52	%			58	%

^(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,																Six Months Ended April 30,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of year		$	76.85			$	45.75			$	66.34			$	66.33			$	62.43			$	52.33
Net investment income(a)			1.64				1.31				1.65				1.49				0.63				1.11
Net realized and unrealized gain (loss) on investments			4.51				31.03				(20.59	)			(0.01	)			3.84				10.05
Total from investment operations			6.15				32.34				(18.94	)			1.48				4.47				11.16
Distributions to shareholders from:
Net investment income			(1.39	)			(1.24	)			(1.65	)			(1.47	)			(0.57	)			(1.06	)
Net asset value at end of year		$	81.61			$	76.85			$	45.75			$	66.34			$	66.33			$	62.43
Market price at end of year(b)		$	81.60			$	76.88			$	45.86			$	66.36			$	66.38
Net Asset Value Total Return(c)			8.13	%			71.67	%			(28.82	)%			2.37	%			7.17	%			21.44	%
Market Price Total Return(c)			8.06	%			71.32	%			(28.67	)%			2.33	%			7.25	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	3,773,241			$	2,238,854			$	496,546			$	928,883			$	882,392			$	830,507
Ratio to average net assets of:
Expenses			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%(d)			0.35	%
Net investment income			2.04	%			2.16	%			2.64	%			2.29	%			1.94	%(d)			1.89	%
Portfolio turnover rate(e)			32	%			46	%			46	%			37	%			35	%			46	%

^(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.

Invesco S&P 500^® Top 50 ETF (XLG)

	Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of year		$	313.60			$	222.29			$	212.34			$	187.22			$	183.08			$	150.05
Net investment income(a)			3.48				3.66				3.70				3.72				1.71				3.35
Net realized and unrealized gain on investments			0.53				91.14				9.96				25.18				4.18				32.95
Total from investment operations			4.01				94.80				13.66				28.90				5.89				36.30
Distributions to shareholders from:
Net investment income			(3.50	)			(3.49	)			(3.71	)			(3.78	)			(1.75	)			(3.27	)
Net asset value at end of year		$	314.11			$	313.60			$	222.29			$	212.34			$	187.22			$	183.08
Market price at end of year(b)		$	313.84			$	313.62			$	222.49			$	212.32			$	187.43
Net Asset Value Total Return(c)			1.21	%			42.97	%			6.61	%			15.64	%			3.20	%			24.40	%
Market Price Total Return(c)			1.12	%			42.85	%			6.73	%			15.50	%			3.20	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	2,139,342			$	1,812,843			$	1,122,748			$	838,904			$	683,491			$	686,711
Ratio to average net assets of:
Expenses			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%(d)			0.20	%
Net investment income			1.02	%			1.36	%			1.71	%			1.89	%			1.81	%(d)			2.00	%
Portfolio turnover rate(e)			5	%			5	%			8	%			8	%			1	%			4	%

^(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 MidCap 400^® Pure Growth ETF (RFG)

	Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of year		$	228.24			$	132.00			$	151.86			$	154.65			$	150.04			$	119.22
Net investment income(a)			0.30				0.01				0.95				1.07				0.22				0.90
Net realized and unrealized gain (loss) on investments			(41.69	)			96.56				(19.90	)			(2.69	)			4.77				30.73
Total from investment operations			(41.39	)			96.57				(18.95	)			(1.62	)			4.99				31.63
Distributions to shareholders from:
Net investment income			(0.19	)			(0.33	)			(0.91	)			(1.17	)			(0.38	)			(0.81	)
Net asset value at end of year		$	186.66			$	228.24			$	132.00			$	151.86			$	154.65			$	150.04
Market price at end of year(b)		$	186.49			$	228.23			$	132.20			$	151.97			$	154.80
Net Asset Value Total Return(c)			(18.15	)%			73.26	%			(12.46	)%			(1.05	)%			3.32	%			26.59	%
Market Price Total Return(c)			(18.21	)%			72.95	%			(12.39	)%			(1.07	)%			3.45	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	283,734			$	403,991			$	270,607			$	493,563			$	595,412			$	585,170
Ratio to average net assets of:
Expenses			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%(d)			0.35	%
Net investment income			0.14	%			0.01	%			0.66	%			0.69	%			0.29	%(d)			0.66	%
Portfolio turnover rate(e)			83	%			73	%			94	%			86	%			70	%			81	%

^(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.

Invesco S&P MidCap 400^® Pure Value ETF (RFV)

	Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of year		$	93.56			$	46.79			$	69.61			$	65.71			$	65.44			$	53.46
Net investment income(a)			1.75				0.72				1.41				0.81				0.49				0.75
Net realized and unrealized gain (loss) on investments			(3.84	)			47.07				(22.86	)			3.90				0.21				12.01
Total from investment operations			(2.09	)			47.79				(21.45	)			4.71				0.70				12.76
Distributions to shareholders from:
Net investment income			(1.65	)			(1.02	)			(1.37	)			(0.81	)			(0.43	)			(0.78	)
Net asset value at end of year		$	89.82			$	93.56			$	46.79			$	69.61			$	65.71			$	65.44
Market price at end of year(b)		$	89.63			$	93.64			$	46.86			$	69.69			$	65.78
Net Asset Value Total Return(c)			(2.28	)%			103.18	%			(30.96	)%			7.25	%			1.05	%			23.93	%
Market Price Total Return(c)			(2.56	)%			103.05	%			(30.94	)%			7.25	%			1.19	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	140,168			$	163,779			$	56,172			$	142,737			$	101,890			$	108,015
Ratio to average net assets of:
Expenses			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%(d)			0.35	%
Net investment income			1.85	%			1.07	%			2.25	%			1.20	%			1.47	%(d)			1.21	%
Portfolio turnover rate(e)			47	%			65	%			61	%			57	%			44	%			76	%

^(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 SmallCap 600^® Pure Growth ETF (RZG)

	Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of year		$	158.84			$	87.82			$	115.59			$	114.43			$	111.12			$	82.65
Net investment income(a)			0.67				0.47				0.74				0.32				0.36				0.46
Net realized and unrealized gain (loss) on investments			(34.95	)			71.04				(27.63	)			1.32				3.33				28.43
Total from investment operations			(34.28	)			71.51				(26.89	)			1.64				3.69				28.89
Distributions to shareholders from:
Net investment income			(0.51	)			(0.49	)			(0.88	)			(0.48	)			(0.38	)			(0.42	)
Net asset value at end of year		$	124.05			$	158.84			$	87.82			$	115.59			$	114.43			$	111.12
Market price at end of year(b)		$	123.88			$	158.74			$	87.97			$	115.58			$	114.61				.
Net Asset Value Total Return(c)			(21.63	)%			81.63	%			(23.30	)%			1.43	%			3.32	%			35.01	%
Market Price Total Return(c)			(21.68	)%			81.22	%			(23.16	)%			1.26	%			3.36	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	109,161			$	138,188			$	96,608			$	236,954			$	263,179			$	238,904
Ratio to average net assets of:
Expenses			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%(d)			0.35	%
Net investment income			0.43	%			0.38	%			0.69	%			0.26	%			0.64	%(d)			0.45	%
Portfolio turnover rate(e)			80	%			79	%			85	%			71	%			56	%			70	%

^(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.

Invesco S&P SmallCap 600^® Pure Value ETF (RZV)

	Years Ended April 30,																Six Months Ended April 30,				Year Ended October 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of year		$	88.82			$	43.07			$	67.47			$	71.57			$	70.68			$	60.52
Net investment income(a)			0.90				0.57				0.68				0.99				0.46				0.62
Net realized and unrealized gain (loss) on investments			2.75				45.63				(24.39	)			(4.02	)			0.86				10.18
Total from investment operations			3.65				46.20				(23.71	)			(3.03	)			1.32				10.80
Distributions to shareholders from:
Net investment income			(0.89	)			(0.45	)			(0.69	)			(1.07	)			(0.43	)			(0.64	)
Net asset value at end of year		$	91.58			$	88.82			$	43.07			$	67.47			$	71.57			$	70.68
Market price at end of year(b)		$	91.61			$	88.87			$	43.14			$	67.53			$	71.64
Net Asset Value Total Return(c)			4.10	%			107.66	%			(35.31	)%			(4.27	)%			1.87	%			17.88	%
Market Price Total Return(c)			4.08	%			107.44	%			(35.27	)%			(4.28	)%			1.76	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	285,718			$	337,507			$	81,842			$	192,279			$	164,625			$	236,795
Ratio to average net assets of:
Expenses			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%(d)			0.35	%
Net investment income			0.95	%			0.86	%			1.14	%			1.38	%			1.28	%(d)			0.91	%
Portfolio turnover rate(e)			54	%			74	%			70	%			52	%			48	%			68	%

^(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, 2022

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust 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 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® 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 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 (“OTC”) 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 may be valued up to 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 debt 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. 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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

49

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 a 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 a Fund’s NAV and, accordingly, they reduce a 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.

C. 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.

D. 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.

E. 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.

F. 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 distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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.

G. 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

50

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.

H. 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. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each 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 invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) 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.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through April 30, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:

	Amount
S&P 500® Pure Growth ETF		$1,919
S&P 500® Pure Value ETF		3,648
S&P 500® Top 50 ETF		1,824
S&P MidCap 400® Pure Growth ETF		2,832
S&P MidCap 400® Pure Value ETF		649
S&P SmallCap 600® Pure Growth ETF		1,075
S&P SmallCap 600® Pure Value ETF		1,013

J. 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

51

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 Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, 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. Growth securities typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. Thus, the value of a Fund’s investments will vary and at times may be lower 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, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries 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 S&P 500^® Top 50 ETF is non-diversified, and to the extent certain Funds become 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 the Fund’s performance.

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. 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.

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Value Investing 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 than that of other types of investments.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

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 unitary management fee. 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 distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

	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%

Further, through at least August 31, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the fiscal year ended April 30, 2022, the Adviser waived fees for each Fund in the following amounts:

S&P 500® Pure Growth ETF	$	30
S&P 500® Pure Value ETF		108
S&P 500® Top 50 ETF		66
S&P MidCap 400® Pure Growth ETF		4
S&P MidCap 400® Pure Value ETF		7
S&P SmallCap 600® Pure Growth ETF		5
S&P SmallCap 600® Pure Value ETF		8

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.

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The Trust has entered into service agreements whereby BNYM, 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.

For the fiscal year ended April 30, 2022, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

S&P 500® Pure Growth ETF	$	24,852
S&P 500® Pure Value ETF		93,727
S&P 500® Top 50 ETF		1,441
S&P MidCap 400® Pure Growth ETF		23,878
S&P MidCap 400® Pure Value ETF		21,183
S&P SmallCap 600® Pure Growth ETF		12,948
S&P SmallCap 600® Pure Value ETF		22,209

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased – affiliated broker.

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, 2022, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases			Securities Sales			Net Realized Gains (Losses)*
S&P 500® Pure Growth ETF		$	1,889,453		$	8,636,901		$	(34,277	)
S&P 500® Pure Value ETF			-			2,119,215			(997,262	)
S&P MidCap 400® Pure Growth ETF			7,345,272			12,620,200			(1,833,752	)
S&P MidCap 400® Pure Value ETF			4,627,105			4,989,070			(134,425	)
S&P SmallCap 600® Pure Growth ETF			1,839,773			2,050,079			916,364
S&P SmallCap 600® Pure Value ETF			1,383,738			-			-

* Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

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, 2022. 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

54

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 Growth ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	2,282,351,377		$	-		$	-		$	2,282,351,377
Money Market Funds			-			74,160,117			-			74,160,117
Total Investments		$	2,282,351,377		$	74,160,117		$	-		$	2,356,511,494
S&P 500® Pure Value ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	3,770,482,955		$	-		$	-		$	3,770,482,955
Money Market Funds			228,618			120,785,817			-			121,014,435
Total Investments		$	3,770,711,573		$	120,785,817		$	-		$	3,891,497,390
S&P 500® Top 50 ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	2,138,517,944		$	-		$	-		$	2,138,517,944
Money Market Funds			-			37,739,153			-			37,739,153
Total Investments		$	2,138,517,944		$	37,739,153		$	-		$	2,176,257,097
S&P MidCap 400® Pure Growth ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	283,657,845		$	-		$	-		$	283,657,845
Money Market Funds			-			68,626,458			-			68,626,458
Total Investments		$	283,657,845		$	68,626,458		$	-		$	352,284,303
S&P MidCap 400® Pure Value ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	140,021,550		$	-		$	-		$	140,021,550
Money Market Funds			89,315			25,050,674			-			25,139,989
Total Investments		$	140,110,865		$	25,050,674		$	-		$	165,161,539
S&P SmallCap 600® Pure Growth ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	109,116,736					$	-		$	109,116,736
Money Market Funds			56,928			36,868,868			-			36,925,796
Total Investments		$	109,173,664		$	36,868,868		$	-		$	146,042,532
S&P SmallCap 600® Pure Value ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	285,547,431		$	-		$	-		$	285,547,431
Money Market Funds			104,095			56,647,802			-			56,751,897
Total Investments		$	285,651,526		$	56,647,802		$	-		$	342,299,328

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, 2022 and 2021:

	2022		2021
	Ordinary Income*		Ordinary Income*
S&P 500® Pure Growth ETF	$	119,825	$	8,103,553
S&P 500® Pure Value ETF		51,458,072		22,328,116
S&P 500® Top 50 ETF		22,288,877		20,757,071
S&P MidCap 400® Pure Growth ETF		290,367		633,740
S&P MidCap 400® Pure Value ETF		2,774,070		1,217,459
S&P SmallCap 600® Pure Growth ETF		432,797		477,180
S&P SmallCap 600® Pure Value ETF		2,916,498		1,364,203

* Includes short-term capital gain distributions, if any.

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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	$ 1,607,307	$(164,438,732)	$(372,510,572)	$2,817,678,329	$2,282,336,332
S&P 500® Pure Value ETF	10,562,423	30,098,635	(387,416,885)	4,119,996,825	3,773,240,998
S&P 500® Top 50 ETF	1,963,850	418,667,240	(62,284,755)	1,780,995,551	2,139,341,886
S&P MidCap 400® Pure Growth ETF	220,245	(20,122,761)	(211,036,946)	514,673,449	283,733,987
S&P MidCap 400® Pure Value ETF	240,193	(10,673,763)	(59,735,361)	210,336,891	140,167,960
S&P SmallCap 600® Pure Growth ETF	142,453	(23,790,598)	(110,144,775)	242,954,396	109,161,476
S&P SmallCap 600® Pure Value ETF	92,537	(11,203,455)	(141,744,968)	438,573,631	285,717,745

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 Funds have capital loss carryforwards as of April 30, 2022, as follows:

	No expiration
	Short-Term		Long-Term		Total*
S&P 500® Pure Growth ETF	$	243,796,702	$	128,713,870	$	372,510,572
S&P 500® Pure Value ETF		159,125,446		228,291,439		387,416,885
S&P 500® Top 50 ETF		13,746,541		48,538,214		62,284,755
S&P MidCap 400® Pure Growth ETF		142,723,401		68,313,545		211,036,946
S&P MidCap 400® Pure Value ETF		30,806,448		28,928,913		59,735,361
S&P SmallCap 600® Pure Growth ETF		79,567,603		30,577,172		110,144,775
S&P SmallCap 600® Pure Value ETF		65,546,031		76,198,937		141,744,968

* 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, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
S&P 500® Pure Growth ETF	$	1,353,862,766	$	1,330,557,204
S&P 500® Pure Value ETF		961,560,055		962,004,010
S&P 500® Top 50 ETF		111,122,937		111,571,534
S&P MidCap 400® Pure Growth ETF		311,031,694		308,912,153
S&P MidCap 400® Pure Value ETF		75,417,923		75,554,433
S&P SmallCap 600® Pure Growth ETF		108,020,419		107,122,332
S&P SmallCap 600® Pure Value ETF		168,797,276		169,256,175

For the fiscal year ended April 30, 2022, in-kind transactions associated with creations and redemptions were as follows:

	In-kind Purchases		In-kind Sales
S&P 500® Pure Growth ETF	$	1,902,925,399	$	2,021,052,344
S&P 500® Pure Value ETF		3,487,739,067		2,006,938,911
S&P 500® Top 50 ETF		722,526,337		352,075,626
S&P MidCap 400® Pure Growth ETF		137,081,049		188,522,874
S&P MidCap 400® Pure Value ETF		133,869,808		146,152,454
S&P SmallCap 600® Pure Growth ETF		129,649,522		129,183,070
S&P SmallCap 600® Pure Value ETF		194,039,832		250,896,038

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, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes 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	$	196,502,864	$	(360,941,596	)	$	(164,438,732	)	$	2,520,950,226
S&P 500® Pure Value ETF		266,032,747		(235,934,112	)		30,098,635			3,861,398,755
S&P 500® Top 50 ETF		471,614,761		(52,947,521	)		418,667,240			1,757,589,857
S&P MidCap 400® Pure Growth ETF		21,665,813		(41,788,574	)		(20,122,761	)		372,407,064
S&P MidCap 400® Pure Value ETF		6,936,064		(17,609,827	)		(10,673,763	)		175,835,302
S&P SmallCap 600® Pure Growth ETF		1,101,287		(24,891,885	)		(23,790,598	)		169,833,130
S&P SmallCap 600® Pure Value ETF		25,014,920		(36,218,375	)		(11,203,455	)		353,502,783

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, 2022, the reclassifications were as follows:

	Undistributed Net Investment Income		Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
S&P 500® Pure Growth ETF	$	-		$(515,351,880)			$515,351,880
S&P 500® Pure Value ETF		342		(363,850,004	)		363,849,662
S&P 500® Top 50 ETF		1		(195,777,080	)		195,777,079
S&P MidCap 400® Pure Growth ETF		-		(54,427,532	)		54,427,532
S&P MidCap 400® Pure Value ETF		-		(25,017,224	)		25,017,224
S&P SmallCap 600® Pure Growth ETF		-		(27,068,136	)		27,068,136
S&P SmallCap 600® Pure Value ETF		-		(63,624,679	)		63,624,679

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 consisting of a specified number of Shares as set forth in each Fund’s prospectus. 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 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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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, 2022, the related statements of operations for the year ended April 30, 2022, the statements of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the four years in the period ended April 30, 2022 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, 2022, 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, 2022, and each of the financial highlights for each of the four years in the period ended April 30, 2022 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 and financial highlights of the Predecessor Funds listed in the table above as of and for the year ended 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, 2022 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 23, 2022

58

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.

59

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, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). 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, 2021 through April 30, 2022.

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, 2021		Ending Account Value April 30, 2022		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		$   749.30		0.35%		$1.52
Hypothetical (5% return before expenses)		1,000.00		1,023.06		0.35		1.76
Invesco S&P 500® Pure Value ETF (RPV)
Actual		1,000.00		1,039.50		0.35		1.77
Hypothetical (5% return before expenses)		1,000.00		1,023.06		0.35		1.76
Invesco S&P 500® Top 50 ETF (XLG)
Actual		1,000.00		883.90		0.20		0.93
Hypothetical (5% return before expenses)		1,000.00		1,023.80		0.20		1.00
Invesco S&P MidCap 400® Pure Growth ETF (RFG)
Actual		1,000.00		779.50		0.35		1.54
Hypothetical (5% return before expenses)		1,000.00		1,023.06		0.35		1.76
Invesco S&P MidCap 400® Pure Value ETF (RFV)
Actual		1,000.00		967.80		0.35		1.71
Hypothetical (5% return before expenses)		1,000.00		1,023.06		0.35		1.76

60

Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value November 1, 2021		Ending Account Value April 30, 2022		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco S&P SmallCap 600® Pure Growth ETF (RZG)
Actual		$1,000.00		$   738.70		0.35	%		$1.51
Hypothetical (5% return before expenses)		1,000.00		1,023.06		0.35			1.76
Invesco S&P SmallCap 600® Pure Value ETF (RZV)
Actual		1,000.00		953.10		0.35			1.69
Hypothetical (5% return before expenses)		1,000.00		1,023.06		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, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

61

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, 2022:

	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*
Invesco S&P 500® Pure Growth ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P 500® Pure Value ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P 500® Top 50 ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P MidCap 400® Pure Growth ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P MidCap 400® Pure Value ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P SmallCap 600® Pure Growth ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P SmallCap 600® Pure Value ETF		0	%		100	%		100	%		0	%		0	%

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

62

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:

As of April 30, 2022

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 the 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 Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair 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).	224	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, 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.	224	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.

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 the 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, First Eagle Alternative Credit LLC (2020-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, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chair of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	224	Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

* 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)

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 the 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).	224	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, Mather LifeWays (2001-2021); 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.

65

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 the 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	Chair of the Audit Committee and Trustee	Chair of the Audit Committee since 2008; Trustee since 2006	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); 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).	224	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; 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	Chair of the Investment Oversight Committee and Trustee	Chair 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).	224	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

* 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 the 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.	224	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); 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.

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 the 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.	224	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	Chair of the Board and Trustee	Chair since 2012; Trustee since 2006	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair 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); Chair, 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).	224	Director, Penfield Children’s Center (2004-Present); Board Chair, 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.

68

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 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 the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515	Trustee, President and Principal Executive Officer	Trustee since 2022, President and Principal Executive Officer since 2020	President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), 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; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, 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 (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).	224	None

* This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until 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 Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2020	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, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	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 and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; 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); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, 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 (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

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

70

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 the Past 5 Years
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).
Michael McMaster–1962 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Chief Tax Officer	Since 2020	Vice President and Head of Global Fund Services Tax, Invesco Advisers, Inc. (2020-Present); Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds (2020-Present); Assistant Treasurer, Invesco Capital Management LLC (2020-Present); Chief Tax Officer and Assistant 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 (2020-Present); Assistant Treasurer, Invesco Specialized Products, LLC (2020-Present); formerly, Senior Vice President, Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) (2007-2020).
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	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); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-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, Treasurer (2008-2020), 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.; Treasurer, 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.; Vice President, Invesco Advisers, Inc. (2009-2020).
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).

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

71

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 the Past 5 Years
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).

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

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.

72

Approval of Investment Advisory Contracts

At a meeting held on April 6, 2022, 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 collectively, 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 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, 2021, 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 (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 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. The Trustees 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 advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

73

Approval of Investment Advisory Contracts–(continued)

● 0.07% of the Fund’s average daily net assets for Invesco Dow Jones Industrial Average Dividend 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;

● 0.35% 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;

● 0.49% of the Fund’s average daily net assets for Invesco S&P 500 BuyWrite ETF;

● 0.60% of the Fund’s average daily net assets for Invesco NASDAQ Internet ETF;

● 0.75% of the Fund’s average daily net assets for Invesco Raymond James SB-1 Equity 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. (“Lipper”) databases on the net expense ratios of comparable 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		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
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

74

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 fee 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 products that have 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 of 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, advisory fees for money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s unitary 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.

75

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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.

©2022 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, 2022
	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

Table of Contents

The Market Environment	3
Management’s Discussion of Fund Performance	4
Liquidity Risk Management Program	33
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	82
Fund Expenses	83
Tax Information	85
Trustees and Officers	86
Approval of Investment Advisory Contracts	96

2

The Market Environment

Domestic Equity

The US stock market hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the US gross domestic product (GDP) grew at a 6.4% annualized rate for the first quarter of 2021.¹ Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July 2021 despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing monthly from June through September,² the US Federal Reserve (the Fed) declined to raise interest rates at its September Federal Open Market Committee meeting. The US stock market saw continued volatility in August 2021 and a selloff through most of September due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs.

Equity markets were volatile in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil (West Texas Intermediate) rose to nearly $85 per barrel in October,³ causing higher gas prices for consumers and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the last 12 months, the highest since 1982.² To combat inflation, the Fed announced a faster pace of tapering at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.³ The CPI rose by 7.9% for the 12 months ended February 28, 2022, the largest 12-month increase since 1982.² To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March, with several more rate increases expected in 2022. As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix reported slowing growth and profits, equity markets sold off for much of the month of April 2022. In this environment, US stocks had flat

returns for the fiscal year ended April 30, 2022, of 0.21%, as measured by the S&P 500 Index.⁴

¹  Source: US Bureau of Economic Analysis

²  Source: US Bureau of Labor Statistics

³  Source: Bloomberg L.P.

⁴  Source: Lipper Inc.

Global Equity

At the beginning of the fiscal year, global equity markets were bolstered by the acceleration of vaccination rollouts and easing of COVID-19-related restrictions in most developed markets, with growth stocks outperforming value stocks in most regions.

Developed global equity markets ended the second half of 2021 in positive territory despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the fiscal year, resulting in higher costs for companies and consumers. Emerging market equities declined during the fiscal year, primarily due to weak performance of Chinese equities, which were affected by significant regulatory changes in the private tutoring industry, increased regulation in the technology sector, the potential default of a large Chinese property developer (which did, in fact, default later in 2021) and COVID-19 concerns.

Global equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply and value stocks outperforming growth stocks.

At the end of the fiscal year, global equity markets continued their decline, as they were impacted by the war in Ukraine, COVID-19 lockdowns in China and the increase of interest rates in the US to combat inflation. For the overall fiscal year, most regions were in negative territory, but developed market equities outperformed emerging market equities.

3

PYZ	Management’s Discussion of Fund Performance
	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 basic materials 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^TM. “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, 2022, on a market price basis, the Fund returned 7.70%. On a net asset value (“NAV”) basis, the Fund returned 7.61%. During the same time period, the Index returned 8.28%. 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^® Materials Index (the “Benchmark Index”) returned 4.36%. 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 aluminum sub-industries and most underweight in the industrial gases and paper packaging sub-industries during the fiscal year ended April 30, 2022. 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 the steel sub-industry, and the overweight allocation to and stock selection within the fertilizers and agricultural chemicals sub-industry.

For the fiscal year ended April 30, 2022, the steel sub-industry contributed most significantly to the Fund’s return, followed by the fertilizers and agricultural chemicals sub-industry. Specialty chemicals and paper packaging were the largest detractors.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Alcoa Corp., an aluminum company (portfolio average weight of 4.10%), and Mosaic Co. (The), a fertilizers and agricultural chemicals company (portfolio average weight of 3.70%). Positions that detracted most significantly from the Fund’s return during this period included Allegheny Technologies, Inc., a steel company (portfolio average weight of 1.70%), and Danimer Scientific, Inc., Class A, a specialty chemicals company (portfolio average weight of 0.44%).

4

Invesco DWA Basic Materials Momentum ETF (PYZ) (continued)

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Steel	34.91
Fertilizers & Agricultural Chemicals	18.91
Commodity Chemicals	14.23
Specialty Chemicals	10.65
Forest Products	3.91
Gold	3.44
Aluminum	3.37
Diversified Metals & Mining	2.88
Diversified Chemicals	2.86
Copper	2.70
Oil & Gas Refining & Marketing	2.09
Money Market Funds Plus Other Assets Less Liabilities	0.05

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Nucor Corp.	4.59
FMC Corp.	4.39
Reliance Steel & Aluminum Co.	4.02
Louisiana-Pacific Corp.	3.91
Intrepid Potash, Inc.	3.76
Westlake Corp.	3.73
Mosaic Co. (The)	3.70
Cleveland-Cliffs, Inc.	3.58
CF Industries Holdings, Inc.	3.58
Celanese Corp.	3.58
Total	38.84

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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		8.28	%		16.99	%		60.14	%		10.21	%		62.60	%		11.11	%		186.73	%		10.76	%		389.76	%
S&P 500® Materials Index		4.36			16.42			57.79			12.16			77.52			11.06			185.39			8.83			272.86
Fund
NAV Return		7.61			16.22			56.98			9.49			57.35			10.37			168.27			9.91			334.59
Market Price Return		7.70			16.26			57.16			9.51			57.51			10.39			168.80			9.92			335.20

5

Invesco DWA Basic Materials Momentum ETF (PYZ) (continued)

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, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.82% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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—Dorsey Wright^® Basic Materials Technical Leaders^TM 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, 2022.

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

6

PEZ	Management’s Discussion of Fund Performance
	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^TM. “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, 2022, on a market price basis, the Fund returned (20.90)%. On a net asset value (“NAV”) basis,

the Fund returned (21.10)%. During the same time period, the Index returned (20.58)%. 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, which were 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 (10.82)%. 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 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 specialty stores sub-industry and most underweight in the internet & direct marketing retail sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s underweight in automobile manufacturers sub-industry and overweight in the homebuilding sub-industry.

For the fiscal year ended April 30, 2022, the department stores retail sub-industry contributed most significantly to the Fund’s return followed by the education services sub-industry. The home building sub-industry detracted most significantly from the Fund’s return, followed by the apparel retail and movies and entertainment sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Dillard’s Inc., Class A, a department store company (portfolio average weight of 2.02%), and Houghton Mifflin Harcourt Co., an education services company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included AMC Entertainment Holdings, Inc., Class A, a movies and entertainment company (no longer held at fiscal year-end), and Cable One Inc., a cable & satellite 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, 2022
Automotive Retail	11.91
Hotels, Resorts & Cruise Lines	11.06
Specialty Stores	10.03
Hypermarkets & Super Centers	7.11
Casinos & Gaming	6.85
Home Improvement Retail	6.38
Leisure Facilities	6.35
Department Stores	6.16
Broadcasting	5.37
Distributors	4.08
Apparel Retail	3.77
Movies & Entertainment	3.66
Homebuilding	3.15
Sub-Industry Types Each Less than 3%	14.22
Money Market Funds Plus Other Assets Less Liabilities	(0.10	)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Dillard’s, Inc., Class A	6.16
O’Reilly Automotive, Inc.	5.41
SeaWorld Entertainment, Inc.	4.78
Signet Jewelers Ltd.	4.74
Costco Wholesale Corp.	4.04
Home Depot, Inc. (The)	3.42
BJ’s Wholesale Club Holdings, Inc.	3.07
Lowe’s Cos., Inc.	2.96
Wyndham Hotels & Resorts, Inc.	2.94
Tractor Supply Co.	2.86
Total	40.38

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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		(20.58	)%		8.25	%		26.84	%		10.56	%		65.22	%		10.10	%		161.71	%		7.98	%		230.04	%
S&P 500® Consumer Discretionary Index		(10.82	)		11.14			37.29			13.39			87.47			14.94			302.44			11.56			448.25
Fund
NAV Return		(21.10	)		7.69			24.90			10.05			61.38			9.47			147.20			7.37			202.09
Market Price Return		(20.90	)		7.76			25.13			10.08			61.66			9.50			147.76			7.38			202.79

8

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) (continued)

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, 2024. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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—Dorsey Wright^® Consumer Cyclicals Technical Leaders^TM 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, 2022.

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

9

PSL	Management’s Discussion of Fund Performance
	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 staples 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^TM. “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, 2022, on a market price basis, the Fund returned (9.41)%. On a net asset value (“NAV”) basis, the Fund returned (9.27)%. During the same time period, the

Index returned (9.01)%. 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 Staples Index (the “Benchmark Index”) returned 16.50%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 32 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 personal products sub-industry and most underweight in the hypermarkets & super centers sub-industry during the fiscal year ended April 30, 2022. 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 soft drinks sub-industry and the overweight allocation to and security selection in the personal products sub-industry.

For the fiscal year ended April 30, 2022, the agricultural products sub-industry contributed most significantly to the Fund’s return, followed by the household products and food retail sub-industries, respectively. The personal products sub-industry detracted most significantly from the Fund’s return, followed by the education services and soft drinks sub-industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Kroger Co. (The), a food retail company (portfolio average weight of 2.89), and Bunge Ltd., an agricultural products company (portfolio average weight of 3.22%). Positions that detracted most significantly from the Fund’s return during this period included Chegg Inc., an education services company (portfolio average weight of 0.73), and Celsius Holdings, Inc., a soft drinks company (portfolio average weight of 1.96).

10

Invesco DWA Consumer Staples Momentum ETF (PSL) (continued)

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Packaged Foods & Meats	16.58
Food Retail	12.99
Food Distributors	12.06
Soft Drinks	11.23
Household Products	9.16
Agricultural Products	7.15
Specialized Consumer Services	7.12
Distillers & Vintners	6.62
Personal Products	5.57
Include in Sub-Industry Types Each Less than 3%	11.52
Money Market Funds Plus Other Assets Less Liabilities	0.00

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Procter & Gamble Co. (The)	3.73
Keurig Dr Pepper, Inc.	3.70
Archer-Daniels-Midland Co.	3.65
Church & Dwight Co., Inc.	3.60
Bunge Ltd.	3.50
Hershey Co. (The)	3.34
Performance Food Group Co.	3.31
PepsiCo, Inc.	3.28
Estee Lauder Cos., Inc. (The), Class A	3.14
Tyson Foods, Inc., Class A	3.09
Total	34.34

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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		(9.01	)%		6.67	%		21.37	%		8.73	%		51.97	%		11.92	%		208.24	%		10.19	%		352.16	%
S&P 500® Consumer Staples Index		16.50			14.02			48.23			10.50			64.71			11.77			204.32			10.64			381.78
Fund
NAV Return		(9.27	)		6.16			19.64			8.16			48.03			11.27			190.87			9.50			310.30
Market Price Return		(9.41	)		6.14			19.57			8.14			47.89			11.26			190.72			9.49			309.84

11

Invesco DWA Consumer Staples Momentum ETF (PSL) (continued)

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, 2024. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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—Dorsey Wright^® Consumer Staples Technical Leaders^TM 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, 2022.

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

12

PXI	Management’s Discussion of Fund Performance
	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 energy 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^TM. “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, 2022, on a market price basis, the Fund returned 72.89%. On a net asset value (“NAV”) basis, the Fund returned 72.99%. During the same time period, the

Index returned 73.90%. 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, the effect of which was compounded during a time period of high returns.

During this same time period, the S&P 500^® Energy Index (the “Benchmark Index”) returned 60.82%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 21 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, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to an overweight allocation to and security selection in the oil & gas exploration & production sub-industry and an overweight allocation to the oil and gas drilling sub-industry.

For the fiscal year ended April 30, 2022, the oil & gas exploration & production sub-industry contributed most significantly to the Fund’s return. The semiconductors 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, 2022, included Antero Resources Corp., an oil & gas exploration & production company (portfolio average weight of 3.52%), and Ovintiv Inc., an oil & gas exploration & production company (portfolio average weight of 4.56%). Positions that detracted most significantly from the Fund’s return during this period included Meta Materials Inc., a semiconductors and semiconductor equipment company (no longer held at fiscal year-end), and Continental Resources, Inc., an oil & gas exploration & production company (no longer held at fiscal year-end).

13

Invesco DWA Energy Momentum ETF (PXI) (continued)

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Oil & Gas Exploration & Production	59.44
Oil & Gas Equipment & Services	11.35
Oil & Gas Storage & Transportation	8.01
Coal & Consumable Fuels	5.79
Integrated Oil & Gas	4.82
Oil & Gas Drilling	4.77
Oil & Gas Refining & Marketing	4.31
Steel	1.50
Money Market Funds Plus Other Assets Less Liabilities	0.01

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Antero Resources Corp.	4.29
Cheniere Energy, Inc.	4.24
Range Resources Corp.	4.00
Ovintiv, Inc.	3.94
Targa Resources Corp.	3.77
Matador Resources Co.	3.65
PDC Energy, Inc.	3.61
SM Energy Co.	3.42
Devon Energy Corp.	3.16
APA Corp.	3.14
Total	37.22

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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		73.90	%		12.23	%		41.35	%		5.07	%		28.08	%		2.32	%		25.83	%		4.88	%		109.75	%
S&P 500® Energy Index		60.82			10.45			34.73			7.03			40.44			4.13			49.95			5.10			116.90
Fund
NAV Return		72.99			11.66			39.20			4.51			24.67			1.72			18.64			4.26			91.45
Market Price Return		72.89			11.67			39.25			4.52			24.74			1.72			18.62			4.27			91.66

14

Invesco DWA Energy Momentum ETF (PXI) (continued)

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, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.85% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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—Dorsey Wright^® Energy Technical Leaders^TM 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, 2022.

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

15

PFI	Management’s Discussion of Fund Performance
	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 financials 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^TM. “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, 2022, on a market price basis, the Fund returned (9.85)%. On a net asset value (“NAV”) basis, the Fund returned (9.63)%. During the same time period, the

Index returned (9.07)%. 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^® Financials Index (the “Benchmark Index”) returned (3.00)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 66 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 of which market capitalization is one component, 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 regional banks sub-industry and most underweight in the diversified banks sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to an overweight allocation to and security selection in the consumer finance sub-industry and an overweight allocation to and security selection in the regional banks sub-industry.

For the fiscal year ended April 30, 2022, the asset management and custody banks sub-industry contributed most significantly to the Fund’s return, followed by the paper packaging sub-industry. The regional banks sub-industry detracted most significantly from the Fund’s return, followed by the consumer finance sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Blackstone Inc., a custody banks company (no longer held at fiscal year-end), and LendingClub Corp., a consumer finance company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Upstart Holdings, Inc., a consumer finance company (no longer held at fiscal year-end), and B. Riley Financial, Inc., an investment banking and brokerage company (portfolio average weight of 1.16%).

16

Invesco DWA Financial Momentum ETF (PFI) (continued)

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Regional Banks	14.01
Investment Banking & Brokerage	11.78
Specialized REITs	10.62
Industrial REITs	10.26
Residential REITs	10.18
Insurance Brokers	8.40
Asset Management & Custody Banks	6.54
Property & Casualty Insurance	5.20
Financial Exchanges & Data	5.13
Thrifts & Mortgage Finance	3.65
Sub-Industry Types Each Less than 3%	14.20
Money Market Funds Plus Other Assets Less Liabilities	0.03

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Sun Communities, Inc.	6.09
CubeSmart	5.54
LPL Financial Holdings, Inc.	5.36
Ameriprise Financial, Inc.	4.83
Prologis, Inc.	4.37
Rexford Industrial Realty, Inc.	3.59
Independence Realty Trust, Inc.	3.25
Nasdaq, Inc.	3.00
Marsh & McLennan Cos., Inc.	2.93
American Express Co.	2.78
Total	41.74

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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		(9.07	)%		11.11	%		37.18	%		10.47	%		64.55	%		10.88	%		180.82	%		6.08	%		150.40	%
S&P 500® Financials Index		(3.00	)		9.59			31.61			10.24			62.79			12.95			238.03			3.37			67.38
Fund
NAV Return		(9.63	)		10.45			34.73			9.80			59.59			10.15			162.89			5.33			124.12
Market Price Return		(9.85	)		10.42			34.64			9.78			59.45			10.14			162.62			5.32			123.87

17

Invesco DWA Financial Momentum ETF (PFI) (continued)

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, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.82% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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—Dorsey Wright^® Financials Technical Leaders^TM 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, 2022.

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

18

PTH	Management’s Discussion of Fund Performance
	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 healthcare 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^TM. “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 healthcare sector for inclusion in the Index. Companies in the healthcare sector are principally engaged in the business of providing healthcare-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, 2022, on a market price basis, the Fund returned (22.18)%. On a net asset value (“NAV”) basis, the Fund returned (22.24)%. During the same time period, the

Index returned (21.72)%. 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 9.16%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 65 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 healthcare 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, 2022. The majority of the Fund’s underperformance 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, 2022, the healthcare supplies sub-industry contributed most significantly to the Fund’s return. The pharmaceuticals sub-industry detracted most significantly from the Fund’s return, followed by the biotechnology and life sciences tools & services sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Moderna, Inc., a biotechnology company (no longer held at fiscal year-end), and Lantheus Holdings Inc., a healthcare supplies company (portfolio average weight of 0.62%). Positions that detracted most significantly from the Fund’s return during this period included Seelos Therapeutics, Inc., a pharmaceuticals company (no longer held at fiscal year-end), and Fulcrum Therapeutics, Inc., a pharmaceuticals company (portfolio average weight of 0.63%).

19

Invesco DWA Healthcare Momentum ETF (PTH) (continued)

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Biotechnology	17.88
Pharmaceuticals	15.04
Life Sciences Tools & Services	14.62
Health Care Facilities	13.59
Managed Health Care	13.03
Health Care Equipment	11.83
Health Care Services	6.79
Health Care Technology	4.27
Health Care Supplies	2.95
Money Market Funds Plus Other Assets Less Liabilities	0.00

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
UnitedHealth Group, Inc.	4.69
Thermo Fisher Scientific, Inc.	4.59
Danaher Corp.	4.35
Edwards Lifesciences Corp.	4.18
Anthem, Inc.	3.60
Tenet Healthcare Corp.	3.53
Eli Lilly and Co.	3.47
Zoetis, Inc.	3.39
Mettler-Toledo International, Inc.	2.98
Lantheus Holdings, Inc.	2.95
Total	37.73

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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		(21.72	)%		16.68	%		58.85	%		17.81	%		126.96	%		15.06	%		306.54	%		11.58	%		449.29	%
S&P 500® Health Care Index		9.16			15.64			54.65			13.65			89.57			15.34			316.75			11.28			427.12
Fund
NAV Return		(22.24	)		16.05			56.30			17.18			120.95			14.34			281.96			10.83			395.03
Market Price Return		(22.18	)		16.08			56.41			17.17			120.84			14.33			281.60			10.83			394.70

20

Invesco DWA Healthcare Momentum ETF (PTH) (continued)

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, 2024. 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 0.60%. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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—Dorsey Wright^® Healthcare Technical Leaders^TM 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, 2022.

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

21

PRN	Management’s Discussion of Fund Performance
	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 industrials 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^TM. “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, 2022, on a market price basis, the Fund returned (11.64)%. On a net asset value (“NAV”) basis, the Fund returned (11.56)%. During the same time period, the

Index returned (11.03)%. 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^® Industrials Index (the “Benchmark Index”) returned (5.25)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 71 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 trading companies & distributors sub-industry and most underweight in the aerospace & defense sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to stock selection and the Fund being underweight in the railroad sub-industry.

For the fiscal year ended April 30, 2022, the trading companies & distributors sub-industry contributed most significantly to the Fund’s return, followed by the trucking and aerospace & defense, respectively. The building products sub-industry detracted most significantly from the Fund’s return, followed by the industrial machinery sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Avis Budget Group, Inc., a trucking company (no longer held at fiscal year-end), and Veritiv Corp., a trading companies & distributors company (portfolio average weight of 1.18%). Positions that detracted most significantly from the Fund’s return during this period included Trex Company, Inc., a building products company (no longer held at fiscal year-end), and Sherwin-Williams Co., a specialty chemicals 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, 2022
Trading Companies & Distributors	19.31
Building Products	11.97
Railroads	9.35
Electrical Components & Equipment	8.81
Construction & Engineering	7.84
IT Consulting & Other Services	4.98
Environmental & Facilities Services	4.81
Diversified Support Services	4.80
Industrial Machinery	3.92
Research & Consulting Services	3.49
Marine	3.03
Sub-Industry Types Each Less than 3%	17.66
Money Market Funds Plus Other Assets Less Liabilities	0.03

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
AMETEK, Inc.	5.61
W.W. Grainger, Inc.	5.15
Accenture PLC, Class A	4.98
Union Pacific Corp.	4.92
Cintas Corp.	4.80
A.O. Smith Corp.	3.74
Builders FirstSource, Inc.	3.47
Quanta Services, Inc.	2.96
Deere & Co.	2.91
Carlisle Cos., Inc.	2.81
Total	41.35

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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		(11.03	)%		13.41	%		45.86	%		12.67	%		81.58	%		13.08	%		241.86	%		9.96	%		337.54	%
S&P 500® Industrials Index		(5.25	)		8.79			28.77			9.16			54.97			11.95			209.18			8.52			256.75
Fund
NAV Return		(11.56	)		12.75			43.33			11.99			76.12			12.31			219.26			9.13			289.20
Market Price Return		(11.64	)		12.69			43.10			11.95			75.85			12.30			218.91			9.12			288.70

23

Invesco DWA Industrials Momentum ETF (PRN) (continued)

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, 2024. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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—Dorsey Wright^® Industrials Technical Leaders^TM 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, 2022.

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

24

PTF	Management’s Discussion of Fund Performance
	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 technology 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^TM. “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, 2022, on a market price basis, the Fund returned (17.33)%. On a net asset value (“NAV”) basis, the Fund returned (17.37)%. During the same time period, the Index returned (16.91)%. 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^® Information Technology Index (the “Benchmark Index”) returned 1.89%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 76 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 application software sub-industry and most underweight in the technology hardware storage & peripherals sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to stock selection and the Fund being overweight in the application software sub-industry.

For the fiscal year ended April 30, 2022, the systems software sub-industry contributed most significantly to the Fund’s return, followed by the internet services & infrastructure and IT consulting & other services sub-industries, respectively. The semiconductors 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, 2022, included 3D Systems Corp., a technology hardware storage & peripherals company (no longer held at fiscal year-end) and EPam Systems, Inc., 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 Calix, Inc., a communications equipment (no longer held at fiscal year-end), and Lattice Semiconductor Corp., a semiconductors company (portfolio average weight of 3.56%).

25

Invesco DWA Technology Momentum ETF (PTF) (continued)

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Semiconductors	29.24
Technology Hardware, Storage & Peripherals	18.66
Systems Software	10.62
Semiconductor Equipment	6.35
Application Software	6.33
Technology Distributors	5.97
Data Processing & Outsourced Services	4.75
Sub-Industry Types Each Less than 3%	18.12
Money Market Funds Plus Other Assets Less Liabilities	(0.04)

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Apple, Inc.	6.49
Monolithic Power Systems, Inc.	4.71
Microsoft Corp.	3.62
Palo Alto Networks, Inc.	3.60
Lattice Semiconductor Corp.	3.56
Fortinet, Inc.	3.40
CDW Corp.	3.39
HP, Inc.	3.34
Synopsys, Inc.	3.32
ON Semiconductor Corp.	3.29
Total	38.72

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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		(16.91	)%		18.71	%		67.28	%		21.88	%		168.91	%		16.73	%		369.59	%		11.21	%		421.85	%
S&P 500® Information Technology Index		1.89			22.85			85.41			23.19			183.70			19.36			486.83			14.90			766.46
Fund
NAV Return		(17.37	)		18.02			64.40			21.17			161.21			16.00			341.25			10.49			371.74
Market Price Return		(17.33	)		17.98			64.23			21.19			161.45			16.01			341.54			10.49			371.87

26

Invesco DWA Technology Momentum ETF (PTF) (continued)

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, 2024. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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—Dorsey Wright^® Technology Technical Leaders^TM 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, 2022.

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

27

PUI	Management’s Discussion of Fund Performance
	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 utilities 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^TM. “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, 2022, on a market price basis, the Fund returned 5.20%. On a net asset value (“NAV”) basis, the Fund returned 5.11%. During the same time period, the Index returned 5.72%. 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^® Utilities Index (the “Benchmark Index”) returned 10.12%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 29 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, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund being overweight in the water utilities sub-industry and the Fund’s stock selection in the multi-utilities sub-industry.

For the fiscal year ended April 30, 2022, the electric utilities sub-industry contributed most significantly to the Fund’s return. The electrical components & equipment 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, 2022, included ONEOK, Inc., an oil & gas storage & transportation company (portfolio average weight of 3.87%), and Sempra Energy, a multi-utilities company (portfolio average weight of 3.78%). Positions that detracted most significantly from the Fund’s return during this period included Beam Global, an electrical components & equipment company (no longer held at fiscal year-end), and AES Corp. (The), an independent power producers & energy traders company (portfolio average weight of 2.51%).

28

Invesco DWA Utilities Momentum ETF (PUI) (continued)

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Electric Utilities	40.07
Multi-Utilities	26.69
Gas Utilities	9.85
Water Utilities	9.13
Oil & Gas Exploration & Production	4.71
Independent Power Producers & Energy Traders	4.47
Oil & Gas Storage & Transportation	3.30
Construction & Engineering	1.69
Money Market Funds Plus Other Assets Less Liabilities	0.09

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
EQT Corp.	4.71
Xcel Energy, Inc.	4.13
WEC Energy Group, Inc.	3.85
Duke Energy Corp.	3.76
DTE Energy Co.	3.75
Evergy, Inc.	3.67
NiSource, Inc.	3.63
American Water Works Co., Inc.	3.63
Sempra Energy	3.51
Atmos Energy Corp.	3.48
Total	38.12

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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		5.72	%		6.25	%		19.93	%		8.23	%		48.53	%		11.26	%		190.64	%		8.84	%		305.02	%
S&P 500® Utilities Index		10.12			10.24			33.97			10.28			63.13			11.07			185.78			9.21			328.70
Fund
NAV Return		5.11			5.63			17.84			7.60			44.21			10.58			173.44			8.10			261.92
Market Price Return		5.20			5.61			17.79			7.58			44.09			10.60			173.82			8.11			262.21

29

Invesco DWA Utilities Momentum ETF (PUI) (continued)

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, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.81% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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—Dorsey Wright^® Utilities Technical Leaders^TM 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, 2022.

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

30

PNQI	Management’s Discussion of Fund Performance
	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 CTA 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. (the “Index Provider”) compiles the Index, which is designed to track the performance of 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 companies whose primary business includes Internet-related services including, but not limited to, Internet software, Internet search engines, web hosting, website design or Internet retail commerce as determined by the Consumer Technology Association (CTA). 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, 2022, on a market price basis, the Fund returned (42.81)%. On a net asset value (“NAV”) basis, the Fund returned (42.68)%. During the same time period, the Index returned (42.36)%. 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, 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 (6.61)%. 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 sub-industry and most underweight in the semiconductors sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund being overweight in and its security selection in the internet & direct marketing retail sub-

industry, followed by the Fund being overweight in the movies & entertainment sub-industry.

For the fiscal year ended April 30, 2022, the advertising sub-industry contributed most significantly to the Fund’s return. The internet & direct marketing retail sub-industry detracted most significantly from the Fund’s return, followed by the movies & entertainment sub-industry.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Anaplan, Inc., an application software company (portfolio average weight of 0.28%), and Box, Inc., Class A, an application software company (portfolio average weight of 0.14%). Positions that detracted most significantly from the Fund’s return during this period included Netflix, Inc., a movies & entertainment company (portfolio average weight of 4.81%), and PayPal Holdings, Inc., a data processing & outsourced services company (portfolio average weight of 6.24%).

Sub-Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Interactive Media & Services	22.87
Internet & Direct Marketing Retail	17.84
Application Software	12.85
Movies & Entertainment	10.93
Systems Software	9.08
Hotels, Resorts & Cruise Lines	8.20
Internet Services & Infrastructure	5.44
Data Processing & Outsourced Services	3.94
Trucking	3.18
Interactive Home Entertainment	2.33
Sub-Industry Types Each Less than 3%	3.32
Money Market Funds Plus Other Assets Less Liabilities	0.02
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Meta Platforms, Inc., Class A	9.18
Microsoft Corp.	8.97
Alphabet, Inc., Class C	8.23
Amazon.com, Inc.	7.82
Walt Disney Co. (The)	7.26
Adobe, Inc.	4.09
salesforce.com, inc.	4.04
Booking Holdings, Inc.	3.95
Alibaba Group Holding Ltd., ADR	3.94
PayPal Holdings, Inc.	3.80
Total	61.28

* 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, 2022

	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 CTA Internet IndexSM		(42.36	)%		(0.02	)%		(0.05	)%		7.75	%		45.24	%		13.65	%		259.40	%		14.18	%		529.98	%
NASDAQ-100® Index		(6.61	)		19.22			69.46			19.27			141.37			18.11			428.15			15.84			670.22
Fund
NAV Return		(42.68	)		(0.59	)		(1.77	)		7.14			41.18			13.05			240.90			13.56			484.50
Market Price Return		(42.81	)		(0.62	)		(1.85	)		7.11			40.97			13.03			240.51			13.42			474.72

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 0.60% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

32

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (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 15, 2022, 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 January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during 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, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.95%
Aluminum-3.37%
Alcoa Corp.(b)		93,117	$	6,313,333
Commodity Chemicals-14.23%
AdvanSix, Inc.(b)		93,376		4,158,967
Cabot Corp.(b)		69,673		4,587,967
LyondellBasell Industries N.V., Class A		58,999		6,255,664
Valvoline, Inc.		154,034		4,656,448
Westlake Corp.		55,216		6,987,585
				26,646,631
Copper-2.70%
Freeport-McMoRan, Inc.		124,586		5,051,962
Diversified Chemicals-2.86%
Huntsman Corp.		158,326		5,362,502
Diversified Metals & Mining-2.88%
MP Materials Corp.(c)		141,925		5,398,827
Fertilizers & Agricultural Chemicals-18.91%
CF Industries Holdings, Inc.		69,245		6,704,993
Corteva, Inc.		113,126		6,526,239
FMC Corp.		62,029		8,221,324
Intrepid Potash, Inc.(c)		91,976		7,043,522
Mosaic Co. (The)		110,973		6,926,935
				35,423,013
Forest Products-3.91%
Louisiana-Pacific Corp.		113,508		7,323,536
Gold-3.44%
Newmont Corp.		88,498		6,447,079
Oil & Gas Refining & Marketing-2.09%
Alto Ingredients, Inc.(b)(c)		676,825		3,905,280
Specialty Chemicals-10.65%
Avient Corp.		110,739		5,452,788
Celanese Corp.		45,567		6,695,615
Danimer Scientific, Inc.(b)(c)		829,756		3,252,644
Element Solutions, Inc.		220,231		4,541,163
				19,942,210
Steel-34.91%
Allegheny Technologies, Inc.(b)(c)		203,053		5,518,981

	Shares		Value
Steel-(continued)
Carpenter Technology Corp.		124,057	$	4,736,496
Cleveland-Cliffs, Inc.(c)		263,437		6,715,009
Commercial Metals Co.(b)		124,570		5,107,370
Nucor Corp.(b)		55,499		8,590,135
Reliance Steel & Aluminum Co.		37,947		7,522,993
Ryerson Holding Corp.(b)		123,171		4,533,924
Steel Dynamics, Inc.		77,392		6,636,364
SunCoke Energy, Inc.		465,613		3,873,900
TimkenSteel Corp.(b)(c)		312,285		6,454,931
United States Steel Corp.		186,451		5,684,891
				65,374,994
Total Common Stocks & Other Equity Interests (Cost $177,214,774)				187,189,367
Money Market Funds-0.14%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $273,111)		273,111		273,111
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.09% (Cost $177,487,885)				187,462,478
Investments Purchased with Cash Collateral from from Securities on Loan
Money Market Funds-17.27%
Invesco Private Government Fund, 0.40%(d)(e)(f)		9,705,723		9,705,723
Invesco Private Prime Fund, 0.35%(d)(e)(f)		22,636,353		22,636,353
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $32,342,076)				32,342,076
TOTAL INVESTMENTS IN SECURITIES-117.36% (Cost $209,829,961)				219,804,554
OTHER ASSETS LESS LIABILITIES-(17.36)%				(32,516,768	)
NET ASSETS-100.00%			$	187,287,786

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation	Realized Gain (Loss)	Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	127,943		$	1,916,236		$	(1,771,068)	$-	$          -		$	273,111		$	165

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, 2022

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$	6,678,994		$	108,437,733		$	(105,411,004	)		$	-		$	-			$	9,705,723		$	3,810	*
Invesco Private Prime Fund			10,018,491			195,733,654			(183,109,057	)			-			(6,735	)			22,636,353			19,633	*
Total		$	16,825,428		$	306,087,623		$	(290,291,129	)		$	-		$	(6,735	)		$	32,615,187		$	23,608

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.10%
Apparel Retail-3.77%
Boot Barn Holdings, Inc.(b)		9,760	$	878,986
Genesco, Inc.(b)(c)		9,350		579,980
				1,458,966
Apparel, Accessories & Luxury Goods-1.20%
G-III Apparel Group Ltd.(b)(c)		17,496		463,294
Automotive Retail-11.91%
AutoZone, Inc.(b)		485		948,403
Group 1 Automotive, Inc.(c)		4,520		787,113
O’Reilly Automotive, Inc.(b)		3,452		2,093,810
Penske Automotive Group, Inc.(c)		7,452		781,119
				4,610,445
Broadcasting-5.37%
Gray Television, Inc.(c)		18,440		341,509
Nexstar Media Group, Inc., Class A		6,042		957,174
Paramount Global, Class B		26,771		779,571
				2,078,254
Casinos & Gaming-6.85%
Boyd Gaming Corp.		12,513		758,038
Churchill Downs, Inc.		2,830		574,320
Golden Entertainment, Inc.(b)		17,783		852,873
Monarch Casino & Resort, Inc.(b)(c)		6,683		468,812
				2,654,043
Department Stores-6.16%
Dillard’s, Inc., Class A		7,857		2,387,035
Distributors-4.08%
Funko, Inc., Class A(b)		33,149		539,997
LKQ Corp.		20,983		1,041,387
				1,581,384
Diversified Support Services-1.23%
KAR Auction Services, Inc.(b)(c)		32,520		476,743
Health Care Distributors-2.68%
McKesson Corp.		3,348		1,036,574
Health Care Services-2.19%
CVS Health Corp.		8,808		846,713
Home Improvement Retail-6.38%
Home Depot, Inc. (The)		4,406		1,323,562
Lowe’s Cos., Inc.		5,794		1,145,648
				2,469,210
Homebuilding-3.15%
Skyline Champion Corp.(b)		12,531		639,582
Tri Pointe Homes, Inc.(b)		28,101		580,848
				1,220,430
Homefurnishing Retail-1.70%
Bed Bath & Beyond, Inc.(b)(c)		48,258		656,791
Hotels, Resorts & Cruise Lines-11.06%
Hilton Grand Vacations, Inc.(b)		13,634		638,480
Hyatt Hotels Corp., Class A		9,563		908,102
Marriott International, Inc., Class A(b)		5,381		955,235

	Shares		Value
Hotels, Resorts & Cruise Lines-(continued)
Playa Hotels & Resorts N.V.(b)		67,772	$	639,768
Wyndham Hotels & Resorts, Inc.		12,960		1,139,962
				4,281,547
Hypermarkets & Super Centers-7.11%
BJ’s Wholesale Club Holdings, Inc.(b)		18,496		1,190,218
Costco Wholesale Corp.		2,942		1,564,320
				2,754,538
Leisure Facilities-6.35%
SeaWorld Entertainment, Inc.(b)		27,457		1,851,700
Six Flags Entertainment Corp.(b)		15,844		606,350
				2,458,050
Movies & Entertainment-3.66%
Liberty Media Corp.-Liberty Formula One, Class A(b)(c)		7,451		427,837
Live Nation Entertainment, Inc.(b)(c)		9,439		989,962
				1,417,799
Restaurants-1.61%
Dave & Buster’s Entertainment, Inc.(b)		13,683		622,577
Specialized REITs-1.62%
Lamar Advertising Co., Class A		5,692		628,454
Specialty Stores-10.03%
Signet Jewelers Ltd.		26,158		1,836,292
Tractor Supply Co.		5,492		1,106,363
Ulta Beauty, Inc.(b)		2,368		939,622
				3,882,277
Trading Companies & Distributors-1.99%
Beacon Roofing Supply, Inc.(b)(c)		12,922		770,539
Total Common Stocks & Other Equity Interests (Cost $42,995,367)				38,755,663
Money Market Funds-0.36%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $140,012)		140,012		140,012
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.46% (Cost $43,135,379)				38,895,675
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-11.69%
Invesco Private Government Fund, 0.40%(d)(e)(f)		1,359,112		1,359,112
Invesco Private Prime Fund, 0.35%(d)(e)(f)		3,168,189		3,168,189
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,527,301)				4,527,301
TOTAL INVESTMENTS IN SECURITIES-112.15% (Cost $47,662,680)				43,422,976
OTHER ASSETS LESS LIABILITIES-(12.15)%				(4,705,345	)
NET ASSETS-100.00%			$	38,717,631

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, 2022

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	161,516		$	1,453,860		$	(1,475,364	)		$	-			$	-			$	140,012		$	101
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			8,926,332			67,481,561			(75,048,781	)			-				-				1,359,112			1,370	*
Invesco Private Prime Fund			13,869,648			135,997,542			(146,694,624	)			(1	)			(4,376	)			3,168,189			12,144	*
Total		$	22,957,496		$	204,932,963		$	(223,218,769	)		$	(1	)		$	(4,376	)		$	4,667,313		$	13,615

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Agricultural Products-7.15%
Archer-Daniels-Midland Co.		40,592	$	3,635,420
Bunge Ltd.		30,787		3,482,625
				7,118,045
Brewers-1.98%
Molson Coors Beverage Co., Class B		36,351		1,968,043
Distillers & Vintners-6.62%
Brown-Forman Corp., Class B		42,810		2,887,106
Constellation Brands, Inc., Class A		8,473		2,085,121
MGP Ingredients, Inc.(b)		17,723		1,618,642
				6,590,869
Education Services-2.73%
Adtalem Global Education, Inc.(b)(c)		45,196		1,324,695
Chegg, Inc.(b)(c)		56,138		1,388,854
				2,713,549
Food Distributors-12.06%
Andersons, Inc. (The)		36,552		1,836,007
Performance Food Group Co.(c)		66,826		3,291,180
SpartanNash Co.		49,968		1,712,903
Sysco Corp.		28,287		2,417,973
US Foods Holding Corp.(c)		73,000		2,746,260
				12,004,323
Food Retail-12.99%
Albertsons Cos., Inc., Class A(b)		89,596		2,802,563
Casey’s General Stores, Inc.		9,925		1,997,903
Grocery Outlet Holding Corp.(b)(c)		46,808		1,576,025
Ingles Markets, Inc., Class A		18,314		1,705,400
Kroger Co. (The)		52,621		2,839,429
Sprouts Farmers Market, Inc.(c)		67,553		2,013,079
				12,934,399
Home Furnishings-2.83%
Tempur Sealy International, Inc.		103,820		2,814,560
Household Products-9.16%
Church & Dwight Co., Inc.		36,703		3,580,745
Procter & Gamble Co. (The)		23,144		3,715,769
Spectrum Brands Holdings, Inc.(b)		21,444		1,824,241
				9,120,755
Industrial Machinery-2.11%
Snap-on, Inc.		9,892		2,101,951
Packaged Foods & Meats-16.58%
B&G Foods, Inc.(b)		61,512		1,656,518
Cal-Maine Foods, Inc.		30,080		1,616,198
Freshpet, Inc.(b)(c)		23,792		2,220,983
Hershey Co. (The)		14,716		3,322,431
Mondelez International, Inc., Class A		39,422		2,541,931
Simply Good Foods Co. (The)(c)		49,586		2,065,257
Tyson Foods, Inc., Class A		33,035		3,077,541
				16,500,859

	Shares		Value
Personal Products-5.57%
Beauty Health Co. (The)(b)(c)		85,209	$	1,116,238
Estee Lauder Cos., Inc. (The), Class A		11,844		3,127,527
Inter Parfums, Inc.(b)		15,884		1,298,199
				5,541,964
Soft Drinks-11.23%
Celsius Holdings, Inc.(b)(c)		25,951		1,349,452
Coca-Cola Consolidated, Inc.		3,381		1,492,711
Keurig Dr Pepper, Inc.		98,568		3,686,443
National Beverage Corp.(b)		31,308		1,380,057
PepsiCo, Inc.		19,021		3,266,096
				11,174,759
Specialized Consumer Services-7.12%
Carriage Services, Inc.		28,007		1,201,220
European Wax Center, Inc., Class A(b)		48,809		1,339,807
H&R Block, Inc.(b)		82,429		2,148,924
Service Corp. International		36,529		2,396,668
				7,086,619
Tobacco-1.87%
Vector Group Ltd.		146,770		1,866,915
Total Common Stocks & Other Equity Interests (Cost $100,202,358)				99,537,610
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $24,532)		24,532		24,532
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $100,226,890)				99,562,142
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-17.56%
Invesco Private Government Fund, 0.40%(d)(e)(f)		5,383,930		5,383,930
Invesco Private Prime Fund, 0.35%(d)(e)(f)		12,091,655		12,091,655
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $17,474,102)				17,475,585
TOTAL INVESTMENTS IN SECURITIES-117.58% (Cost $117,700,992)				117,037,727
OTHER ASSETS LESS LIABILITIES-(17.58)%				(17,497,515	)
NET ASSETS-100.00%			$	99,540,212

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, 2022

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	118,265		$	2,876,869		$	(2,970,602	)		$	-		$	-			$	24,532		$	118
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			5,502,892			51,442,665			(51,561,627	)			-			-				5,383,930			3,924	*
Invesco Private Prime Fund			8,254,338			103,338,130			(99,495,142	)			1,483			(7,154	)			12,091,655			14,194	*
Total		$	13,875,495		$	157,657,664		$	(154,027,371	)		$	1,483		$	(7,154	)		$	17,500,117		$	18,236

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

39

Invesco DWA Energy Momentum ETF (PXI)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Coal & Consumable Fuels-5.79%
Arch Resources, Inc.(b)		41,677	$	6,934,219
CONSOL Energy, Inc.(c)		147,095		6,994,367
				13,928,586
Integrated Oil & Gas-4.82%
Chevron Corp.		38,274		5,996,388
Occidental Petroleum Corp.		101,536		5,593,618
				11,590,006
Oil & Gas Drilling-4.77%
Noble Corp.(b)(c)		100,653		3,213,850
Patterson-UTI Energy, Inc.		259,686		4,269,238
Valaris Ltd.(c)		78,866		4,002,450
				11,485,538
Oil & Gas Equipment & Services-11.35%
Archrock, Inc.		373,975		3,257,322
Halliburton Co.		165,800		5,905,796
NexTier Oilfield Solutions, Inc.(c)		463,019		5,107,100
ProPetro Holding Corp.(c)		270,285		3,821,830
US Silica Holdings, Inc.(c)		231,587		4,302,887
Weatherford International PLC(c)		152,673		4,928,284
				27,323,219
Oil & Gas Exploration & Production-59.44%
Antero Resources Corp.(b)(c)		293,304		10,324,301
APA Corp.		184,861		7,566,361
ConocoPhillips		67,249		6,423,624
Denbury, Inc.(b)(c)		53,520		3,424,210
Devon Energy Corp.		130,604		7,597,235
Diamondback Energy, Inc.		47,643		6,013,976
Earthstone Energy, Inc., Class A(b)(c)		305,568		4,122,112
EOG Resources, Inc.		39,804		4,647,515
Hess Corp.		53,286		5,492,188
Kosmos Energy Ltd. (Ghana)(c)		863,780		5,839,153
Magnolia Oil & Gas Corp., Class A(b)		187,829		4,365,146
Marathon Oil Corp.		272,422		6,788,756
Matador Resources Co.(b)		179,786		8,777,153
Murphy Oil Corp.(b)		158,483		6,035,033
Northern Oil and Gas, Inc.		178,405		4,456,557
Oasis Petroleum, Inc.		30,269		4,015,486
Ovintiv, Inc.		185,244		9,482,640
PDC Energy, Inc.		124,579		8,688,139
Pioneer Natural Resources Co.(b)		20,551		4,777,491
Range Resources Corp.(c)		321,716		9,632,177

	Shares		Value
Oil & Gas Exploration & Production-(continued)
SM Energy Co.		232,014	$	8,243,457
Texas Pacific Land Corp.(b)		4,649		6,353,323
				143,066,033
Oil & Gas Refining & Marketing-4.31%
Marathon Petroleum Corp.		64,575		5,634,815
Vertex Energy, Inc.(b)(c)		499,030		4,745,775
				10,380,590
Oil & Gas Storage & Transportation-8.01%
Cheniere Energy, Inc.		75,176		10,209,653
Targa Resources Corp.		123,684		9,079,642
				19,289,295
Steel-1.50%
Warrior Met Coal, Inc.		106,235		3,619,426
Total Common Stocks & Other Equity Interests (Cost $201,878,562)				240,682,693
Money Market Funds-0.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $249,928)		249,928		249,928
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.09% (Cost $202,128,490)				240,932,621
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-18.59%
Invesco Private Government Fund, 0.40%(d)(e)(f)		13,426,783		13,426,783
Invesco Private Prime Fund, 0.35%(d)(e)(f)		31,312,864		31,312,864
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $44,739,242)				44,739,647
TOTAL INVESTMENTS IN SECURITIES-118.68% (Cost $246,867,732)				285,672,268
OTHER ASSETS LESS LIABILITIES-(18.68)%				(44,969,661	)
NET ASSETS-100.00%			$	240,702,607

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, 2022

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	199,021		$	3,579,307		$	(3,528,400	)		$	-		$	-			$	249,928		$	153
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			9,115,654			117,492,758			(113,181,629	)			-			-				13,426,783			7,089	*
Invesco Private Prime Fund			13,673,482			224,102,982			(206,455,830	)			405			(8,175	)			31,312,864			25,715	*
Total		$	22,988,157		$	345,175,047		$	(323,165,859	)		$	405		$	(8,175	)		$	44,989,575		$	32,957

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

41

Invesco DWA Financial Momentum ETF (PFI)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Asset Management & Custody Banks-6.54%
Ameriprise Financial, Inc.		15,291	$	4,059,608
Ares Management Corp., Class A		21,773		1,441,808
				5,501,416
Consumer Finance-2.78%
American Express Co.		13,385		2,338,493
Diversified Banks-2.16%
Bank of America Corp.		50,896		1,815,969
Diversified Real Estate Activities-0.88%
St. Joe Co. (The)		13,896		739,406
Diversified REITs-1.45%
DigitalBridge Group, Inc.(b)		175,655		1,222,559
Financial Exchanges & Data-5.13%
Intercontinental Exchange, Inc.		15,490		1,793,897
Nasdaq, Inc.		16,012		2,519,808
				4,313,705
Hotel & Resort REITs-1.97%
Ryman Hospitality Properties, Inc.(b)		17,768		1,660,953
Industrial REITs-10.26%
First Industrial Realty Trust, Inc.		33,411		1,937,838
Prologis, Inc.		22,941		3,677,213
Rexford Industrial Realty, Inc.		38,718		3,021,553
				8,636,604
Insurance Brokers-8.40%
Aon PLC, Class A		8,088		2,329,263
Brown & Brown, Inc.		36,688		2,273,922
Marsh & McLennan Cos., Inc.		15,229		2,462,530
				7,065,715
Investment Banking & Brokerage-11.78%
B. Riley Financial, Inc.(c)		25,962		1,172,444
LPL Financial Holdings, Inc.		24,027		4,513,952
Morgan Stanley		23,902		1,926,262
Raymond James Financial, Inc.		23,604		2,300,446
				9,913,104
Mortgage REITs-2.83%
Arbor Realty Trust, Inc.(c)		75,109		1,284,364
Ready Capital Corp.		75,477		1,099,700
				2,384,064
Property & Casualty Insurance-5.20%
American Financial Group, Inc.		9,710		1,344,641
Assured Guaranty Ltd.		18,258		1,006,928
Kinsale Capital Group, Inc.		9,146		2,027,577
				4,379,146
Regional Banks-14.01%
Bancorp, Inc. (The)(b)		30,707		696,742
Fifth Third Bancorp		45,125		1,693,541
First Bancorp		99,716		1,357,135
Lakeland Financial Corp.(c)		9,796		713,345
Meta Financial Group, Inc.		12,366		539,776
Metropolitan Bank Holding Corp.(b)		8,221		732,080

	Shares		Value
Regional Banks-(continued)
Pinnacle Financial Partners, Inc.		17,017	$	1,319,668
ServisFirst Bancshares, Inc.		10,248		823,119
Signature Bank		8,558		2,073,176
Synovus Financial Corp.		20,556		853,896
Wintrust Financial Corp.		11,351		991,169
				11,793,647
Residential REITs-10.18%
Independence Realty Trust, Inc.		100,378		2,736,305
NexPoint Residential Trust, Inc.		7,912		705,434
Sun Communities, Inc.		29,211		5,128,575
				8,570,314
Retail REITs-1.17%
SITE Centers Corp.		62,129		987,851
Specialized Finance-0.96%
A-Mark Precious Metals, Inc.		10,213		804,784
Specialized REITs-10.62%
CubeSmart		98,192		4,665,102
Gladstone Land Corp.(c)		21,795		793,338
Life Storage, Inc.		15,518		2,055,980
National Storage Affiliates Trust		25,182		1,425,301
				8,939,721
Thrifts & Mortgage Finance-3.65%
Mr. Cooper Group, Inc.(b)		39,782		1,788,997
Walker & Dunlop, Inc.		10,724		1,284,306
				3,073,303
Total Common Stocks & Other Equity Interests (Cost $89,508,272)				84,140,754
Money Market Funds-0.23%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $196,176)		196,176		196,176
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.20% (Cost $89,704,448)				84,336,930
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.76%
Invesco Private Government Fund, 0.40%(d)(e)(f) .		949,782		949,782
Invesco Private Prime Fund, 0.35%(d)(e)(f)		2,214,095		2,214,095
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,163,877)				3,163,877
TOTAL INVESTMENTS IN SECURITIES-103.96% (Cost $92,868,325)				87,500,807
OTHER ASSETS LESS LIABILITIES-(3.96)%				(3,331,134	)
NET ASSETS-100.00%			$	84,169,673

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, 2022

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	182,366		$	3,166,051		$	(3,152,241	)		$	-		$	-			$	196,176		$	112
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			832,889			29,581,200			(29,464,307	)			-			-				949,782			1,065	*
Invesco Private Prime Fund			1,249,334			62,432,610			(61,466,000	)			-			(1,849	)			2,214,095			4,530	*
Total		$	2,264,589		$	95,179,861		$	(94,082,548	)		$	-		$	(1,849	)		$	3,360,053		$	5,707

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

43

Invesco DWA Healthcare Momentum ETF (PTH)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.00%
Biotechnology-17.88%
AbbVie, Inc.		49,498	$	7,270,266
Acadia Pharmaceuticals, Inc.(b)(c)		163,116		3,007,859
Alkermes PLC(b)		153,134		4,417,916
Apellis Pharmaceuticals, Inc.(b)(c)		83,646		3,641,110
Arcus Biosciences, Inc.(b)		113,732		2,753,452
Catalyst Pharmaceuticals, Inc.(b)		423,141		3,224,334
CTI BioPharma Corp.(b)(c)		1,355,422		6,926,206
IVERIC bio, Inc.(b)(c)		466,015		6,454,308
Kezar Life Sciences, Inc.(b)(c)		266,288		3,163,502
Regeneron Pharmaceuticals, Inc.(b)		9,634		6,349,866
Stoke Therapeutics, Inc.(b)		119,010		1,718,504
				48,927,323
Health Care Equipment-11.83%
Edwards Lifesciences Corp.(b)		107,989		11,423,077
Envista Holdings Corp.(b)(c)		187,934		7,445,945
iRhythm Technologies, Inc.(b)		44,774		5,523,768
STERIS PLC		35,539		7,962,513
				32,355,303
Health Care Facilities-13.59%
Acadia Healthcare Co., Inc.(b)		96,316		6,537,930
Ensign Group, Inc. (The)(c)		83,464		6,704,663
HCA Healthcare, Inc.		33,087		7,098,816
Surgery Partners, Inc.(b)(c)		140,434		7,184,603
Tenet Healthcare Corp.(b)		133,253		9,662,175
				37,188,187
Health Care Services-6.79%
Cross Country Healthcare, Inc.(b)(c)		194,959		3,653,532
Laboratory Corp. of America Holdings(b)		23,497		5,645,859
R1 RCM, Inc.(b)(c)		191,290		4,307,851
Tivity Health, Inc.(b)		154,418		4,961,450
				18,568,692
Health Care Supplies-2.95%
Lantheus Holdings, Inc.(b)		121,317		8,056,662
Health Care Technology-4.27%
Allscripts Healthcare Solutions, Inc.(b)(c)		272,886		5,637,825
Evolent Health, Inc., Class A(b)(c)		219,798		6,048,841
				11,686,666
Life Sciences Tools & Services-14.62%
Danaher Corp.		47,469		11,920,890
Mettler-Toledo International, Inc.(b)		6,376		8,145,531
PerkinElmer, Inc.(c)		50,380		7,386,212
Thermo Fisher Scientific, Inc.		22,704		12,553,496
				40,006,129

	Shares		Value
Managed Health Care-13.03%
Anthem, Inc.		19,621	$	9,848,368
Centene Corp.(b)		70,254		5,658,960
Molina Healthcare, Inc.(b)		23,343		7,316,863
UnitedHealth Group, Inc.		25,241		12,836,311
				35,660,502
Pharmaceuticals-15.04%
Amphastar Pharmaceuticals, Inc.(b)		93,640		3,321,411
Corcept Therapeutics, Inc.(b)		163,976		3,527,124
Eli Lilly and Co.		32,461		9,482,832
Fulcrum Therapeutics, Inc.(b)(c)		205,410		1,976,044
Harmony Biosciences Holdings, Inc.(b)(c)		93,313		4,202,818
Intra-Cellular Therapies, Inc.(b)		134,558		6,809,980
Revance Therapeutics, Inc.(b)		155,081		2,540,227
Zoetis, Inc.		52,349		9,278,860
				41,139,296
Total Common Stocks & Other Equity Interests (Cost $299,651,430)				273,588,760
Money Market Funds-0.18%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $481,376)		481,376		481,376
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.18% (Cost $300,132,806)				274,070,136
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-15.90%
Invesco Private Government Fund, 0.40%(d)(e)(f)		13,055,110		13,055,110
Invesco Private Prime Fund, 0.35%(d)(e)(f)		30,443,565		30,443,565
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $43,498,249)				43,498,675
TOTAL INVESTMENTS IN SECURITIES-116.08% (Cost $343,631,055)				317,568,811
OTHER ASSETS LESS LIABILITIES-(16.08)%				(43,984,386	)
NET ASSETS-100.00%			$	273,584,425

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, 2022

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	672,989		$	8,160,259		$	(8,351,872	)		$	-		$	-			$	481,376		$	239
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			42,212,390			221,122,582			(250,279,862	)			-			-				13,055,110			7,529	*
Invesco Private Prime Fund			63,489,211			433,791,556			(466,824,994	)			425			(12,633	)			30,443,565			48,553	*
Total		$	106,374,590		$	663,074,397		$	(725,456,728	)		$	425		$	(12,633	)		$	43,980,051		$	56,321

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

45

Invesco DWA Industrials Momentum ETF (PRN)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.97%
Agricultural & Farm Machinery-2.91%
Deere & Co.		13,416	$	5,065,211
Air Freight & Logistics-1.42%
Atlas Air Worldwide Holdings, Inc.(b)(c)		35,696		2,460,882
Building Products-11.97%
A.O. Smith Corp.		111,280		6,502,090
Apogee Enterprises, Inc.		28,084		1,235,696
Builders FirstSource, Inc.(b)		98,191		6,045,620
Carlisle Cos., Inc.		18,838		4,885,824
UFP Industries, Inc.(c)		27,853		2,154,987
				20,824,217
Coal & Consumable Fuels-2.50%
Enviva, Inc.		51,545		4,347,305
Communications Equipment-0.95%
Clearfield, Inc.(b)(c)		28,485		1,658,682
Construction & Engineering-7.84%
Ameresco, Inc., Class A(b)(c)		56,401		2,844,866
Fluor Corp.(b)(c)		72,559		1,795,835
NV5 Global, Inc.(b)(c)		11,040		1,322,592
Quanta Services, Inc.		44,373		5,146,381
WillScot Mobile Mini Holdings Corp.(b)		71,999		2,527,165
				13,636,839
Construction Machinery & Heavy Trucks-1.12%
Greenbrier Cos., Inc. (The)(c)		45,707		1,952,146
Data Processing & Outsourced Services-2.69%
Automatic Data Processing, Inc.		21,412		4,671,670
Diversified Support Services-4.80%
Cintas Corp.		21,013		8,347,624
Electrical Components & Equipment-8.81%
AMETEK, Inc.		77,238		9,752,070
Atkore, Inc.(b)		38,313		3,681,879
Encore Wire Corp.		16,655		1,878,851
				15,312,800
Environmental & Facilities Services-4.81%
Republic Services, Inc.		30,101		4,041,661
Waste Management, Inc.		26,342		4,331,679
				8,373,340
Human Resource & Employment Services-0.94%
Kforce, Inc.		23,266		1,629,783
Industrial Machinery-3.92%
Evoqua Water Technologies Corp.(b)		75,436		3,144,927
Graco, Inc.		32,256		2,000,517
Kadant, Inc.		9,032		1,670,920
				6,816,364
IT Consulting & Other Services-4.98%
Accenture PLC, Class A		28,821		8,656,676
Marine-3.03%
Genco Shipping & Trading Ltd.		143,039		3,151,149
Matson, Inc.		24,696		2,124,350
				5,275,499

	Shares		Value
Metal & Glass Containers-2.01%
Crown Holdings, Inc.		31,831	$	3,502,683
Paper Packaging-2.36%
Graphic Packaging Holding Co.		188,015		4,098,727
Railroads-9.35%
CSX Corp.		118,256		4,060,911
Norfolk Southern Corp.		14,117		3,640,492
Union Pacific Corp.		36,516		8,555,334
				16,256,737
Research & Consulting Services-3.49%
CBIZ, Inc.(b)(c)		38,082		1,595,255
KBR, Inc.		90,808		4,470,478
				6,065,733
Specialty Chemicals-0.76%
Aspen Aerogels, Inc.(b)(c)		61,493		1,328,249
Trading Companies & Distributors-19.31%
Boise Cascade Co.		36,287		2,742,571
Fastenal Co.		64,576		3,571,698
GMS, Inc.(b)(c)		29,015		1,391,269
H&E Equipment Services, Inc.		36,915		1,309,744
Rush Enterprises, Inc., Class A		29,402		1,495,974
Triton International Ltd. (Bermuda)		33,623		2,054,029
United Rentals, Inc.(b)		13,682		4,330,627
Univar Solutions, Inc.(b)		75,025		2,184,728
Veritiv Corp.(b)		15,511		2,179,916
W.W. Grainger, Inc.		17,901		8,951,037
WESCO International, Inc.(b)		27,356		3,371,901
				33,583,494
Total Common Stocks & Other Equity Interests (Cost $185,801,995)				173,864,661
Money Market Funds-0.15%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $253,005)		253,005		253,005
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.12% (Cost $186,055,000)				174,117,666
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.76%
Invesco Private Government Fund, 0.40%(d)(e)(f)		2,482,930		2,482,930
Invesco Private Prime Fund, 0.35%(d)(e)(f)		5,791,524		5,791,524
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $8,274,454)				8,274,454
TOTAL INVESTMENTS IN SECURITIES-104.88% (Cost $194,329,454)				182,392,120
OTHER ASSETS LESS LIABILITIES-(4.88)%				(8,483,685	)
NET ASSETS-100.00%			$	173,908,435

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, 2022

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	216,703		$	2,784,873		$	(2,748,571	)		$	-		$	-			$	253,005		$	141
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			10,167,957			70,163,271			(77,848,298	)			-			-				2,482,930			1,952	*
Invesco Private Prime Fund			15,251,935			134,554,700			(144,010,138	)			-			(4,973	)			5,791,524			11,760	*
Total		$	25,636,595		$	207,502,844		$	(224,607,007	)		$	-		$	(4,973	)		$	8,527,459		$	13,853

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

47

Invesco DWA Technology Momentum ETF (PTF)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.04%
Application Software-6.33%
Box, Inc., Class A(b)		201,969	$	6,184,291
Synopsys, Inc.(b)		23,762		6,814,704
				12,998,995
Communications Equipment-2.85%
Ciena Corp.(b)		106,164		5,857,068
Data Processing & Outsourced Services-4.75%
Block, Inc., Class A(b)(c)		50,346		5,011,441
Concentrix Corp.		30,150		4,748,022
				9,759,463
Electrical Components & Equipment-1.36%
Array Technologies, Inc.(b)(c)		426,557		2,785,417
Electronic Components-2.98%
II-VI Incorporated(b)(c)		99,919		6,116,042
Interactive Media & Services-2.59%
ZoomInfo Technologies, Inc., Class A(b)		112,379		5,326,765
Internet Services & Infrastructure-2.94%
Switch, Inc., Class A(c)		202,181		6,037,125
IT Consulting & Other Services-2.85%
DXC Technology Co.(b)		204,217		5,861,028
Semiconductor Equipment-6.35%
Axcelis Technologies, Inc.(b)(c)		82,432		4,488,422
Photronics, Inc.(b)		288,450		4,323,866
Veeco Instruments, Inc.(b)(c)		184,875		4,237,335
				13,049,623
Semiconductors-29.24%
Alpha & Omega Semiconductor Ltd.(b)		101,285		4,345,127
Broadcom, Inc.		12,020		6,663,768
Diodes, Inc.(b)		61,636		4,501,277
Lattice Semiconductor Corp.(b)		152,312		7,317,069
Monolithic Power Systems, Inc.		24,675		9,678,522
ON Semiconductor Corp.(b)		129,767		6,762,158
QUALCOMM, Inc.		42,992		6,005,552
Rambus, Inc.(b)		187,880		4,680,091
SiTime Corp.(b)(c)		26,539		4,473,679
Synaptics, Inc.(b)(c)		38,062		5,649,923
				60,077,166
Systems Software-10.62%
Fortinet, Inc.(b)		24,210		6,996,932
Microsoft Corp.		26,805		7,438,924
Palo Alto Networks, Inc.(b)		13,164		7,388,690
				21,824,546

	Shares		Value
Technology Distributors-5.97%
CDW Corp.		42,753	$	6,976,435
Insight Enterprises, Inc.(b)(c)		53,269		5,293,340
				12,269,775
Technology Hardware, Storage & Peripherals-18.66%
Apple, Inc.		84,580		13,334,037
Avid Technology, Inc.(b)(c)		176,516		5,597,322
HP, Inc.(c)		187,535		6,869,407
Pure Storage, Inc., Class A(b)		212,092		6,214,296
Seagate Technology Holdings PLC		76,964		6,314,126
				38,329,188
Wireless Telecommunication Services-2.55%
Gogo, Inc.(b)(c)		284,167		5,231,514
Total Common Stocks & Other Equity Interests (Cost $235,667,062)				205,523,715
Money Market Funds-0.18%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $357,742)		357,742		357,742
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.22% (Cost $236,024,804)				205,881,457
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-15.77%
Invesco Private Government Fund, 0.40%(d)(e)(f)		9,721,813		9,721,813
Invesco Private Prime Fund, 0.35%(d)(e)(f)		22,682,210		22,682,210
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $32,403,934)				32,404,023
TOTAL INVESTMENTS IN SECURITIES-115.99% (Cost $268,428,738)				238,285,480
OTHER ASSETS LESS LIABILITIES-(15.99)%				(32,846,253	)
NET ASSETS-100.00%			$	205,439,227

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, 2022

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	248,158		$	3,562,917		$	(3,453,333	)		$	-		$	-			$	357,742		$	182
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			32,067,659			138,335,317			(160,681,163	)			-			-				9,721,813			4,882	*
Invesco Private Prime Fund			48,316,040			261,465,054			(287,093,385	)			88			(5,587	)			22,682,210			27,277	*
Total		$	80,631,857		$	403,363,288		$	(451,227,881	)		$	88		$	(5,587	)		$	32,761,765		$	32,341

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

49

Invesco DWA Utilities Momentum ETF (PUI)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Construction & Engineering-1.69%
MDU Resources Group, Inc.		36,468	$	939,416
Electric Utilities-40.07%
Alliant Energy Corp.		23,377		1,374,801
American Electric Power Co., Inc.		12,936		1,282,087
Duke Energy Corp.		19,015		2,094,693
Evergy, Inc.		30,198		2,048,934
Eversource Energy		16,919		1,478,721
Exelon Corp.		27,946		1,307,314
FirstEnergy Corp.		28,726		1,244,123
IDACORP, Inc.		9,734		1,023,822
NextEra Energy, Inc.		25,761		1,829,546
NRG Energy, Inc.		31,338		1,125,034
Otter Tail Corp.		15,671		908,291
PG&E Corp.(b)(c)		102,257		1,293,551
Pinnacle West Capital Corp.		13,242		942,830
Portland General Electric Co.		17,747		839,966
Southern Co. (The)		16,945		1,243,594
Xcel Energy, Inc.		31,451		2,304,100
				22,341,407
Gas Utilities-9.85%
Atmos Energy Corp.		17,094		1,938,460
National Fuel Gas Co.		19,924		1,397,270
New Jersey Resources Corp.		21,977		948,527
ONE Gas, Inc.		14,341		1,209,950
				5,494,207
Independent Power Producers & Energy Traders-4.47%
AES Corp. (The)		58,029		1,184,952
Vistra Corp.		52,308		1,308,746
				2,493,698
Multi-Utilities-26.69%
Ameren Corp.		14,226		1,321,595
CenterPoint Energy, Inc.		45,944		1,406,346
CMS Energy Corp.		25,511		1,752,351
DTE Energy Co.		15,946		2,089,564
NiSource, Inc.		69,566		2,025,762
NorthWestern Corp.(c)		16,934		959,988
Public Service Enterprise Group, Inc.		17,644		1,229,081
Sempra Energy		12,122		1,956,006
WEC Energy Group, Inc.		21,436		2,144,672
				14,885,365

	Shares		Value
Oil & Gas Exploration & Production-4.71%
EQT Corp.		66,029	$	2,624,653
Oil & Gas Storage & Transportation-3.30%
ONEOK, Inc.		29,067		1,840,813
Water Utilities-9.13%
American States Water Co.(c)		10,428		820,267
American Water Works Co., Inc.		13,141		2,024,765
Essential Utilities, Inc.		28,320		1,267,603
Middlesex Water Co.		11,025		980,674
				5,093,309
Total Common Stocks & Other Equity Interests (Cost $51,654,510)				55,712,868
Money Market Funds-0.26%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $141,321)		141,321		141,321
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.17% (Cost $51,795,831)				55,854,189
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.59%
Invesco Private Government Fund, 0.40%(d)(e)(f) .		935,498		935,498
Invesco Private Prime Fund, 0.35%(d)(e)(f)		2,182,493		2,182,493
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,117,991)				3,117,991
TOTAL INVESTMENTS IN SECURITIES-105.76% (Cost $54,913,822)				58,972,180
OTHER ASSETS LESS LIABILITIES-(5.76)%				(3,210,327	)
NET ASSETS-100.00%			$	55,761,853

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, 2022

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	143,716		$	1,822,269		$	(1,824,664	)		$	-		$	-			$	141,321		$	85
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			627,027			10,812,351			(10,503,880	)			-			-				935,498			472	*
Invesco Private Prime Fund			940,540			18,790,902			(17,548,424	)			-			(525	)			2,182,493			1,796	*
Total		$	1,711,283		$	31,425,522		$	(29,876,968	)		$	-		$	(525	)		$	3,259,312		$	2,353

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

51

Invesco NASDAQ Internet ETF (PNQI)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Advertising-0.07%
Criteo S.A., ADR (France)(b)		15,000	$	371,700
Application Software-12.85%
Adobe, Inc.(b)		57,526		22,777,420
Alarm.com Holdings, Inc.(b)		12,292		750,795
Anaplan, Inc.(b)		36,071		2,344,254
Box, Inc., Class A(b)		36,229		1,109,332
Coupa Software, Inc.(b)		18,243		1,574,371
DocuSign, Inc.(b)		48,341		3,915,621
Dropbox, Inc., Class A(b)		73,010		1,587,968
eGain Corp.(b)		7,695		79,643
Envestnet, Inc.(b)(c)		13,390		1,066,380
LivePerson, Inc.(b)(c)		17,726		400,962
New Relic, Inc.(b)		16,164		1,022,696
Open Text Corp. (Canada)		66,251		2,653,353
Paylocity Holding Corp.(b)		13,462		2,552,799
PROS Holdings, Inc.(b)(c)		11,001		307,258
salesforce.com, inc.(b)		127,769		22,479,678
SPS Commerce, Inc.(b)(c)		8,796		1,052,265
Zoom Video Communications, Inc., Class A(b) .		58,921		5,866,764
				71,541,559
Automotive Retail-0.23%
Carvana Co.(b)(c)		22,012		1,275,815
Casinos & Gaming-0.24%
DraftKings, Inc., Class A(b)(c)		99,835		1,365,743
Data Processing & Outsourced Services-3.94%
Dlocal Ltd. (Uruguay)(b)(c)		35,231		798,687
PayPal Holdings, Inc.(b)		240,326		21,131,865
				21,930,552
Education Services-0.18%
2U, Inc.(b)(c)		18,413		183,762
Chegg, Inc.(b)(c)		32,941		814,960
				998,722
Financial Exchanges & Data-0.84%
Coinbase Global, Inc., Class A(b)		41,631		4,692,230
Health Care Technology-0.29%
GoodRx Holdings, Inc., Class A(b)(c)		19,712		267,097
Teladoc Health, Inc.(b)(c)		39,168		1,322,312
				1,589,409
Hotels, Resorts & Cruise Lines-8.20%
Airbnb, Inc., Class A(b)		90,489		13,863,820
Booking Holdings, Inc.(b)		9,967		22,030,160
Expedia Group, Inc.(b)		36,555		6,387,986
MakeMyTrip Ltd. (India)(b)(c)		15,895		404,846
Trip.com Group Ltd., ADR (China)(b)		126,664		2,995,603
				45,682,415
Interactive Home Entertainment-2.33%
Bilibili, Inc., ADR (China)(b)(c)		39,622		964,399
NetEase, Inc., ADR (China)		51,172		4,878,227
Sea Ltd., ADR (Taiwan)(b)(c)		86,449		7,154,519
				12,997,145
Interactive Media & Services-22.87%
Alphabet, Inc., Class C(b)		19,942		45,853,239

	Shares		Value
Interactive Media & Services-(continued)
Autohome, Inc., ADR (China)		16,408	$	476,981
Baidu, Inc., ADR (China)(b)		58,838		7,305,914
Cars.com, Inc.(b)(c)		16,900		187,928
Eventbrite, Inc., Class A(b)(c)		21,191		224,201
Hello Group, Inc., ADR (China)		40,657		216,295
JOYY, Inc., ADR (China)		14,027		555,048
Meta Platforms, Inc., Class A(b)		254,960		51,111,831
Snap, Inc., Class A(b)(c)		333,823		9,500,603
TripAdvisor, Inc.(b)(c)		30,751		789,378
Twitter, Inc.(b)(c)		195,009		9,559,341
Yelp, Inc.(b)		17,369		565,014
Ziff Davis, Inc.(b)		11,778		1,040,704
				127,386,477
Internet & Direct Marketing Retail-17.84%
1-800-Flowers.com, Inc., Class A(b)(c)		9,010		91,902
Alibaba Group Holding Ltd., ADR (China)(b)(c) .		225,823		21,925,155
Amazon.com, Inc.(b)		17,517		43,540,781
Chewy, Inc., Class A(b)(c)		26,087		758,088
eBay, Inc.		143,029		7,426,066
Global-e Online Ltd. (Israel)(b)(c)		34,748		783,220
JD.com, Inc., ADR (China)(b)(c)		145,211		8,953,710
Lands’ End, Inc.(b)(c)		8,058		112,973
MercadoLibre, Inc. (Brazil)(b)		12,292		11,967,860
Overstock.com, Inc.(b)(c)		10,536		353,588
PetMed Express, Inc.(c)		5,125		112,238
Shutterstock, Inc.(c)		8,883		672,621
Stitch Fix, Inc., Class A(b)		20,354		193,363
Vipshop Holdings Ltd., ADR (China)(b)		127,214		974,459
Wayfair, Inc., Class A(b)(c)		19,395		1,492,251
				99,358,275
Internet Services & Infrastructure-5.44%
Akamai Technologies, Inc.(b)		39,173		4,398,344
Brightcove, Inc.(b)		10,084		71,092
Fastly, Inc., Class A(b)		28,705		456,410
GoDaddy, Inc., Class A(b)		40,838		3,300,119
Okta, Inc.(b)(c)		36,286		4,329,283
Shopify, Inc., Class A (Canada)(b)(c)		27,783		11,858,340
VeriSign, Inc.(b)		26,911		4,808,727
Wix.com Ltd. (Israel)(b)		13,914		1,049,950
				30,272,265
Movies & Entertainment-10.93%
Netflix, Inc.(b)		68,195		12,981,600
Roku, Inc., Class A(b)(c)		29,092		2,702,647
Spotify Technology S.A.(b)		46,739		4,751,019
Walt Disney Co. (The)(b)		362,393		40,453,931
				60,889,197
Real Estate Services-0.37%
Redfin Corp.(b)(c)		25,993		289,822
Zillow Group, Inc., Class C(b)(c)		44,690		1,779,556
				2,069,378
Research & Consulting Services-1.10%
CoStar Group, Inc.(b)		96,055		6,111,019

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

52

Invesco NASDAQ Internet ETF (PNQI)–(continued)

April 30, 2022

	Shares		Value
Systems Software-9.08%
Gitlab, Inc., Class A(b)		12,730	$	610,149
Microsoft Corp.		180,061		49,970,529
				50,580,678
Trucking-3.18%
Lyft, Inc., Class A(b)		83,046		2,707,299
Uber Technologies, Inc.(b)		476,414		14,997,513
				17,704,812
Total Common Stocks & Other Equity Interests (Cost $648,898,471)				556,817,391
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $376,768)		376,768		376,768
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $649,275,239)				557,194,159

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-8.55%
Invesco Private Government Fund, 0.40%(d)(e)(f)		14,297,896	$	14,297,896
Invesco Private Prime Fund, 0.35%(d)(e)(f)		33,326,145		33,326,145
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $47,622,725)				47,624,041
TOTAL INVESTMENTS IN SECURITIES-108.60% (Cost $696,897,964)				604,818,200
OTHER ASSETS LESS LIABILITIES-(8.60)%				(47,900,659	)
NET ASSETS-100.00%			$	556,917,541

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	80,193		$	3,952,446		$	(3,655,871	)		$	-		$	-			$	376,768		$	73
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			33,985,933			283,640,807			(303,328,844	)			-			-				14,297,896			14,837	*
Invesco Private Prime Fund			54,120,242			590,309,225			(611,075,872	)			1,316			(28,766	)			33,326,145			64,175	*
Total		$	88,186,368		$	877,902,478		$	(918,060,587	)		$	1,316		$	(28,766	)		$	48,000,809		$	79,085

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

53

Statements of Assets and Liabilities

April 30, 2022

	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)		$	187,189,367			$	38,755,663			$	99,537,610			$	240,682,693
Affiliated investments in securities, at value			32,615,187				4,667,313				17,500,117				44,989,575
Cash			-				-				1,369				5,548
Receivable for:
Dividends			113,019				17,738				228,998				86,548
Securities lending			29,446				311				3,765				34,321
Foreign tax reclaims			-				-				-				-
Other assets			-				310				-				-
Total assets			219,947,019				43,441,335				117,271,859				285,798,685
Liabilities:
Payable for:
Collateral upon return of securities loaned			32,342,076				4,527,301				17,474,102				44,739,242
Accrued unitary management fees			-				-				-				-
Accrued advisory fees			68,140				6,078				34,000				88,163
Accrued trustees’ and officer’s fees			58,315				53,199				59,836				64,658
Accrued expenses			190,702				137,126				163,709				204,015
Total liabilities			32,659,233				4,723,704				17,731,647				45,096,078
Net Assets		$	187,287,786			$	38,717,631			$	99,540,212			$	240,702,607
Net assets consist of:
Shares of beneficial interest		$	244,087,424			$	121,890,352			$	200,989,638			$	394,518,950
Distributable earnings (loss)			(56,799,638	)			(83,172,721	)			(101,449,426	)			(153,816,343	)
Net Assets		$	187,287,786			$	38,717,631			$	99,540,212			$	240,702,607
Shares outstanding (unlimited amount authorized, $0.01 par value)			2,040,000				550,000				1,180,000				5,730,000
Net asset value		$	91.81			$	70.40			$	84.36			$	42.01
Market price		$	91.90			$	70.54			$	84.28			$	42.02
Unaffiliated investments in securities, at cost		$	177,214,774			$	42,995,367			$	100,202,358			$	201,878,562
Affiliated investments in securities, at cost		$	32,615,187			$	4,667,313			$	17,498,634			$	44,989,170
(a) Includes securities on loan with an aggregate value of:		$	30,566,105			$	4,262,725			$	16,520,230			$	42,684,497

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)
	$	84,140,754			$	273,588,760			$	173,864,661			$	205,523,715			$	55,712,868			$	556,817,391
		3,360,053				43,980,051				8,527,459				32,761,765				3,259,312				48,000,809
		1,011				-				-				-				-				25,397
		45,559				90,738				101,790				7,623				84,940				21
		541				6,741				874				3,278				214				6,727
		-				-				-				10,778				-				-
		-				-				-				-				-				-
		87,547,918				317,666,290				182,494,784				238,307,159				59,057,334				604,850,345
		3,163,877				43,498,249				8,274,454				32,403,934				3,117,991				47,622,725
		-				-				-				-				-				310,079
		31,313				113,585				64,832				75,349				17,244				-
		52,480				66,199				59,714				59,612				56,164				-
		130,575				403,832				187,349				329,037				104,082				-
		3,378,245				44,081,865				8,586,349				32,867,932				3,295,481				47,932,804
	$	84,169,673			$	273,584,425			$	173,908,435			$	205,439,227			$	55,761,853			$	556,917,541
	$	125,622,924			$	583,630,213			$	284,732,454			$	383,200,368			$	78,804,546			$	802,924,342
		(41,453,251	)			(310,045,788	)			(110,824,019	)			(177,761,141	)			(23,042,693	)			(246,006,801	)
	$	84,169,673			$	273,584,425			$	173,908,435			$	205,439,227			$	55,761,853			$	556,917,541
		1,850,000				2,250,000				1,920,000				1,740,000				1,580,000				3,980,000
	$	45.50			$	121.59			$	90.58			$	118.07			$	35.29			$	139.93
	$	45.43			$	121.51			$	90.42			$	118.10			$	35.27			$	139.77
	$	89,508,272			$	299,651,430			$	185,801,995			$	235,667,062			$	51,654,510			$	648,898,471
	$	3,360,053			$	43,979,625			$	8,527,459			$	32,761,676			$	3,259,312			$	47,999,493
	$	2,846,754			$	41,698,891			$	7,980,434			$	30,751,518			$	2,961,320			$	46,408,375

55

Statements of Operations

For the year ended April 30, 2022

	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		$	1,694,293			$	844,658			$	1,722,561			$	2,450,812
Affiliated dividend income			165				101				118				153
Securities lending income			53,828				24,928				403,517				77,351
Foreign withholding tax			-				-				-				(111	)
Total investment income			1,748,286				869,687				2,126,196				2,528,205
Expenses:
Unitary management fees			-				-				-				-
Advisory fees			888,079				509,750				546,642				788,326
Sub-licensing fees			266,425				152,926				163,994				236,499
Accounting & administration fees			15,776				19,390				19,667				13,646
Professional fees			26,449				25,870				25,903				25,982
Custodian & transfer agent fees			2,149				2,370				2,427				2,460
Trustees’ and officer’s fees			12,593				11,900				12,187				12,869
Other expenses			23,518				23,375				23,724				24,628
Total expenses			1,234,989				745,581				794,544				1,104,410
Less: Waivers			(167,797	)			(132,425	)			(138,584	)			(156,317	)
Net expenses			1,067,192				613,156				655,960				948,093
Net investment income (loss)			681,094				256,531				1,470,236				1,580,112
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities			(14,315,237	)			(13,907,880	)			(12,606,994	)			(1,307,145	)
Affiliated investment securities			(6,735	)			(4,376	)			(7,154	)			(8,175	)
In-kind redemptions			23,131,781				10,273,873				18,957,455				33,896,977
Net realized gain (loss)			8,809,809				(3,638,383	)			6,343,307				32,581,657
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities			(4,279,541	)			(19,881,707	)			(19,411,495	)			32,988,453
Affiliated investment securities			-				(1	)			1,483				405
Change in net unrealized appreciation (depreciation)			(4,279,541	)			(19,881,708	)			(19,410,012	)			32,988,858
Net realized and unrealized gain (loss)			4,530,268				(23,520,091	)			(13,066,705	)			65,570,515
Net increase (decrease) in net assets resulting from operations		$	5,211,362			$	(23,263,560	)		$	(11,596,469	)		$	67,150,627

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)
	$	1,799,983			$	390,496			$	1,729,513			$	526,898			$	1,254,638			$	431,691
		112				239				141				182				85				73
		27,452				186,828				147,342				348,830				17,899				69,772
		(3,103	)			-				-				(2,612	)			-				(11,235	)
		1,824,444				577,563				1,876,996				873,298				1,272,622				490,301
		-				-				-				-				-				5,621,952
		447,173				2,204,782				1,275,696				1,497,365				233,529				-
		103,690				661,438				238,094				449,212				70,059				-
		14,670				46,525				29,850				35,138				16,068				-
		25,663				28,597				26,986				27,053				25,471				-
		2,210				6,668				2,719				3,702				2,476				-
		11,407				16,636				13,659				14,118				11,339				-
		21,311				45,021				30,338				29,383				20,418				-
		626,124				3,009,667				1,617,342				2,055,971				379,360				5,621,952
		(89,350	)			(362,483	)			(82,921	)			(259,150	)			(99,133	)			(21	)
		536,774				2,647,184				1,534,421				1,796,821				280,227				5,621,931
		1,287,670				(2,069,621	)			342,575				(923,523	)			992,395				(5,131,630	)
		(12,861,219	)			(117,329,442	)			(45,791,907	)			(60,287,398	)			(345,989	)			(75,433,704	)
		(1,849	)			(12,633	)			(4,973	)			(5,587	)			(525	)			(28,766	)
		12,238,405				76,272,812				56,636,663				64,837,420				965,108				102,570,724
		(624,663	)			(41,069,263	)			10,839,783				4,544,435				618,594				27,108,254
		(14,529,598	)			(51,286,863	)			(37,772,934	)			(61,071,105	)			363,406				(453,537,785	)
		-				425				-				88				-				1,316
		(14,529,598	)			(51,286,438	)			(37,772,934	)			(61,071,017	)			363,406				(453,536,469	)
		(15,154,261	)			(92,355,701	)			(26,933,151	)			(56,526,582	)			982,000				(426,428,215	)
	$	(13,866,591	)		$	(94,425,322	)		$	(26,590,576	)		$	(57,450,105	)		$	1,974,395			$	(431,559,845	)

57

Statements of Changes in Net Assets

For the years ended April 30, 2022 and 2021

	Invesco DWA Basic Materials Momentum ETF (PYZ)								Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)
	2022				2021				2022				2021
Operations:
Net investment income (loss)		$	681,094			$	388,146			$	256,531			$	(2,213	)
Net realized gain (loss)			8,809,809				17,592,752				(3,638,383	)			14,387,637
Change in net unrealized appreciation (depreciation)			(4,279,541	)			14,434,519				(19,881,708	)			14,316,767
Net increase (decrease) in net assets resulting from operations			5,211,362				32,415,417				(23,263,560	)			28,702,191
Distributions to Shareholders from:
Distributable earnings			(713,538	)			(494,583	)			(274,022	)			(123,526	)
Shareholder Transactions:
Proceeds from shares sold			194,398,106				141,463,546				108,859,338				153,726,327
Value of shares repurchased			(126,409,880	)			(94,216,351	)			(173,596,534	)			(71,969,281	)
Net increase (decrease) in net assets resulting from share transactions			67,988,226				47,247,195				(64,737,196	)			81,757,046
Net increase (decrease) in net assets			72,486,050				79,168,029				(88,274,778	)			110,335,711
Net assets:
Beginning of year			114,801,736				35,633,707				126,992,409				16,656,698
End of year		$	187,287,786			$	114,801,736			$	38,717,631			$	126,992,409
Changes in Shares Outstanding:
Shares sold			2,100,000				1,880,000				1,190,000				1,980,000
Shares repurchased			(1,400,000	)			(1,290,000	)			(2,060,000	)			(960,000	)
Shares outstanding, beginning of year			1,340,000				750,000				1,420,000				400,000
Shares outstanding, end of year			2,040,000				1,340,000				550,000				1,420,000

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)
2022				2021				2022				2021				2022				2021				2022				2021
	$	1,470,236			$	1,028,841			$	1,580,112			$	408,878			$	1,287,670			$	399,750				$(2,069,621)			$	(1,864,228	)
		6,343,307				36,727,302				32,581,657				(6,395,923	)			(624,663	)			9,940,288				(41,069,263	)			223,715,652
		(19,410,012	)			12,096,448				32,988,858				10,421,946				(14,529,598	)			7,153,093				(51,286,438	)			(10,660,214	)
		(11,596,469	)			49,852,591				67,150,627				4,434,901				(13,866,591	)			17,493,131				(94,425,322	)			211,191,210
		(1,442,905	)			(924,650	)			(1,335,094	)			(439,364	)			(1,320,002	)			(493,130	)			-				-
		118,293,134				94,323,110				288,217,685				151,890,596				154,026,851				62,009,415				359,960,194				1,159,423,493
		(116,934,578	)			(141,542,658	)			(252,911,675	)			(33,783,947	)			(110,378,841	)			(51,995,758	)			(550,184,148	)			(1,077,844,258	)
		1,358,556				(47,219,548	)			35,306,010				118,106,649				43,648,010				10,013,657				(190,223,954	)			81,579,235
		(11,680,818	)			1,708,393				101,121,543				122,102,186				28,461,417				27,013,658				(284,649,276	)			292,770,445
		111,221,030				109,512,637				139,581,064				17,478,878				55,708,256				28,694,598				558,233,701				265,463,256
	$	99,540,212			$	111,221,030			$	240,702,607			$	139,581,064			$	84,169,673			$	55,708,256			$	273,584,425			$	558,233,701
		1,330,000				1,210,000				8,510,000				6,520,000				2,890,000				1,490,000				2,170,000				8,300,000
		(1,330,000	)			(1,830,000	)			(8,480,000	)			(1,970,000	)			(2,130,000	)			(1,300,000	)			(3,490,000	)			(7,430,000	)
		1,180,000				1,800,000				5,700,000				1,150,000				1,090,000				900,000				3,570,000				2,700,000
		1,180,000				1,180,000				5,730,000				5,700,000				1,850,000				1,090,000				2,250,000				3,570,000

59

Statements of Changes in Net Assets–(continued)

For the years ended April 30, 2022 and 2021

	Invesco DWA Industrials Momentum ETF (PRN)								Invesco DWA Technology Momentum ETF (PTF)
	2022				2021				2022				2021
Operations:
Net investment income (loss)		$	342,575			$	81,807				$ (923,523)			$	(1,081,435	)
Net realized gain (loss)			10,839,783				33,977,793				4,544,435				150,271,622
Change in net unrealized appreciation (depreciation)			(37,772,934	)			21,688,873				(61,071,017	)			7,611,313
Net increase (decrease) in net assets resulting from operations			(26,590,576	)			55,748,473				(57,450,105	)			156,801,500
Distributions to Shareholders from:
Distributable earnings			(391,888	)			(88,644	)			-				-
Shareholder Transactions:
Proceeds from shares sold			225,521,096				314,949,521				400,259,524				471,013,473
Value of shares repurchased			(339,515,702	)			(114,154,628	)			(434,606,833	)			(487,674,653	)
Net increase (decrease) in net assets resulting from share transactions			(113,994,606	)			200,794,893				(34,347,309	)			(16,661,180	)
Net increase (decrease) in net assets			(140,977,070	)			256,454,722				(91,797,414	)			140,140,320
Net assets:
Beginning of year			314,885,505				58,430,783				297,236,641				157,096,321
End of year		$	173,908,435			$	314,885,505			$	205,439,227			$	297,236,641
Changes in Shares Outstanding:
Shares sold			2,110,000				3,470,000				2,540,000				3,930,000
Shares repurchased			(3,260,000	)			(1,350,000	)			(2,880,000	)			(3,900,000	)
Shares outstanding, beginning of year			3,070,000				950,000				2,080,000				2,050,000
Shares outstanding, end of year			1,920,000				3,070,000				1,740,000				2,080,000

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)
2022				2021				2022				2021
	$	992,395			$	1,281,339				$(5,131,630)				$(4,847,878)
		618,594				(420,189	)			27,108,254				101,371,036
		363,406				7,717,142				(453,536,469	)			297,046,224
		1,974,395				8,578,292				(431,559,845	)			393,569,382
		(978,385	)			(1,605,292	)			-				-
		12,709,138				5,919,080				155,935,644				358,276,717
		(7,671,363	)			(44,690,000	)			(236,899,762	)			(240,301,737	)
		5,037,775				(38,770,920	)			(80,964,118	)			117,974,980
		6,033,785				(31,797,920	)			(512,523,963	)			511,544,362
		49,728,068				81,525,988				1,069,441,504				557,897,142
	$	55,761,853			$	49,728,068			$	556,917,541			$	1,069,441,504
		350,000				200,000				720,000				1,690,000
		(220,000	)			(1,450,000	)			(1,120,000	)			(1,110,000	)
		1,450,000				2,700,000				4,380,000				3,800,000
		1,580,000				1,450,000				3,980,000				4,380,000

61

Financial Highlights

Invesco DWA Basic Materials Momentum ETF (PYZ)

	Years Ended April 30,
	2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of year		$	85.67			$	47.51			$	60.49			$	66.74			$	61.38
Net investment income(a)			0.35				0.47				0.79				0.72				0.49
Net realized and unrealized gain (loss) on investments			6.16				38.31				(12.77	)			(6.30	)			5.27
Total from investment operations			6.51				38.78				(11.98	)			(5.58	)			5.76
Distributions to shareholders from:
Net investment income			(0.37	)			(0.62	)			(1.00	)			(0.67	)			(0.40	)
Net asset value at end of year		$	91.81			$	85.67			$	47.51			$	60.49			$	66.74
Market price at end of year(b)		$	91.90			$	85.68			$	47.63			$	60.48			$	66.79
Net Asset Value Total Return(c)			7.61	%			82.25	%			(19.95	)%			(8.36	)%			9.40	%
Market Price Total Return(c)			7.70	%			81.80	%			(19.74	)%			(8.46	)%			9.48	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	187,288			$	114,802			$	35,634			$	63,518			$	100,114
Ratio to average net assets of:
Expenses, after Waivers			0.60	%			0.60	%			0.61	%(d)			0.60	%			0.60	%
Expenses, prior to Waivers			0.70	%			0.82	%			0.79	%(d)			0.76	%			0.76	%
Net investment income			0.38	%			0.70	%			1.40	%(d)			1.12	%			0.75	%
Portfolio turnover rate(e)			125	%			132	%			90	%			89	%			75	%

^(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 Cyclicals Momentum ETF (PEZ)

	Years Ended April 30,
	2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of year		$	89.43			$	41.64			$	56.86			$	50.42			$	44.36
Net investment income(a)			0.22				(0.00	)(b)			0.06				0.08				0.25
Net realized and unrealized gain (loss) on investments			(19.05	)			47.98				(15.17	)			6.53				6.03
Total from investment operations			(18.83	)			47.98				(15.11	)			6.61				6.28
Distributions to shareholders from:
Net investment income			(0.20	)			(0.19	)			(0.11	)			(0.17	)			(0.22	)
Net asset value at end of year		$	70.40			$	89.43			$	41.64			$	56.86			$	50.42
Market price at end of year(c)		$	70.54			$	89.37			$	41.67			$	56.87			$	50.48
Net Asset Value Total Return(d)			(21.10	)%			115.43	%			(26.51	)%			13.15	%			14.20	%
Market Price Total Return(d)			(20.90	)%			115.13	%			(26.47	)%			13.03	%			14.31	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	38,718			$	126,992			$	16,657			$	31,271			$	55,464
Ratio to average net assets of:
Expenses, after Waivers			0.60	%			0.60	%			0.61	%(e)			0.60	%			0.60	%
Expenses, prior to Waivers			0.73	%			0.80	%			0.82	%(e)			0.80	%			0.90	%
Net investment income			0.25	%			(0.00	)%(f)			0.12	%(e)			0.15	%			0.52	%
Portfolio turnover rate(g)			227	%			163	%			176	%			136	%			185	%

^(a)  Based on average shares outstanding.

^(b) Amount represents less than $(0.005).

^(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) Amount represents less than 0.005%.

^(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.

63

Financial Highlights–(continued)

Invesco DWA Consumer Staples Momentum ETF (PSL)

	Years Ended April 30,
	2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of year		$	94.26			$	60.84			$	72.67			$	67.39			$	59.38
Net investment income(a)			1.21				0.73				0.46				0.45				0.41
Net realized and unrealized gain (loss) on investments			(9.89	)			33.35				(11.78	)			5.25				7.90
Total from investment operations			(8.68	)			34.08				(11.32	)			5.70				8.31
Distributions to shareholders from:
Net investment income			(1.22	)			(0.66	)			(0.51	)			(0.42	)			(0.30	)
Net asset value at end of year		$	84.36			$	94.26			$	60.84			$	72.67			$	67.39
Market price at end of year(b)		$	84.28			$	94.31			$	60.81			$	72.65			$	67.61
Net Asset Value Total Return(c)			(9.27	)%			56.25	%			(15.61	)%			8.50	%			14.03	%
Market Price Total Return(c)			(9.41	)%			56.42	%			(15.63	)%			8.12	%			14.40	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	99,540			$	111,221			$	109,513			$	174,401			$	90,977
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	%			0.75	%			0.71	%			0.71	%			0.79	%
Net investment income			1.34	%			0.93	%			0.65	%			0.64	%			0.65	%
Portfolio turnover rate(d)			94	%			97	%			119	%			118	%			80	%

^(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.

64

Financial Highlights–(continued)

Invesco DWA Energy Momentum ETF (PXI)

	Years Ended April 30,
	2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of year		$	24.49			$	15.20			$	31.95			$	42.26			$	36.36
Net investment income(a)			0.32				0.17				0.74	(b)			0.28				0.41
Net realized and unrealized gain (loss) on investments			17.47				9.33				(16.70	)			(10.24	)			5.80
Total from investment operations			17.79				9.50				(15.96	)			(9.96	)			6.21
Distributions to shareholders from:
Net investment income			(0.27	)			(0.21	)			(0.79	)			(0.35	)			(0.31	)
Net asset value at end of year		$	42.01			$	24.49			$	15.20			$	31.95			$	42.26
Market price at end of year(c)		$	42.02			$	24.51			$	15.24			$	31.95			$	42.32
Net Asset Value Total Return(d)			72.99	%			63.39	%			(50.75	)%			(23.63	)%			17.28	%
Market Price Total Return(d)			72.89	%			63.10	%			(50.62	)%			(23.74	)%			17.47	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	240,703			$	139,581			$	17,479			$	51,127			$	88,738
Ratio to average net assets of:
Expenses, after Waivers			0.60	%			0.60	%			0.62	%(e)			0.60	%			0.60	%
Expenses, prior to Waivers			0.70	%			0.85	%			0.86	%(e)			0.75	%			0.78	%
Net investment income			1.00	%			0.86	%			2.98	%(b)(e)			0.72	%			1.15	%
Portfolio turnover rate(f)			115	%			196	%			92	%			113	%			95	%

^(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.

65

Financial Highlights–(continued)

Invesco DWA Financial Momentum ETF (PFI)

	Years Ended April 30,
	2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of year		$	51.11			$	31.88			$	35.52			$	35.16			$	30.66
Net investment income(a)			0.75				0.47				0.52				0.41				0.35
Net realized and unrealized gain (loss) on investments			(5.61	)			19.34				(3.54	)			0.39				4.44
Total from investment operations			(4.86	)			19.81				(3.02	)			0.80				4.79
Distributions to shareholders from:
Net investment income			(0.75	)			(0.58	)			(0.62	)			(0.44	)			(0.29	)
Net asset value at end of year		$	45.50			$	51.11			$	31.88			$	35.52			$	35.16
Market price at end of year(b)		$	45.43			$	51.16			$	31.86			$	35.49			$	35.22
Net Asset Value Total Return(c)			(9.63	)%			62.64	%			(8.33	)%			2.44	%			15.64	%
Market Price Total Return(c)			(9.85	)%			62.90	%			(8.31	)%			2.18	%			15.91	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	84,170			$	55,708			$	28,695			$	24,861			$	70,330
Ratio to average net assets of:
Expenses, after Waivers			0.60	%			0.60	%			0.61	%(d)			0.60	%			0.60	%
Expenses, prior to Waivers			0.70	%			0.82	%			0.71	%(d)			0.79	%			0.75	%
Net investment income			1.44	%			1.16	%			1.40	%(d)			1.22	%			1.04	%
Portfolio turnover rate(e)			153	%			167	%			158	%			132	%			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)  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,
	2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of year		$	156.37			$	98.32			$	77.79			$	77.65			$	55.03
Net investment income (loss)(a)			(0.72	)			(0.47	)			(0.30	)			(0.33	)			(0.21	)
Net realized and unrealized gain (loss) on investments			(34.06	)			58.52				20.83				0.47				22.83
Total from investment operations			(34.78	)			58.05				20.53				0.14				22.62
Net asset value at end of year		$	121.59			$	156.37			$	98.32			$	77.79			$	77.65
Market price at end of year(b)		$	121.51			$	156.15			$	98.49			$	77.69			$	77.80
Net Asset Value Total Return(c)			(22.24	)%			59.04	%			26.39	%			0.18	%			41.11	%
Market Price Total Return(c)			(22.18	)%			58.54	%			26.78	%			(0.15	)%			41.40	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	273,584			$	558,234			$	265,463			$	163,351			$	155,292
Ratio to average net assets of:
Expenses, after Waivers			0.60	%			0.60	%			0.60	%			0.60	%			0.60	%
Expenses, prior to Waivers			0.68	%			0.67	%			0.73	%			0.69	%			0.73	%
Net investment income (loss)			(0.47	)%			(0.32	)%			(0.34	)%			(0.39	)%			(0.31	)%
Portfolio turnover rate(d)			204	%			217	%			175	%			166	%			130	%

^(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 Statement which are an integral part of the financial statements.

66

Financial Highlights–(continued)

Invesco DWA Industrials Momentum ETF (PRN)

	Years Ended April 30,
	2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of year		$	102.57			$	61.51			$	63.65			$	57.87			$	52.27
Net investment income(a)			0.14				0.05				0.30				0.17				0.23
Net realized and unrealized gain (loss) on investments			(11.97	)			41.11				(2.16	)			5.76				5.73
Total from investment operations			(11.83	)			41.16				(1.86	)			5.93				5.96
Distributions to shareholders from:
Net investment income			(0.16	)			(0.10	)			(0.28	)			(0.15	)			(0.23	)
Return of capital			-				-				-				-				(0.13	)
Total distributions			(0.16	)			(0.10	)			(0.28	)			(0.15	)			(0.36	)
Net asset value at end of year		$	90.58			$	102.57			$	61.51			$	63.65			$	57.87
Market price at end of year(b)		$	90.42			$	102.49			$	61.72			$	63.64			$	57.91
Net Asset Value Total Return(c)			(11.56	)%			66.98	%			(2.95	)%			10.28	%			11.43	%
Market Price Total Return(c)			(11.64	)%			66.28	%			(2.61	)%			10.19	%			11.53	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	173,908			$	314,886			$	58,431			$	101,839			$	107,053
Ratio to average net assets of:
Expenses, after Waivers			0.60	%			0.60	%			0.61	%(d)			0.60	%			0.60	%
Expenses, prior to Waivers			0.63	%			0.64	%			0.62	%(d)			0.64	%			0.64	%
Net investment income			0.13	%			0.06	%			0.46	%(d)			0.29	%			0.39	%
Portfolio turnover rate(e)			152	%			169	%			111	%			104	%			106	%

^(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.

67

Financial Highlights–(continued)    

Invesco DWA Technology Momentum ETF (PTF)

	Years Ended April 30,
	2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of year		$	142.90			$	76.63			$	71.82			$	56.19			$	45.25
Net investment income (loss)(a)			(0.46	)			(0.46	)			(0.12	)			(0.09	)			0.04
Net realized and unrealized gain (loss) on investments			(24.37	)			66.73				4.93				15.76				10.92
Total from investment operations			(24.83	)			66.27				4.81				15.67				10.96
Distributions to shareholders from:
Net investment income			-				-				-				(0.04	)			(0.02	)
Net asset value at end of year		$	118.07			$	142.90			$	76.63			$	71.82			$	56.19
Market price at end of year(b)		$	118.10			$	142.85			$	76.69			$	71.91			$	56.21
Net Asset Value Total Return(c)			(17.37	)%			86.48	%			6.70	%			27.90	%			24.22	%
Market Price Total Return(c)			(17.33	)%			86.28	%			6.65	%			28.01	%			24.35	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	205,439			$	297,237			$	157,096			$	175,966			$	117,996
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	%			0.69	%			0.69	%			0.72	%			0.74	%
Net investment income (loss)			(0.31	)%			(0.37	)%			(0.17	)%			(0.15	)%			0.08	%
Portfolio turnover rate(d)			207	%			172	%			159	%			133	%			107	%

^(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 DWA Utilities Momentum ETF (PUI)

	Years Ended April 30,
	2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of year		$	34.30			$	30.19			$	32.18			$	27.11			$	27.50
Net investment income(a)			0.73				0.64				0.65				0.63				0.65
Net realized and unrealized gain (loss) on investments			0.98				4.27				(1.87	)			4.98				(0.31	)
Total from investment operations			1.71				4.91				(1.22	)			5.61				0.34
Distributions to shareholders from:
Net investment income			(0.72	)			(0.80	)			(0.77	)			(0.54	)			(0.73	)
Net asset value at end of year		$	35.29			$	34.30			$	30.19			$	32.18			$	27.11
Market price at end of year(b)		$	35.27			$	34.24			$	30.29			$	32.18			$	27.13
Net Asset Value Total Return(c)			5.08	%			16.63	%			(3.84	)%			20.98	%			1.16	%
Market Price Total Return(c)			5.20	%			16.05	%			(3.53	)%			20.89	%			1.19	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	55,762			$	49,728			$	81,526			$	223,637			$	44,730
Ratio to average net assets of:
Expenses, after Waivers			0.60	%			0.60	%			0.60	%			0.60	%			0.60	%
Expenses, prior to Waivers			0.81	%			0.81	%			0.69	%			0.73	%			0.83	%
Net investment income			2.12	%			2.06	%			1.93	%			2.08	%			2.35	%
Portfolio turnover rate(d)			61	%			64	%			69	%			49	%			41	%

^(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 NASDAQ Internet ETF (PNQI)

	Years Ended April 30,
	2022				2021				2020				2019				2018
Per Share Operating Performance:
Net asset value at beginning of year		$	244.16			$	146.82			$	142.44			$	129.15			$	99.14
Net investment income (loss)(a)			(1.21	)			(1.15	)			(0.44	)			(0.44	)			(0.36	)
Net realized and unrealized gain (loss) on investments			(103.02	)			98.49				4.82				13.73				30.40
Total from investment operations			(104.23	)			97.34				4.38				13.29				30.04
Distributions to shareholders from:
Net investment income			-				-				-				-				(0.03	)
Net asset value at end of year		$	139.93			$	244.16			$	146.82			$	142.44			$	129.15
Market price at end of year(b)		$	139.77			$	244.35			$	146.75			$	142.41			$	129.29
Net Asset Value Total Return(c)			(42.68	)%			66.30	%			3.07	%			10.29	%			30.30	%
Market Price Total Return(c)			(42.81	)%			66.50	%			3.05	%			10.15	%			30.40	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)		$	556,918			$	1,069,442			$	557,897			$	598,232			$	600,535
Ratio to average net assets of:
Expenses			0.60	%			0.60	%			0.60	%(d)			0.60	%			0.60	%
Net investment income (loss)			(0.55	)%			(0.54	)%			(0.32	)%			(0.34	)%			(0.31	)%
Portfolio turnover rate(e)			29	%			27	%			41	%			20	%			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)  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, 2022

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust 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 CTA 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 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 (“OTC”) 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

70

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 may be valued up to 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 debt 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. 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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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

71

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 a 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 a Fund’s NAV and, accordingly, they reduce a 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.

C. 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.

D. 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.

E. 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.

F. Expenses - 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 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, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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 distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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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.

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.

G. 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.

H. 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. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each 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 invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) 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.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through April 30, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:

	Amount
DWA Basic Materials Momentum ETF	$	3,176
DWA Consumer Cyclicals Momentum ETF		282
DWA Consumer Staples Momentum ETF		1,093
DWA Energy Momentum ETF		4,395
DWA Financial Momentum ETF		151

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	Amount
DWA Healthcare Momentum ETF		846
DWA Industrials Momentum ETF		122
DWA Technology Momentum ETF		508
DWA Utilities Momentum ETF		111
NASDAQ Internet ETF		1,704

J. 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 Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, 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, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries 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 previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of 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

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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 the Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund’s performance.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their 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 gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. 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.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

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 distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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 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, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) 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, 2024. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2024. 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, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for 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, 2022, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

DWA Basic Materials Momentum ETF	$	167,797
DWA Consumer Cyclicals Momentum ETF		132,425
DWA Consumer Staples Momentum ETF		138,584
DWA Energy Momentum ETF		156,317
DWA Financial Momentum ETF		89,350
DWA Healthcare Momentum ETF		362,483
DWA Industrials Momentum ETF		82,921
DWA Technology Momentum ETF		259,150
DWA Utilities Momentum ETF		99,133
NASDAQ Internet ETF		21

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, 2022 are as follows:

	Total Potential Recapture Amounts			Potential Recapture Amounts Expiring
				4/30/23			4/30/24			4/30/25
DWA Basic Materials Momentum ETF		$	378,403		$	90,387		$	120,236		$	167,780
DWA Consumer Cyclicals Momentum ETF			326,246			80,322			113,510			132,414
DWA Consumer Staples Momentum ETF			467,775			165,252			163,949			138,574
DWA Energy Momentum ETF			353,411			80,048			117,061			156,302
DWA Financial Momentum ETF			218,768			53,809			75,623			89,336
DWA Healthcare Momentum ETF			972,239			183,777			426,000			362,462
DWA Industrials Momentum ETF			158,017			14,359			60,753			82,905
DWA Technology Momentum ETF			692,878			178,081			255,670			259,127
DWA Utilities Momentum ETF			405,596			174,961			131,512			99,123

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
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 BNYM, 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.

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For the fiscal year ended April 30, 2022, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

DWA Basic Materials Momentum ETF	$	23,156
DWA Consumer Cyclicals Momentum ETF		39,410
DWA Consumer Staples Momentum ETF		13,859
DWA Energy Momentum ETF		54,858
DWA Financial Momentum ETF		21,171
DWA Healthcare Momentum ETF		14,015
DWA Industrials Momentum ETF		20,108
DWA Technology Momentum ETF		34,140
DWA Utilities Momentum ETF		7,769
NASDAQ Internet ETF		20,808

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold – affiliated broker and/or payable caption Investments purchased – affiliated broker.

NOTE 4–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, 2022. 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
DWA Basic Materials Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	187,189,367		$	-		$	-		$	187,189,367
Money Market Funds			273,111			32,342,076			-			32,615,187
Total Investments		$	187,462,478		$	32,342,076		$	-		$	219,804,554
DWA Consumer Cyclicals Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	38,755,663		$	-		$	-		$	38,755,663
Money Market Funds			140,012			4,527,301			-			4,667,313
Total Investments		$	38,895,675		$	4,527,301		$	-		$	43,422,976
DWA Consumer Staples Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	99,537,610		$	-		$	-		$	99,537,610
Money Market Funds			24,532			17,475,585			-			17,500,117
Total Investments		$	99,562,142		$	17,475,585		$	-		$	117,037,727

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	Level 1			Level 2			Level 3			Total
DWA Energy Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	240,682,693		$	-		$	-		$	240,682,693
Money Market Funds			249,928			44,739,647			-			44,989,575
Total Investments		$	240,932,621		$	44,739,647		$	-		$	285,672,268
DWA Financial Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	84,140,754		$	-		$	-		$	84,140,754
Money Market Funds			196,176			3,163,877			-			3,360,053
Total Investments		$	84,336,930		$	3,163,877		$	-		$	87,500,807
DWA Healthcare Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	273,588,760		$	-		$	-		$	273,588,760
Money Market Funds			481,376			43,498,675			-			43,980,051
Total Investments		$	274,070,136		$	43,498,675		$	-		$	317,568,811
DWA Industrials Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	173,864,661		$	-		$	-		$	173,864,661
Money Market Funds			253,005			8,274,454			-			8,527,459
Total Investments		$	174,117,666		$	8,274,454		$	-		$	182,392,120
DWA Technology Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	205,523,715		$	-		$	-		$	205,523,715
Money Market Funds			357,742			32,404,023			-			32,761,765
Total Investments		$	205,881,457		$	32,404,023		$	-		$	238,285,480
DWA Utilities Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	55,712,868		$	-		$	-		$	55,712,868
Money Market Funds			141,321			3,117,991			-			3,259,312
Total Investments		$	55,854,189		$	3,117,991		$	-		$	58,972,180
NASDAQ Internet ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	556,817,391		$	-		$	-		$	556,817,391
Money Market Funds			376,768			47,624,041			-			48,000,809
Total Investments		$	557,194,159		$	47,624,041		$	-		$	604,818,200

NOTE 5–Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2022 and 2021:

	2022		2021
	Ordinary Income*		Ordinary Income*
DWA Basic Materials Momentum ETF		$ 713,538		$	494,583
DWA Consumer Cyclicals Momentum ETF		274,022			123,525
DWA Consumer Staples Momentum ETF		1,442,905			924,650
DWA Energy Momentum ETF		1,335,094			439,364
DWA Financial Momentum ETF		1,320,002			493,130
DWA Healthcare Momentum ETF		-			-
DWA Industrials Momentum ETF		391,888			88,644
DWA Technology Momentum ETF		-			-

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	2022		2021
	Ordinary Income*		Ordinary Income*
DWA Utilities Momentum ETF		$ 978,385		$	1,605,292
NASDAQ Internet ETF		-			-

*     Includes short-term capital gain distributions, if any.

Tax Components of Net Assets at Fiscal Year-End:

	Undistributed Ordinary Income			Temporary Book/Tax Differences				Net Unrealized Appreciation (Depreciation)- Investments				Capital Loss Carryforwards				Late-Year Ordinary Loss Deferral				Shares of Beneficial Interest			Total Net Assets
DWA Basic Materials Momentum ETF		$	-		$	(53,264	)		$	9,736,938			$	(66,483,312	)		$	-			$	244,087,424		$	187,287,786
DWA Consumer Cyclicals Momentum ETF			-			(49,944	)			(4,244,882	)			(78,866,192	)			(11,703	)			121,890,352			38,717,631
DWA Consumer Staples Momentum ETF			293,687			(54,492	)			(1,655,847	)			(100,032,774	)			-				200,989,638			99,540,212
DWA Energy Momentum ETF			278,551			(59,447	)			38,159,814				(192,195,261	)			-				394,518,950			240,702,607
DWA Financial Momentum ETF			-			(47,549	)			(5,663,770	)			(35,741,932	)			-				125,622,924			84,169,673
DWA Healthcare Momentum ETF			-			(61,195	)			(26,153,974	)			(283,466,503	)			(364,116	)			583,630,213			273,584,425
DWA Industrials Momentum ETF			-			(54,604	)			(12,303,431	)			(98,465,984	)			-				284,732,454			173,908,435
DWA Technology Momentum ETF			-			(54,237	)			(30,365,887	)			(146,998,007	)			(343,010	)			383,200,368			205,439,227
DWA Utilities Momentum ETF			18,538			(50,553	)			3,958,295				(26,968,973	)			-				78,804,546			55,761,853
NASDAQ Internet ETF			-			-				(107,944,264	)			(136,850,520	)			(1,212,017	)			802,924,342			556,917,541

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 Funds have capital loss carryforwards as of April 30, 2022, as follows:

	No expiration
	Short-Term			Long-Term			Total*
DWA Basic Materials Momentum ETF		$	53,745,128		$	12,738,184		$	66,483,312
DWA Consumer Cyclicals Momentum ETF			78,866,192			-			78,866,192
DWA Consumer Staples Momentum ETF			94,614,870			5,417,904			100,032,774
DWA Energy Momentum ETF			160,559,808			31,635,453			192,195,261
DWA Financial Momentum ETF			35,741,932			-			35,741,932
DWA Healthcare Momentum ETF			283,466,503			-			283,466,503
DWA Industrials Momentum ETF			98,465,984			-			98,465,984
DWA Technology Momentum ETF			146,998,007			-			146,998,007
DWA Utilities Momentum ETF			23,047,531			3,921,442			26,968,973
NASDAQ Internet ETF			73,466,804			63,383,716			136,850,520

* 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 6–Investment Transactions

For the fiscal year ended April 30, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases			Sales
DWA Basic Materials Momentum ETF		$	221,318,391		$	221,216,093
DWA Consumer Cyclicals Momentum ETF			234,421,856			234,877,010
DWA Consumer Staples Momentum ETF			107,832,597			107,416,337
DWA Energy Momentum ETF			186,054,226			185,322,583
DWA Financial Momentum ETF			142,318,018			140,380,576
DWA Healthcare Momentum ETF			937,129,117			937,455,432
DWA Industrials Momentum ETF			402,459,952			402,500,675

79

	Purchases			Sales
DWA Technology Momentum ETF		$	660,490,142		$	660,736,935
DWA Utilities Momentum ETF			28,530,344			28,404,337
NASDAQ Internet ETF			269,837,007			277,954,319

For the fiscal year ended April 30, 2022, in-kind transactions associated with creations and redemptions were as follows:

	In-kind Purchases			In-kind Sales
DWA Basic Materials Momentum ETF		$	194,296,064		$	126,510,330
DWA Consumer Cyclicals Momentum ETF			108,839,315			173,163,036
DWA Consumer Staples Momentum ETF			118,271,063			117,243,214
DWA Energy Momentum ETF			287,944,753			253,001,428
DWA Financial Momentum ETF			152,564,138			110,647,792
DWA Healthcare Momentum ETF			359,982,329			552,198,953
DWA Industrials Momentum ETF			225,426,881			339,413,139
DWA Technology Momentum ETF			400,417,974			435,584,990
DWA Utilities Momentum ETF			12,704,985			7,670,447
NASDAQ Internet ETF			155,955,225			234,465,181

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of April 30, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes 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		$	17,558,316		$	(7,821,378	)		$	9,736,938			$	210,067,616
DWA Consumer Cyclicals Momentum ETF			483,480			(4,728,362	)			(4,244,882	)			47,667,858
DWA Consumer Staples Momentum ETF			5,412,116			(7,067,963	)			(1,655,847	)			118,693,574
DWA Energy Momentum ETF			40,838,834			(2,679,020	)			38,159,814				247,512,454
DWA Financial Momentum ETF			1,360,829			(7,024,599	)			(5,663,770	)			93,164,577
DWA Healthcare Momentum ETF			7,362,578			(33,516,552	)			(26,153,974	)			343,722,785
DWA Industrials Momentum ETF			3,859,327			(16,162,758	)			(12,303,431	)			194,695,551
DWA Technology Momentum ETF			1,883,449			(32,249,336	)			(30,365,887	)			268,651,367
DWA Utilities Momentum ETF			4,974,304			(1,016,009	)			3,958,295				55,013,885
NASDAQ Internet ETF			55,569,070			(163,513,334	)			(107,944,264	)			712,762,464

NOTE 7–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, passive foreign investment companies and 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, 2022, the reclassifications were as follows:

	Undistributed Net Investment Income			Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
DWA Basic Materials Momentum ETF		$	27,574		$	(22,910,882	)		$	22,883,308
DWA Consumer Cyclicals Momentum ETF			1,247			(9,880,377	)			9,879,130
DWA Consumer Staples Momentum ETF			-			(18,695,740	)			18,695,740
DWA Energy Momentum ETF			-			(30,841,650	)			30,841,650
DWA Financial Momentum ETF			27,972			(11,741,334	)			11,713,362
DWA Healthcare Momentum ETF			2,676,258			(74,496,999	)			71,820,741
DWA Industrials Momentum ETF			848			(55,622,357	)			55,621,509
DWA Technology Momentum ETF			967,380			(62,594,835	)			61,627,455
DWA Utilities Momentum ETF			-			(933,801	)			933,801
NASDAQ Internet ETF			6,209,566			(96,139,918	)			89,930,352

80

NOTE 8–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 9–Capital

Shares are issued and redeemed by each Fund only in Creation Units consisting of a specified number of Shares as set forth in each Fund’s prospectus. 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 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.

81

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, 2022, the related statements of operations for the year ended April 30, 2022, the statements of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2022 (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, 2022, 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, 2022, and each of the financial highlights for each of the five years in the period ended April 30, 2022 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, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

June 23, 2022

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.

82

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 advisory fee or 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, including proxy expenses (except for such proxies related to:(i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). 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, 2021 through April 30, 2022.

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, 2021			April 30, 2022			Six-Month Period			Six-Month Period(1)
Invesco DWA Basic Materials Momentum ETF (PYZ)
Actual		$	1,000.00		$	1,011.20		0.60	%		$	2.99
Hypothetical (5% return before expenses)			1,000.00			1,021.82		0.60				3.01
Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)
Actual			1,000.00			750.10		0.60				2.60
Hypothetical (5% return before expenses)			1,000.00			1,021.82		0.60				3.01
Invesco DWA Consumer Staples Momentum ETF (PSL)
Actual			1,000.00			930.90		0.60				2.87
Hypothetical (5% return before expenses)			1,000.00			1,021.82		0.60				3.01
Invesco DWA Energy Momentum ETF (PXI)
Actual			1,000.00			1,263.20		0.60				3.37
Hypothetical (5% return before expenses)			1,000.00			1,021.82		0.60				3.01
Invesco DWA Financial Momentum ETF (PFI)
Actual			1,000.00			784.10		0.60				2.65
Hypothetical (5% return before expenses)			1,000.00			1,021.82		0.60				3.01

83

Calculating your ongoing Fund expenses–(continued)

							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	November 1, 2021			April 30, 2022			Six-Month Period			Six-Month Period(1)
Invesco DWA Healthcare Momentum ETF (PTH)
Actual		$	1,000.00		$	743.30		0.60	%		$	2.59
Hypothetical (5% return before expenses)			1,000.00			1,021.82		0.60				3.01
Invesco DWA Industrials Momentum ETF (PRN)
Actual			1,000.00			824.50		0.60				2.71
Hypothetical (5% return before expenses)			1,000.00			1,021.82		0.60				3.01
Invesco DWA Technology Momentum ETF (PTF)
Actual			1,000.00			696.50		0.60				2.52
Hypothetical (5% return before expenses)			1,000.00			1,021.82		0.60				3.01
Invesco DWA Utilities Momentum ETF (PUI)
Actual			1,000.00			1,053.00		0.60				3.05
Hypothetical (5% return before expenses)			1,000.00			1,021.82		0.60				3.01
Invesco NASDAQ Internet ETF (PNQI)
Actual			1,000.00			570.20		0.60				2.34
Hypothetical (5% return before expenses)			1,000.00			1,021.82		0.60				3.01

⁽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, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

84

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, 2022:

							Corporate
	Qualified			Qualified			Dividends						Business
	Business			Dividend			Received			U.S. Treasury			Interest
	Income*			Income*			Deduction*			Obligations*			Income*
Invesco DWA Basic Materials Momentum ETF		0	%		100	%		100	%		0	%		0	%
Invesco DWA Consumer Cyclicals Momentum ETF		0	%		100	%		100	%		0	%		0	%
Invesco DWA Consumer Staples Momentum ETF		0	%		88	%		88	%		0	%		0	%
Invesco DWA Energy Momentum ETF		0	%		100	%		100	%		0	%		0	%
Invesco DWA Financial Momentum ETF		15	%		85	%		89	%		0	%		0	%
Invesco DWA Healthcare Momentum ETF		0	%		0	%		0	%		0	%		0	%
Invesco DWA Industrials Momentum ETF		0	%		100	%		100	%		0	%		0	%
Invesco DWA Technology Momentum ETF		0	%		0	%		0	%		0	%		0	%
Invesco DWA Utilities Momentum ETF		0	%		100	%		100	%		0	%		0	%
Invesco NASDAQ Internet ETF		0	%		0	%		0	%		0	%		0	%

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

85

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:

As of April 30, 2022

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 the 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 Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair 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).	224	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, 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.	224	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.

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 the 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, First Eagle Alternative Credit LLC (2020-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, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chair of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	224	Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

* 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 the 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).	224	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, Mather LifeWays (2001-2021); 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.

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 the 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	Chair of the Audit Committee and Trustee	Chair of the Audit Committee since 2008; Trustee since 2006	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); 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).	224	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; 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	Chair of the Investment Oversight Committee and Trustee	Chair 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).	224	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

* 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 the 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.	224	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); 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.

90

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 the 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.	224	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	Chair of the Board and Trustee	Chair since 2012; Trustee since 2006	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair 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); Chair, 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).	224	Director, Penfield Children’s Center (2004-Present); Board Chair, 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.

91

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 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 the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515	Trustee, President and Principal Executive Officer	Trustee since 2022, President and Principal Executive Officer since 2020	President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), 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; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, 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 (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).	224	None

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

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 the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2020	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, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	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 and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; 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); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, 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 (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

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

93

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 the Past 5 Years
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).
Michael McMaster–1962 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Chief Tax Officer	Since 2020	Vice President and Head of Global Fund Services Tax, Invesco Advisers, Inc. (2020-Present); Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds (2020-Present); Assistant Treasurer, Invesco Capital Management LLC (2020-Present); Chief Tax Officer and Assistant 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 (2020-Present); Assistant Treasurer, Invesco Specialized Products, LLC (2020-Present); formerly, Senior Vice President, Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) (2007-2020).
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	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); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-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, Treasurer (2008-2020), 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.; Treasurer, 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.; Vice President, Invesco Advisers, Inc. (2009-2020).
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).

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

94

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 the Past 5 Years
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).

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

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.

95

Approval of Investment Advisory Contracts

At a meeting held on April 6, 2022, 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 collectively, the “Funds”):

Invesco Dow Jones Industrial Average Dividend ETF	Invesco S&P 500 Equal Weight Real Estate ETF
Invesco NASDAQ Internet ETF	Invesco S&P 500® Equal Weight Technology ETF
Invesco Raymond James SB-1 Equity ETF	Invesco S&P 500® Equal Weight Utilities ETF
Invesco S&P 500 BuyWrite ETF	Invesco S&P 500® Pure Growth ETF
Invesco S&P 500® Equal Weight Communications Services  ETF	Invesco S&P 500® Pure Value ETF
Invesco S&P 500® Equal Weight Consumer Discretionary ETF	Invesco S&P 500® Top 50 ETF
Invesco S&P 500® Equal Weight Consumer Staples ETF	Invesco S&P MidCap 400® Equal Weight ETF
Invesco S&P 500® Equal Weight Energy ETF	Invesco S&P MidCap 400® Pure Growth ETF
Invesco S&P 500® Equal Weight ETF	Invesco S&P MidCap 400® Pure Value ETF
Invesco S&P 500® Equal Weight Financials ETF	Invesco S&P SmallCap 600® Equal Weight ETF
Invesco S&P 500® Equal Weight Health Care ETF	Invesco S&P SmallCap 600® Pure Growth ETF
Invesco S&P 500® Equal Weight Industrials ETF	Invesco S&P SmallCap 600® Pure Value ETF
Invesco S&P 500® Equal Weight Materials 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 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, 2021, 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 (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 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. The Trustees 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 advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

96

Approval of Investment Advisory Contracts–(continued)

● 0.07% of the Fund’s average daily net assets for Invesco Dow Jones Industrial Average Dividend 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;

● 0.35% 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;

● 0.49% of the Fund’s average daily net assets for Invesco S&P 500 BuyWrite ETF;

● 0.60% of the Fund’s average daily net assets for Invesco NASDAQ Internet ETF;

● 0.75% of the Fund’s average daily net assets for Invesco Raymond James SB-1 Equity 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. (“Lipper”) databases on the net expense ratios of comparable 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				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
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

97

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 fee 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 products that have 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 of 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, advisory fees for money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s unitary 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.

98

Approval of Investment Advisory Contracts

At a meeting held on April 6, 2022, 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 Dynamic Semiconductors ETF
Invesco BuyBack AchieversTM ETF	Invesco Dynamic Software ETF
Invesco Dividend AchieversTM ETF	Invesco Financial Preferred ETF
Invesco DWA Basic Materials Momentum ETF	Invesco FTSE RAFI US 1000 ETF
Invesco DWA Consumer Cyclicals Momentum ETF	Invesco FTSE RAFI US 1500 Small-Mid ETF
Invesco DWA Consumer Staples Momentum ETF	Invesco Global Listed Private Equity ETF
Invesco DWA Energy Momentum ETF	Invesco Golden Dragon China ETF
Invesco DWA Financial Momentum ETF	Invesco High Yield Equity Dividend AchieversTM ETF
Invesco DWA Healthcare Momentum ETF	Invesco International Dividend AchieversTM ETF
Invesco DWA Industrials Momentum ETF	Invesco MSCI Sustainable Future ETF
Invesco DWA Momentum ETF	Invesco S&P 100 Equal Weight ETF
Invesco DWA Technology Momentum ETF	Invesco S&P 500 GARP ETF
Invesco DWA Utilities Momentum ETF	Invesco S&P 500® Quality ETF
Invesco Dynamic Biotechnology & Genome ETF	Invesco S&P 500 Value with Momentum ETF
Invesco Dynamic Building & Construction ETF	Invesco S&P MidCap Momentum ETF
Invesco Dynamic Energy Exploration & Production ETF	Invesco S&P MidCap Quality ETF
Invesco Dynamic Food & Beverage ETF	Invesco S&P MidCap Value with Momentum ETF
Invesco Dynamic Large Cap Growth ETF	Invesco S&P SmallCap Momentum ETF
Invesco Dynamic Large Cap Value ETF	Invesco S&P SmallCap Value with Momentum ETF
Invesco Dynamic Leisure and Entertainment ETF	Invesco S&P Spin-Off ETF
Invesco Dynamic Market ETF	Invesco Water Resources ETF
Invesco Dynamic Media ETF	Invesco WilderHill Clean Energy ETF
Invesco Dynamic Networking ETF	Invesco Zacks Mid-Cap ETF
Invesco Dynamic Oil & Gas Services ETF	Invesco Zacks Multi-Asset Income ETF
Invesco Dynamic Pharmaceuticals 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, 2021, 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 (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (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 were within the targeted range set forth in the Trust’s registration statement. The Trustees 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.

99

Approval of Investment Advisory Contracts–(continued)

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 as follows:

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

● 0.29% 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;

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

● 0.50% of the Fund’s average daily net assets for each other Fund.

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, 2024, as set forth below:

● 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;

● 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

● 0.39%, 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;

● 0.50%, 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 AchieversTM ETF, Invesco High Yield Equity Dividend AchieversTM ETF and Invesco International Dividend AchieversTM 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;

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

● 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 AchieversTM 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

100

Approval of Investment Advisory Contracts–(continued)

ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco MSCI Sustainable Future 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.

The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net advisory fees and net expense ratios of comparable 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 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
Invesco Financial Preferred ETF						X
Invesco FTSE RAFI US 1000 ETF		X				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 MSCI Sustainable Future ETF						X
Invesco S&P 100 Equal Weight ETF				X		X

101

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 500 GARP ETF		X				X
Invesco S&P 500® Quality ETF		X				X
Invesco S&P 500 Value with Momentum ETF						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		X		X
Invesco WilderHill Clean Energy ETF				X		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 subject to 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 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
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		X
Invesco Dynamic Leisure and Entertainment ETF					X
Invesco Dynamic Market ETF					X

102

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 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						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 MSCI Sustainable Future ETF						X
Invesco S&P 100 Equal Weight ETF				X		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
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		X		X
Invesco WilderHill Clean Energy ETF				X		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 Large Cap Value ETF, Invesco Global Listed Private Equity ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income 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.

103

Approval of Investment Advisory Contracts–(continued)

Based on all of 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, advisory fees for money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s 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.

104

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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.

^©2022 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, 2022
	PPA	Invesco Aerospace & Defense ETF
	PDP	Invesco DWA Momentum ETF
	PSP	Invesco Global Listed Private Equity ETF
	PGJ	Invesco Golden Dragon China ETF
	ERTH	Invesco MSCI Sustainable Future 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

Table of Contents

The Market Environment	3
Management’s Discussion of Fund Performance	4
Liquidity Risk Management Program	27
Schedules of Investments
Invesco Aerospace & Defense ETF (PPA)	28
Invesco DWA Momentum ETF (PDP)	30
Invesco Global Listed Private Equity ETF (PSP)	32
Invesco Golden Dragon China ETF (PGJ)	35
Invesco MSCI Sustainable Future ETF (ERTH)	37
Invesco Raymond James SB-1 Equity ETF (RYJ)	41
Invesco S&P 500 BuyWrite ETF (PBP)	44
Invesco S&P 500® Quality ETF (SPHQ)	49
Invesco S&P Spin-Off ETF (CSD)	51
Invesco Water Resources ETF (PHO)	53
Invesco WilderHill Clean Energy ETF (PBW)	55
Statements of Assets and Liabilities	58
Statements of Operations	60
Statements of Changes in Net Assets	62
Financial Highlights	66
Notes to Financial Statements	74
Report of Independent Registered Public Accounting Firm	92
Fund Expenses	94
Tax Information	96
Trustees and Officers	97
Approval of Investment Advisory Contracts	107

2

The Market Environment

Domestic Equity

The US stock market hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the US gross domestic product (GDP) grew at a 6.4% annualized rate for the first quarter of 2021.^{1 Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July 2021 despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing monthly from June through September,2 the US Federal Reserve (the Fed) declined to raise interest rates at its September Federal Open Market Committee meeting. The US stock market saw continued volatility in August 2021 and a selloff through most of September due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs.}

Equity markets were volatile in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil (West Texas Intermediate) rose to nearly $85 per barrel in October,³ causing higher gas prices for consumers and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the last 12 months, the highest since 1982.² To combat inflation, the Fed announced a faster pace of tapering at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.³ The CPI rose by 7.9% for the 12 months ended February 28, 2022, the largest 12-month increase since 1982.² To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March, with several more rate increases expected in 2022. As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix reported slowing growth and profits, equity markets sold off for much of the month of April 2022. In this environment, US stocks had flat

returns for the fiscal year ended April 30, 2022, of 0.21%, as measured by the S&P 500 Index.⁴

¹  Source: US Bureau of Economic Analysis

²  Source: US Bureau of Labor Statistics

³  Source: Bloomberg L.P.

⁴  Source: Lipper Inc.

Global Equity

At the beginning of the fiscal year, global equity markets were bolstered by the acceleration of vaccination rollouts and easing of COVID-19-related restrictions in most developed markets, with growth stocks outperforming value stocks in most regions.

Developed global equity markets ended the second half of 2021 in positive territory despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the fiscal year, resulting in higher costs for companies and consumers. Emerging market equities declined during the fiscal year, primarily due to weak performance of Chinese equities, which were affected by significant regulatory changes in the private tutoring industry, increased regulation in the technology sector, the potential default of a large Chinese property developer (which did, in fact, default later in 2021) and COVID-19 concerns.

Global equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply and value stocks outperforming growth stocks.

At the end of the fiscal year, global equity markets continued their decline, as they were impacted by the war in Ukraine, COVID-19 lockdowns in China and the increase of interest rates in the US to combat inflation. For the overall fiscal year, most regions were in negative territory, but developed market equities outperformed emerging market equities.

3

PPA	Management’s Discussion of Fund Performance
	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 systematically important to the defense sector and are involved with the development, manufacture, operation and support of U.S. defense, military, national/homeland security, and government space operations. These may include, for example, companies that provide the following products or services: military aircraft, naval vessels, armored vehicles, helicopters, drones and remotely piloted vehicles, missiles and missile defense, command and control, secure communications, battlespace awareness, intelligence and reconnaissance, and space systems, as well as national/homeland security activities including border security, biometric screening systems, and military cybersecurity efforts. 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, 2022, on a market price basis, the Fund returned (2.58)%. On a net asset value (“NAV”) basis, the Fund returned (2.59)%. During the same time period, the Index returned (2.10)%. 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 the fees and 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 2.92%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 56 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 research & consulting services sub-industry and most underweight in the aerospace & defense sub-industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during that

period can be attributed to security selection in the aerospace & defense sub-industry.

For the fiscal year ended April 30, 2022, the aerospace & defense sub-industry contributed most significantly to the Fund’s return, followed by the research and consulting services sub-industry. The industrial conglomerates sub-industry was the greatest detractor during this period.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Northrop Grumman Corp., an aerospace and defense company (portfolio average weight of 6.07%) and General Dynamics Corp., an aerospace & defense company (portfolio average weight of 5.41%). Positions that detracted most significantly from the Fund’s return during this period included Boeing Co., an aerospace & defense company (portfolio average weight of 6.43%) and Axon Enterprise, Inc., an aerospace & defense company (portfolio average weight of 3.22%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Aerospace & Defense	73.50
Professional Services	12.04
Industrial Conglomerates	5.58
Electronic Equipment, Instruments & Components	3.45
Industry Types Each Less Than 3%	5.39
Money Market Funds Plus Other Assets Less Liabilities	0.04
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
General Dynamics Corp.	7.26
Northrop Grumman Corp.	7.24
Lockheed Martin Corp.	7.14
Raytheon Technologies Corp.	6.90
Boeing Co. (The)	5.89
Honeywell International, Inc.	5.58
L3Harris Technologies, Inc.	5.45
Textron, Inc.	3.29
TransDigm Group, Inc.	3.18
Leidos Holdings, Inc.	2.91
Total	54.84

* 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, 2022

	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		(2.10	)%		7.03	%		22.60	%		11.76	%		74.35	%		15.84	%		334.92	%		11.88	%		538.83	%
S&P Composite 1500® Aerospace & Defense Index		2.92			1.93			5.91			8.67			51.56			14.30			280.65			11.96			545.63
Fund
NAV Return		(2.59	)		6.47			20.68			11.15			69.64			15.15			309.78			11.20			477.04
Market Price Return		(2.58	)		6.45			20.61			11.12			69.46			15.15			309.83			11.20			477.20

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 0.61%. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

5

PDP	Management’s Discussion of Fund Performance
	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 float-adjusted market capitalization within the NASDAQ US Benchmark Index^TM, 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 or “momentum” 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 intermediate and long term 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, 2022, on a market price basis, the Fund returned (14.77)%. On a net asset value (“NAV”) basis, the Fund returned (14.77)%. During the same time period, the Index returned (14.22)%. 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 fees and expenses that the Fund incurred during the period. During this same time period, the Russell 3000^® Growth Index returned (6.83)%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return. The health care sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and industrials sectors.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Enphase Energy, an information technology company (no longer held at fiscal year-end) and NVIDIA Corp., 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 STAAR Surgical Co., a health care company (no longer held at fiscal year-end) and Sherwin-Williams Co., a materials company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Energy	18.70
Information Technology	18.63
Health Care	15.28
Industrials	13.14
Financials	9.74
Consumer Discretionary	8.35
Materials	6.11
Real Estate	5.40
Sector Types Each Less Than 3%	4.63
Money Market Funds Plus Other Assets Less Liabilities	0.02
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Mastercard, Inc., Class A	3.14
Apple, Inc.	3.07
W.R. Berkley Corp.	2.93
O’Reilly Automotive, Inc.	2.78
Antero Resources Corp.	2.29
Danaher Corp.	2.15
Monolithic Power Systems, Inc.	2.05
Amphenol Corp., Class A	2.01
Mettler-Toledo International, Inc.	1.98
Old Dominion Freight Line, Inc.	1.94
Total	24.34

* Excluding money market fund holdings.

6

Invesco DWA Momentum ETF (PDP) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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		(14.22	)%		9.10	%		29.85	%		11.10	%		69.26	%		11.23	%		189.81	%		8.43	%		241.00	%
Russell 3000® Growth Index		(6.83	)		15.84			55.46			16.58			115.33			15.18			310.78			11.60			428.17
Fund
NAV Return		(14.77	)		8.41			27.42			10.41			64.08			10.72			176.96			8.12			226.83
Market Price Return		(14.77	)		8.39			27.35			10.40			63.98			10.72			176.85			8.11			226.02

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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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—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, 2022.

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

7

PSP	Management’s Discussion of Fund Performance
	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, 2022, on a market price basis, the Fund returned (19.61)%. On a net asset value (“NAV”) basis, the Fund returned (19.85)%. During the same time period, the Index returned (18.70)%. 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 the fees and expenses that the Fund incurred during the period.

During the same time period, the MSCI All Country World Index (Net) (the “Benchmark Index”) returned (5.44)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 2,937 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 capital markets industry and most underweight in the banks industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to its overweight allocation to and stock selection in the capital markets industry.

For the fiscal year ended April 30, 2022, the aerospace & defense industry contributed most significantly to the Fund’s return, followed by the oil, gas & consumable fuels industry.

The capital markets industry detracted most significantly from the Fund’s return, followed by the diversified financial services and internet & direct marketing retail industries.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Blackstone Inc., a capital markets company (portfolio average weight of 3.33%) and Ares Capital Corp., a capital markets company (portfolio average weight of 2.72%). Positions that detracted most significantly from the Fund’s return during this period included Prosus N.V., an internet & direct marketing retail company (portfolio average weight of 4.68%) and IAC/InterActiveCorp., an interactive media & services company (portfolio average weight of 3.48%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Capital Markets	51.96
Closed-End Funds	14.50
Diversified Financial Services	12.87
Industrial Conglomerates	6.19
Industry Types Each Less Than 3%	12.46
Money Market Funds Plus Other Assets Less Liabilities	2.02
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Blue Owl Capital, Inc.	5.22
EQT AB	5.13
3i Group PLC	4.81
KKR & Co., Inc., Class A	4.63
Partners Group Holding AG	4.54
Blackstone, Inc., Class A	4.26
Carlyle Group, Inc. (The)	4.22
Melrose Industries PLC	4.04
Sofina S.A.	3.83
Eurazeo SE	2.95
Total	43.63

* Excluding money market fund holdings.

8

Invesco Global Listed Private Equity ETF (PSP) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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		(18.70	)%		6.77	%		21.73	%		7.20	%		41.59	%		10.54	%		172.37	%		3.11	%		60.86	%
MSCI All Country World Index (Net)		(5.44	)		9.41			30.98			9.46			57.10			9.21			141.27			6.24			155.98
Fund
NAV Return		(19.85	)		5.73			18.19			6.20			35.09			9.52			148.33			1.24			21.05
Market Price Return		(19.61	)		5.71			18.12			6.17			34.91			9.51			148.02			1.24			21.15

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, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 1.45%, including acquired fund fees and expenses of 0.76%, and the net annual operating expense ratio was indicated as 1.44%. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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—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, 2022.

- Net returns reflect invested dividends net of withholding taxes.

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

9

PGJ	Management’s Discussion of Fund Performance
	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^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 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 (excluding Hong Kong).

The Index is designed 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 depositary 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, 2022, on a market price basis, the Fund returned (56.60)%. On a net asset value (“NAV”) basis, the Fund returned (56.62)%. During the same time period, the Index returned (56.60)%. 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 the fees and expenses that the Fund incurred during the period, partially offset by income received from the securities lending program in which the Fund participates, the effect of which was compounded during a time period of high returns.

During this same time period, the FTSE China 50 Index (the “Benchmark Index”) returned (29.30)%. 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, 2022. 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 consumer discretionary sector, as well as the underweight allocation in the financials sector.

For the fiscal year ended April 30, 2022, the consumer discretionary sector detracted most significantly from the Fund’s return, followed by the communication services and information technology sectors, respectively. No sectors contributed to the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Hollysys Automation Technologies Ltd., an information technology company (portfolio average weight of 0.36%) and 51job, Inc., ADR, an industrials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included NIO, Inc., ADR, a consumer discretionary company (portfolio average weight of 7.57%) and Alibaba Group Holding Ltd., ADR, a consumer discretionary company (portfolio average weight of 8.40%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Consumer Discretionary	53.15
Communication Services	22.67
Information Technology	7.86
Industrials	4.93
Financials	4.66
Real Estate	3.67
Sector Types Each Less Than 3%	3.01
Money Market Funds Plus Other Assets Less Liabilities	0.05
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Alibaba Group Holding Ltd., ADR	8.96
JD.com, Inc., ADR	8.35
Pinduoduo, Inc., ADR	8.06
Baidu, Inc., ADR	7.90
NIO, Inc., ADR	7.10
NetEase, Inc., ADR	4.85
ZTO Express Cayman, Inc., ADR	4.53
Trip.com Group Ltd., ADR	4.44
Li Auto, Inc., ADR	3.57
KE Holdings, Inc., ADR	3.54
Total	61.30

* Excluding money market fund holdings.

10

Invesco Golden Dragon China ETF (PGJ) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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 IndexSM		(56.60	)%		(12.69	)%		(33.45	)%		(4.12	)%		(18.97	)%		3.75	%		44.49	%		5.22	%		142.35	%
FTSE China 50 Index		(29.30	)		(7.53	)		(20.93	)		(0.34	)		(1.69	)		1.86			20.21			6.39			193.84
Fund
NAV Return		(56.62	)		(13.00	)		(34.14	)		(4.48	)		(20.49	)		3.46			40.46			4.78			125.12
Market Price Return		(56.60	)		(12.99	)		(34.12	)		(4.46	)		(20.41	)		3.51			41.14			4.77			124.76

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 0.69%. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

11

ERTH	Management’s Discussion of Fund Performance
	Invesco MSCI Sustainable Future ETF (ERTH)

As an index fund, the Invesco MSCI Sustainable Future ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI Global Environment Select 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, MSCI Inc. (the “Index Provider”) compiles, maintains and calculates the Underlying Index, which is a custom index comprised of companies that the index methodology has determined focus on offering products or services that contribute to a more environmentally sustainable economy by making a more efficient use of limited global natural resources. The Underlying Index is designed to maximize exposure to the following six themes that impact the environment (“Environmental Impact Themes”): alternative energy, energy efficiency, green building, sustainable water, pollution prevention and control, and sustainable agriculture. The Underlying Index is composed of securities that are also components of the MSCI ACWI Investable Market Index (the “Parent Index”), an equity index composed of more than 9,200 securities of large-, mid- and small-capitalization companies located in both developed and emerging market countries around the world. Securities eligible for inclusion in the Underlying Index include American depositary receipts (“ADRs”), global depositary receipts (“GDRs”), and real estate investment trusts (“REITs”). Companies that derive 75% or more of their revenue cumulatively from the six Environmental Impact Themes are eligible for inclusion in the Underlying Index. Such companies are evaluated for their level of involvement in, and strategic commitment to, the six Environmental Impact Themes, based on the Index Provider’s internal environmental, social and governance (“ESG”) rating and score data. Once included in the Underlying Index, securities will remain constituents as long as the revenue they derive cumulatively from the six Environmental Impact Themes does not fall below 60%. The Underlying Index weights its constituents by their free-float adjusted market capitalization. The Index Provider constrains the weight of any single security in the Underlying Index to 5%.

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, 2022, on a market price basis, the Fund returned (15.57)%. On a net asset value “NAV”) basis, the Fund returned (15.38)%. During the same time period, the Index returned (13.58)%. 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 the fees and expenses that the Fund incurred during the period, as well as the Fund’s holding of an ETF to replicate Indian securities in the Index.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.21%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 504 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 and focuses on providing exposure to Environmental Impact Themes, 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 equity real estate investment trusts (REIT) industry and most underweight in the software industry during the fiscal year ended April 30, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to its stock selection in and overweight allocation to the electrical equipment industry.

For the fiscal year ended April 30, 2022, the food products industry contributed most significantly to the Fund’s return, followed by the semiconductors & semiconductor equipment industry. The electrical equipment industry was the largest detracting industry, followed by the automobiles and machinery industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Tesla, Inc., an automobiles company (portfolio average weight of 5.41%), and Plug Power, Inc., an electrical components and equipment company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included NIO, Inc., ADR, an automobiles company (portfolio average weight of 4.73%) and Vestas Wind Systems A/S, a heavy electrical equipment company (portfolio average weight of 4.84).

12

Invesco MSCI Sustainable Future ETF (ERTH) (continued)

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Equity REITs	18.43
Automobiles	13.90
Electrical Equipment	12.50
Semiconductors & Semiconductor Equipment	12.49
Independent Power and Renewable Electricity Producers	8.97
Road & Rail	6.37
Building Products	4.62
Food Products	4.13
Paper & Forest Products	3.73
Exchange-Traded Funds	3.15
Industry Types Each Less Than 3%	11.68
Money Market Funds Plus Other Assets Less Liabilities	0.03

Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Digital Realty Trust, Inc.	5.93
Vestas Wind Systems A/S	5.33
Tesla, Inc.	5.15
Enphase Energy, Inc.	4.36
Central Japan Railway Co.	3.84
NIO, Inc., ADR	3.56
iShares MSCI India ETF	3.15
Kingspan Group PLC	2.98
SolarEdge Technologies, Inc.	2.77
Li Auto, Inc., ADR	2.63
Total	39.70

* Excluding money market fund holdings.

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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-MSCI Global Environment Select Index		(13.58	)%		13.76	%		47.20	%		12.95	%		83.83	%		12.38	%		221.35	%		7.70	%		216.20	%
S&P 500® Index		0.21			13.85			47.56			13.66			89.68			13.67			260.05			9.54			311.31
Fund
NAV Return		(15.38	)		12.46			42.24			11.89			75.41			11.44			195.33			6.84			179.08
Market Price Return		(15.57	)		12.16			41.09			11.72			74.07			11.43			195.15			6.81			177.93

13

Invesco MSCI Sustainable Future ETF (ERTH) (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 0.55%. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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-MSCI Global Environment Select Index performance is comprised of the performance of The Cleantech Index^TM, the Fund’s previous underlying index, from Fund inception through March 24, 2021, followed by the performance of the Index for the period March 25, 2021 through April 30, 2022.

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

14

RYJ	Management’s Discussion of Fund Performance
	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, 2022, on a market price basis, the Fund returned (6.90)%. On a net asset value (“NAV”) basis, the Fund returned (6.78)%. During the same time period, the Index returned (6.07)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and expenses that the Fund incurred during the period.

During this same time period, the S&P MidCap 400^® Index (the “Benchmark Index”) returned (7.03)%. 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 industrials sector during the fiscal year ended April 30, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during that period can be attributed to the Fund’s security selection and overweight in the energy sector, along with security selection and underweight in the industrials sector.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the real estate sector. The health care sector was the largest detractor, followed by the information technology sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Marathon Oil Corp., an energy company (portfolio average weight of 0.95%) and Occidental Petroleum Corp., an energy company (portfolio average weight of 0.86%). Positions that detracted most significantly from the Fund’s return during this period included 89bio, Inc., a health care company (no longer held at fiscal year-end) and Ocular Therapeutix, Inc., a health care company (portfolio average weight of 0.34%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials	20.72
Information Technology	16.36
Health Care	11.65
Real Estate	11.29
Industrials	10.92
Energy	10.46
Consumer Discretionary	9.78
Communication Services	5.06
Sector Types Each Less Than 3%	3.75
Money Market Funds Plus Other Assets Less Liabilities	0.01
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Avnet, Inc.	0.59
Mohawk Industries, Inc.	0.59
Valero Energy Corp.	0.58
Black Stone Minerals L.P.	0.57
Olaplex Holdings, Inc.	0.57
Sunnova Energy International, Inc.	0.57
EngageSmart, Inc.	0.57
I3 Verticals, Inc., Class A	0.57
Redwood Trust, Inc.	0.56
QUALCOMM, Inc.	0.56
Total	5.73

* Excluding money market fund holdings.

15

Invesco Raymond James SB-1 Equity ETF (RYJ) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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		(6.07	)%		8.79	%		28.76	%		8.64	%		51.35	%		10.58	%		173.43	%		N/A		N/A
S&P MidCap 400® Index		(7.03	)		9.91			32.78			9.29			55.94			11.40			194.47			9.37		316.94
Fund
NAV Return		(6.78	)		7.93			25.73			7.84			45.87			9.81			154.88			8.10		246.31
Market Price Return		(6.90	)		7.89			25.58			7.83			45.79			9.79			154.57			7.85		233.99

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 0.75% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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:

- 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 and the indexes are based on the inception date of the Predecessor Fund.

16

PBP	Management’s Discussion of Fund Performance
	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, 2022, on a market price basis, the Fund returned 7.86%. On a net asset value (“NAV”) basis, the Fund returned 8.06%. During the same time period, the Index returned 8.57%. 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 fees and 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 this same time period, the S&P 500^® Index returned 0.21%.

For the fiscal year ended April 30, 2022, the Fund’s covered call options contributed most significantly to the Fund’s return, followed by the energy and health care sectors, respectively. The communication services and consumer discretionary sectors 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, 2022, included the SPX 4/14/2022 covered call contract, a short S&P 500 Index call contract (no longer held at fiscal year-end) and the SPX 05/20/2022 covered call contract, a short S&P 500 Index call contract. Positions that detracted most significantly from the

Fund’s return during this period included the SPX 11/19/2021 covered call contract, a short S&P 500 Index call contract (no longer held at fiscal year-end) and the SPX 07/16/2021 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, 2022
Information Technology	27.44
Health Care	14.23
Consumer Discretionary	11.49
Financials	10.98
Communication Services	8.66
Industrials	7.84
Consumer Staples	6.84
Energy	4.18
Sector Types Each Less Than 3%	8.58
Other Assets Less Liabilities	(0.24)
Top Ten Fund Holdings (% of the Fund’s Net Assets) as of April 30, 2022
Security
Apple, Inc.	7.01
Microsoft Corp.	5.97
Amazon.com, Inc.	3.12
Tesla, Inc.	2.09
Alphabet, Inc., Class A	1.97
Alphabet, Inc., Class C	1.83
Berkshire Hathaway, Inc., Class B	1.70
UnitedHealth Group, Inc.	1.37
Johnson & Johnson	1.36
NVIDIA Corp.	1.33
Total	27.75

17

Invesco S&P 500 BuyWrite ETF (PBP) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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		8.57	%		6.28	%		20.06	%		5.95	%		33.48	%		6.53	%		88.29	%		4.97	%		100.59	%
S&P 500® Index		0.21			13.85			47.56			13.66			89.68			13.67			260.05			9.73			279.40
Fund
NAV Return		8.06			5.67			17.99			5.34			29.73			5.82			76.01			4.20			80.64
Market Price Return		7.86			5.56			17.64			5.26			29.21			5.75			74.97			4.18			80.05

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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

18

SPHQ	Management’s Discussion of Fund Performance
	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, 2022, on a market price basis, the Fund returned 2.70%. On a net asset value (“NAV”) basis, the Fund returned 2.76%. During the same time period, the Index returned 2.92%. 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. During this same time period, the S&P 500^® Index returned 0.21%.

For the fiscal year ended April 30, 2022, the information technology sector contributed most significantly to the Fund’s return, followed by the consumer staples and energy sectors, respectively. The financials sector detracted most significantly from the Fund’s return during this period, 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, 2022, included NVIDIA Corp., an information technology company (no longer held at fiscal year-end) and Apple, Inc., an information technology company (portfolio average weight of 5.29%). Positions that detracted most significantly from the Fund’s return during this period included Moderna, Inc., a health care company (portfolio average weight of 0.68%) and JPMorgan Chase & Co., a financials company (portfolio average weight of 4.08%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Information Technology	34.42
Financials	23.79
Health Care	12.93
Industrials	9.63
Consumer Discretionary	6.77
Energy	4.06
Materials	3.93
Consumer Staples	3.46
Sector Types Each Less Than 3%	0.95
Money Market Funds Plus Other Assets Less Liabilities	0.06
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Apple, Inc.	5.11
Visa, Inc., Class A	5.11
Mastercard, Inc., Class A	4.94
Microsoft Corp.	4.71
Pfizer, Inc.	4.55
JPMorgan Chase & Co.	4.22
Bank of America Corp.	4.01
Wells Fargo & Co.	3.22
Walmart, Inc.	3.02
Adobe, Inc.	2.69
Total	41.58

* Excluding money market fund holdings.

19

Invesco S&P 500^® Quality ETF (SPHQ) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

				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		2.92	%		13.70	%		47.00	%		13.03	%		84.47	%		14.00	%		270.62	%		8.46	%		278.78	%
S&P 500® Index		0.21			13.85			47.56			13.66			89.68			13.67			260.05			9.69			355.59
Fund
NAV Return		2.76			13.54			46.35			12.82			82.76			13.71			261.40			8.28			268.76
Market Price Return		2.70			13.52			46.28			12.80			82.66			13.71			261.32			8.25			266.99

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, 2024. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 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, 2022.

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

20

CSD	Management’s Discussion of Fund Performance
	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 at the time they are added to the Index. 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, 2022, on a market price basis, the Fund returned (11.16)%. On a net asset value (“NAV”) basis, the Fund returned (11.24)%. During the same time period, the Index returned (10.65)%. 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 Russell Midcap^® Index (the “Benchmark Index”) returned (6.10)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 823 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 industrials sector and most underweight the financials sector during the fiscal year ended April 30, 2022. 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 overweight exposure to and security selection in the industrials sector.

For the fiscal year ended April 30, 2022, the materials sector contributed most significantly to the Fund’s return, followed by the utilities sector. The consumer discretionary sector was the largest detractor followed by the industrials sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Constellation Energy Corp., a utilities company (portfolio average weight of 1.49%) and Corteva, Inc., a materials company (portfolio average weight of 7.61%). Positions that detracted most significantly from the Fund’s return during this period included Penn National Gaming, Inc., a consumer discretionary company (portfolio average weight of 5.49%) and Vimeo, Inc., a communication services company (portfolio average weight of 2.17%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Industrials	30.95
Materials	16.01
Consumer Discretionary	14.06
Information Technology	9.56
Energy	8.45
Utilities	7.67
Health Care	6.42
Real Estate	4.59
Communication Services	2.36
Money Market Funds Plus Other Assets Less Liabilities	(0.07)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Dow, Inc.	8.33
Corteva, Inc.	7.68
Constellation Energy Corp.	7.67
Otis Worldwide Corp.	7.38
Carrier Global Corp.	6.74
Wyndham Hotels & Resorts, Inc.	4.72
Concentrix Corp.	4.48
Organon & Co.	4.21
GXO Logistics, Inc.	4.19
Apartment Income REIT Corp.	4.07
Total	59.47

* Excluding money market fund holdings.

21

Invesco S&P Spin-Off ETF (CSD) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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		(10.65	)%		4.38	%		13.71	%		5.66	%		31.66	%		9.64	%		151.09	%		7.34	%		197.02	%
Russell Midcap® Index		(6.10	)		10.48			34.85			10.66			65.94			11.99			210.32			8.89			270.69
Fund
NAV Return		(11.24	)		3.72			11.59			5.00			27.64			8.93			135.21			6.67			169.92
Market Price Return		(11.16	)		3.77			11.73			5.01			27.67			8.93			135.16			6.68			170.12

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. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.68% and the net annual operating expense ratio was indicated as 0.65%. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 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, 2022.

- 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 and indexes are based on the inception date of the Predecessor Fund.

22

PHO	Management’s Discussion of Fund Performance
	Invesco Water Resources ETF (PHO)

As an index fund, the Invesco Water Resources ETF (the “Fund”) is passively managed and seeks to track 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 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”), 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, 2022, on a market price basis, the Fund returned (6.27)%. On a net asset value (“NAV”) basis, the Fund returned (6.27)%. During the same time period, the Index returned (5.32)%. 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 fees and expenses that the Fund incurred during the period, as well as tracking underperformance related to a corporate action.

During this same time period, the S&P 500^® Index (the “Benchmark Index”) returned 0.21%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 504 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 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, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during that period can be attributed to the stock selection in the chemicals industry.

For the fiscal year ended April 30, 2022, the health care equipment & supplies industry contributed most significantly to the Fund’s return, followed by the industrial conglomerates and commercial services & supplies industries. The machinery industry was the largest detractor followed by the chemicals and electronic equipment, instruments & components industries, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Evoqua Water Technologies Corp, a machinery company (portfolio average weight of 3.47%) and Zurn Water Solutions Corp., a building products company (portfolio average weight of 3.77%). Positions that detracted most significantly from the Fund’s return during this period included Ecolab, Inc., a chemicals company (portfolio average weight of 7.74%) and Itron, Inc., an electronic equipment, instruments & components company (portfolio average weight of 2.82%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Machinery	31.83
Water Utilities	19.18
Life Sciences Tools & Services	11.81
Building Products	10.38
Software	8.88
Chemicals	8.14
Commercial Services & Supplies	3.72
Electronic Equipment, Instruments & Components	3.53
Industry Types Each Less Than 3%	2.46
Money Market Funds Plus Other Assets Less Liabilities	0.07
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Roper Technologies, Inc.	8.88
American Water Works Co., Inc.	8.64
Ecolab, Inc.	8.14
Danaher Corp.	7.75
Xylem, Inc.	7.67
IDEX Corp.	4.19
Waters Corp.	4.06
Essential Utilities, Inc.	4.03
Watts Water Technologies, Inc., Class A	3.75
Advanced Drainage Systems, Inc.	3.72
Total	60.83

* Excluding money market fund holdings.

23

Invesco Water Resources ETF (PHO) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

				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		(5.32	)%		13.36	%		45.67	%		14.05	%		92.94	%		11.34	%		192.81	%		8.97	%		309.18	%
S&P 500® Index		0.21			13.85			47.56			13.66			89.68			13.67			260.05			9.69			355.59
Fund
NAV Return		(6.27	)		12.53			42.48			13.27			86.44			10.60			173.76			7.92			249.21
Market Price Return		(6.27	)		12.49			42.36			13.28			86.51			10.60			173.91			7.85			245.42

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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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—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 from the conversion date through April 30, 2022.

- Net returns reflect invested dividends net of witholding taxes.

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

24

PBW	Management’s Discussion of Fund Performance
	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 or are important to the development of clean energy. 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, zero-CO2 renewables 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, 2022, on a market price basis, the Fund returned (40.86)%. On a net asset value (“NAV”) basis, the Fund returned (40.87)%. During the same time period, the Index returned (41.54)%. 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 (the “Benchmark Index”) returned (11.08)%. The Benchmark Index is an unmanaged index weighted by market capitalization based on the average performance of approximately 3,759 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 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 electrical equipment industry and most underweight in the software industry during the fiscal year ended April 30, 2022. 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 electrical equipment industry, followed by security selection in the semiconductors & semiconductor equipment industry and an overweight allocation to the automobiles industry.

For the fiscal year ended April 30, 2022, the fertilizers & agricultural chemicals industry contributed most significantly to

the Fund’s return, followed by the metals & mining industries and chemicals, respectively. The electrical equipment 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, 2022, included Sociedad Quimica y Minera de Chile S.A., ADR, a chemicals company (portfolio average weight of 1.75%) and Lithium Americas Corp., a metals & mining company (portfolio average weight of 1.75%). Positions that detracted most significantly from the Fund’s return during this period included Romeo Power, Inc., an electrical equipment company (portfolio average weight of 1.12%) and Stem, Inc., an electrical equipment company (portfolio average weight of 0.97%).

Industry Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Electrical Equipment	26.16
Semiconductors & Semiconductor Equipment	15.62
Automobiles	11.82
Construction & Engineering	6.21
Auto Components	5.77
Independent Power and Renewable Electricity Producers	5.71
Metals & Mining	5.39
Machinery	5.06
Chemicals	4.24
Aerospace & Defense	3.12
Electronic Equipment, Instruments & Components	3.03
Industry Types Each Less Than 3%	7.59
Money Market Funds Plus Other Assets Less Liabilities	0.28
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Tritium DCFC Ltd.	1.71
Energy Vault Holdings, Inc.	1.70
ReNew Energy Global PLC, Class A	1.68
JinkoSolar Holding Co. Ltd., ADR	1.67
Ormat Technologies, Inc.	1.67
Gentherm, Inc.	1.65
ESS Tech, Inc.	1.62
First Solar, Inc.	1.58
Archer Aviation, Inc., Class A	1.58
Lilium N.V.	1.54
Total	16.40

* Excluding money market fund holdings.

25

Invesco WilderHill Clean Energy ETF (PBW) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

				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		(41.54	)%		22.35	%		83.17	%		20.39	%		152.90	%		8.06	%		117.11	%		(2.07	)%		(30.14	)%
NASDAQ Composite Index		(11.08	)		16.03			56.23			16.40			113.67			16.27			351.52			12.10			610.35
Fund
NAV Return		(40.87	)		23.53			88.49			21.39			163.60			9.38			145.06			(1.16	)		(18.18	)
Market Price Return		(40.86	)		23.45			88.15			21.36			163.21			9.36			144.69			(1.17	)		(18.26	)

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 0.61%. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

26

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (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 15, 2022, 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 January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during 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 Aerospace & Defense ETF (PPA)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.96%
Aerospace & Defense-73.50%
AAR Corp.(b)		157,543	$	7,401,370
Aerojet Rocketdyne Holdings, Inc.(b)(c)		342,317		13,685,834
AeroVironment, Inc.(b)(c)		111,537		8,958,652
Axon Enterprise, Inc.(b)(c)		317,206		35,590,514
Boeing Co. (The)(b)		575,993		85,730,798
BWX Technologies, Inc.		327,006		16,978,152
CAE, Inc. (Canada)(b)(c)		1,360,117		32,343,582
Curtiss-Wright Corp.(c)		114,231		16,324,752
Ducommun, Inc., (Acquired 05/09/2017 - 04/29/2022; Cost $2,452,587)(b)(d)		50,311		2,569,383
Elbit Systems Ltd. (Israel)		190,218		40,777,033
General Dynamics Corp.		447,100		105,752,563
HEICO Corp.(c)		202,287		28,568,993
Hexcel Corp.		311,916		16,955,754
Howmet Aerospace, Inc.		1,142,960		38,997,795
Huntington Ingalls Industries, Inc.		153,895		32,739,622
Kaman Corp.(c)		96,049		3,746,871
Kratos Defense & Security Solutions, Inc.(b)		557,488		8,457,093
L3Harris Technologies, Inc.		341,889		79,407,139
Lockheed Martin Corp.		240,675		104,000,481
Maxar Technologies, Inc.(c)		325,794		10,493,825
Mercury Systems, Inc.(b)(c)		253,941		14,167,368
Moog, Inc., Class A		89,729		7,166,655
Northrop Grumman Corp.		239,883		105,404,590
Parsons Corp.(b)(c)		236,223		8,723,715
RADA Electronic Industries Ltd.
(Israel)(b)(c)		220,769		3,254,135
Raytheon Technologies Corp.		1,058,663		100,477,705
Spirit AeroSystems Holdings, Inc., Class A		469,764		19,748,879
Textron, Inc.		692,606		47,962,966
TransDigm Group, Inc.(b)		77,869		46,317,260
Triumph Group, Inc.(b)(c)		283,159		6,382,404
Vectrus, Inc.(b)		47,845		1,727,205
Woodward, Inc.(c)		177,894		19,653,729
				1,070,466,817
Commercial Services & Supplies-0.17%
VSE Corp.		56,874		2,463,213
Communications Equipment-0.68%
Comtech Telecommunications Corp.(c)		118,696		1,614,266
ViaSat, Inc.(b)(c)		226,936		8,353,514
				9,967,780
Containers & Packaging-1.15%
Ball Corp.(c)		206,552		16,763,760
Diversified Telecommunication Services-0.31%
Iridium Communications, Inc.(b)(c)		126,534		4,518,529
Electronic Equipment, Instruments & Components-3.45%
Keysight Technologies, Inc.(b)		93,678		13,140,213
OSI Systems, Inc.(b)		48,570		3,841,887
Teledyne Technologies, Inc.(b)		72,273		31,189,413
TTM Technologies, Inc.(b)(c)		147,001		2,050,664
				50,222,177

	Shares		Value
Industrial Conglomerates-5.58%
Honeywell International, Inc.		419,576	$	81,192,152
IT Services-0.27%
BigBear.ai Holdings, Inc.(b)(c)		394,234		3,946,282
Machinery-0.79%
Oshkosh Corp.		124,516		11,510,259
Metals & Mining-0.44%
Allegheny Technologies, Inc.(b)(c)		237,812		6,463,730
Professional Services-12.04%
Booz Allen Hamilton Holding Corp.		470,902		38,439,730
CACI International, Inc., Class A(b)		77,776		20,633,973
Jacobs Engineering Group, Inc.		156,089		21,626,131
KBR, Inc.(c)		522,845		25,739,659
Leidos Holdings, Inc.		410,042		42,443,448
ManTech International Corp., Class A		121,034		9,723,872
Science Applications International Corp.		200,709		16,705,010
				175,311,823
Software-1.58%
Mandiant, Inc.(b)		366,169		8,048,395
Palantir Technologies, Inc., Class A(b)(c)		1,257,653		13,079,591
Telos Corp.(b)(c)		234,303		1,825,220
				22,953,206
Total Common Stocks & Other Equity Interests (Cost $1,435,121,927)				1,455,779,728
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(e)(f) (Cost $337,190)		337,190		337,190
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98% (Cost $1,435,459,117)				1,456,116,918
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.82%
Invesco Private Government Fund, 0.40%(e)(f)(g)		25,045,121		25,045,121
Invesco Private Prime Fund, 0.35%(e)(f)(g)		59,781,622		59,781,622
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $84,824,462)				84,826,743
TOTAL INVESTMENTS IN SECURITIES-105.80% (Cost $1,520,283,579)				1,540,943,661
OTHER ASSETS LESS LIABILITIES-(5.80)%				(84,533,427	)
NET ASSETS-100.00%			$	1,456,410,234

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

28

Invesco Aerospace & Defense ETF (PPA)–(continued)

April 30, 2022

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, 2022.

^(d)  Restricted security. The value of this security at April 30, 2022 represented less than 1% 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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	159,537		$	22,381,378		$	(22,203,725	)		$	-		$	-			$	337,190		$	467
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			7,903,102			171,001,672			(153,859,653	)			-			-				25,045,121			14,058	*
Invesco Private Prime Fund			11,854,653			360,706,890			(312,777,149	)			2,281			(5,053	)			59,781,622			46,103	*
Total		$	19,917,292		$	554,089,940		$	(488,840,527	)		$	2,281		$	(5,053	)		$	85,163,933		$	60,628

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(f)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

29

Invesco DWA Momentum ETF (PDP)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-1.41%
Alphabet, Inc., Class A(b)		3,701	$	8,446,385
T-Mobile US, Inc.(b)		71,484		8,802,540
				17,248,925
Consumer Discretionary-8.35%
Boyd Gaming Corp.		183,855		11,137,936
Hilton Grand Vacations, Inc.(b)		148,612		6,959,500
Home Depot, Inc. (The)		34,749		10,438,600
Lithia Motors, Inc., Class A		24,009		6,797,668
O’Reilly Automotive, Inc.(b)		56,238		34,111,159
Penske Automotive Group, Inc.(c)		73,400		7,693,788
Service Corp. International		283,815		18,621,102
Tractor Supply Co.		32,814		6,610,380
				102,370,133
Consumer Staples-2.01%
Costco Wholesale Corp.		31,849		16,934,751
Darling Ingredients, Inc.(b)		104,775		7,689,437
				24,624,188
Energy-18.70%
Antero Resources Corp.(b)(c)		799,173		28,130,890
APA Corp.		188,799		7,727,543
Cheniere Energy, Inc.		55,634		7,555,653
ConocoPhillips		76,468		7,304,223
Devon Energy Corp.		290,621		16,905,423
Diamondback Energy, Inc.(c)		85,030		10,733,337
EOG Resources, Inc.		65,783		7,680,823
Marathon Oil Corp.		539,038		13,432,827
Marathon Petroleum Corp.		95,741		8,354,360
Matador Resources Co.(c)		354,450		17,304,249
Murphy Oil Corp.		302,974		11,537,250
Occidental Petroleum Corp.		131,498		7,244,225
ONEOK, Inc.		110,043		6,969,023
Ovintiv, Inc.		324,888		16,631,017
PDC Energy, Inc.		205,659		14,342,659
Pioneer Natural Resources Co.		30,368		7,059,649
Range Resources Corp.(b)(c)		346,727		10,381,006
Targa Resources Corp.		308,802		22,669,155
Texas Pacific Land Corp.(c)		5,397		7,375,540
				229,338,852
Financials-9.74%
Aon PLC, Class A		33,826		9,741,550
Ares Management Corp., Class A(c)		105,285		6,971,973
Bank of America Corp.		170,485		6,082,905
Brown & Brown, Inc.		109,363		6,778,319
Comerica, Inc.		77,177		6,320,796
Intercontinental Exchange, Inc.		56,816		6,579,861
LPL Financial Holdings, Inc.		41,451		7,787,399
Moody’s Corp.		31,718		10,038,112
Nasdaq, Inc.		42,527		6,692,474
S&P Global, Inc.		26,188		9,859,782
Signature Bank		27,686		6,706,933
W.R. Berkley Corp.		539,826		35,893,031
				119,453,135
Health Care-15.28%
Danaher Corp.		105,201		26,419,127

	Shares		Value
Health Care-(continued)
Edwards Lifesciences Corp.(b)		140,960	$	14,910,749
Eli Lilly and Co.		26,165		7,643,581
Horizon Therapeutics PLC(b)		169,601		16,715,875
Inspire Medical Systems, Inc.(b)		75,233		15,479,942
Mettler-Toledo International, Inc.(b)		18,969		24,233,467
PerkinElmer, Inc.		44,247		6,487,053
R1 RCM, Inc.(b)(c)		886,227		19,957,832
Shockwave Medical, Inc.(b)		60,298		9,112,837
STERIS PLC		31,641		7,089,166
Tenet Healthcare Corp.(b)		104,662		7,589,042
Thermo Fisher Scientific, Inc.		15,973		8,831,791
UnitedHealth Group, Inc.		30,635		15,579,429
Zoetis, Inc.		41,746		7,399,478
				187,449,369
Industrials-13.14%
Advanced Drainage Systems, Inc.		79,326		8,127,742
API Group Corp.(b)(c)		347,384		6,447,447
Atkore, Inc.(b)		130,675		12,557,867
Booz Allen Hamilton Holding Corp.		99,420		8,115,655
Builders FirstSource, Inc.(b)		131,395		8,089,990
Carlisle Cos., Inc.		31,367		8,135,345
Cintas Corp.		28,100		11,163,006
Deere & Co.		18,695		7,058,297
Evoqua Water Technologies Corp.(b)		193,434		8,064,263
Old Dominion Freight Line, Inc.		85,022		23,816,363
Quanta Services, Inc.		67,472		7,825,403
Tetra Tech, Inc.		52,385		7,296,183
United Rentals, Inc.(b)		22,644		7,167,279
W.W. Grainger, Inc.		37,219		18,610,617
WESCO International, Inc.(b)		90,886		11,202,608
WillScot Mobile Mini Holdings Corp.(b)(c)		213,797		7,504,275
				161,182,340
Information Technology-18.63%
Accenture PLC, Class A		31,065		9,330,683
Amphenol Corp., Class A		345,856		24,728,704
Apple, Inc.		238,667		37,625,853
Fortinet, Inc.(b)		55,528		16,048,147
Lattice Semiconductor Corp.(b)		324,260		15,577,450
Mastercard, Inc., Class A		106,043		38,533,905
Microsoft Corp.		31,252		8,673,055
Monolithic Power Systems, Inc.		64,077		25,133,563
ON Semiconductor Corp.(b)		156,826		8,172,203
Palo Alto Networks, Inc.(b)		12,409		6,964,924
Synaptics, Inc.(b)(c)		68,691		10,196,492
Synopsys, Inc.(b)		51,839		14,866,907
Visa, Inc., Class A(c)		59,457		12,672,070
				228,523,956
Materials-6.11%
Alcoa Corp		263,121		17,839,604
CF Industries Holdings, Inc.		83,244		8,060,517
Freeport-McMoRan, Inc.		273,030		11,071,366
Louisiana-Pacific Corp.		115,235		7,434,962
Mosaic Co. (The)		223,492		13,950,371
Nucor Corp.(c)		53,463		8,275,003
Steel Dynamics, Inc.		96,399		8,266,214
				74,898,037

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

30

Invesco DWA Momentum ETF (PDP)–(continued)

April 30, 2022

	Shares		Value
Real Estate-5.40%
Equity LifeStyle Properties, Inc.		162,103	$	12,527,320
Extra Space Storage, Inc.		99,523		18,909,370
First Industrial Realty Trust, Inc.		160,593		9,314,394
Mid-America Apartment Communities, Inc.		40,799		8,024,347
Rexford Industrial Realty, Inc.(c)		103,468		8,074,643
Ryman Hospitality Properties, Inc.(b)		100,826		9,425,214
				66,275,288
Utilities-1.21%
NextEra Energy, Inc.		209,704		14,893,178
Total Common Stocks & Other Equity Interests (Cost $1,307,063,534)				1,226,257,401
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $932,748)		932,748		932,748
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.06% (Cost $1,307,996,282)				1,227,190,149

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.88%
Invesco Private Government Fund, 0.40%(d)(e)(f)		18,147,289	$	18,147,289
Invesco Private Prime Fund, 0.35%(d)(e)(f)		41,729,944		41,729,944
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $59,877,024)				59,877,233
TOTAL INVESTMENTS IN SECURITIES-104.94% (Cost $1,367,873,306)				1,287,067,382
OTHER ASSETS LESS LIABILITIES-(4.94)%				(60,539,690	)
NET ASSETS-100.00%			$	1,226,527,692

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	701,168		$	9,421,935		$	(9,190,355	)		$	-		$	-			$	932,748		$	378
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			57,906,299			431,228,025			(470,987,035	)			-			-				18,147,289			12,796	*
Invesco Private Prime Fund			86,859,449			815,582,917			(860,683,741	)			208			(28,889	)			41,729,944			83,489	*
Total		$	145,466,916		$	1,256,232,877		$	(1,340,861,131	)		$	208		$	(28,889	)		$	60,809,981		$	96,663

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

31

Invesco Global Listed Private Equity ETF (PSP)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-83.48%
Biotechnology-0.22%
PureTech Health PLC(b)		197,499	$	421,768
Capital Markets-51.96%
3i Group PLC (United Kingdom)		576,262		9,388,478
Alaris Equity Partners Income (Canada)		36,414		527,954
AURELIUS Equity Opportunities SE & Co. KGaA (Germany)		40,444		1,085,557
Blackstone Secured Lending Fund(c)		69,735		1,922,594
Blackstone, Inc., Class A		81,771		8,305,481
Blue Owl Capital, Inc.(c)		854,085		10,189,234
Bridgepoint Group PLC (United Kingdom)(c)(d)		830,068		3,191,066
Carlyle Group, Inc. (The)		227,025		8,238,737
Chrysalis Investments Ltd. (Guernsey)(b)(c)		770,199		1,546,510
Deutsche Beteiligungs AG (Germany)		15,907		495,881
EQT AB (Sweden)		353,626		10,013,078
Georgia Capital PLC (Georgia)(b)		85,111		638,863
Gimv N.V. (Belgium)		28,266		1,621,298
Hamilton Lane, Inc., Class A(c)		46,850		3,212,973
Intermediate Capital Group PLC (United Kingdom)		245,376		4,699,620
IP Group PLC (United Kingdom)		975,129		1,001,176
JAFCO Group Co. Ltd. (Japan)		101,494		1,227,776
KKR & Co., Inc., Class A		177,266		9,035,248
Molten Ventures PLC (United Kingdom)(b)		192,235		1,656,295
Mutares SE & Co. KGaA (Germany)		24,615		566,201
Onex Corp. (Canada)		79,728		4,815,308
Partners Group Holding AG (Switzerland)		8,337		8,853,298
Patria Investments Ltd., Class A (Cayman Islands)(c)		96,623		1,575,921
Petershill Partners PLC (United Kingdom)(b)(c)(d)		801,466		2,565,915
Ratos AB, Class B (Sweden)(c)		348,874		1,780,500
StepStone Group, Inc., Class A(c)		96,802		2,480,067
VNV Global AB (Sweden)(b)		182,813		762,181
				101,397,210
Diversified Consumer Services-1.38%
Graham Holdings Co., Class B		4,539		2,688,767
Diversified Financial Services-12.87%
Cannae Holdings, Inc.(b)(c)		81,763		1,831,491
Compass Diversified Holdings		85,799		1,875,566
Eurazeo SE (France)(c)		75,042		5,745,504
Kinnevik AB, Class B (Sweden)(b)(c)		243,097		4,767,362
Sofina S.A. (Belgium)(c)		24,348		7,479,877
Wendel SE (France)		34,445		3,412,719
				25,112,519
Diversified Telecommunication Services-0.65%
ATN International, Inc.		31,932		1,261,314
Industrial Conglomerates-6.19%
Fosun International Ltd. (China)		3,988,322		4,200,080
Melrose Industries PLC (United Kingdom)		5,487,020		7,880,506
				12,080,586
Interactive Media & Services-2.84%
IAC/InterActiveCorp.(b)		66,970		5,550,474
Internet & Direct Marketing Retail-2.47%
Prosus N.V. (Netherlands)(c)		99,908		4,817,634

	Shares		Value
IT Services-0.76%
Digital Garage, Inc. (Japan)(c)		44,950	$	1,492,299
Multiline Retail-2.57%
Wesfarmers Ltd. (Australia)		144,439		5,010,671
Trading Companies & Distributors-1.57%
Seven Group Holdings Ltd. (Australia)		218,673		3,059,281
Total Common Stocks & Other Equity Interests (Cost $192,552,336)				162,892,523
Closed-End Funds-14.50%
Apax Global Alpha Ltd. (Guernsey)(d)		611,114		1,426,897
Ares Capital Corp.(c)		261,672		5,304,091
Bain Capital Specialty Finance, Inc.		32,795		504,387
FS KKR Capital Corp.		111,897		2,344,242
Goldman Sachs BDC, Inc.(c)		27,018		507,128
Golub Capital BDC, Inc. (c)		66,638		994,239
HBM Healthcare Investments AG (Switzerland),Class A(c)		5,634		1,355,498
Hercules Capital, Inc.(c)		29,163		489,938
HgCapital Trust PLC (United Kingdom)(c)		619,812		3,266,126
Main Street Capital Corp.		36,635		1,474,192
NB Private Equity Partners Ltd. (Guernsey)		53,451		1,052,372
New Mountain Finance Corp.		38,117		506,956
Oakley Capital Investments Ltd. (Bermuda)		209,928		1,138,600
Oaktree Specialty Lending Corp.		70,275		503,169
Owl Rock Capital Corp.		140,550		2,011,271
PennantPark Investment Corp.(c)		66,595		492,803
Princess Private Equity Holding Ltd. (Guernsey)(c)		75,529		992,229
Prospect Capital Corp.(c)		128,592		990,158
Sixth Street Specialty Lending, Inc.		22,332		498,897
SuRo Capital Corp.(c)		46,104		377,131
Syncona Ltd. (United Kingdom)(b)(c)		724,140		1,580,270
TriplePoint Venture Growth BDC Corp.(c)		30,476		479,997
Total Closed-End Funds (Cost $26,212,788)				28,290,591
	Shares
Money Market Funds-1.23%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(e)(f) (Cost $2,395,158)		2,395,158		2,395,158
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.21% (Cost $221,160,282)				193,578,272
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-14.74%
Invesco Private Government Fund, 0.40%(e)(f)(g)		8,533,789		8,533,789

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

32

Invesco Global Listed Private Equity ETF (PSP)—(continued)

April 30, 2022

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.35%(e)(f)(g)		20,226,755	$	20,226,755
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $28,760,324)				28,760,544
TOTAL INVESTMENTS IN SECURITIES-113.95% (Cost $249,920,606)				222,338,816
OTHER ASSETS LESS LIABILITIES-(13.95)%				(27,214,112	)
NET ASSETS-100.00%			$	195,124,704

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, 2022.

^(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, 2022 was $7,183,878, which represented 3.68% 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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	9,775,371		$	47,206,856		$	(54,587,069	)		$	-		$	-			$	2,395,158		$	4,710
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,871,653			94,493,563			(87,831,427	)			-			-				8,533,789			4,735	*
Invesco Private Prime Fund			2,807,480			194,263,222			(176,835,963	)			220			(8,204	)			20,226,755			21,429	*
Total		$	14,454,504		$	335,963,641		$	(319,254,459	)		$	220		$	(8,204	)		$	31,155,702		$	30,874

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(f)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

This Fund has holdings greater than 10% of net assets in the following country:

United Kingdom 18.05 % 

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

33

Invesco Global Listed Private Equity ETF (PSP)–(continued)

April 30, 2022

Open Over-The-Counter Total Return Swap Agreements(a)(b)

Counterparty

Pay/ Receive

Reference Entity

Rate

Payment Frequency

Maturity Date

Notional Value(c)

Upfront Payments Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Equity Risk

Citibank, N.A.

Receive

Brookfield Business Partners LP

1-Day CORRA plus 55 basis points

Monthly

October-2022

CAD 2,182,629

$-

$

(97,328

)

$

(97,328

)

Abbreviations:

CAD -Canadian Dollar

CORRA -Canadian Overnight Repo Rate Average

^(a)  Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $40,000.

^(b)  The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

^(c)  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.

34

Invesco Golden Dragon China ETF (PGJ)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.95%(b)
Communication Services-22.67%
Autohome, Inc., ADR		85,963	$	2,498,944
Baidu, Inc., ADR(c)		152,165		18,894,328
Bilibili, Inc., ADR(c)(d)		207,597		5,052,911
DouYu International Holdings Ltd., ADR(c)		198,670		351,646
Hello Group, Inc., ADR(d)		213,007		1,133,197
iQIYI, Inc., ADR(c)(d)		471,249		1,677,646
JOYY, Inc., ADR(d)		73,492		2,908,079
Kanzhun Ltd., ADR(c)(d)		105,218		2,475,780
Luokung Technology Corp.(c)(d)		488,683		239,455
NetEase, Inc., ADR(d)		121,592		11,591,365
PropertyGuru Group Ltd. (Cayman Islands)(c)		38,202		294,537
Sohu.com Ltd., ADR(c)		51,238		793,164
So-Young International, Inc., ADR(c)(d)		99,555		135,395
Tencent Music Entertainment Group, ADR(c)		874,570		3,716,923
Weibo Corp., ADR(c)(d)		98,846		2,287,297
WiMi Hologram Cloud, Inc., ADR(c)(d)		71,352		140,563
				54,191,230
Consumer Discretionary-53.15%
Alibaba Group Holding Ltd., ADR(c)(d)		220,513		21,409,607
Baozun, Inc., ADR(c)(d)		67,435		515,203
Dada Nexus Ltd., ADR(c)(d)		117,917		899,707
Gogoro, Inc. (Taiwan)(c)		44,117		269,114
Huazhu Group Ltd., ADR		208,378		6,301,351
JD.com, Inc., ADR(c)(d)		323,684		19,958,355
Kaixin Auto Holdings (Hong Kong)(c)(d)		183,295		182,653
Kandi Technologies Group, Inc.(c)(d)		98,912		252,226
Li Auto, Inc., ADR(c)(d)		380,714		8,539,415
MINISO Group Holding Ltd., ADR(d)		108,230		795,491
New Oriental Education & Technology Group, Inc., ADR(c)(d)		180,793		2,268,952
Newegg Commerce, Inc.(c)(d)		471,964		3,030,009
NIO, Inc., ADR(c)(d)		1,015,513		16,959,067
Niu Technologies, ADR(c)(d)		64,359		614,628
Pinduoduo, Inc., ADR(c)(d)		447,076		19,264,505
TAL Education Group, ADR(c)		567,364		1,923,364
Trip.com Group Ltd., ADR(c)(d)		448,979		10,618,353
Uxin Ltd., ADR(c)		346,239		273,944
Vipshop Holdings Ltd., ADR(c)(d)		666,524		5,105,574
XPeng, Inc., ADR(c)(d)		318,742		7,844,241
				127,025,759
Consumer Staples-0.18%
111, Inc., ADR(c)(d)		54,628		107,071
Farmmi, Inc.(c)		712,783		84,679
Yatsen Holding Ltd., ADR(c)		374,134		229,980
				421,730
Energy-0.52%
China Petroleum & Chemical Corp., ADR		14,442		703,325
PetroChina Co. Ltd., ADR		11,456		543,244
				1,246,569
Financials-4.66%
360 DigiTech, Inc., ADR(d)		171,526		2,475,120
China Life Insurance Co. Ltd., ADR		37,803		271,048
Fanhua, Inc., ADR(d)		42,402		257,804
LexinFintech Holdings Ltd., ADR(c)		180,281		461,519

	Shares		Value
Financials-(continued)
Lufax Holding Ltd., ADR(d)		1,010,035	$	5,605,694
Noah Holdings Ltd., ADR(c)(d)		42,243		759,107
Qudian, Inc., ADR(c)		255,918		276,392
Silver Crest Acquisition Corp., Class A (Hong Kong)(c)		44,117		434,111
Up Fintech Holding Ltd., ADR(c)(d)		150,925		585,589
				11,126,384
Health Care-2.15%
Burning Rock Biotech Ltd., ADR(c)(d)		63,164		348,034
Connect Biopharma Holdings Ltd., ADR(c)(d)		61,749		125,350
Genetron Holdings Ltd., ADR(c)(d)		46,914		80,692
Gracell Biotechnologies, Inc., ADR(c)(d)		75,697		170,318
I-Mab, ADR(c)(d)		63,405		795,099
Zai Lab Ltd., ADR(c)(d)		90,566		3,619,017
				5,138,510
Industrials-4.93%
CBAK Energy Technology, Inc.(c)(d)		113,410		125,885
EHang Holdings Ltd., ADR(c)(d)		43,125		362,681
Nuvve Holding Corp.(c)(d)		24,076		172,144
ReneSola Ltd., ADR(c)(d)		62,294		300,257
ZTO Express Cayman, Inc., ADR(d)		393,776		10,832,778
				11,793,745
Information Technology-7.86%
Agora, Inc., ADR(c)(d)		83,984		618,962
Bit Digital, Inc.(c)(d)		89,054		180,780
BIT Mining Ltd., ADR(c)(d)		55,334		92,408
Canaan, Inc., ADR(c)(d)		201,913		767,269
Canadian Solar, Inc. (Canada)(c)(d)		81,452		2,241,559
Chindata Group Holdings Ltd., ADR(c)(d)		153,034		954,932
Daqo New Energy Corp., ADR(c)(d)		75,745		3,148,720
Ebang International Holdings, Inc., A Shares(c)(d)		177,905		165,452
GDS Holdings Ltd., ADR(c)(d)		132,947		4,177,195
Hollysys Automation Technologies Ltd.		79,302		1,221,251
JinkoSolar Holding Co. Ltd., ADR(c)(d)		51,000		2,614,260
Kingsoft Cloud Holdings Ltd., ADR(c)(d)		125,630		454,780
OneConnect Financial Technology Co. Ltd., ADR(c)		165,186		226,305
Renren, Inc., ADR(c)(d)		11,458		327,584
TROOPS, Inc. (Hong Kong)(c)(d)		129,887		446,811
Vnet Group, Inc., ADR(c)(d)		172,160		1,027,795
Zepp Health Corp., ADR		45,203		109,391
				18,775,454
Materials-0.16%
Huadi International Group Co. Ltd.(c)(d)		16,999		390,977
Real Estate-3.67%
KE Holdings, Inc., ADR(c)(d)		597,253		8,469,047
Nam Tai Property, Inc.(c)(d)		50,133		311,326
				8,780,373
Total Common Stocks & Other Equity Interests (Cost $367,395,623)				238,890,731

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

35

Invesco Golden Dragon China ETF (PGJ)–(continued)

April 30, 2022

	Shares		Value
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(e)(f) (Cost $163,140)		163,140	$	163,140
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $367,558,763)				239,053,871
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-31.40%
Invesco Private Government Fund, 0.40%(e)(f)(g)		22,508,565		22,508,565

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.35%(e)(f)(g)		52,545,493	$	52,545,493
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $75,049,542)				75,054,058
TOTAL INVESTMENTS IN SECURITIES-131.42% (Cost $442,608,305)				314,107,929
OTHER ASSETS LESS LIABILITIES-(31.42)%				(75,102,415	)
NET ASSETS-100.00%			$	239,005,514

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)  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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	443,239		$	3,223,825		$	(3,503,924	)		$        -		$        -		$	163,140		$	128
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			27,005,098			179,073,141			(183,569,674	)		-		-			22,508,565			14,264	*
Invesco Private Prime Fund			40,595,848			320,002,319			(308,035,050	)		4,515		(22,139)			52,545,493			62,239	*
Total		$	68,044,185		$	502,299,285		$	(495,108,648	)		$4,515		$(22,139)		$	75,217,198		$	76,631

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(f)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

36

Invesco MSCI Sustainable Future ETF (ERTH)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-96.82%
Auto Components-0.03%
XL Fleet Corp.(b)(c)		85,312	$	119,437
Automobiles-13.90%
Li Auto, Inc., ADR (China)(b)(c)		452,788		10,156,035
NIO, Inc., ADR (China)(b)(c)		824,327		13,766,261
Niu Technologies, ADR (China)(b)		24,703		235,913
Tesla, Inc.(b)		22,861		19,906,444
Workhorse Group, Inc.(b)(c)		127,266		383,071
XPeng, Inc., ADR (China)(b)(c)		318,041		7,826,989
Yadea Group Holdings Ltd. (China)(d)		977,936		1,466,028
				53,740,741
Building Products-4.62%
Advanced Drainage Systems, Inc.		43,469		4,453,834
Kingspan Group PLC (Ireland)		125,590		11,512,498
ROCKWOOL A/S, Class B (Denmark)		6,831		1,916,819
				17,883,151
Chemicals-1.60%
Umicore S.A. (Belgium)(c)		160,495		6,196,069
Commercial Services & Supplies-0.59%
China Everbright Environment Group Ltd. (China)		3,006,945		1,767,815
Dynagreen Environmental Protection Group Co. Ltd., H Shares (China)(d)		329,769		142,176
Sunny Friend Environmental Technology Co. Ltd. (Taiwan)		50,000		380,426
				2,290,417
Construction & Engineering-0.94%
China Conch Venture Holdings Ltd. (China)		1,337,500		3,486,025
ReneSola Ltd., ADR (China)(b)		31,299		150,861
				3,636,886
Electric Utilities-0.03%
Fastned B.V., CVA (Netherlands)(b)(c)		3,449		107,366
Electrical Equipment-12.50%
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia S.A. (Brazil)		187,500		184,766
Alfen Beheer B.V. (Netherlands)(c)(d)		16,858		1,513,476
Blink Charging Co.(b)(c)		30,987		591,852
China High Speed Transmission Equipment Group Co. Ltd. (Hong Kong)(b)		333,667		185,778
Contemporary Amperex Technology Co. Ltd., A Shares (China)		113,900		6,952,216
CS Wind Corp. (South Korea)		20,628		963,680
Fagerhult AB (Sweden)(c)		65,056		328,164
Ginlong Technologies Co. Ltd., A Shares (China)		12,100		354,532
Ming Yang Smart Energy Group Ltd., A Shares (China)		103,000		341,778
Nordex SE (Germany)(b)		84,863		1,239,886
PNE AG (Germany)		28,109		358,215
PowerCell Sweden AB (Sweden)(b)		38,288		561,619
Shoals Technologies Group, Inc., Class A(b)(c)		84,999		848,290
Siemens Gamesa Renewable Energy S.A., Class R (Spain)(b)(c)		193,836		3,090,497
SIF Holding N.V. (Netherlands)(c)		10,403		118,464

	Shares		Value
Electrical Equipment-(continued)
Signify N.V. (Netherlands)		104,392	$	4,407,765
Stem, Inc.(b)(c)		41,260		295,834
Sungrow Power Supply Co. Ltd., A Shares (China)		71,300		684,099
Sunrun, Inc.(b)(c)		143,036		2,857,859
Titan Wind Energy Suzhou Co. Ltd., A Shares (China)		88,200		132,100
TPI Composites, Inc.(b)(c)		30,415		347,948
Vestas Wind Systems A/S (Denmark)(c)		801,603		20,622,655
Xinjiang Goldwind Science & Technology Co. Ltd., A Shares (China)		169,000		285,385
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares (China)(c)		631,227		895,639
Zumtobel Group AG (Austria)		23,069		166,028
				48,328,525
Electronic Equipment, Instruments & Components-0.50%
Badger Meter, Inc.		23,864		1,925,586
Equity REITs-18.43%
Brandywine Realty Trust		139,619		1,629,354
CapitaLand Integrated Commercial Trust (Singapore)		3,958,142		6,632,638
Covivio (France)		42,299		2,988,738
CRE Logistics REIT, Inc. (Japan)		438		671,433
Digital Realty Trust, Inc.		156,845		22,918,191
Douglas Emmett, Inc.		142,758		4,205,651
First Capital REIT (Canada)		87,762		1,175,608
Fukuoka REIT Corp. (Japan)		520		651,806
Inmobiliaria Colonial SOCIMI S.A. (Spain)		242,144		2,024,785
Keppel REIT (Singapore)		1,507,547		1,324,900
Klepierre S.A. (France)		165,308		3,925,604
Lar Espana Real Estate SOCIMI S.A. (Spain)		46,474		241,952
Mapletree Commercial Trust (Singapore)		1,761,893		2,376,878
Mapletree North Asia Commercial Trust (Hong Kong)(d)		1,858,291		1,600,489
Mercialys S.A. (France)		57,450		550,150
Merlin Properties SOCIMI S.A. (Spain)(c)		286,539		3,089,861
Mori Hills REIT Investment Corp. (Japan)		1,251		1,417,596
Nippon Prologis REIT, Inc. (Japan)		1,685		4,682,671
OUE Commercial REIT (Singapore)		1,776,210		532,462
Paramount Group, Inc.(c)		142,914		1,359,112
Piedmont Office Realty Trust, Inc., Class A(c)		101,281		1,630,624
SPH REIT (Singapore)		745,570		526,418
Vornado Realty Trust(c)		132,613		5,133,449
				71,290,370
Food Products-4.13%
Darling Ingredients, Inc.(b)		131,838		9,675,591
Grieg Seafood ASA (Norway)(b)(c)		41,652		627,053
Minerva S.A. (Brazil)		243,800		646,398
Salmar ASA (Norway)		47,897		3,962,166
SLC Agricola S.A. (Brazil)		86,650		925,781
Yukiguni Maitake Co. Ltd. (Japan)		16,308		132,290
				15,969,279

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

37

Invesco MSCI Sustainable Future ETF (ERTH)–(continued)

April 30, 2022

	Shares		Value
Household Durables-1.19%
KB Home		64,234	$	2,083,109
Meritage Homes Corp.(b)		30,441		2,512,904
				4,596,013
Independent Power and Renewable Electricity Producers-8.97%
Albioma S.A. (France)		20,921		1,105,097
BCPG PCL, NVDR (Thailand)		710,836		254,222
Beijing Energy International Holding Co. Ltd. (Hong Kong)(b)		5,490,241		180,641
Boralex, Inc., Class A (Canada)		71,166		2,144,363
Canvest Environmental Protection Group Co. Ltd. (Hong Kong)(d)		397,845		167,025
CECEP Solar Energy Co. Ltd., A Shares (China)		147,200		147,695
CECEP Wind-Power Corp., A Shares (China)		245,400		148,132
China Datang Corp. Renewable Power Co. Ltd., H Shares (China)(c)		1,836,665		698,816
China Everbright Greentech Ltd. (China)(d)		505,299		129,768
China Three Gorges Renewables Group Co. Ltd., A Shares (China)		1,398,600		1,222,967
Concord New Energy Group Ltd. (Hong Kong)		4,712,093		433,015
EDP Renovaveis S.A. (Spain)(c)		234,570		5,574,962
Encavis AG (Germany)		98,193		2,165,518
Energix-Renewable Energies Ltd. (Israel)		179,221		611,166
Enlight Renewable Energy Ltd. (Israel)(b)		754,461		1,626,752
eRex Co. Ltd. (Japan)(c)		21,760		332,463
Falck Renewables S.p.A. (Italy)(c)		95,104		886,027
GCL New Energy Holdings Ltd. (China)(b)(c)		6,876,967		119,739
Grenergy Renovables S.A. (Spain)(b)		9,114		328,246
Neoen S.A. (France)(b)(c)(d)		30,554		1,216,853
NextEra Energy Partners L.P.		62,318		4,154,118
Omega Energia S.A. (Brazil)(b)		239,991		517,569
Ormat Technologies, Inc.(c)		36,419		2,829,756
RENOVA, Inc. (Japan)(b)		28,877		355,757
Scatec ASA (South Africa)(d)		97,211		1,187,593
Solaria Energia y Medio Ambiente S.A. (Spain)(b)		61,167		1,368,144
SPCG PCL, NVDR (Thailand)		388,235		190,433
Sunnova Energy International, Inc.(b)(c)		68,697		1,186,397
Super Energy Corp. PCL, NVDR (Thailand)		13,490,864		342,175
Terna Energy S.A. (Greece)		37,810		701,132
TransAlta Renewables, Inc. (Canada)(c)		87,092		1,214,334
Voltalia S.A. (France)(b)(c)		19,454		411,480
West Holdings Corp. (Japan)(c)		18,812		743,821
				34,696,176
IT Services-0.91%
Chindata Group Holdings Ltd., ADR (China)(b)(c)		92,381		576,457
Kingsoft Cloud Holdings Ltd., ADR (China)(b)(c)		88,728		321,195
Switch, Inc., Class A(c)		87,575		2,614,990
				3,512,642
Machinery-2.37%
Alstom S.A. (France)(c)		258,285		5,622,672
Energy Recovery, Inc.(b)		30,079		557,063
Lion Electric Co. (The) (Canada)(b)		38,646		237,673
Proterra, Inc., (Acquired 02/28/2022 - 03/31/2022; Cost $1,284,938)(b)(c)(e)		142,490		884,863

	Shares		Value
Machinery-(continued)
Riyue Heavy Industry Co. Ltd., A Shares (China)		47,400	$	115,940
Stadler Rail AG (Switzerland)(c)		40,794		1,476,072
Wuxi Lead Intelligent Equipment Co. Ltd. (China)		38,320		253,281
				9,147,564
Metals & Mining-0.77%
Schnitzer Steel Industries, Inc., Class A		21,185		966,672
Sims Ltd.		137,444		1,999,756
				2,966,428
Oil, Gas & Consumable Fuels-1.07%
Renewable Energy Group, Inc.(b)		40,845		2,493,996
REX American Resources Corp.(b)		4,384		371,018
VERBIO Vereinigte BioEnergie AG (Germany)		18,043		1,290,537
				4,155,551
Paper & Forest Products-3.73%
Canfor Corp. (Canada)(b)		50,975		976,384
Mercer International, Inc. (Germany)		35,021		560,686
Suzano S.A. (Brazil)		609,500		6,105,831
West Fraser Timber Co. Ltd. (Canada)(c)		76,810		6,785,820
				14,428,721
Real Estate Management & Development-0.89%
Deutsche EuroShop AG (Germany)		40,327		669,626
Platzer Fastigheter Holding AB, Class B (Sweden)		48,921		494,484
Swire Properties Ltd. (Hong Kong)		954,540		2,273,486
				3,437,596
Road & Rail-6.37%
Beijing-Shanghai High Speed Railway Co. Ltd., A Shares (China)		2,003,300		1,389,897
BTS Group Holdings PCL, NVDR (Thailand)		6,479,025		1,695,043
Central Japan Railway Co. (Japan)		117,641		14,867,163
MTR Corp. Ltd. (Hong Kong)		1,261,025		6,693,393
				24,645,496
Semiconductors & Semiconductor Equipment-12.49%
Duk San Neolux Co. Ltd. (South Korea)(b)		8,815		288,694
Enphase Energy, Inc.(b)		104,432		16,855,325
First Solar, Inc.(b)(c)		77,893		5,688,526
GCL System Integration Technology Co. Ltd., A Shares (China)(b)		286,600		118,826
JA Solar Technology Co. Ltd., A Shares (China)		78,200		958,690
JinkoSolar Holding Co. Ltd., ADR (China)(b)		31,120		1,595,211
LONGi Green Energy Technology Co. Ltd., A Shares (China)		263,880		2,670,527
SMA Solar Technology AG (Germany)(c)		8,493		388,869
SolarEdge Technologies, Inc.(b)		42,797		10,716,797
SunPower Corp.(b)(c)		70,569		1,165,094
Trina Solar Co. Ltd., A Shares (China)		84,593		645,257
TSEC Corp. (Taiwan)(b)		309,000		459,373
United Renewable Energy Co. Ltd. (Taiwan)(b)		1,129,075		820,771
Xinyi Solar Holdings Ltd. (China)		3,979,415		5,935,041
				48,307,001

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

38

Invesco MSCI Sustainable Future ETF (ERTH)–(continued)

April 30, 2022

	Shares		Value
Software-0.05%
Cloopen Group Holding Ltd., ADR (China)(b)(c)		43,275	$	31,980
CM.com N.V. (Netherlands)(b)(c)(d)		9,398		155,913
				187,893
Transportation Infrastructure-0.39%
Taiwan High Speed Rail Corp. (Taiwan)		1,607,000		1,520,157
Water Utilities-0.35%
Beijing Enterprises Water Group Ltd. (China)		3,721,388		1,200,183
China Everbright Water Ltd. (China)(c)		700,204		148,585
				1,348,768
Total Common Stocks & Other Equity Interests (Cost $411,915,421)				374,437,833
Exchange-Traded Funds-3.15%
iShares MSCI India ETF(c) (Cost $12,411,243)		278,869		12,169,843
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.97% (Cost $424,326,664)				386,607,676

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-24.44%
Invesco Private Government Fund, 0.40%(f)(g)(h)		28,369,013	$	28,369,013
Invesco Private Prime Fund, 0.35%(f)(g)(h)		66,151,778		66,151,778
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $94,520,311)				94,520,791
TOTAL INVESTMENTS IN SECURITIES-124.41% (Cost $518,846,975)				481,128,467
OTHER ASSETS LESS LIABILITIES-(24.41)%				(94,391,423	)
NET ASSETS-100.00%			$	386,737,044

Investment Abbreviations:

ADR	-	American Depositary Receipt
CVA	-	Dutch Certificates
ETF	-	Exchange-Traded Fund
NVDR	-	Non-Voting Depositary Receipt
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, 2022.

^(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, 2022 was $7,579,321, which represented 1.96% of the Fund’s Net Assets.

^(e)  Restricted security. The value of this security at April 30, 2022 represented less than 1% of the Fund’s Net Assets.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	85,578,359		$	(85,578,359	)		$	-		$	-			$	-		$	612
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			31,055,288			330,019,076			(332,705,351	)			-			-				28,369,013			17,454	*
Invesco Private Prime Fund			46,582,932			545,889,520			(526,292,290	)			480			(28,864	)			66,151,778			70,958	*
Total		$	77,638,220		$	961,486,955		$	(944,576,000	)		$	480		$	(28,864	)		$	94,520,791		$	89,024

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

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

39

Invesco MSCI Sustainable Future ETF (ERTH)–(continued)

April 30, 2022

^(g) The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

This Fund has holdings greater than 10% of net assets in the following country:

China 17.34 % 

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, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Communication Services-5.06%
DISH Network Corp., Class A(b)		21,004	$	598,824
EchoStar Corp., Class A(b)		26,451		617,631
Integral Ad Science Holding Corp.(b)(c)		52,085		615,124
Iridium Communications, Inc.(b)		17,051		608,891
Radius Global Infrastructure, Inc., Class A(b)(c)		49,798		618,491
Telephone & Data Systems, Inc.		33,944		621,854
T-Mobile US, Inc.(b)		4,980		613,237
United States Cellular Corp.(b)		21,625		622,368
WideOpenWest, Inc.(b)(c)		29,237		586,202
ZipRecruiter, Inc., Class A(b)		28,331		637,731
				6,140,353
Consumer Discretionary-9.78%
Advance Auto Parts, Inc.		2,916		582,121
Arko Corp.(c)		68,311		633,243
Bloomin’ Brands, Inc.		29,211		642,350
D.R. Horton, Inc.		8,979		624,848
Dave & Buster’s Entertainment, Inc.(b)		13,946		634,543
Dollar General Corp.		2,571		610,690
Everi Holdings, Inc.(b)		34,917		606,159
KB Home		19,497		632,288
M.D.C. Holdings, Inc.		17,613		650,096
Mohawk Industries, Inc.(b)		5,112		721,099
Newell Brands, Inc.(c)		28,161		651,927
Polaris, Inc.(c)		6,159		584,735
PulteGroup, Inc.		15,189		634,293
Ruth’s Hospitality Group, Inc.(c)		30,385		637,173
Target Corp.		2,651		606,151
Tempur Sealy International, Inc.		23,033		624,425
Texas Roadhouse, Inc.		7,733		636,658
Tractor Supply Co.		3,001		604,551
Xponential Fitness, Inc., Class A(b)(c)		26,796		555,213
				11,872,563
Consumer Staples-2.12%
Darling Ingredients, Inc.(b)		7,955		583,817
Estee Lauder Cos., Inc. (The), Class A		2,419		638,761
Olaplex Holdings, Inc.(b)(c)		47,258		694,693
Primo Water Corp.		44,812		656,048
				2,573,319
Energy-10.46%
Antero Resources Corp.(b)		19,173		674,890
APA Corp.		15,592		638,181
Black Stone Minerals L.P.		43,973		696,532
Brigham Minerals, Inc., Class A(c)		24,391		604,409
Cheniere Energy, Inc.		4,816		654,061
ConocoPhillips		6,667		636,832
DCP Midstream L.P.		17,510		598,842
Devon Energy Corp.		10,758		625,793
Diamondback Energy, Inc.		4,790		604,642
Energy Transfer L.P.		56,467		625,654
Enterprise Products Partners L.P.		24,239		628,032
Kimbell Royalty Partners L.P.		38,291		644,437
Marathon Oil Corp.		25,214		628,333
Marathon Petroleum Corp.		7,413		646,858
Northern Oil and Gas, Inc.(c)		23,939		597,996

	Shares		Value
Energy-(continued)
Occidental Petroleum Corp.		11,112	$	612,160
Pioneer Natural Resources Co.(c)		2,707		629,296
Targa Resources Corp.		8,366		614,148
Valero Energy Corp.		6,270		698,980
Williams Cos., Inc. (The)		18,437		632,205
				12,692,281
Financials-20.72%
Allstate Corp. (The)		4,661		589,803
AssetMark Financial Holdings, Inc.(b)		31,642		608,476
Axos Financial, Inc.(b)		15,526		588,125
Bancorp, Inc. (The)(b)		25,767		584,653
Banner Corp.		11,440		614,328
Barings BDC, Inc.(c)		60,911		620,074
Business First Bancshares, Inc.		22,180		491,509
Cadence Bank		24,167		605,142
Chubb Ltd.		3,110		642,059
Coastal Financial Corp.(b)		14,903		611,619
CrossFirst Bankshares, Inc.(b)		46,855		600,213
Dime Community Bancshares, Inc.		18,350		576,924
Finance Of America Cos., Inc., Class A(b)(c)		263,519		595,553
FVCBankcorp, Inc.(b)		18,957		391,652
Hancock Whitney Corp.		13,382		625,876
Horizon Bancorp, Inc.		34,788		608,094
Huntington Bancshares, Inc.		46,655		613,513
Intercontinental Exchange, Inc.		5,450		631,164
Ladder Capital Corp.		53,439		608,670
Lakeland Bancorp, Inc.		40,309		605,844
Mercantile Bank Corp.		19,275		605,235
Merchants Bancorp.		25,292		594,868
Meta Financial Group, Inc.		13,682		597,219
MVB Financial Corp.(c)		14,877		595,973
Nexpoint Real Estate Finance, Inc.		27,957		656,430
OceanFirst Financial Corp.		33,718		631,538
Old Republic International Corp.		26,961		593,412
Old Second Bancorp, Inc.		45,057		620,435
Open Lending Corp., Class A(b)(c)		46,359		632,337
Origin Bancorp, Inc.		15,886		598,584
PacWest Bancorp		18,641		613,102
Redwood Trust, Inc.		70,659		685,392
Signature Bank		2,471		598,600
SmartFinancial, Inc.		14,265		349,778
Starwood Property Trust, Inc.		26,961		616,868
TPG RE Finance Trust, Inc.		58,113		613,092
Triumph Bancorp, Inc.(b)(c)		8,856		614,961
Veritex Holdings, Inc.		18,370		603,454
VersaBank (Canada)		10,078		101,889
Webster Financial Corp.		12,685		634,123
Willis Towers Watson PLC		2,710		582,271
Wintrust Financial Corp.		6,852		598,317
Zions Bancorporation N.A		10,571		597,367
				25,148,536
Health Care-11.65%
Acadia Healthcare Co., Inc.(b)		8,790		596,665
ADMA Biologics, Inc.(b)(c)		327,282		602,199
AngioDynamics, Inc.(b)		27,364		576,012
Apellis Pharmaceuticals, Inc.(b)(c)		12,932		562,930
Argenx SE, ADR (Netherlands)(b)		2,083		598,488

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, 2022

	Shares		Value
Health Care-(continued)
Aveanna Healthcare Holdings, Inc.(b)(c)		207,519	$	605,955
Blueprint Medicines Corp.(b)(c)		10,191		594,645
Boston Scientific Corp.(b)		14,205		598,173
CareDx, Inc.(b)(c)		21,248		646,789
ChemoCentryx, Inc.(b)(c)		33,410		616,749
Cigna Corp.		2,486		613,495
Cymabay Therapeutics, Inc.(b)		243,643		553,070
Encompass Health Corp.		9,044		622,499
Health Catalyst, Inc.(b)(c)		30,555		508,435
InflaRx N.V. (Germany)		242,538		409,889
Mirum Pharmaceuticals, Inc.(b)(c)		25,777		612,977
NGM Biopharmaceuticals, Inc.(b)		44,121		550,630
Ocular Therapeutix, Inc.(b)(c)		175,892		627,934
PolyPid Ltd. (Israel)(b)(c)		26,946		130,688
Quidel Corp.(b)(c)		5,971		600,802
REGENXBIO, Inc.(b)(c)		22,105		613,635
Sol-Gel Technologies Ltd. (Israel)(c)		8,402		59,318
Tarsus Pharmaceuticals, Inc.(b)		25,273		462,749
Tenet Healthcare Corp.(b)		7,590		550,351
UnitedHealth Group, Inc.		1,224		622,465
VBI Vaccines, Inc.(b)		480,173		600,216
				14,137,758
Industrials-10.92%
Ads-Tec Energy PLC (Ireland)(c)		38,111		258,393
Alaska Air Group, Inc.(b)(c)		11,191		608,679
Axon Enterprise, Inc.(b)		5,452		611,714
Bloom Energy Corp., Class A(b)(c)		33,224		616,637
Byrna Technologies, Inc.(b)(c)		92,263		546,197
Casella Waste Systems, Inc., Class A(b)		7,527		619,020
Clean Harbors, Inc.(b)		6,048		634,617
Copa Holdings S.A., Class A (Panama)(c)		8,060		607,482
Delta Air Lines, Inc.(b)		14,707		632,842
Federal Signal Corp.		18,694		636,157
Forward Air Corp.		6,907		669,772
FTC Solar, Inc.(b)(c)		220,012		616,034
PACCAR, Inc.		7,467		620,134
ReneSola Ltd., ADR (China)(b)(c)		130,007		626,634
Shyft Group, Inc. (The)		21,611		550,432
Tecnoglass, Inc.(c)		27,993		625,084
TPI Composites, Inc.(b)(c)		54,412		622,473
Union Pacific Corp.		2,692		630,709
United Parcel Service, Inc., Class B		3,484		627,050
Wabash National Corp.		43,973		629,254
Waste Connections, Inc.		4,720		651,218
WESCO International, Inc.(b)		4,940		608,904
				13,249,436
Information Technology-16.36%
Alarm.com Holdings, Inc.(b)		10,848		662,596
Avnet, Inc.		16,528		721,612
Cambium Networks Corp.(b)(c)		41,954		640,638
Cognex Corp.		9,263		626,457
EngageSmart, Inc.(b)(c)		32,892		686,785
Envestnet, Inc.(b)(c)		8,011		637,996
Fastly, Inc., Class A(b)(c)		38,538		612,754
Fidelity National Information Services, Inc.		6,387		633,271
Flywire Corp.(b)(c)		21,632		659,992
GoDaddy, Inc., Class A(b)		7,693		621,671
HubSpot, Inc.(b)		1,627		617,333
I3 Verticals, Inc., Class A(b)(c)		25,013		686,607

	Shares		Value
Information Technology-(continued)
Itron, Inc.(b)		13,401	$	640,300
Jabil, Inc.		11,119		641,900
KVH Industries, Inc.(b)		65,280		520,282
Limelight Networks, Inc.(b)(c)		131,043		467,824
Microchip Technology, Inc.		9,728		634,266
Micron Technology, Inc.		9,276		632,530
MiX Telematics Ltd., ADR (South Africa)		26,496		292,781
New Relic, Inc.(b)		9,972		630,928
nLight, Inc.(b)(c)		46,755		614,828
NVIDIA Corp.		3,259		604,447
Ping Identity Holding Corp.(b)(c)		23,436		612,383
Pure Storage, Inc., Class A(b)		21,783		638,242
QUALCOMM, Inc.		4,833		675,122
RingCentral, Inc., Class A(b)		7,065		599,465
Roper Technologies, Inc.		1,402		658,828
salesforce.com, inc.(b)		3,712		653,089
SS&C Technologies Holdings, Inc.		9,243		597,652
Switch, Inc., Class A(c)		21,790		650,649
TD SYNNEX Corp.		6,369		637,473
UserTesting, Inc.(b)(c)		81,820		639,014
				19,849,715
Materials-1.06%
Graphic Packaging Holding Co.		29,766		648,899
Scotts Miracle-Gro Co. (The)(c)		6,075		631,375
				1,280,274
Real Estate-11.29%
Agree Realty Corp.		9,170		622,826
American Homes 4 Rent, Class A		15,270		604,845
CareTrust REIT, Inc.		38,447		623,226
Cushman & Wakefield PLC(b)(c)		35,160		629,364
Digital Realty Trust, Inc.		4,376		639,421
DigitalBridge Group, Inc.(b)		92,784		645,777
EPR Properties		11,868		623,307
Equinix, Inc.		868		624,161
Gaming and Leisure Properties, Inc.		13,852		614,752
Invitation Homes, Inc.		15,033		598,614
Kite Realty Group Trust		29,069		648,239
Medical Properties Trust, Inc.		32,358		595,064
National Retail Properties, Inc.		13,691		600,213
PotlatchDeltic Corp.		12,064		668,225
Prologis, Inc.		3,852		617,437
Public Storage		1,595		592,543
SBA Communications Corp., Class A		1,777		616,815
Uniti Group, Inc.(c)		49,239		610,071
Ventas, Inc.		10,960		608,828
VICI Properties, Inc.(c)		21,841		651,080
Welltower, Inc.		6,761		613,966
Weyerhaeuser Co.		15,764		649,792
				13,698,566
Utilities-0.57%
Sunnova Energy International, Inc.(b)(c)		40,087		692,302
Total Common Stocks & Other Equity Interests (Cost $113,968,277)				121,335,103

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, 2022

	Shares		Value
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $9,638)		9,638	$	9,638
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $113,977,915)				121,344,741
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-18.76%
Invesco Private Government Fund, 0.40%(d)(e)(f)		6,869,651		6,869,651

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.35%(d)(e)(f)		15,899,917	$	15,899,917
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $22,767,619)				22,769,568
TOTAL INVESTMENTS IN SECURITIES-118.76% (Cost $136,745,534)				144,114,309
OTHER ASSETS LESS LIABILITIES-(18.76)%				(22,760,094	)
NET ASSETS-100.00%			$	121,354,215

Investment Abbreviations:

ADR -American Depositary Receipt

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	1,756,570		$	(1,746,932	)		$	-		$	-			$	9,638		$	39
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			3,616,622			46,173,743			(42,920,714	)			-			-				6,869,651			4,399	*
Invesco Private Prime Fund			5,424,933			97,247,740			(86,768,110	)			1,949			(6,595	)			15,899,917			15,704	*
Total		$	9,041,555		$	145,1718,053		$	(131,435,756	)		$	1,949		$	(6,595	)		$	22,779,206		$	20,142

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.24%
Communication Services-8.66%
Activision Blizzard, Inc.		3,085	$	233,226
Alphabet, Inc., Class A(b)		1,191		2,718,088
Alphabet, Inc., Class C(b)		1,100		2,529,263
AT&T, Inc.		28,282		533,399
Charter Communications, Inc., Class A(b)		472		202,247
Comcast Corp., Class A		17,917		712,380
DISH Network Corp., Class A(b)		989		28,196
Electronic Arts, Inc.		1,113		131,390
Fox Corp., Class A		1,250		44,800
Fox Corp., Class B		578		19,213
Interpublic Group of Cos., Inc. (The)		1,558		50,822
Live Nation Entertainment, Inc.(b)		535		56,111
Lumen Technologies, Inc.		3,650		36,719
Match Group, Inc.(b)		1,121		88,727
Meta Platforms, Inc., Class A(b)		9,144		1,833,098
Netflix, Inc.(b)		1,758		334,653
News Corp., Class A		1,548		30,743
News Corp., Class B		474		9,437
Omnicom Group, Inc.		828		63,036
Paramount Global, Class B		2,402		69,946
Take-Two Interactive Software, Inc.(b)		457		54,616
T-Mobile US, Inc.(b)		2,325		286,301
Twitter, Inc.(b)		3,167		155,246
Verizon Communications, Inc.		16,626		769,784
Walt Disney Co. (The)(b)		7,210		804,852
Warner Bros Discovery, Inc.(b)		8,758		158,958
				11,955,251
Consumer Discretionary-11.49%
Advance Auto Parts, Inc.		247		49,309
Amazon.com, Inc.(b)		1,733		4,307,597
Aptiv PLC(b)		1,072		114,061
AutoZone, Inc.(b)		83		162,304
Bath & Body Works, Inc.		1,021		54,001
Best Buy Co., Inc.		857		77,070
Booking Holdings, Inc.(b)		163		360,281
BorgWarner, Inc.		949		34,952
Caesars Entertainment, Inc.(b)		846		56,073
CarMax, Inc.(b)		640		54,899
Carnival Corp.(b)		3,203		55,412
Chipotle Mexican Grill, Inc.(b)		112		163,028
D.R. Horton, Inc.		1,277		88,866
Darden Restaurants, Inc.		506		66,655
Dollar General Corp.		918		218,053
Dollar Tree, Inc.(b)		891		144,743
Domino’s Pizza, Inc.		144		48,672
eBay, Inc.		2,479		128,710
Etsy, Inc.(b)		502		46,781
Expedia Group, Inc.(b)		595		103,976
Ford Motor Co.		15,578		220,584
Garmin Ltd.		602		66,063
General Motors Co.(b)		5,754		218,134
Genuine Parts Co.		565		73,478
Hasbro, Inc.		514		45,263
Hilton Worldwide Holdings, Inc.(b)		1,103		171,285
Home Depot, Inc. (The)		4,136		1,242,454
Las Vegas Sands Corp.(b)		1,361		48,220

	Shares		Value
Consumer Discretionary-(continued)
Lennar Corp., Class A		1,035	$	79,167
LKQ Corp.		1,062		52,707
Lowe’s Cos., Inc.		2,668		527,544
Marriott International, Inc., Class A(b)		1,083		192,254
McDonald’s Corp.		2,959		737,264
MGM Resorts International		1,491		61,191
Mohawk Industries, Inc.(b)		216		30,469
Newell Brands, Inc.		1,499		34,702
NIKE, Inc., Class B		5,054		630,234
Norwegian Cruise Line Holdings Ltd.(b)		1,651		33,070
NVR, Inc.(b)		14		61,267
O’Reilly Automotive, Inc.(b)		267		161,949
Penn National Gaming, Inc.(b)		658		24,063
Pool Corp.		160		64,835
PulteGroup, Inc.		985		41,134
PVH Corp.		278		20,233
Ralph Lauren Corp.		184		19,199
Ross Stores, Inc.		1,399		139,578
Royal Caribbean Cruises Ltd.(b)		888		69,024
Starbucks Corp.		4,555		339,985
Tapestry, Inc.		1,045		34,401
Target Corp.		1,897		433,749
Tesla, Inc.(b)		3,315		2,886,569
TJX Cos., Inc. (The)		4,724		289,487
Tractor Supply Co.		451		90,854
Ulta Beauty, Inc.(b)		215		85,312
Under Armour, Inc., Class A(b)		738		11,336
Under Armour, Inc., Class C(b)		842		11,948
VF Corp.		1,278		66,456
Whirlpool Corp.		234		42,476
Wynn Resorts Ltd.(b)		417		29,390
Yum! Brands, Inc.		1,144		133,859
				15,856,630
Consumer Staples-6.84%
Altria Group, Inc.		7,220		401,215
Archer-Daniels-Midland Co.		2,216		198,465
Brown-Forman Corp., Class B		724		48,827
Campbell Soup Co.		800		37,776
Church & Dwight Co., Inc.		958		93,462
Clorox Co. (The)		487		69,870
Coca-Cola Co. (The)		15,396		994,736
Colgate-Palmolive Co.		3,337		257,116
Conagra Brands, Inc.		1,899		66,332
Constellation Brands, Inc., Class A		651		160,205
Costco Wholesale Corp.		1,756		933,700
Estee Lauder Cos., Inc. (The), Class A		921		243,199
General Mills, Inc.		2,388		168,903
Hershey Co. (The)		576		130,044
Hormel Foods Corp.		1,118		58,572
JM Smucker Co. (The)		429		58,743
Kellogg Co.		1,013		69,390
Kimberly-Clark Corp.		1,334		185,199
Kraft Heinz Co. (The)		2,812		119,876
Kroger Co. (The)		2,649		142,940
Lamb Weston Holdings, Inc.		575		38,008
McCormick & Co., Inc.		989		99,464
Molson Coors Beverage Co., Class B		746		40,388

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, 2022

	Shares		Value
Consumer Staples-(continued)
Mondelez International, Inc., Class A		5,498	$	354,511
Monster Beverage Corp.(b)		1,488		127,492
PepsiCo, Inc.		5,479		940,799
Philip Morris International, Inc.		6,137		613,700
Procter & Gamble Co. (The)		9,493		1,524,101
Sysco Corp.		2,009		171,729
Tyson Foods, Inc., Class A		1,158		107,879
Walgreens Boots Alliance, Inc.		2,837		120,289
Walmart, Inc.		5,602		857,050
				9,433,980
Energy-4.18%
APA Corp.		1,439		58,898
Baker Hughes Co., Class A		3,586		111,238
Chevron Corp.		7,635		1,196,175
ConocoPhillips		5,157		492,597
Coterra Energy, Inc.		3,222		92,761
Devon Energy Corp.		2,493		145,018
Diamondback Energy, Inc.		675		85,205
EOG Resources, Inc.		2,317		270,533
Exxon Mobil Corp.		16,767		1,429,387
Halliburton Co.		3,559		126,772
Hess Corp.		1,092		112,552
Kinder Morgan, Inc.		7,722		140,154
Marathon Oil Corp.		3,083		76,828
Marathon Petroleum Corp.		2,293		200,087
Occidental Petroleum Corp.		3,514		193,586
ONEOK, Inc.		1,765		111,777
Phillips 66		1,852		160,680
Pioneer Natural Resources Co.		899		208,991
Schlumberger N.V.		5,557		216,779
Valero Energy Corp.		1,618		180,375
Williams Cos., Inc. (The)		4,811		164,969
				5,775,362
Financials-10.98%
Aflac, Inc.		2,376		136,097
Allstate Corp. (The)		1,111		140,586
American Express Co.		2,436		425,594
American International Group, Inc.		3,288		192,381
Ameriprise Financial, Inc.		439		116,550
Aon PLC, Class A		850		244,792
Arthur J. Gallagher & Co.		826		139,173
Assurant, Inc.		226		41,105
Bank of America Corp.		28,153		1,004,499
Bank of New York Mellon Corp. (The)		2,930		123,236
Berkshire Hathaway, Inc., Class B(b)		7,253		2,341,486
BlackRock, Inc.		565		352,944
Brown & Brown, Inc.		929		57,579
Capital One Financial Corp.		1,639		204,252
Cboe Global Markets, Inc.		423		47,791
Charles Schwab Corp. (The)		5,954		394,929
Chubb Ltd.		1,705		351,997
Cincinnati Financial Corp.		593		72,737
Citigroup, Inc.		7,859		378,882
Citizens Financial Group, Inc.		1,959		77,185
CME Group, Inc., Class A		1,423		312,121
Comerica, Inc.		518		42,424
Discover Financial Services		1,140		128,204
Everest Re Group Ltd.		157		43,130
FactSet Research Systems, Inc.		150		60,524

	Shares		Value
Financials-(continued)
Fifth Third Bancorp		2,708	$	101,631
First Republic Bank		710		105,946
Franklin Resources, Inc.		1,100		27,049
Globe Life, Inc.		368		36,093
Goldman Sachs Group, Inc. (The)		1,344		410,579
Hartford Financial Services Group, Inc. (The)		1,326		92,727
Huntington Bancshares, Inc.		5,694		74,876
Intercontinental Exchange, Inc.		2,225		257,677
Invesco Ltd.(c)		1,317		24,206
JPMorgan Chase & Co.		11,704		1,396,989
KeyCorp.		3,678		71,022
Lincoln National Corp.		656		39,458
Loews Corp.		777		48,827
M&T Bank Corp.		709		118,148
MarketAxess Holdings, Inc.		151		39,805
Marsh & McLennan Cos., Inc.		1,999		323,238
MetLife, Inc.		2,779		182,525
Moody’s Corp.		641		202,864
Morgan Stanley		5,614		452,432
MSCI, Inc.		322		135,643
Nasdaq, Inc.		464		73,020
Northern Trust Corp.		823		84,810
PNC Financial Services Group, Inc. (The)		1,663		276,224
Principal Financial Group, Inc.		962		65,551
Progressive Corp. (The)		2,315		248,538
Prudential Financial, Inc.		1,497		162,440
Raymond James Financial, Inc.		740		72,120
Regions Financial Corp.		3,730		77,286
S&P Global, Inc.		1,402		527,853
Signature Bank		248		60,078
State Street Corp.		1,449		97,040
SVB Financial Group(b)		233		113,620
Synchrony Financial		2,064		75,976
T. Rowe Price Group, Inc.		907		111,597
Travelers Cos., Inc. (The)		955		163,362
Truist Financial Corp.		5,286		255,578
U.S. Bancorp		5,348		259,699
W.R. Berkley Corp.		830		55,187
Wells Fargo & Co.		15,389		671,422
Willis Towers Watson PLC		484		103,992
Zions Bancorporation N.A.		600		33,906
				15,161,232
Health Care-14.23%
Abbott Laboratories		7,003		794,840
AbbVie, Inc.		7,002		1,028,454
ABIOMED, Inc.(b)		181		51,871
Agilent Technologies, Inc.		1,189		141,812
Align Technology, Inc.(b)		291		84,364
AmerisourceBergen Corp.		596		90,169
Amgen, Inc.		2,231		520,247
Anthem, Inc.		961		482,355
Baxter International, Inc.		1,983		140,912
Becton, Dickinson and Co.		1,128		278,830
Biogen, Inc.(b)		582		120,730
Bio-Rad Laboratories, Inc., Class A(b)		86		44,037
Bio-Techne Corp.		156		59,232
Boston Scientific Corp.(b)		5,643		237,627
Bristol-Myers Squibb Co.		8,632		649,731
Cardinal Health, Inc.		1,097		63,681

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, 2022

	Shares		Value
Health Care-(continued)
Catalent, Inc.(b)		709	$	64,207
Centene Corp.(b)		2,310		186,070
Cerner Corp.		1,165		109,091
Charles River Laboratories International, Inc.(b)		199		48,060
Cigna Corp.		1,279		315,632
Cooper Cos., Inc. (The)		195		70,403
CVS Health Corp.		5,198		499,684
Danaher Corp.		2,520		632,848
DaVita, Inc.(b)		242		26,225
DENTSPLY SIRONA, Inc.		866		34,631
DexCom, Inc.(b)		384		156,895
Edwards Lifesciences Corp.(b)		2,472		261,488
Eli Lilly and Co.		3,144		918,457
Gilead Sciences, Inc.		4,967		294,742
HCA Healthcare, Inc.		948		203,393
Henry Schein, Inc.(b)		549		44,524
Hologic, Inc.(b)		990		71,270
Humana, Inc.		510		226,726
IDEXX Laboratories, Inc.(b)		336		144,641
Illumina, Inc.(b)		619		183,626
Incyte Corp.(b)		745		55,845
Intuitive Surgical, Inc.(b)		1,416		338,849
IQVIA Holdings, Inc.(b)		756		164,800
Johnson & Johnson		10,426		1,881,476
Laboratory Corp. of America Holdings(b)		369		88,663
McKesson Corp.		593		183,599
Medtronic PLC		5,325		555,717
Merck & Co., Inc.		10,004		887,255
Mettler-Toledo International, Inc.(b)		91		116,255
Moderna, Inc.(b)		1,397		187,771
Molina Healthcare, Inc.(b)		232		72,720
Organon & Co.		1,004		32,459
PerkinElmer, Inc.		500		73,305
Pfizer, Inc.		22,229		1,090,777
Quest Diagnostics, Inc.		472		63,172
Regeneron Pharmaceuticals, Inc.(b)		423		278,803
ResMed, Inc.		579		115,783
STERIS PLC		397		88,948
Stryker Corp.		1,330		320,876
Teleflex, Inc.		186		53,125
Thermo Fisher Scientific, Inc.		1,560		862,555
UnitedHealth Group, Inc.		3,729		1,896,383
Universal Health Services, Inc., Class B		290		35,534
Vertex Pharmaceuticals, Inc.(b)		1,008		275,406
Viatris, Inc.		4,790		49,481
Waters Corp.(b)		242		73,331
West Pharmaceutical Services, Inc.		293		92,313
Zimmer Biomet Holdings, Inc.		828		99,981
Zoetis, Inc.		1,874		332,166
				19,648,853
Industrials-7.84%
3M Co.		2,261		326,081
A.O. Smith Corp.		521		30,442
Alaska Air Group, Inc.(b)		499		27,141
Allegion PLC		352		40,213
American Airlines Group, Inc.(b)		2,565		48,145
AMETEK, Inc.		917		115,780
Boeing Co. (The)(b)		2,170		322,983
C.H. Robinson Worldwide, Inc.		515		54,667

	Shares		Value
Industrials-(continued)
Carrier Global Corp.		3,387	$	129,621
Caterpillar, Inc.		2,142		450,977
Cintas Corp.		349		138,644
Copart, Inc.(b)		845		96,034
CSX Corp.		8,784		301,643
Cummins, Inc.		565		106,892
Deere & Co.		1,110		419,081
Delta Air Lines, Inc.(b)		2,534		109,038
Dover Corp.		571		76,114
Eaton Corp. PLC		1,579		228,987
Emerson Electric Co.		2,352		212,103
Equifax, Inc.		483		98,300
Expeditors International of Washington, Inc.		671		66,476
Fastenal Co.		2,279		126,052
FedEx Corp.		966		191,983
Fortive Corp.		1,419		81,593
Fortune Brands Home & Security, Inc.		538		38,333
Generac Holdings, Inc.(b)		250		54,845
General Dynamics Corp.		912		215,715
General Electric Co.		4,353		324,516
Honeywell International, Inc.		2,716		525,573
Howmet Aerospace, Inc.		1,503		51,282
Huntington Ingalls Industries, Inc.		159		33,826
IDEX Corp.		301		57,136
Illinois Tool Works, Inc.		1,131		222,931
Ingersoll Rand, Inc.		1,614		70,938
J.B. Hunt Transport Services, Inc.		333		56,893
Jacobs Engineering Group, Inc.		512		70,938
Johnson Controls International PLC		2,782		166,558
L3Harris Technologies, Inc.		777		180,466
Leidos Holdings, Inc.		556		57,552
Lockheed Martin Corp.		959		414,403
Masco Corp.		950		50,056
Nielsen Holdings PLC		1,420		38,070
Nordson Corp.		215		46,373
Norfolk Southern Corp.		949		244,728
Northrop Grumman Corp.		581		255,291
Old Dominion Freight Line, Inc.		369		103,364
Otis Worldwide Corp.		1,683		122,590
PACCAR, Inc.		1,376		114,277
Parker-Hannifin Corp.		510		138,118
Pentair PLC		655		33,241
Quanta Services, Inc.		565		65,529
Raytheon Technologies Corp.		5,910		560,918
Republic Services, Inc.		827		111,041
Robert Half International, Inc.		434		42,667
Rockwell Automation, Inc.		461		116,481
Rollins, Inc.		896		30,052
Snap-on, Inc.		212		45,048
Southwest Airlines Co.(b)		2,345		109,558
Stanley Black & Decker, Inc.		646		77,617
Textron, Inc.		873		60,455
Trane Technologies PLC		925		129,398
TransDigm Group, Inc.(b)		209		124,315
Union Pacific Corp.		2,522		590,879
United Airlines Holdings, Inc.(b)		1,282		64,741
United Parcel Service, Inc., Class B		2,887		519,602
United Rentals, Inc.(b)		287		90,841
Verisk Analytics, Inc.		638		130,184
W.W. Grainger, Inc.		172		86,005

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, 2022

	Shares		Value
Industrials-(continued)
Wabtec Corp.		740	$	66,533
Waste Management, Inc.		1,523		250,442
Xylem, Inc.		715		57,558
				10,816,867
Information Technology-27.44%
Accenture PLC, Class A		2,502		751,501
Adobe, Inc.(b)		1,867		739,239
Advanced Micro Devices, Inc.(b)		6,474		553,656
Akamai Technologies, Inc.(b)		643		72,196
Amphenol Corp., Class A		2,372		169,598
Analog Devices, Inc.		2,080		321,110
ANSYS, Inc.(b)		346		95,389
Apple, Inc.		61,403		9,680,183
Applied Materials, Inc.		3,516		387,991
Arista Networks, Inc.(b)		888		102,626
Autodesk, Inc.(b)		872		165,052
Automatic Data Processing, Inc.		1,663		362,833
Broadcom, Inc.		1,635		906,428
Broadridge Financial Solutions, Inc.		463		66,732
Cadence Design Systems, Inc.(b)		1,097		165,482
CDW Corp.		538		87,791
Ceridian HCM Holding, Inc.(b)		542		30,422
Cisco Systems, Inc.		16,704		818,162
Citrix Systems, Inc.		494		49,449
Cognizant Technology Solutions Corp., Class A		2,080		168,272
Corning, Inc.		2,958		104,092
DXC Technology Co.(b)		969		27,810
Enphase Energy, Inc.(b)		531		85,703
EPAM Systems, Inc.(b)		225		59,623
F5, Inc.(b)		241		40,346
Fidelity National Information Services, Inc.		2,412		239,150
Fiserv, Inc.(b)		2,353		230,406
FleetCor Technologies, Inc.(b)		322		80,345
Fortinet, Inc.(b)		538		155,487
Gartner, Inc.(b)		326		94,719
Global Payments, Inc.		1,128		154,513
Hewlett Packard Enterprise Co.		5,123		78,945
HP, Inc.		4,288		157,069
Intel Corp.		16,127		702,976
International Business Machines Corp.		3,552		469,610
Intuit, Inc.		1,122		469,838
IPG Photonics Corp.(b)		142		13,416
Jack Henry & Associates, Inc.		289		54,789
Juniper Networks, Inc.		1,288		40,598
Keysight Technologies, Inc.(b)		725		101,696
KLA Corp.		597		190,598
Lam Research Corp.		552		257,100
Mastercard, Inc., Class A		3,418		1,242,033
Microchip Technology, Inc.		2,201		143,505
Micron Technology, Inc.		4,435		302,423
Microsoft Corp.		29,691		8,239,846
Monolithic Power Systems, Inc.		172		67,465
Motorola Solutions, Inc.		669		142,959
NetApp, Inc.		880		64,460
NortonLifeLock, Inc.		2,304		57,692
NVIDIA Corp.		9,901		1,836,338
NXP Semiconductors N.V. (China)		1,053		179,958
Oracle Corp.		6,239		457,943
Paychex, Inc.		1,272		161,201

	Shares		Value
Information Technology-(continued)
Paycom Software, Inc.(b)		191	$	53,761
PayPal Holdings, Inc.(b)		4,613		405,621
PTC, Inc.(b)		417		47,626
Qorvo, Inc.(b)		430		48,925
QUALCOMM, Inc.		4,463		623,436
Roper Technologies, Inc.		418		196,427
salesforce.com, inc.(b)		3,901		686,342
Seagate Technology Holdings PLC		797		65,386
ServiceNow, Inc.(b)		792		378,655
Skyworks Solutions, Inc.		649		73,532
SolarEdge Technologies, Inc.(b)		209		52,336
Synopsys, Inc.(b)		607		174,082
TE Connectivity Ltd. (Switzerland)		1,289		160,841
Teledyne Technologies, Inc.(b)		185		79,837
Teradyne, Inc.		645		68,022
Texas Instruments, Inc.		3,657		622,604
Trimble, Inc.(b)		994		66,300
Tyler Technologies, Inc.(b)		163		64,338
VeriSign, Inc.(b)		383		68,438
Visa, Inc., Class A		6,568		1,399,838
Western Digital Corp.(b)		1,239		65,754
Zebra Technologies Corp., Class A(b)		211		77,998
				37,878,863
Materials-2.77%
Air Products and Chemicals, Inc.		878		205,513
Albemarle Corp.		464		89,473
Amcor PLC		5,994		71,089
Avery Dennison Corp.		328		59,237
Ball Corp.		1,283		104,128
Celanese Corp.		428		62,890
CF Industries Holdings, Inc.		849		82,209
Corteva, Inc.		2,879		166,089
Dow, Inc.		2,914		193,781
DuPont de Nemours, Inc.		2,031		133,904
Eastman Chemical Co.		512		52,567
Ecolab, Inc.		987		167,139
FMC Corp.		502		66,535
Freeport-McMoRan, Inc.		5,814		235,758
International Flavors & Fragrances, Inc.		1,008		122,270
International Paper Co.		1,534		70,994
Linde PLC (United Kingdom)		2,030		633,279
LyondellBasell Industries N.V., Class A		1,041		110,377
Martin Marietta Materials, Inc.		247		87,492
Mosaic Co. (The)		1,466		91,508
Newmont Corp.		3,158		230,060
Nucor Corp.		1,077		166,698
Packaging Corp. of America		377		60,761
PPG Industries, Inc.		940		120,311
Sealed Air Corp.		587		37,691
Sherwin-Williams Co. (The)		955		262,587
Vulcan Materials Co.		526		90,625
WestRock Co.		1,042		51,610
				3,826,575
Real Estate-2.93%
Alexandria Real Estate Equities, Inc.		577		105,106
American Tower Corp.		1,803		434,559
AvalonBay Communities, Inc.		553		125,796
Boston Properties, Inc.		564		66,326
Camden Property Trust		405		63,540

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, 2022

	Shares		Value
Real Estate-(continued)
CBRE Group, Inc., Class A(b)		1,326	$	110,111
Crown Castle International Corp.		1,711		316,894
Digital Realty Trust, Inc.		1,124		164,239
Duke Realty Corp.		1,508		82,563
Equinix, Inc.		357		256,712
Equity Residential		1,353		110,270
Essex Property Trust, Inc.		259		85,281
Extra Space Storage, Inc.		531		100,890
Federal Realty Investment Trust		281		32,894
Healthpeak Properties, Inc.		2,136		70,082
Host Hotels & Resorts, Inc.		2,828		57,550
Iron Mountain, Inc.		1,146		61,575
Kimco Realty Corp.		2,442		61,856
Mid-America Apartment Communities, Inc.		457		89,883
Prologis, Inc.		2,930		469,650
Public Storage		604		224,386
Realty Income Corp.		2,240		155,366
Regency Centers Corp.		611		42,055
SBA Communications Corp., Class A		431		149,604
Simon Property Group, Inc.		1,301		153,518
UDR, Inc.		1,184		63,001
Ventas, Inc.		1,581		87,825
Vornado Realty Trust		622		24,078
Welltower, Inc.		1,724		156,556
Weyerhaeuser Co.		2,960		122,011
				4,044,177
Utilities-2.88%
AES Corp. (The)		2,640		53,909
Alliant Energy Corp.		991		58,281
Ameren Corp.		1,021		94,851
American Electric Power Co., Inc.		1,994		197,625

	Shares		Value
Utilities-(continued)
American Water Works Co., Inc.		719	$	110,783
Atmos Energy Corp.		536		60,782
CenterPoint Energy, Inc.		2,490		76,219
CMS Energy Corp.		1,147		78,787
Consolidated Edison, Inc.		1,401		129,929
Constellation Energy Corp.		1,293		76,559
Dominion Energy, Inc.		3,208		261,901
DTE Energy Co.		768		100,639
Duke Energy Corp.		3,046		335,547
Edison International		1,504		103,460
Entergy Corp.		796		94,605
Evergy, Inc.		908		61,608
Eversource Energy		1,361		118,951
Exelon Corp.		3,879		181,460
FirstEnergy Corp.		2,257		97,751
NextEra Energy, Inc.		7,770		551,825
NiSource, Inc.		1,555		45,282
NRG Energy, Inc.		970		34,823
Pinnacle West Capital Corp.		447		31,826
PPL Corp.		2,973		84,166
Public Service Enterprise Group, Inc.		2,002		139,459
Sempra Energy		1,264		203,959
Southern Co. (The)		4,197		308,018
WEC Energy Group, Inc.		1,249		124,962
Xcel Energy, Inc.		2,133		156,264
				3,974,231
TOTAL INVESTMENTS IN SECURITIES-100.24% (Cost $108,724,052)				138,372,021
OTHER ASSETS LESS LIABILITIES-(0.24)%				(325,174	)
NET ASSETS-100.00%			$	138,046,847

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.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Invesco Ltd.		$	51,975		$	9,951		$	(25,061	)		$	(10,390	)		$	(2,269	)		$	24,206		$	1,145
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			-			12,648,761			(12,648,761	)			-				-				-			95
Total		$	51,975		$	12,658,712		$	(12,673,822	)		$	(10,390	)		$	(2,269	)		$	24,206		$	1,240

Open Exchange-Traded Index Options Written

Description

Type of Contract

Expiration Date

Number of Contracts

Exercise Price

Notional Value*

Value

Equity Risk

S&P 500 Index

Call

05/20/2022

334

$4,430

$147,962,000

$(332,330)

*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.

48

Invesco S&P 500^® Quality ETF (SPHQ)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-0.39%
Interpublic Group of Cos., Inc. (The)(b)		187,464	$	6,115,076
Omnicom Group, Inc.		109,255		8,317,583
				14,432,659
Consumer Discretionary-6.77%
Best Buy Co., Inc.(b)		196,128		17,637,791
eBay, Inc.		502,087		26,068,357
Etsy, Inc.(b)(c)		83,330		7,765,523
Genuine Parts Co.		86,608		11,263,370
Lennar Corp., Class A		134,747		10,306,798
Newell Brands, Inc.(b)		181,722		4,206,864
NVR, Inc.(c)		1,562		6,835,640
Pool Corp.		21,338		8,646,584
PulteGroup, Inc.		122,888		5,131,803
Ross Stores, Inc.		216,948		21,644,902
Tapestry, Inc.		140,493		4,625,030
Target Corp.		295,346		67,530,863
TJX Cos., Inc. (The)		680,007		41,670,829
Ulta Beauty, Inc.(c)		32,133		12,750,375
Under Armour, Inc., Class A(b)(c)		110,325		1,694,592
				247,779,321
Consumer Staples-3.46%
Hershey Co. (The)		71,221		16,079,565
Walmart, Inc.		722,521		110,538,488
				126,618,053
Energy-4.06%
Baker Hughes Co., Class A		548,380		17,010,747
Devon Energy Corp.(b)		432,969		25,185,807
Diamondback Energy, Inc.		92,094		11,625,026
EOG Resources, Inc.		299,380		34,955,609
Marathon Petroleum Corp.		348,721		30,429,394
Schlumberger N.V.		750,793		29,288,435
				148,495,018
Financials-23.79%
American Express Co.		429,302		75,003,352
Ameriprise Financial, Inc.		90,366		23,991,269
Assurant, Inc.		36,169		6,578,418
Bank of America Corp.		4,111,315		146,691,719
Capital One Financial Corp.		319,371		39,800,014
Citizens Financial Group, Inc.		234,022		9,220,467
Comerica, Inc.		99,390		8,140,041
Discover Financial Services		220,363		24,782,023
Huntington Bancshares, Inc.		983,222		12,929,369
JPMorgan Chase & Co.		1,292,685		154,294,882
Loews Corp.		102,005		6,409,994
M&T Bank Corp.		69,243		11,538,654
MarketAxess Holdings, Inc.		19,252		5,075,020
PNC Financial Services Group, Inc. (The)		230,114		38,221,935
Raymond James Financial, Inc.(b)		102,326		9,972,692
Regions Financial Corp.		558,851		11,579,393
S&P Global, Inc.		178,059		67,039,213
Synchrony Financial		356,992		13,140,876
T. Rowe Price Group, Inc.(b)		116,741		14,363,813
U.S. Bancorp		934,395		45,374,221
W.R. Berkley Corp.		111,825		7,435,244

	Shares		Value
Financials-(continued)
Wells Fargo & Co		2,697,653	$	117,698,600
Willis Towers Watson PLC		63,721		13,691,094
Zions Bancorporation N.A.		124,896		7,057,873
				870,030,176
Health Care-12.93%
Abbott Laboratories		837,008		95,000,408
Cardinal Health, Inc.		157,839		9,162,554
Cigna Corp.		156,814		38,698,559
Cooper Cos., Inc. (The)		24,304		8,774,716
IDEXX Laboratories, Inc.(c)		56,151		24,171,882
Moderna, Inc.(c)		425,634		57,209,466
Pfizer, Inc.		3,390,816		166,387,341
Vertex Pharmaceuticals, Inc.(c)		124,327		33,968,623
Zoetis, Inc.		223,782		39,665,360
				473,038,909
Industrials-9.63%
3M Co.(b)		294,105		42,415,823
A.O. Smith Corp.		77,420		4,523,651
Allegion PLC(b)		44,392		5,071,342
Cintas Corp.		41,803		16,606,660
Cummins, Inc.		69,650		13,177,083
Fastenal Co.		290,088		16,044,767
Fortive Corp.		192,001		11,040,058
Generac Holdings, Inc.(c)		36,365		7,977,754
Howmet Aerospace, Inc.		185,834		6,340,656
Illinois Tool Works, Inc.		161,149		31,764,079
Lockheed Martin Corp.		125,197		54,100,128
Northrop Grumman Corp.		72,273		31,756,756
Robert Half International, Inc.		79,209		7,787,037
Rollins, Inc.(b)		119,641		4,012,759
Snap-on, Inc.		26,129		5,552,151
Trane Technologies PLC		144,412		20,201,795
United Parcel Service, Inc., Class B		410,859		73,946,403
				352,318,902
Information Technology-34.42%
Adobe, Inc.(c)		248,221		98,283,105
Apple, Inc.		1,186,664		187,077,580
Applied Materials, Inc.		417,976		46,123,652
Automatic Data Processing, Inc.		236,026		51,496,153
Cognizant Technology Solutions Corp., Class A		257,878		20,862,330
DXC Technology Co.(c)		139,948		4,016,508
Fortinet, Inc.(c)		117,848		34,059,250
Jack Henry & Associates, Inc.(b)		37,469		7,103,373
KLA Corp.		86,801		27,712,087
Lam Research Corp.		81,912		38,151,333
Mastercard, Inc., Class A		497,122		180,644,192
Microsoft Corp.		620,226		172,125,120
Paychex, Inc.		174,784		22,150,376
Qorvo, Inc.(c)		53,374		6,072,894
QUALCOMM, Inc.		602,444		84,155,402
Texas Instruments, Inc.		538,730		91,718,782
Visa, Inc., Class A(b)		877,730		187,070,595
				1,258,822,732

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

49

Invesco S&P 500^® Quality ETF (SPHQ)–(continued)

April 30, 2022

	Shares		Value
Materials-3.93%
Celanese Corp.		62,750	$	9,220,485
Dow, Inc.		438,585		29,165,903
Ecolab, Inc.		140,098		23,724,195
Freeport-McMoRan, Inc.		731,127		29,647,200
Newmont Corp.		396,905		28,914,529
Nucor Corp.		147,966		22,902,177
				143,574,489
Real Estate-0.43%
Weyerhaeuser Co.		381,144		15,710,756
Utilities-0.13%
NRG Energy, Inc.		134,721		4,836,484
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.94% (Cost $3,713,286,029)				3,655,657,499

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-6.44%
Invesco Private Government Fund, 0.40%(d)(e)(f)		70,708,076	$	70,708,076
Invesco Private Prime Fund, 0.35%(d)(e)(f)		164,924,660		164,924,660
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $235,618,853)				235,632,736
TOTAL INVESTMENTS IN SECURITIES-106.38% (Cost $3,948,904,882)				3,891,290,235
OTHER ASSETS LESS LIABILITIES-(6.38)%				(233,502,519	)
NET ASSETS-100.00%			$	3,657,787,716

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,406,928		$	64,404,695		$	(65,811,623	)		$	-		$	-			$	-		$	1,231
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			9,617,056			379,844,559			(318,753,539	)			-			-				70,708,076			40,536	*
Invesco Private Prime Fund			14,425,585			811,783,488			(661,244,211	)			13,883			(54,085	)			164,924,660			122,053	*
Total		$	25,449,569		$	1,256,032,742		$	(1,045,809,373	)		$	13,883		$	(54,085	)		$	235,632,736		$	163,820

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

50

Invesco S&P Spin-Off ETF (CSD)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.07%
Communication Services-2.36%
Madison Square Garden Entertainment
Corp.(b)(c)		11,361	$	832,193
Vimeo, Inc.(b)		68,278		695,753
				1,527,946
Consumer Discretionary-14.06%
frontdoor, inc.(b)(c)		38,527		1,190,870
Kontoor Brands, Inc.(c)		20,578		817,564
Penn National Gaming, Inc.(b)(c)		70,355		2,572,882
Victoria’s Secret & Co.(b)(c)		31,312		1,475,422
Wyndham Hotels & Resorts, Inc.		34,817		3,062,503
				9,119,241
Energy-8.45%
ChampionX Corp.		90,757		1,914,973
DT Midstream, Inc.		40,992		2,203,320
Equitrans Midstream Corp.		172,904		1,359,025
				5,477,318
Health Care-6.42%
Covetrus, Inc.(b)		44,582		615,232
Embecta Corp.(b)(c)		26,867		817,563
Organon & Co.(c)		84,444		2,730,074
				4,162,869
Industrials-30.95%
Arcosa, Inc.		21,153		1,132,320
Carrier Global Corp.		114,143		4,368,253
Esab Corp.(b)(c)		20,649		970,503
GXO Logistics, Inc.(b)		45,897		2,716,643
IAA, Inc.(b)		58,707		2,151,612
nVent Electric PLC		75,552		2,552,146
Otis Worldwide Corp.		65,704		4,785,879
Resideo Technologies, Inc.(b)		61,713		1,387,925
				20,065,281
Information Technology-9.56%
Concentrix Corp.		18,448		2,905,191
Consensus Cloud Solutions, Inc.(b)(c)		6,865		361,923
Kyndryl Holdings, Inc.(b)(c)		79,730		947,990
Vontier Corp.		77,441		1,984,038
				6,199,142

Investment Abbreviations:

REIT -Real Estate Investment Trust

	Shares		Value
Materials-16.01%
Corteva, Inc.		86,280	$	4,977,493
Dow, Inc.		81,216		5,400,864
				10,378,357
Real Estate-4.59%
Apartment Income REIT Corp.		53,650		2,637,970
Orion Office REIT, Inc.(c)		25,018		335,742
				2,973,712
Utilities-7.67%
Constellation Energy Corp.		84,037		4,975,831
Total Common Stocks & Other Equity Interests (Cost $57,971,907)				64,879,697
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $45,749)		45,749		45,749
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.14% (Cost $58,017,656)				64,925,446
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-16.07%
Invesco Private Government Fund, 0.40%(d)(e)(f)		2,332,430		2,332,430
Invesco Private Prime Fund, 0.35%(d)(e)(f)		8,088,332		8,088,332
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $10,420,761)				10,420,762
TOTAL INVESTMENTS IN SECURITIES-116.21% (Cost $68,438,417)				75,346,208
OTHER ASSETS LESS LIABILITIES-(16.21)%				(10,510,007	)
NET ASSETS-100.00%			$	64,836,201

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

51

Invesco S&P Spin-Off ETF (CSD)–(continued)

April 30, 2022

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, 2022.

^(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, 2022.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value April 30, 2022			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	175,341		$	4,161,691		$	(4,291,283	)		$	-		$	-			$	45,749		$	43
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			557,174			26,814,444			(25,039,188	)			-			-				2,332,430			1,414	*
Invesco Private Prime Fund			835,762			50,969,140			(43,715,129	)			1			(1,442	)			8,088,332			5,161	*
Total		$	1,568,277		$	81,945,275		$	(73,045,600	)		$	1		$	(1,442	)		$	10,466,511		$	6,618

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

52

Invesco Water Resources ETF (PHO)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Building Products-10.38%
A.O. Smith Corp.		1,022,634	$	59,752,505
Advanced Drainage Systems, Inc.(b)		602,141		61,695,367
Zurn Water Solutions Corp.(b)		1,624,110		50,704,714
				172,152,586
Chemicals-8.14%
Ecolab, Inc.		797,066		134,975,156
Commercial Services & Supplies-3.72%
Tetra Tech, Inc.(b)		442,682		61,656,749
Construction & Engineering-2.12%
Northwest Pipe Co.(b)(c)		68,770		1,836,847
Valmont Industries, Inc.(b)		134,090		33,362,933
				35,199,780
Electronic Equipment, Instruments & Components-3.53%
Badger Meter, Inc.		214,938		17,343,347
Itron, Inc.(b)(c)		860,850		41,131,413
				58,474,760
Life Sciences Tools & Services-11.81%
Danaher Corp.		511,996		128,577,555
Waters Corp.(c)		221,902		67,240,744
				195,818,299
Machinery-31.83%
Energy Recovery, Inc.(b)(c)		479,151		8,873,877
Evoqua Water Technologies Corp.(b)(c)		1,389,253		57,917,958
Franklin Electric Co., Inc.		240,771		16,839,524
Gorman-Rupp Co. (The)		106,743		3,400,832
IDEX Corp.		366,255		69,522,524
Lindsay Corp.		86,726		11,721,019
Mueller Industries, Inc.		494,340		26,768,511
Mueller Water Products, Inc., Class A		1,829,383		22,007,477
Pentair PLC		1,211,072		61,461,904
Toro Co. (The)(b)		747,600		59,905,188
Watts Water Technologies, Inc., Class A		488,214		62,227,756
Xylem, Inc.(b)		1,579,359		127,138,399
				527,784,969
Professional Services-0.34%
Stantec, Inc. (Canada)		122,507		5,621,846
Software-8.88%
Roper Technologies, Inc.		313,414		147,279,507

Investment Abbreviations:

ADR -American Depositary Receipt

	Shares		Value
Water Utilities-19.18%
American States Water Co.(b)		308,734	$	24,285,017
American Water Works Co., Inc.		929,730		143,252,798
Artesian Resources Corp., Class A		36,810		1,711,665
California Water Service Group		411,609		21,350,159
Cia de Saneamento Basico do Estado de Sao Paulo, ADR (Brazil)(b)		2,803,134		25,200,175
Consolidated Water Co. Ltd. (Cayman Islands)		108,459		1,180,034
Essential Utilities, Inc.		1,491,765		66,771,401
Global Water Resources, Inc.		45,263		648,166
Middlesex Water Co.(b)		236,516		21,038,098
SJW Group		183,257		10,812,163
York Water Co. (The)		45,392		1,755,763
				318,005,439
Total Common Stocks & Other Equity Interests (Cost $1,507,787,034)				1,656,969,091
Money Market Funds-0.12%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $2,036,333)		2,036,333		2,036,333
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $1,509,823,367)				1,659,005,424
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.85%
Invesco Private Government Fund, 0.40%(d)(e)(f)		14,403,192		14,403,192
Invesco Private Prime Fund, 0.35%(d)(e)(f)		32,750,005		32,750,005
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $47,153,197)				47,153,197
TOTAL INVESTMENTS IN SECURITIES-102.90% (Cost $1,556,976,564)				1,706,158,621
OTHER ASSETS LESS LIABILITIES-(2.90)%				(48,081,975	)
NET ASSETS-100.00%			$	1,658,076,646

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

53

Invesco Water Resources ETF (PHO)–(continued)

April 30, 2022

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, 2022.

^(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, 2022.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	1,323,600	$	22,405,619	$	(21,692,886	)	$	-	$	-		$	2,036,333	$	1,186
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		10,980,288		159,039,912		(155,617,008	)		-		-			14,403,192		8,092	*
Invesco Private Prime Fund		16,470,432		326,002,771		(309,715,538	)		-		(7,660	)		32,750,005		35,922	*
Total	$	28,774,320	$	507,448,302	$	(487,025,432	)	$	-	$	(7,660	)	$	49,189,530	$	45,200

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

54

Invesco WilderHill Clean Energy ETF (PBW)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.72%
Aerospace & Defense-3.12%
Archer Aviation, Inc., Class A(b)(c)		3,664,503	$	16,893,359
Lilium N.V. (Germany)(b)(c)		5,090,100		16,491,924
				33,385,283
Airlines-1.53%
Joby Aviation, Inc.(b)(c)		3,130,626		16,404,480
Auto Components-5.77%
Gentherm, Inc.(b)		262,381		17,689,727
QuantumScape Corp.(b)(c)		968,169		14,464,445
REE Automotive Ltd., Class A (Israel)(b)(c)		7,911,984		14,637,170
Solid Power, Inc.(b)(c)		1,845,976		14,989,325
				61,780,667
Automobiles-11.82%
Arcimoto, Inc.(b)(c)(d)		2,515,404		8,451,757
Canoo, Inc.(b)(c)		3,011,481		14,455,109
ElectraMeccanica Vehicles Corp. (Canada)(c)(d)		7,313,589		12,798,781
Fisker, Inc.(b)(c)		1,432,634		14,412,298
Lordstown Motors Corp., Class A(b)(c)		5,662,746		12,344,786
NIO, Inc., ADR (China)(b)		766,437		12,799,498
Rivian Automotive, Inc., Class A(b)(c)		365,422		11,050,361
Tesla, Inc.(b)		16,777		14,608,741
Workhorse Group, Inc.(b)(c)		3,775,145		11,363,187
XPeng, Inc., ADR (China)(b)		576,379		14,184,687
				126,469,205
Building Products-0.99%
View, Inc.(b)(c)		6,907,303		10,637,247
Chemicals-4.24%
Albemarle Corp.		80,523		15,527,250
Livent Corp.(b)		674,536		14,408,089
Sociedad Quimica y Minera de Chile S.A., ADR (Chile)		209,378		15,452,096
				45,387,435
Commercial Services & Supplies-1.32%
Li-Cycle Holdings Corp. (Canada)(b)(c)		2,180,537		14,151,685
Construction & Engineering-6.21%
Ameresco, Inc., Class A(b)		226,311		11,415,127
Infrastructure and Energy Alternatives, Inc.(b)		1,357,747		12,694,934
MYR Group, Inc.(b)		175,411		13,873,256
Quanta Services, Inc.		135,167		15,676,669
ReneSola Ltd., ADR (China)(b)(c)		2,654,557		12,794,965
				66,454,951
Consumer Finance-1.48%
Sunlight Financial Holdings, Inc.(c)		3,812,746		15,822,896
Electrical Equipment-26.16%
American Superconductor Corp.(b)(d)		2,045,380		10,901,875
Array Technologies, Inc.(b)		1,354,183		8,842,815
Ballard Power Systems, Inc. (Canada)(b)(c)		1,508,765		12,522,750
Beam Global(b)(c)		450,351		6,953,419
Blink Charging Co.(b)(c)		659,086		12,588,543
Bloom Energy Corp., Class A(b)(c)		765,384		14,205,527

	Shares		Value
Electrical Equipment-(continued)
ChargePoint Holdings, Inc., (Acquired 03/30/2021 - 04/21/2022; Cost $20,611,824)(b)(c)(e)		941,892	$	12,188,082
Energy Vault Holdings, Inc.(b)(c)		1,310,272		18,199,678
Enovix Corp.(b)		1,176,287		10,633,634
Eos Energy Enterprises, Inc.(b)(c)		3,862,155		8,187,769
ESS Tech, Inc.(c)		3,119,929		17,378,005
Fluence Energy, Inc.(b)(c)		1,234,299		11,318,522
FTC Solar, Inc.(b)		2,935,164		8,218,459
FuelCell Energy, Inc.(b)(c)		2,787,923		11,374,726
Plug Power, Inc.(b)(c)		664,884		13,975,862
Romeo Power, Inc.(b)(c)		10,608,657		11,669,523
SES AI Corp. (Singapore)(b)(c)		2,023,595		13,031,952
Shoals Technologies Group, Inc., Class A(b)		781,933		7,803,691
Stem, Inc.(b)		1,614,680		11,577,256
Sunrun, Inc.(b)		557,156		11,131,977
TPI Composites, Inc.(b)		1,196,225		13,684,814
Tritium DCFC Ltd. (Australia)(b)(c)		2,008,415		18,256,492
Wallbox N.V. (Spain)(b)(c)		1,295,124		15,386,073
				280,031,444
Electronic Equipment, Instruments & Components-3.03%
Advanced Energy Industries, Inc.		211,419		16,177,782
Itron, Inc.(b)		341,062		16,295,942
				32,473,724
Independent Power and Renewable Electricity Producers-5.71%
Azure Power Global Ltd. (India)(b)(c)		945,101		13,278,669
Ormat Technologies, Inc.(c)		230,036		17,873,797
ReNew Energy Global PLC, Class A (India)(b)(c)		2,257,772		18,017,021
Sunnova Energy International, Inc.(b)		688,574		11,891,673
				61,061,160
Machinery-5.06%
ESCO Technologies, Inc		256,918		16,044,529
Hyzon Motors, Inc.(b)(c)		3,141,770		12,472,827
Lightning eMotors, Inc.(c)		3,213,432		13,753,489
Lion Electric Co. (The) (Canada)(b)(c)		1,937,788		11,839,885
				54,110,730
Metals & Mining-5.39%
Lithium Americas Corp. (Canada)(b)(c)		519,888		13,080,382
MP Materials Corp.(b)		367,439		13,977,379
Piedmont Lithium, Inc.(b)		239,565		15,669,947
Standard Lithium Ltd. (Canada)(c)		2,409,405		14,986,499
				57,714,207
Oil, Gas & Consumable Fuels-1.04%
Gevo, Inc.(b)(c)		2,988,585		11,087,650
Semiconductors & Semiconductor Equipment-15.62%
Canadian Solar, Inc. (Canada)(b)		499,334		13,741,672
Daqo New Energy Corp., ADR (China)(b)		395,178		16,427,549
Enphase Energy, Inc.(b)		96,613		15,593,338
First Solar, Inc.(b)		232,180		16,956,105
JinkoSolar Holding Co. Ltd., ADR (China)(b)		349,228		17,901,427
Maxeon Solar Technologies Ltd.(b)(c)		1,301,452		15,070,814

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

55

Invesco WilderHill Clean Energy ETF (PBW)–(continued)

April 30, 2022

	Shares		Value
Semiconductors & Semiconductor Equipment-(continued)
Navitas Semiconductor Corp.(b)(c)		1,973,788	$	13,540,186
SolarEdge Technologies, Inc.(b)		56,145		14,059,269
SunPower Corp.(b)(c)		842,784		13,914,364
Universal Display Corp.		107,079		13,677,201
Wolfspeed, Inc.(b)		177,505		16,278,984
				167,160,909
Specialty Retail-1.23%
EVgo, Inc.(b)(c)		1,456,236		13,193,498
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.72% (Cost $1,915,984,363)				1,067,327,171
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-32.74%
Invesco Private Government Fund, 0.40%(d)(f)(g)		104,086,434		104,086,434

	Shares		Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.35%(d)(f)(g)		246,283,566	$	246,283,566
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $350,336,628)				350,370,000
TOTAL INVESTMENTS IN SECURITIES-132.46% (Cost $2,266,320,991)				1,417,697,171
OTHER ASSETS LESS LIABILITIES-(32.46)%				(347,429,616	)
NET ASSETS-100.00%			$	1,070,267,555

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, 2022.

^(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, 2022.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	1,137,874	$	98,268,643	$	(99,406,517	)	$	-	$	-		$	-	$	904
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		286,190,190		676,464,658		(858,568,414	)		-		-			104,086,434		84,286	*
Invesco Private Prime Fund		436,157,584		1,365,236,408		(1,555,008,424	)		33,368		(135,370	)		246,283,566		425,248	*

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, 2022

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments in Other Affiliates:
Advent Technologies Holdings, Inc.	$	29,359,271	$	23,732,735	$	(27,947,154	)	$	6,918,194		$	(32,063,046	)	$	-	$	-
Aemetis, Inc.		28,235,973		3,991,653		(22,207,595	)		6,458,982			(16,479,013	)		-		-
American Superconductor Corp.		25,834,117		34,139,328		(27,068,624	)		(17,983,609	)		(4,019,337	)		10,901,875		-
Arcimoto, Inc.		23,013,807		28,408,673		(25,335,005	)		(14,805,251	)		(2,830,467	)		8,451,757		-
AYRO, Inc.		24,798,688		8,039,651		(23,104,116	)		3,990,499			(13,724,722	)		-		-
Beam Global**		33,428,879		20,727,802		(31,975,300	)		16,977,034			(32,204,996	)		6,953,419		-
Broadwind, Inc.		10,844,406		405,669		(5,468,422	)		6,477,458			(12,259,111	)		-		-
ElectraMeccanica Vehicles Corp.		28,518,659		28,533,026		(26,158,020	)		(13,226,426	)		(4,868,458	)		12,798,781		-
Flux Power Holdings, Inc.		10,954,842		4,122,697		(8,827,500	)		8,017,669			(14,267,708	)		-		-
GreenPower Motor Co., Inc.		30,664,650		19,464,187		(32,190,153	)		18,673,321			(36,612,005	)		-		-
Infrastructure and Energy Alternatives, Inc.**		33,000,242		32,898,874		(46,411,098	)		(178,810	)		(6,614,274	)		12,694,934		-
Kandi Technologies Group, Inc.		35,546,964		27,021,267		(49,341,455	)		10,806,912			(24,033,688	)		-		-
ReneSola Ltd., ADR**		36,231,902		34,933,025		(38,628,135	)		(7,564,815	)		(12,177,012	)		12,794,965		-
SPI Energy Co. Ltd.		10,917,211		9,910,304		(14,504,800	)		3,056,077			(9,378,792	)		-		-
Sunworks, Inc.		33,210,174		18,670,975		(29,283,254	)		5,271,070			(27,868,965	)		-		-
Willdan Group, Inc.		35,530,087		15,429,110		(48,917,490	)		622,113			(2,663,820	)		-		-
Total	$	1,153,575,520	$	2,450,398,685	$	(2,970,351,476	)	$	33,543,786		$	(252,200,784	)	$	414,965,731	$	510,438

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

** As of April 30, 2022, this security was not considered as an affiliate of the Fund.

^(e)  Restricted security. The value of this security at April 30, 2022 represented 1.14% of the Fund’s Net Assets.

^(f)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

57

Statements of Assets and Liabilities

April 30, 2022

	Invesco Aerospace & Defense ETF (PPA)			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)	$	1,455,779,728		$	1,226,257,401		$	191,183,114		$	238,890,731
Affiliated investments in securities, at value		85,163,933			60,809,981			31,155,702			75,217,198
Cash		-			-			717			128,057
Foreign currencies, at value		-			-			125,616			-
Deposits with brokers:
Cash collateral-OTC derivatives		-			-			40,000			-
Cash segregated as collateral		-			-			601,312			-
Receivable for:
Dividends		542,859			439,962			451,408			41,116
Securities lending		1,108,841			4,854			11,182			155,223
Investments sold		-			1,492,248			1,928,889			-
Investments sold - affiliated broker		-			-			-			-
Fund shares sold		3,633,844			-			-			550,725
Foreign tax reclaims		-			-			580,563			-
Other assets		-			-			-			-
Total assets		1,546,229,205			1,289,004,446			226,078,503			314,983,050
Liabilities:
Other investments:
Unrealized depreciation on swap agreements – OTC		-			-			97,328			-
Open written options, at value		-			-			-			-
Due to custodian		4,995			-			-			-
Due to foreign custodian		-			-			-			-
Payable for:
Investments purchased		3,633,572			-			138,110			546,905
Investments purchased - affiliated broker		-			-			473,296			-
Collateral upon return of securities loaned		84,824,462			59,877,024			28,760,324			75,049,542
Collateral upon receipt of securities in-kind		-			-			601,312			-
Fund shares repurchased		-			1,491,203			572,678			-
Accrued unitary management fees		-			-			-			-
Accrued advisory fees		609,428			552,979			91,101			77,380
Accrued trustees’ and officer’s fees		91,438			191,021			95,690			99,947
Accrued expenses		655,076			364,527			123,960			203,762
Total liabilities		89,818,971			62,476,754			30,953,799			75,977,536
Net Assets	$	1,456,410,234		$	1,226,527,692		$	195,124,704		$	239,005,514
Net assets consist of:
Shares of beneficial interest	$	1,496,536,583		$	1,993,591,296		$	323,969,601		$	622,751,612
Distributable earnings (loss)		(40,126,349	)		(767,063,604	)		(128,844,897	)		(383,746,098	)
Net Assets	$	1,456,410,234		$	1,226,527,692		$	195,124,704		$	239,005,514
Shares outstanding (unlimited amount authorized, $0.01 par value)		20,040,000			16,450,000			17,350,000			8,680,000
Net asset value	$	72.68		$	74.56		$	11.25		$	27.54
Market price	$	72.65		$	74.53		$	11.27		$	27.57
Unaffiliated investments in securities, at cost	$	1,435,121,927		$	1,307,063,534		$	218,765,124		$	367,395,623
Affiliated investments in securities, at cost	$	85,161,652		$	60,809,772		$	31,155,482		$	75,212,682
Foreign currencies (due to foreign custodian), at cost	$	-		$	-		$	126,067		$	-
Premium received on written options	$	-		$	-		$	-		$	-
(a) Includes securities on loan with an aggregate value of:	$	80,750,731		$	56,781,158		$	27,238,339		$	75,480,861

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

58

Invesco MSCI Sustainable Future ETF  (ERTH)				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)
	$	386,607,676			$	121,335,103			$	138,347,815			$	3,655,657,499			$	64,879,697			$	1,656,969,091			$	1,035,174,758
		94,520,791				22,779,206				24,206				235,632,736				10,466,511				49,189,530				382,522,413
		-				1,724				-				-				-				-				-
		-				-				-				-				-				-				-
		-				-				-				-				-				-				-
		-				-				-				-				-				-				-
		361,847				25,458				109,329				3,119,470				35,077				1,067,838				13,257
		37,792				10,879				-				19,916				799				3,969				4,632,616
		64,608				1,079,018				-				-				-				-				4,584,966
		-				3,339,134				-				-				-				-				-
		-				-				-				18,377,081				-				-				-
		302,524				754				-				-				-				1,278				-
		24,438				-				-				58,170				8,645				-				1,444
		481,919,676				148,571,276				138,481,350				3,912,864,872				75,390,729				1,707,231,706				1,426,929,454
		-				-				-				-				-				-				-
		-				-				332,330				-				-				-				-
		422,792				-				44,052				628,614				-				139				233,592
		1,561				-				-				-				-				-				-
		222				1,086,013				-				18,316,200				-				-				-
		-				3,283,890				-				-				-				-				-
		94,520,311				22,767,619				-				235,618,853				10,420,761				47,153,197				350,336,628
		-				-				-				-				-				-				-
		-				-				-				-				-				-				4,597,814
		-				79,539				58,121				-				-				-				-
		171,137				-				-				366,528				24,464				728,674				526,111
		66,609				-				-				119,143				17,686				244,022				125,162
		-				-				-				27,818				91,617				1,029,028				842,592
		95,182,632				27,217,061				434,503				255,077,156				10,554,528				49,155,060				356,661,899
	$	386,737,044			$	121,354,215			$	138,046,847			$	3,657,787,716			$	64,836,201			$	1,658,076,646			$	1,070,267,555
	$	432,055,487			$	182,642,577			$	142,267,880			$	3,907,245,658			$	213,467,278			$	1,786,248,198			$	2,650,705,950
		(45,318,443	)			(61,288,362	)			(4,221,033	)			(249,457,942	)			(148,631,077	)			(128,171,552	)			(1,580,438,395	)
	$	386,737,044			$	121,354,215			$	138,046,847			$	3,657,787,716			$	64,836,201			$	1,658,076,646			$	1,070,267,555
		7,050,000				2,152,822				6,250,000				78,880,000				1,140,000				33,990,000				20,988,273
	$	54.86			$	56.37			$	22.09			$	46.37			$	56.87			$	48.78			$	50.99
	$	54.67			$	56.30			$	22.02			$	46.36			$	56.92			$	48.78			$	50.92
	$	424,326,664			$	113,968,277			$	108,681,087			$	3,713,286,029			$	57,971,907			$	1,507,787,034			$	1,806,980,992
	$	94,520,311			$	22,777,257			$	42,965			$	235,618,853			$	10,466,510			$	49,189,530			$	459,339,999
	$	(1,606	)		$	-			$	-			$	-			$	-			$	-			$	-
	$	-			$	-			$	3,047,709			$	-			$	-			$	-			$	-
	$	90,653,063			$	21,591,368			$	-			$	222,343,782			$	9,871,232			$	44,862,896			$	326,657,800

59

Statements of Operations

For the year ended April 30, 2022

	Invesco Aerospace & Defense ETF (PPA)			Invesco DWA Momentum ETF (PDP)			Invesco Global Listed Private Equity ETF (PSP)			Invesco Golden Dragon China ETF (PGJ)
Investment income:
Unaffiliated dividend income	$	8,176,448		$	8,054,190		$	8,677,839		$	1,067,104
Affiliated dividend income		467			378			4,710			128
Securities lending income		1,144,087			101,792			93,048			1,322,510
Foreign withholding tax		(38,609	)		-			(147,455	)		(6,789	)
Total investment income		9,282,393			8,156,360			8,628,142			2,382,953
Expenses:
Unitary management fees		-			-			-			-
Advisory fees		3,968,951			8,531,460			1,278,768			1,132,096
Sub-licensing fees		476,265			1,706,279			255,752			226,417
Accounting & administration fees		59,957			145,643			25,299			29,027
Professional fees		29,336			36,747			28,809			30,690
Custodian & transfer agent fees		6,100			14,630			14,330			95,721
Trustees’ and officer’s fees		19,481			36,152			15,856			16,275
Recapture (Note 3)		-			-			-			48,516
Tax expenses		-			-			-			-
Other expenses		64,870			87,789			35,708			31,428
Total expenses		4,624,960			10,558,700			1,654,522			1,610,170
Less: Waivers		(63	)		(49	)		(305	)		(24,365	)
Net expenses		4,624,897			10,558,651			1,654,217			1,585,805
Net investment income (loss)		4,657,496			(2,402,291	)		6,973,925			797,148
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(8,278,428	)		(285,944,215	)		888,455			(26,603,855	)
Affiliated investment securities		(5,053	)		(28,889	)		(8,204	)		(22,139	)
Unaffiliated in-kind redemptions		60,774,737			342,767,689			23,694,617			9,917,841
Affiliated in-kind redemptions		-			-			-			-
Short Sales		-			-			(102,244	)		-
Foreign currencies		-			-			7,548			-
Swap agreements		-			-			2,109,604			-
Written options		-			-			-			-
Net realized gain (loss)		52,491,256			56,794,585			26,589,776			(16,708,153	)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(128,367,164	)		(307,621,781	)		(85,530,597	)		(169,091,886	)
Affiliated investment securities		2,281			208			220			4,515
Foreign currencies		-			-			(78,406	)		-
Swap agreements		-			-			(346,435	)		-
Written options		-			-			-			-
Change in net unrealized appreciation (depreciation)		(128,364,883	)		(307,621,573	)		(85,955,218	)		(169,087,371	)
Net realized and unrealized gain (loss)		(75,873,627	)		(250,826,988	)		(59,365,442	)		(185,795,524	)
Net increase (decrease) in net assets resulting from operations	$	(71,216,131	)	$	(253,229,279	)	$	(52,391,517	)	$	(184,998,376	)

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

60

Invesco MSCI Sustainable Future ETF (ERTH)				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)
	$	5,864,388			$	1,807,437			$	2,365,513			$	51,915,383			$	914,418			$	15,740,023			$	1,983,863
		612				39				1,240				1,231				43				1,186				904
		322,294				71,369				-				97,001				6,747				39,244				29,626,381
		(267,517	)			(3,846	)			(447	)			-				-				(10,377	)			(348,994	)
		5,919,777				1,874,999				2,366,306				52,013,615				921,208				15,770,076				31,262,154
		-				1,022,839				820,027				-				-				-				-
		2,139,807				-				-				5,032,372				367,085				9,345,594				8,460,922
		26,748				-				-				802,931				36,710				1,401,846				1,692,172
		41,676				-				-				174,672				17,032				99,799				148,967
		29,483				-				-				43,375				25,966				36,141				37,041
		56,679				-				-				15,643				2,858				7,821				16,051
		15,740				-				-				42,412				4,335				39,916				34,581
		-				-				-				-				-				-				-
		12,847				-				-				-				-				-				-
		40,093				-				-				115,455				24,480				102,654				129,735
		2,363,073				1,022,839				820,027				6,226,860				478,466				11,033,771				10,519,469
		(3	)			(4	)			(5	)			(1,190,494	)			(1,166	)			(126	)			(8,759	)
		2,363,070				1,022,835				820,022				5,036,366				477,300				11,033,645				10,510,710
		3,556,707				852,164				1,546,284				46,977,249				443,908				4,736,431				20,751,444
		(7,933,880	)			2,878,717				475,629				42,123,191				(758,393	)			13,594,692				(119,381,659	)
		(28,864	)			(6,595	)			(2,269	)			(54,085	)			(1,442	)			(7,660	)			(252,200,784	)
		18,265,455				16,663,230				37,840,123				468,448,436				705,204				212,009,402				115,858,337
		-				-				239				-				-				-				-
		-				-				(452	)			-				-				-				-
		(23,360	)			-				-				-				-				-				-
		-				-				-				-				-				-				-
		-				-				9,509,273				-				-				-				-
		10,279,351				19,535,352				47,822,543				510,517,542				(54,631	)			225,596,434				(255,724,106	)
		(87,123,914	)			(29,171,413	)			(38,371,136	)			(582,800,942	)			(8,802,590	)			(367,552,552	)			(640,274,082	)
		480				1,949				(10,390	)			13,883				1				-				68,062,699
		(53,504	)			-				-				-				-				-				-
		-				-				-				-				-				-				-
		-				-				2,438,134				-				-				-				-
		(87,176,938	)			(29,169,464	)			(35,943,392	)			(582,787,059	)			(8,802,589	)			(367,552,552	)			(572,211,383	)
		(76,897,587	)			(9,634,112	)			11,879,151				(72,269,517	)			(8,857,220	)			(141,956,118	)			(827,935,489	)
	$	(73,340,880	)		$	(8,781,948	)		$	13,425,435			$	(25,292,268	)		$	(8,413,312	)		$	(137,219,687	)		$	(807,184,045	)

61

Statements of Changes in Net Assets

For the years ended April 30, 2022 and 2021

	Invesco Aerospace & Defense ETF (PPA)						Invesco DWA Momentum ETF (PDP)
	2022			2021			2022			2021
Operations:
Net investment income (loss)	$	4,657,496		$	4,901,284		$	(2,402,291	)	$	(3,200,469	)
Net realized gain (loss)		52,491,256			46,232,750			56,794,585			600,380,405
Change in net unrealized appreciation (depreciation)		(128,364,883	)		179,147,318			(307,621,573	)		11,364,728
Net increase (decrease) in net assets resulting from operations		(71,216,131	)		230,281,352			(253,229,279	)		608,544,664
Distributions to Shareholders from:
Distributable earnings		(4,267,913	)		(4,974,374	)		-			(513,422	)
Shareholder Transactions:
Proceeds from shares sold		984,265,515			96,845,229			1,703,552,968			1,889,632,495
Value of shares repurchased		(195,766,267	)		(287,278,268	)		(2,012,832,969	)		(1,999,394,937	)
Net increase (decrease) in net assets resulting from share transactions		788,499,248			(190,433,039	)		(309,280,001	)		(109,762,442	)
Net increase (decrease) in net assets		713,015,204			34,873,939			(562,509,280	)		498,268,800
Net assets:
Beginning of year		743,395,030			708,521,091			1,789,036,972			1,290,768,172
End of year	$	1,456,410,234		$	743,395,030		$	1,226,527,692		$	1,789,036,972
Changes in Shares Outstanding:
Shares sold		12,760,000			1,410,000			18,770,000			24,410,000
Shares repurchased		(2,630,000	)		(4,650,000	)		(22,770,000	)		(25,260,000	)
Shares outstanding, beginning of year		9,910,000			13,150,000			20,450,000			21,300,000
Shares outstanding, end of year		20,040,000			9,910,000			16,450,000			20,450,000

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

62

Invesco Global Listed Private Equity ETF (PSP)								Invesco Golden Dragon China ETF (PGJ)								Invesco MSCI Sustainable Future ETF (ERTH)								Invesco Raymond James SB-1 Equity ETF (RYJ)
2022				2021				2022				2021				2022				2021				2022				2021
	$	6,973,925			$	4,229,129			$	797,148			$	(461,867	)		$	3,556,707			$	565,792			$	852,164			$	581,231
		26,589,776				17,098,597				(16,708,153	)			35,506,391				10,279,351				143,803,097				19,535,352				28,594,856
		(85,955,218	)			76,392,248				(169,087,371	)			38,219,950				(87,176,938	)			21,171,270				(29,169,464	)			38,569,122
		(52,391,517	)			97,719,974				(184,998,376	)			73,264,474				(73,340,880	)			165,540,159				(8,781,948	)			67,745,209
		(27,104,093	)			(7,353,679	)			-				(416,183	)			(62,642,968	)			(1,027,732	)			(729,997	)			(349,993	)
		98,337,239				55,921,055				187,483,856				149,050,053				130,708,572				206,512,897				40,714,492				48,213,600
		(58,069,507	)			(53,468,279	)			(37,774,624	)			(109,053,471	)			(94,794,820	)			(108,276,729	)			(51,078,058	)			(75,982,774	)
		40,267,732				2,452,776				149,709,232				39,996,582				35,913,752				98,236,168				(10,363,566	)			(27,769,174	)
		(39,227,878	)			92,819,071				(35,289,144	)			112,844,873				(100,070,096	)			262,748,595				(19,875,511	)			39,626,042
		234,352,582				141,533,511				274,294,658				161,449,785				486,807,140				224,058,545				141,229,726				101,603,684
	$	195,124,704			$	234,352,582			$	239,005,514			$	274,294,658			$	386,737,044			$	486,807,140			$	121,354,215			$	141,229,726
		6,350,000				4,400,000				5,230,000				2,220,000				1,900,000				3,100,000				660,000				970,000
		(4,000,000	)			(4,600,000	)			(870,000	)			(1,900,000	)			(1,350,000	)			(1,850,000	)			(830,000	)			(1,620,000	)
		15,000,000				15,200,000				4,320,000				4,000,000				6,500,000				5,250,000				2,322,822				2,972,822
		17,350,000				15,000,000				8,680,000				4,320,000				7,050,000				6,500,000				2,152,822				2,322,822

63

Statements of Changes in Net Assets–(continued)

For the years ended April 30, 2022 and 2021

	Invesco S&P 500 BuyWrite ETF (PBP)						Invesco S&P 500® Quality ETF (SPHQ)
	2022			2021			2022			2021
Operations:
Net investment income	$	1,546,284		$	2,060,239		$	46,977,249		$	35,964,127
Net realized gain (loss)		47,822,543			4,276,581			510,517,542			239,214,898
Change in net unrealized appreciation (depreciation)		(35,943,392	)		34,491,286			(582,787,059	)		442,404,302
Net increase (decrease) in net assets resulting from operations		13,425,435			40,828,106			(25,292,268	)		717,583,327
Distributions to Shareholders from:
Distributable earnings		(11,042,019	)		(2,096,531	)		(44,708,736	)		(35,227,013	)
Shareholder Transactions:
Proceeds from shares sold		44,741,889			5,023,505			3,017,069,728			1,566,882,564
Value of shares repurchased		(76,896,678	)		(68,749,755	)		(1,959,498,965	)		(1,335,231,097	)
Net increase (decrease) in net assets resulting from share transactions		(32,154,789	)		(63,726,250	)		1,057,570,763			231,651,467
Net increase (decrease) in net assets		(29,771,373	)		(24,994,675	)		987,569,759			914,007,781
Net assets:
Beginning of year		167,818,220			192,812,895			2,670,217,957			1,756,210,176
End of year	$	138,046,847		$	167,818,220		$	3,657,787,716		$	2,670,217,957
Changes in Shares Outstanding:
Shares sold		1,950,000			250,000			60,470,000			40,490,000
Shares repurchased		(3,400,000	)		(3,600,000	)		(39,980,000	)		(34,350,000	)
Shares outstanding, beginning of year		7,700,000			11,050,000			58,390,000			52,250,000
Shares outstanding, end of year		6,250,000			7,700,000			78,880,000			58,390,000

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

64

Invesco S&P Spin-Off ETF (CSD)						Invesco Water Resources ETF (PHO)						Invesco WilderHill Clean Energy ETF (PBW)
2022			2021			2022			2021			2022			2021
$	443,908		$	443,581		$	4,736,431		$	4,714,395		$	20,751,444		$	10,162,137
	(54,631	)		(4,609,226	)		225,596,434			139,703,627			(255,724,106	)		702,026,622
	(8,802,589	)		45,720,361			(367,552,552	)		363,934,247			(572,211,383	)		(283,880,388	)
	(8,413,312	)		41,554,716			(137,219,687	)		508,352,269			(807,184,045	)		428,308,371
	(531,999	)		(669,670	)		(4,449,322	)		(4,879,305	)		(31,654,543	)		(9,830,994	)
	644,755			12,625,886			593,002,133			393,235,944			1,706,005,079			3,043,741,601
	(2,411,194	)		(36,410,061	)		(397,668,565	)		(284,142,432	)		(1,993,294,808	)		(1,513,699,302	)
	(1,766,439	)		(23,784,175	)		195,333,568			109,093,512			(287,289,729	)		1,530,042,299
	(10,711,750	)		17,100,871			53,664,559			612,566,476			(1,126,128,317	)		1,948,519,676
	75,547,951			58,447,080			1,604,412,087			991,845,611			2,196,395,872			247,876,196
$	64,836,201		$	75,547,951		$	1,658,076,646		$	1,604,412,087		$	1,070,267,555		$	2,196,395,872
	10,000			280,000			10,520,000			8,560,000			23,700,000			33,950,000
	(40,000	)		(810,000	)		(7,280,000	)		(6,610,000	)		(27,710,000	)		(16,720,000	)
	1,170,000			1,700,000			30,750,000			28,800,000			24,998,273			7,768,273
	1,140,000			1,170,000			33,990,000			30,750,000			20,988,273			24,998,273

65

Financial Highlights

Invesco Aerospace & Defense ETF (PPA)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	75.01		$	53.88		$	61.93		$	55.62		$	44.81
Net investment income(a)		0.44			0.44			0.80			0.49			0.42
Net realized and unrealized gain (loss) on investments		(2.38	)		21.13			(7.98	)		6.30			10.79
Total from investment operations		(1.94	)		21.57			(7.18	)		6.79			11.21
Distributions to shareholders from:
Net investment income		(0.39	)		(0.44	)		(0.87	)		(0.48	)		(0.40	)
Net asset value at end of year	$	72.68		$	75.01		$	53.88		$	61.93		$	55.62
Market price at end of year(b)	$	72.65		$	74.97		$	53.98		$	61.94		$	55.66
Net Asset Value Total Return(c)		(2.59	)%		40.21	%		(11.64	)%		12.33	%		25.13	%
Market Price Total Return(c)		(2.58	)%		39.87	%		(11.48	)%		12.27	%		25.14	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,456,410		$	743,395		$	708,521		$	938,246		$	1,006,709
Ratio to average net assets of:
Expenses		0.58	%		0.61	%		0.59	%		0.59	%		0.60	%
Net investment income		0.59	%		0.71	%		1.22	%		0.86	%		0.80	%
Portfolio turnover rate(d)		26	%		22	%		18	%		15	%		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.

Invesco DWA Momentum ETF (PDP)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	87.48		$	60.60		$	58.78		$	52.66		$	45.86
Net investment income (loss)(a)		(0.12	)		(0.15	)		0.19			0.11			0.13
Net realized and unrealized gain (loss) on investments		(12.80	)		27.05			1.86			6.10			6.81
Total from investment operations		(12.92	)		26.90			2.05			6.21			6.94
Distributions to shareholders from:
Net investment income		-			(0.02	)		(0.23	)		(0.09	)		(0.13	)
Return of capital		-			-			-			-			(0.01	)
Total distributions		-			(0.02	)		(0.23	)		(0.09	)		(0.14	)
Net asset value at end of year	$	74.56		$	87.48		$	60.60		$	58.78		$	52.66
Market price at end of year(b)	$	74.53		$	87.44		$	60.68		$	58.79		$	52.72
Net Asset Value Total Return(c)		(14.77	)%		44.41	%		3.53	%		11.81	%		15.17	%
Market Price Total Return(c)		(14.77	)%		44.15	%		3.65	%		11.70	%		15.28	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,226,528		$	1,789,037		$	1,290,768		$	1,545,947		$	1,521,909
Ratio to average net assets of:
Expenses		0.62	%		0.62	%		0.62	%		0.62	%		0.63	%
Net investment income (loss)		(0.14	)%		(0.18	)%		0.32	%		0.20	%		0.26	%
Portfolio turnover rate(d)		173	%		124	%		82	%		82	%		68	%

^(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.

66

Financial Highlights–(continued)

Invesco Global Listed Private Equity ETF (PSP)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	15.62		$	9.31		$	12.10		$	12.19		$	12.25
Net investment income(a)		0.41			0.30			0.52	(b)		0.32			0.40	(c)
Net realized and unrealized gain (loss) on investments		(3.17	)		6.53			(2.36	)		(0.03	)		0.99
Total from investment operations		(2.76	)		6.83			(1.84	)		0.29			1.39
Distributions to shareholders from:
Net investment income		(1.61	)		(0.52	)		(0.95	)		(0.38	)		(1.40	)
Return of capital		-			-			-			-			(0.05	)
Total distributions		(1.61	)		(0.52	)		(0.95	)		(0.38	)		(1.45	)
Net asset value at end of year	$	11.25		$	15.62		$	9.31		$	12.10		$	12.19
Market price at end of year(d)	$	11.27		$	15.60		$	9.32		$	12.13		$	12.21
Net Asset Value Total Return(e)		(19.85	)%		75.17	%		(15.82	)%		2.28	%		11.76	%
Market Price Total Return(e)		(19.61	)%		74.76	%		(15.92	)%		2.36	%		11.57	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	195,125		$	234,353		$	141,534		$	244,443		$	245,052
Ratio to average net assets of:
Expenses, after Waivers(f)		0.65	%		0.68	%		0.63	%		0.64	%		0.64	%
Expenses, prior to Waivers(f)		0.65	%		0.69	%		0.65	%		0.66	%		0.65	%
Net investment income		2.73	%		2.42	%		4.47	%(b)		2.79	%		3.16	%(c)
Portfolio turnover rate(g)		62	%		47	%		50	%		64	%		44	%

^(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)  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)  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.

^(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.

67

Financial Highlights–(continued)

Invesco Golden Dragon China ETF (PGJ)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	63.49		$	40.36		$	42.08		$	45.58		$	35.69
Net investment income (loss)(a)		0.14			(0.12	)		0.16			0.11			0.31
Net realized and unrealized gain (loss) on investments		(36.09	)		23.36			(1.72	)		(3.51	)		10.50
Total from investment operations		(35.95	)		23.24			(1.56	)		(3.40	)		10.81
Distributions to shareholders from:
Net investment income		-			(0.11	)		(0.16	)		(0.10	)		(0.92	)
Net asset value at end of year	$	27.54		$	63.49		$	40.36		$	42.08		$	45.58
Market price at end of year(b)	$	27.57		$	63.52		$	40.32		$	42.11		$	45.58
Net Asset Value Total Return(c)		(56.62	)%		57.61	%		(3.67	)%		(7.46	)%		30.46	%
Market Price Total Return(c)		(56.60	)%		57.84	%		(3.83	)%		(7.39	)%		30.46	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	239,006		$	274,295		$	161,450		$	216,730		$	271,208
Ratio to average net assets of:
Expenses, after Waivers		0.70	%		0.69	%		0.70	%(d)		0.70	%		0.70	%
Expenses, prior to Waivers		0.71	%		0.69	%		0.71	%(d)		0.70	%		0.70	%
Net investment income (loss)		0.35	%		(0.20	)%		0.40	%(d)		0.27	%		0.70	%
Portfolio turnover rate(e)		42	%		40	%		30	%		36	%		25	%

^(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.

68

Financial Highlights–(continued)

Invesco MSCI Sustainable Future ETF (ERTH)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	74.89		$	42.68		$	45.03		$	42.12		$	37.06
Net investment income(a)		0.54			0.10			0.23			0.19			0.25
Net realized and unrealized gain (loss) on investments		(10.40	)		32.29			(2.25	)		2.95			5.18
Total from investment operations		(9.86	)		32.39			(2.02	)		3.14			5.43
Distributions to shareholders from:
Net investment income		(0.52	)		(0.18	)		(0.33	)		(0.23	)		(0.37	)
Net realized gains		(9.65	)		-			-			-			-
Total distributions		(10.17	)		(0.18	)		(0.33	)		(0.23	)		(0.37	)
Net asset value at end of year	$	54.86		$	74.89		$	42.68		$	45.03		$	42.12
Market price at end of year(b)	$	54.67		$	74.75		$	42.74		$	45.21		$	42.26
Net Asset Value Total Return(c)		(15.38	)%		75.99	%		(4.49	)%		7.48	%		14.74	%
Market Price Total Return(c)		(15.57	)%		75.42	%		(4.73	)%		7.55	%		14.72	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	386,737		$	486,807		$	224,059		$	180,121		$	160,057
Ratio to average net assets of:
Expenses, after Waivers		0.55	%		0.61	%		0.65	%		0.68	%		0.67	%
Expenses, prior to Waivers		0.55	%		0.61	%		0.65	%		0.68	%		0.68	%
Net investment income		0.83	%		0.16	%		0.51	%		0.47	%		0.61	%
Portfolio turnover rate(d)		30	%		140	%		75	%		21	%		17	%

^(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.

69

Financial Highlights–(continued)

Invesco Raymond James SB-1 Equity ETF (RYJ)

													Eight Months Ended April 30, 2019
	Years Ended April 30,																Years Ended August 31,
	2022				2021				2020								2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	60.80			$	34.18			$	45.30			$	49.24			$	39.34			$	35.99
Net investment income(a)			0.38				0.23				0.33				0.13				0.27				0.12
Net realized and unrealized gain (loss) on investments			(4.48	)			26.53				(11.35	)			(3.55	)			9.63				3.82
Total from investment operations			(4.10	)			26.76				(11.02	)			(3.42	)			9.90				3.94
Distributions to shareholders from:
Net investment income			(0.33	)			(0.14	)			(0.10	)			(0.52	)			-				(0.52	)
Return of capital			-				-				-				-				-				(0.07	)
Total distributions			(0.33	)			(0.14	)			(0.10	)			(0.52	)			-				(0.59	)
Net asset value at end of period		$	56.37			$	60.80			$	34.18			$	45.30			$	49.24			$	39.34
Market price at end of period		$	56.30	(b)		$	60.81	(b)		$	34.22	(b)		$	45.30	(b)		$	49.19	(b)		$	39.32
Net Asset Value Total Return(c)			(6.78	)%			78.39	%			(24.40	)%			(6.60	)%			25.16	%			11.00	%
Market Price Total Return(c)			(6.90	)%			78.21	%			(24.31	)%			(6.51	)%			25.10	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	121,354			$	141,230			$	101,604			$	173,156			$	200,560			$	185,801
Ratio to average net assets of:
Expenses			0.75	%			0.75	%(d)			0.75	%			0.75	%(d)(e)			0.71	%			0.75	%
Net investment income			0.62	%			0.49	%			0.78	%			0.44	%(e)			0.60	%			0.30	%
Portfolio turnover rate(f)			92	%			110	%			114	%			65	%			82	%			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)  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)  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.

70

Financial Highlights–(continued)

Invesco S&P 500 BuyWrite ETF (PBP)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	21.79		$	17.45		$	21.39		$	21.29		$	22.21
Net investment income(a)		0.21			0.23			0.33			0.32			0.28
Net realized and unrealized gain (loss) on investments		1.57			4.35			(3.05	)		0.32			1.16
Total from investment operations		1.78			4.58			(2.72	)		0.64			1.44
Distributions to shareholders from:
Net investment income		(0.24	)		(0.24	)		(0.36	)		(0.31	)		(1.09	)
Net realized gains		(1.24	)		-			(0.86	)		(0.23	)		(1.27	)
Total distributions		(1.48	)		(0.24	)		(1.22	)		(0.54	)		(2.36	)
Net asset value at end of year	$	22.09		$	21.79		$	17.45		$	21.39		$	21.29
Market price at end of year(b)	$	22.02		$	21.76		$	17.40		$	21.39		$	21.33
Net Asset Value Total Return(c)		8.06	%		26.40	%		(13.62	)%		3.16	%		6.59	%
Market Price Total Return(c)		7.86	%		26.59	%		(13.85	)%		2.97	%		6.68	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	138,047		$	167,818		$	192,813		$	320,778		$	302,296
Ratio to average net assets of:
Expenses		0.49	%		0.49	%		0.49	%		0.53	%		0.75	%
Net investment income		0.92	%		1.19	%		1.56	%		1.47	%		1.25	%
Portfolio turnover rate(d)		33	%		19	%		19	%		15	%		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)  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,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	45.73		$	33.61		$	33.29		$	29.53		$	27.62
Net investment income(a)		0.70			0.63			0.61			0.51			0.57
Net realized and unrealized gain on investments		0.60			12.11			0.35			3.75			1.89
Total from investment operations		1.30			12.74			0.96			4.26			2.46
Distributions to shareholders from:
Net investment income		(0.66	)		(0.62	)		(0.64	)		(0.50	)		(0.55	)
Net asset value at end of year	$	46.37		$	45.73		$	33.61		$	33.29		$	29.53
Market price at end of year(b)	$	46.36		$	45.75		$	33.62		$	33.30		$	29.55
Net Asset Value Total Return(c)		2.76	%		38.23	%		3.03	%		14.63	%		8.94	%
Market Price Total Return(c)		2.70	%		38.26	%		3.03	%		14.59	%		8.98	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	3,657,788		$	2,670,218		$	1,756,210		$	1,469,785		$	1,327,157
Ratio to average net assets of:
Expenses, after Waivers		0.15	%		0.15	%		0.15	%		0.19	%		0.29	%
Expenses, prior to Waivers		0.19	%		0.19	%		0.21	%		0.26	%		0.37	%
Net investment income		1.40	%		1.59	%		1.79	%		1.67	%		1.95	%
Portfolio turnover rate(d)		48	%		57	%		56	%		73	%		60	%

^(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.

71

Financial Highlights–(continued)

Invesco S&P Spin-Off ETF (CSD)

	Years Ended April 30,																Eight Months Ended April 30,				Year Ended August 31,
	2022				2021				2020				2019				2018				2017
Per Share Operating Performance:
Net asset value at beginning of period		$	64.57			$	34.38			$	52.43			$	52.61			$	49.42			$	42.42
Net investment income(a)			0.38				0.33				0.58				0.43				0.04				0.39
Net realized and unrealized gain (loss) on investments			(7.63	)			30.41				(18.08	)			(0.19	)			3.46				7.31
Total from investment operations			(7.25	)			30.74				(17.50	)			0.24				3.50				7.70
Distributions to shareholders from:
Net investment income			(0.45	)			(0.55	)			(0.55	)			(0.42	)			(0.20	)			(0.70	)
Return of capital			-				-				-				-				(0.11	)			-
Total distributions			(0.45	)			(0.55	)			(0.55	)			(0.42	)			(0.31	)			(0.70	)
Net asset value at end of period		$	56.87			$	64.57			$	34.38			$	52.43			$	52.61			$	49.42
Market price at end of period		$	56.92	(b)		$	64.57	(b)		$	34.41	(b)		$	52.41	(b)		$	52.55	(b)		$	49.34
Net Asset Value Total Return(c)			(11.24	)%			89.69	%			(33.72	)%			0.71	%			7.10	%			18.39	%
Market Price Total Return(c)			(11.16	)%			89.53	%			(33.64	)%			0.78	%			7.15	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)		$	64,836			$	75,548			$	58,447			$	146,814			$	202,534			$	195,208
Ratio to average net assets of:
Expenses, after Waivers			0.65	%			0.65	%			0.62	%			0.62	%			0.64	%(d)			0.64	%
Expenses, prior to Waivers			0.65	%			0.68	%			0.62	%			0.62	%			0.65	%(d)			0.64	%
Net investment income			0.60	%			0.68	%			1.27	%			0.84	%			0.12	%(d)			0.86	%
Portfolio turnover rate(e)			68	%			57	%			55	%			49	%			24	%			44	%

^(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.

72

Financial Highlights–(continued)

Invesco Water Resources ETF (PHO)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	52.18		$	34.44		$	34.67		$	30.09		$	26.71
Net investment income(a)		0.14			0.17			0.15			0.16			0.09
Net realized and unrealized gain (loss) on investments		(3.41	)		17.74			(0.18	)		4.55			3.39
Total from investment operations		(3.27	)		17.91			(0.03	)		4.71			3.48
Distributions to shareholders from:
Net investment income		(0.13	)		(0.17	)		(0.20	)		(0.13	)		(0.10	)
Net asset value at end of year	$	48.78		$	52.18		$	34.44		$	34.67		$	30.09
Market price at end of year(b)	$	48.78		$	52.17		$	34.49		$	34.70		$	30.09
Net Asset Value Total Return(c)		(6.29	)%		52.15	%		(0.07	)%		15.74	%		13.07	%
Market Price Total Return(c)		(6.27	)%		51.90	%		(0.01	)%		15.84	%		13.11	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,658,077		$	1,604,412		$	991,846		$	941,269		$	821,548
Ratio to average net assets of:
Expenses		0.59	%		0.60	%		0.60	%		0.60	%		0.62	%
Net investment income		0.25	%		0.39	%		0.42	%		0.51	%		0.31	%
Portfolio turnover rate(d)		29	%		22	%		26	%		31	%		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)  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,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	87.86		$	31.91		$	28.30		$	24.64		$	20.85
Net investment income(a)		0.93			0.61			0.49			0.39			0.31
Net realized and unrealized gain (loss) on investments		(36.46	)		55.82			3.73			3.66			3.78
Total from investment operations		(35.53	)		56.43			4.22			4.05			4.09
Distributions to shareholders from:
Net investment income		(1.34	)		(0.48	)		(0.61	)		(0.39	)		(0.30	)
Net asset value at end of year	$	50.99		$	87.86		$	31.91		$	28.30		$	24.64
Market price at end of year(b)	$	50.92		$	87.72		$	31.93		$	28.31		$	24.66
Net Asset Value Total Return(c)		(40.88	)%		176.87	%		15.13	%		16.76	%		19.78	%
Market Price Total Return(c)		(40.86	)%		176.26	%		15.16	%		16.70	%		19.87	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	1,070,268		$	2,196,396		$	247,876		$	144,857		$	116,263
Ratio to average net assets of:
Expenses, after Waivers		0.62	%		0.61	%		0.70	%		0.70	%		0.70	%
Expenses, prior to Waivers		0.62	%		0.61	%		0.70	%		0.71	%		0.77	%
Net investment income		1.23	%		0.71	%		1.57	%		1.56	%		1.30	%
Portfolio turnover rate(d)		60	%		81	%		40	%		40	%		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.

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

73

Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2022

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust 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 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 MSCI Sustainable Future ETF (ERTH)	“MSCI Sustainable Future 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
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
MSCI Sustainable Future ETF	MSCI Global Environment Select 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.

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

A security listed or traded on an exchange 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 (“OTC”) 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 may be valued up to 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 debt 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. 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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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.

C. 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.

D. 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.

E. 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, partnerships 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.

F. Expenses - 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,

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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, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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 distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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.

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.

G. 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.

H. 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. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each 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 invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) 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.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole

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securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through April 30, 2022, each Fund (except for MSCI Sustainable Future ETF and S&P 500 BuyWrite ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each applicable Fund as listed below:

	Amount
Aerospace & Defense ETF		$3,518
DWA Momentum ETF		1,707
Global Listed Private Equity ETF		744
Golden Dragon China ETF		34,838
Raymond James SB-1 Equity ETF		3,102
S&P 500® Quality ETF		7,924
S&P Spin-Off ETF		180
Water Resources ETF		825
WilderHill Clean Energy ETF		623,455

J. 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 the 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 a 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 a Fund invests.

K. 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

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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.

L. 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 each Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of each Fund’s NAV over specific periods of time. If each 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 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 futures commission merchant (“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.

M. 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

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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 Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, may increase this risk.

China Investment Risk. Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts, either internal or with other countries; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers (or the threat thereof), including as a result of trade tensions between China and the United States, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by a Fund. Further, health events, such as the recent coronavirus outbreak, may cause uncertainty and volatility in the Chinese economy, especially in the consumer discretionary (leisure, retail, gaming, tourism), industrials, and commodities sectors. Additionally, the inability of the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China.

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 a 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. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging markets securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund’s index provider selects securities for inclusion in the Fund’s Underlying Index or rebalances the Underlying Index.

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

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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. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. 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, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Listed Private Equity Companies Risk. There are certain risks inherent in investing in listed private equity companies, which encompass financial institutions or vehicles whose principal business is to invest in and lend capital to or provide services to privately held companies. 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. A Fund is also subject to the underlying risks which affect the listed private equity companies in which the financial institutions or vehicles held by the Fund invest. Listed private equity companies are subject to various risks depending on their underlying investments, which include additional liquidity risk, industry risk, foreign security risk, currency risk, valuation risk and credit risk. Listed private equity companies may have relatively concentrated investment portfolios, consisting of a relatively small number of holdings, which may be adversely impacted by the poor performance of a small number of investments. By investing in companies in the capital markets whose business is to lend money, there is a risk that the issuer may default on its payments or declare bankruptcy.

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 previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of 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 Aerospace & Defense ETF, Golden Dragon China ETF, S&P Spin-Off ETF and Water Resources ETF are non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their respective 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.

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Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their 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 gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. 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 REIT shareholders will incur a proportionate share of the underlying expenses.

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. 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.

Thematic Investing Risk. Certain Funds rely on the index provider for its Underlying Index to identify securities that provide exposure to specific environmental themes, as set forth in the Underlying Index methodology.The Fund’s performance may suffer if such securities are not correctly identified. Performance may also suffer if the securities included in an Underlying Index do not benefit from the development of the applicable environmental theme. Further, to the extent that the index provider evaluates environmental, social and governance (“ESG”) factors as part of an Underlying Index’s methodology, there is a risk that information used by the index provider to evaluate these ESG factors may not be readily available, complete or accurate. This could negatively impact the index provider’s ability to apply its ESG standards when compiling the Underlying Index, and which may negatively impact the Fund’s performance. Performance may also be impacted by the inclusion of non-theme relevant exposures in the Underlying Index. There is no guarantee that the Underlying Index will reflect complete exposure to any particular environmental theme.

COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

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 distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any

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other matters that directly benefit the Adviser)) 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, 2024. 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, 2024. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2024. 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, DWA Momentum ETF, Global Listed Private Equity ETF, MSCI Sustainable Future ETF, S&P Spin-Off ETF, Water Resources ETF and WilderHill Clean Energy ETF.

Further, through at least August 31, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for 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, 2022, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

Aerospace & Defense ETF	$	63
DWA Momentum ETF		49
Global Listed Private Equity ETF		305
Golden Dragon China ETF		24,365
MSCI Sustainable Future ETF		3
Raymond James SB-1 Equity ETF		4
S&P 500 BuyWrite ETF		5
S&P 500® Quality ETF		1,190,494
S&P Spin-Off ETF		1,166
Water Resources ETF		126
WilderHill Clean Energy ETF		8,759

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, 2022 are as follows:

	Total Potential Recapture Amounts
				Potential Recapture Amounts Expiring
				4/30/23			4/30/24			4/30/25
Golden Dragon China ETF		$	1,050		$	-		$	-		$	1,050
S&P 500® Quality ETF			3,128,103			943,093			994,660			1,190,350
S&P Spin-Off ETF			12,903			-			12,903			-

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.

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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
DWA Momentum ETF	Dorsey Wright & Associates, LLC
Global Listed Private Equity ETF	Red Rocks Capital, LLC
Golden Dragon China ETF	Nasdaq, Inc.
MSCI Sustainable Future ETF	MSCI, 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

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 BNYM, 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.

For the fiscal year ended April 30, 2022, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

Aerospace & Defense ETF	$	22,591
DWA Momentum ETF		129,789
Global Listed Private Equity ETF		5,628
Golden Dragon China ETF		24,575
MSCI Sustainable Future ETF		18,416
Raymond James SB-1 Equity ETF		49,880
S&P 500 BuyWrite ETF		31
S&P 500® Quality ETF		49,799
S&P Spin-Off ETF		12,027
Water Resources ETF		866
WilderHill Clean Energy ETF		72,201

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold—affiliated broker and/or payable caption Investments purchased — affiliated broker.

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, 2022, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases			Securities Sales			Net Realized Gains*
S&P 500 BuyWrite ETF		$	15,992		$	1,164		$	173
S&P 500® Quality ETF			1,187,175			3,717,057			407,002

* Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

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

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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, 2022, for each Fund (except for S&P 500 BuyWrite ETF). As of April 30, 2022, all of the securities in S&P 500 BuyWrite ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The value of 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		$	1,455,779,728		$	-			$	-		$	1,455,779,728
Money Market Funds			337,190			84,826,743				-			85,163,933
Total Investments		$	1,456,116,918		$	84,826,743			$	-		$	1,540,943,661
DWA Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,226,257,401		$	-			$	-		$	1,226,257,401
Money Market Funds			932,748			59,877,233				-			60,809,981
Total Investments		$	1,227,190,149		$	59,877,233			$	-		$	1,287,067,382
Global Listed Private Equity ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	60,090,600		$	102,801,923			$	-		$	162,892,523
Closed-End Funds			28,290,591			-				-			28,290,591
Money Market Funds			2,395,158			28,760,544				-			31,155,702
Total Investments in Securities			90,776,349			131,562,467				-			222,338,816
Other Investments - Liabilities*
Swap Agreements			-			(97,328	)			-			(97,328	)
Total Investments		$	90,776,349		$	131,465,139			$	-		$	222,241,488
Golden Dragon China ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	238,890,731		$	-			$	-		$	238,890,731
Money Market Funds			163,140			75,054,058				-			75,217,198
Total Investments		$	239,053,871		$	75,054,058			$	-		$	314,107,929
MSCI Sustainable Future ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	197,426,095		$	177,011,738			$	-		$	374,437,833
Exchange-Traded Funds			12,169,843			-				-			12,169,843
Money Market Funds			-			94,520,791				-			94,520,791
Total Investments		$	209,595,938		$	271,532,529			$	-		$	481,128,467
Raymond James SB-1 Equity ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	121,335,103		$	-			$	-		$	121,335,103
Money Market Funds			9,638			22,769,568				-			22,779,206
Total Investments		$	121,344,741		$	22,769,568			$	-		$	144,114,309

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	Level 1			Level 2			Level 3			Total
S&P 500® Quality ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	3,655,657,499		$	-		$	-		$	3,655,657,499
Money Market Funds			-			235,632,736			-			235,632,736
Total Investments		$	3,655,657,499		$	235,632,736		$	-		$	3,891,290,235
S&P Spin-Off ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	64,879,697		$	-		$	-		$	64,879,697
Money Market Funds			45,749			10,420,762			-			10,466,511
Total Investments		$	64,925,446		$	10,420,762		$	-		$	75,346,208
Water Resources ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,656,969,091		$	-		$	-		$	1,656,969,091
Money Market Funds			2,036,333			47,153,197			-			49,189,530
Total Investments		$	1,659,005,424		$	47,153,197		$	-		$	1,706,158,621
WilderHill Clean Energy ETF
Investments in Securities
Common Stocks & Other Equity Interests		$	1,067,327,171		$	-		$	-		$	1,067,327,171
Money Market Funds			-			350,370,000			-			350,370,000
Total Investments		$	1,067,327,171		$	350,370,000		$	-		$	1,417,697,171
* Unrealized appreciation (depreciation).

NOTE 6–Derivative Investments

The Funds may enter into an 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.

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, 2022:

	Value
	Global Listed Private Equity ETF				S&P 500 BuyWrite ETF
Derivative Liabilities	Equity Risk				Equity Risk
Unrealized depreciation on swap agreements–OTC		$	(97,328	)		$	-
Options written, at value - Exchange-Traded			-				(332,330	)
Total Derivative Liabilities			(97,328	)			(332,330	)
Derivatives not subject to master netting agreements			-				332,330
Total Derivative Liabilities subject to master netting agreements		$	(97,328	)		$	-

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, 2022:

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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.		$	-		$	(97,328	)		$	(97,328	)		$	-		$	-		$	(97,328	)

Effect of Derivative Investments for the Fiscal Year Ended April 30, 2022

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:
Options written		$	-			$	9,509,273
Swap agreements			2,109,604				-
Change in Net Unrealized Appreciation (Depreciation):
Options written			-				2,438,134
Swap agreements			(346,435	)			-
Total		$	1,763,169			$	11,947,407

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		$	-		$	167,352,577
Swap agreements			12,368,808			-

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, 2022 and 2021:

	2022						2021
	Ordinary Income*			Long-Term Capital Gains			Ordinary Income*
Aerospace & Defense ETF		$	4,267,913		$	-		$	4,974,374
DWA Momentum ETF			-			-			513,422
Global Listed Private Equity ETF			27,104,093			-			7,353,679
Golden Dragon China ETF			-			-			416,183
MSCI Sustainable Future ETF			32,390,721			30,252,247			1,027,732
Raymond James SB-1 Equity ETF			729,997			-			349,993
S&P 500 BuyWrite ETF			11,042,019			-			2,096,531
S&P 500® Quality ETF			44,708,736			-			35,227,013
S&P Spin-Off ETF			531,999			-			669,670
Water Resources ETF			4,449,322			-			4,879,305
WilderHill Clean Energy ETF			31,654,543			-			9,830,994
* Includes short-term capital gain distributions, if any.

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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 (Depreciation)- Other Investments				Net Unrealized (Depreciation)- Foreign Currencies				Capital Loss Carryforwards				Late-Year Ordinary Loss Deferral				Shares of Beneficial Interest			Total Net Assets
Aerospace & Defense ETF		$	412,054		$	(79,364)			$	3,231,986			$	-			$	-			$	(43,691,025	)		$	-			$	1,496,536,583		$	1,456,410,234
DWA Momentum ETF			-			(175,944	)			(81,856,235	)			-				-				(684,672,196	)			(359,229	)			1,993,591,296		$	1,226,527,692
Global Listed Private Equity ETF			-			(88,704	)			(35,845,390	)			(97,328	)			(66,993	)			(92,746,482	)			-				323,969,601		$	195,124,704
Golden Dragon China ETF			1,520,734			(93,619	)			(144,196,522	)			-				-				(240,976,691	)			-				622,751,612		$	239,005,514
MSCI Sustainable Future ETF			1,032,766			(60,785	)			(43,517,189	)			-				(25,104	)			(2,748,131	)			-				432,055,487		$	386,737,044
Raymond James SB-1 Equity ETF			248,410			(1,445,461	)			1,431,476				-				-				(61,522,787	)			-				182,642,577		$	121,354,215
S&P 500 BuyWrite ETF			70,974			-				(2,715,378	)			2,715,379				-				-				(4,292,008	)			142,267,880		$	138,046,847
S&P 500® Quality ETF			4,757,909			(104,489	)			(73,727,959	)			-				-				(180,383,403	)			-				3,907,245,658		$	3,657,787,716
S&P Spin- Off ETF			38,556			(4,973	)			3,805,170				-				-				(152,469,830	)			-				213,467,278		$	64,836,201
Water Resources ETF			431,397			(231,212	)			141,153,964				-				-				(269,525,701	)			-				1,786,248,198		$	1,658,076,646
WilderHill Clean Energy ETF			-			(121,345	)			(905,759,035	)			-				-				(668,900,497	)			(5,657,518	)			2,650,705,950		$	1,070,267,555

    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 Funds have capital loss carryforwards as of April 30, 2022, as follows:

	No expiration
	Short-Term			Long-Term			Total*
Aerospace & Defense ETF		$	19,822,014		$	23,869,011		$	43,691,025
DWA Momentum ETF			684,672,196			-			684,672,196
Global Listed Private Equity ETF			27,836,489			64,909,993			92,746,482
Golden Dragon China ETF			50,072,764			190,903,927			240,976,691
MSCI Sustainable Future ETF			2,748,131			-			2,748,131

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	No expiration
	Short-Term			Long-Term			Total*
Raymond James SB-1 Equity ETF		$	35,681,310		$	25,841,477		$	61,522,787
S&P 500 BuyWrite ETF			-			-			-
S&P 500® Quality ETF			102,200,757			78,182,646			180,383,403
S&P Spin-Off ETF			60,379,440			92,090,390			152,469,830
Water Resources ETF			157,156,657			112,369,044			269,525,701
WilderHill Clean Energy ETF			306,687,515			362,212,982			668,900,497

* 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, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases			Sales
Aerospace & Defense ETF		$	213,637,802		$	211,561,200
DWA Momentum ETF			3,104,349,559			3,115,077,995
Global Listed Private Equity ETF			149,175,615			154,849,198
Golden Dragon China ETF			98,806,186			97,528,712
MSCI Sustainable Future ETF			129,743,736			177,064,696
Raymond James SB-1 Equity ETF			125,662,880			124,251,672
S&P 500 BuyWrite ETF			56,154,413			55,587,630
S&P 500® Quality ETF			1,595,352,013			1,595,481,133
S&P Spin-Off ETF			49,951,463			49,802,795
Water Resources ETF			536,157,015			535,812,737
WilderHill Clean Energy ETF			1,032,229,408			1,046,252,524

    For the fiscal year ended April 30, 2022, in-kind transactions associated with creations and redemptions were as follows:

	In-kind Purchases			In-kind Sales
Aerospace & Defense ETF		$	983,640,694		$	197,837,195
DWA Momentum ETF			1,702,596,960			2,003,848,696
Global Listed Private Equity ETF			95,254,295			56,825,513
Golden Dragon China ETF			186,952,593			37,686,434
MSCI Sustainable Future ETF			115,303,491			90,625,339
Raymond James SB-1 Equity ETF			40,564,059			51,654,420
S&P 500 BuyWrite ETF			45,423,643			77,553,294
S&P 500® Quality ETF			3,005,004,441			1,944,423,692
S&P Spin-Off ETF			644,687			2,411,165
Water Resources ETF			592,775,676			398,008,251
WilderHill Clean Energy ETF			1,690,967,556			1,977,063,652

    Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of     April 30, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes 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		$	88,015,586		$	(84,783,600	)		$	3,231,986			$	1,537,711,675
DWA Momentum ETF			29,916,650			(111,772,885	)			(81,856,235	)			1,368,923,617
Global Listed Private Equity ETF			6,184,789			(42,127,507	)			(35,942,718	)			258,184,206
Golden Dragon China ETF			6,074,652			(150,271,174	)			(144,196,522	)			458,304,451
MSCI Sustainable Future ETF			30,521,499			(74,038,688	)			(43,517,189	)			524,645,656
Raymond James SB-1 Equity ETF			19,911,287			(18,479,811	)			1,431,476				142,682,833

89

	Gross Unrealized Appreciation			Gross Unrealized (Depreciation)				Net Unrealized Appreciation (Depreciation)				Cost
S&P 500 BuyWrite ETF		$	37,202,263		$	(37,202,262	)		$	1			$	138,039,690
S&P 500® Quality ETF			250,443,687			(324,171,646	)			(73,727,959	)			3,965,018,194
S&P Spin-Off ETF			13,467,700			(9,662,530	)			3,805,170				71,541,038
Water Resources ETF			215,658,338			(74,504,374	)			141,153,964				1,565,004,657
WilderHill Clean Energy ETF			17,037,741			(922,796,776	)			(905,759,035	)			2,323,456,206

NOTE 9–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions, passive foreign investment companies, corporate actions and 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, 2022, the reclassifications were as follows:

	Undistributed Net Investment Income (Loss)				Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
Aerospace & Defense ETF		$	-			$	(57,874,264	)		$	57,874,264
DWA Momentum ETF			4,006,730				(337,725,413	)			333,718,683
Global Listed Private Equity ETF			14,363,455				(29,176,742	)			14,813,287
Golden Dragon China ETF			991,901				(7,970,425	)			6,978,524
MSCI Sustainable Future ETF			159,864				(17,778,794	)			17,618,930
Raymond James SB-1 Equity ETF			(365,404	)			(14,631,157	)			14,996,561
S&P 500 BuyWrite ETF			(749	)			749				-
S&P 500® Quality ETF			1				(455,519,942	)			455,519,941
S&P Spin-Off ETF			317				(452,398	)			452,081
Water Resources ETF			6,741				(210,087,834	)			210,081,093
WilderHill Clean Energy ETF			3,381,232				49,293,809				(52,675,041	)

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 consisting of a specified number of Shares as set forth in each Fund’s prospectus. 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 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.

90

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.

91

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 DWA Momentum ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco MSCI Sustainable Future 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, 2022, the related statements of operations for the year ended April 30, 2022, the statements of changes in net assets for each of the two years in the period ended April 30, 2022, 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, 2022, 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, 2022 and each of the financial highlights for each of 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 DWA Momentum ETF ⁽¹⁾

Invesco Global Listed Private Equity ETF ⁽¹⁾

Invesco Golden Dragon China ETF ⁽¹⁾

Invesco MSCI Sustainable Future 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⁾ The financial highlights for each of the five years in the period ended April 30, 2022.

⁽²⁾ The financial highlights for each of the three years in the period ended April 30, 2022, for the eight months ended April 30, 2019 and for the year ended August 31, 2018.

⁽³⁾ The financial highlights for each of the four years in the period ended April 30, 2022 and for the eight months ended April 30, 2018.

The financial statements and financial highlights 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 (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.

92

Report of Independent Registered Public Accounting Firm–(continued)

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, 2022 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 23, 2022

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.

93

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 advisory fee or 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, including proxy expenses (except for such proxies related to:(i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser). 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, 2021 through April 30, 2022.

In addition to the fees and expenses which the Invesco Global Listed Private Equity 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 is included in the Portfolio’s 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, 2021		Ending Account Value April 30, 2022		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		$ 993.50		0.58	%		$2.87
Hypothetical (5% return before expenses)		1,000.00		1,021.92		0.58			2.91

94

Calculating your ongoing Fund expenses–(continued)

	Beginning Account Value November 1, 2021			Ending Account Value April 30, 2022			Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period(1)
Invesco DWA Momentum ETF (PDP)
Actual		$	1,000.00		$	763.80		0.62	%		$	2.71
Hypothetical (5% return before expenses)			1,000.00			1,021.72		0.62				3.11
Invesco Global Listed Private Equity ETF (PSP)
Actual			1,000.00			719.20		0.65				2.77
Hypothetical (5% return before expenses)			1,000.00			1,021.57		0.65				3.26
Invesco Golden Dragon China ETF (PGJ)
Actual			1,000.00			621.80		0.72				2.90
Hypothetical (5% return before expenses)			1,000.00			1,021.22		0.72				3.61
Invesco MSCI Sustainable Future ETF (ERTH)
Actual			1,000.00			763.30		0.56				2.45
Hypothetical (5% return before expenses)			1,000.00			1,022.02		0.56				2.81
Invesco Raymond James SB-1 Equity ETF (RYJ)
Actual			1,000.00			895.80		0.75				3.53
Hypothetical (5% return before expenses)			1,000.00			1,021.08		0.75				3.76
Invesco S&P 500 BuyWrite ETF (PBP)
Actual			1,000.00			979.30		0.49				2.40
Hypothetical (5% return before expenses)			1,000.00			1,022.36		0.49				2.46
Invesco S&P 500® Quality ETF (SPHQ)
Actual			1,000.00			906.70		0.15				0.71
Hypothetical (5% return before expenses)			1,000.00			1,024.05		0.15				0.75
Invesco S&P Spin-Off ETF (CSD)
Actual			1,000.00			881.80		0.65				3.03
Hypothetical (5% return before expenses)			1,000.00			1,021.57		0.65				3.26
Invesco Water Resources ETF (PHO)
Actual			1,000.00			843.20		0.59				2.70
Hypothetical (5% return before expenses)			1,000.00			1,021.87		0.59				2.96
Invesco WilderHill Clean Energy ETF (PBW)
Actual			1,000.00			580.50		0.63				2.47
Hypothetical (5% return before expenses)			1,000.00			1,021.67		0.63				3.16

⁽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, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

95

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, 2022:

	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*			Long Term Capital Gains			Qualified Short Term Gains
Invesco Aerospace & Defense ETF		0	%		100	%		100	%		0	%		0	%		$	-		$	-
Invesco DWA Momentum ETF		0	%		0	%		0	%		0	%		0	%			-			-
Invesco Global Listed Private Equity ETF		0	%		12	%		3	%		0	%		0	%			-			-
Invesco Golden Dragon China ETF		0	%		0	%		0	%		0	%		0	%			-			-
Invesco MSCI Sustainable Future ETF		1	%		10	%		4	%		0	%		0	%			30,252,247			29,096,967
Invesco Raymond James SB-1 Equity ETF		0	%		100	%		100	%		0	%		0	%			-			-
Invesco S&P 500 BuyWrite ETF		0	%		0	%		0	%		0	%		0	%			-			9,365,253
Invesco S&P 500® Quality ETF		0	%		100	%		100	%		0	%		0	%			-			-
Invesco S&P Spin-Off ETF		0	%		100	%		100	%		0	%		0	%			-			-
Invesco Water Resources ETF		0	%		100	%		100	%		0	%		0	%			-			-
Invesco WilderHill Clean Energy ETF		0	%		7	%		3	%		0	%		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:

96

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:

As of April 30, 2022

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 the 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 Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair 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).	224	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, 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.	224	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.

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 the 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, First Eagle Alternative Credit LLC (2020-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, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chair of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	224	Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

* 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 the 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).	224	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, Mather LifeWays (2001-2021); 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.

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 the 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	Chair of the Audit Committee and Trustee	Chair of the Audit Committee since 2008; Trustee since 2006	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); 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).	224	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; 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	Chair of the Investment Oversight Committee and Trustee	Chair 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).	224	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

* 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 the 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.	224	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); 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.

101

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 the 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.	224	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	Chair of the Board and Trustee	Chair since 2012; Trustee since 2006	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair 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); Chair, 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).	224	Director, Penfield Children’s Center (2004-Present); Board Chair, 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.

102

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 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 the Past 5 Years	Number of Portfolios in Fund Complex** Overseen by Interested Trustee	Other Directorships Held by Interested Trustee During the Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515	Trustee, President and Principal Executive Officer	Trustee since 2022, President and Principal Executive Officer since 2020	President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), 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; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, 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 (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).	224	None

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

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 the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2020	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, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	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 and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; 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); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, 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 (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

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

104

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 the Past 5 Years
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).
Michael McMaster–1962 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Chief Tax Officer	Since 2020	Vice President and Head of Global Fund Services Tax, Invesco Advisers, Inc. (2020-Present); Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds (2020-Present); Assistant Treasurer, Invesco Capital Management LLC (2020-Present); Chief Tax Officer and Assistant 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 (2020-Present); Assistant Treasurer, Invesco Specialized Products, LLC (2020-Present); formerly, Senior Vice President, Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) (2007-2020).
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	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); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-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, Treasurer (2008-2020), 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.; Treasurer, 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.; Vice President, Invesco Advisers, Inc. (2009-2020).
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).

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

105

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 the Past 5 Years
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).

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

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.

106

Approval of Investment Advisory Contracts

At a meeting held on April 6, 2022, 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 collectively, 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 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, 2021, 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 (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (the “Transaction”) and that each such Fund’s performance prior to the closing of the Transaction on April 6, 2018 or May 18, 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. The Trustees 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 advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

107

Approval of Investment Advisory Contracts–(continued)

● 0.07% of the Fund’s average daily net assets for Invesco Dow Jones Industrial Average Dividend 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;

● 0.35% 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;

● 0.49% of the Fund’s average daily net assets for Invesco S&P 500 BuyWrite ETF;

● 0.60% of the Fund’s average daily net assets for Invesco NASDAQ Internet ETF;

● 0.75% of the Fund’s average daily net assets for Invesco Raymond James SB-1 Equity 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. (“Lipper”) databases on the net expense ratios of comparable 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				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
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

108

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 fee 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 products that have 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 of 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, advisory fees for money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s unitary 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.

109

Approval of Investment Advisory Contracts

At a meeting held on April 6, 2022, 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 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 MSCI Sustainable Future 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, 2021, 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 (“ETFs”) business of Guggenheim Capital LLC (“Guggenheim”) (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 were within the targeted range set forth in the Trust’s registration statement. The Trustees 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.

110

Approval of Investment Advisory Contracts–(continued)

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 as follows:

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

● 0.29% 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;

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

● 0.50% of the Fund’s average daily net assets for each other Fund.

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, 2024, as set forth below:

● 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;

● 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

● 0.39%, 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;

● 0.50%, 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 AchieversTM ETF, Invesco High Yield Equity Dividend AchieversTM ETF and Invesco International Dividend AchieversTM 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;

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

● 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 AchieversTM 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

111

Approval of Investment Advisory Contracts–(continued)

ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco MSCI Sustainable Future 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.

The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. (“Lipper”) databases on the net advisory fees and net expense ratios of comparable 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 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
Invesco Financial Preferred ETF						X
Invesco FTSE RAFI US 1000 ETF		X				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 MSCI Sustainable Future ETF						X
Invesco S&P 100 Equal Weight ETF				X		X

112

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 500 GARP ETF		X				X
Invesco S&P 500® Quality ETF		X				X
Invesco S&P 500 Value with Momentum ETF						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		X		X
Invesco WilderHill Clean Energy ETF				X		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 subject to 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 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
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		X
Invesco Dynamic Leisure and Entertainment ETF					X
Invesco Dynamic Market ETF					X

113

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 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						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 MSCI Sustainable Future ETF						X
Invesco S&P 100 Equal Weight ETF				X		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
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		X		X
Invesco WilderHill Clean Energy ETF				X		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 Large Cap Value ETF, Invesco Global Listed Private Equity ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income 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.

114

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Approval of Investment Advisory Contracts–(continued)

Based on all of 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, advisory fees for money market cash management vehicles and fees as the Funds’ direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s 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.

118

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.

©2022 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, 2022
	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

Table of Contents

The Market Environment	3
Management’s Discussion of Fund Performance	4
Liquidity Risk Management Program	28
Schedules of Investments
Invesco Dynamic Large Cap Growth ETF (PWB)	29
Invesco Dynamic Large Cap Value ETF (PWV)	31
Invesco S&P 100 Equal Weight ETF (EQWL)	33
Invesco S&P 500 GARP ETF (SPGP)	35
Invesco S&P 500 Value with Momentum ETF (SPVM)	37
Invesco S&P MidCap Momentum ETF (XMMO)	39
Invesco S&P MidCap Quality ETF (XMHQ)	41
Invesco S&P MidCap Value with Momentum ETF (XMVM)	43
Invesco S&P SmallCap Momentum ETF (XSMO)	45
Invesco S&P SmallCap Value with Momentum ETF (XSVM)	47
Invesco Zacks Mid-Cap ETF (CZA)	50
Invesco Zacks Multi-Asset Income ETF (CVY)	52
Statements of Assets and Liabilities	56
Statements of Operations	58
Statements of Changes in Net Assets	60
Financial Highlights	65
Notes to Financial Statements	76
Report of Independent Registered Public Accounting Firm	90
Fund Expenses	91
Tax Information	93
Trustees and Officers	94
Approval of Investment Advisory Contracts	104

2

The Market Environment

Domestic Equity

The US stock market hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the US gross domestic product (GDP) grew at a 6.4% annualized rate for the first quarter of 2021.¹ Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July 2021 despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing monthly from June through September,² the US Federal Reserve (the Fed) declined to raise interest rates at its September Federal Open Market Committee meeting. The US stock market saw continued volatility in August 2021 and a selloff through most of September due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs.

Equity markets were volatile in the fourth quarter of 2021 amid record inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil (West Texas Intermediate) rose to nearly $85 per barrel in October,³ causing higher gas prices for consumers and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the last 12 months, the highest since 1982.² To combat inflation, the Fed announced a faster pace of tapering at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.³ The CPI rose by 7.9% for the 12 months ended February 28, 2022, the largest 12-month increase since 1982.² To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March, with several more rate increases expected in 2022. As the war in Ukraine continued and corporate earnings in high-profile names, like Netflix reported slowing growth and profits, equity markets sold off for much of the month of April 2022. In this environment, US stocks had flat returns for the fiscal year ended April 30, 2022, of 0.21%, as measured by the S&P 500 Index.⁴

¹  Source: US Bureau of Economic Analysis

²  Source: US Bureau of Labor Statistics

³  Source: Bloomberg L.P.

⁴  Source: Lipper Inc.

3

PWB	Management’s Discussion of Fund Performance
	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^® 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 and most liquid U.S. stocks (by market capitalization) traded on the New York Stock Exchange (“NYSE”), 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, 2022, on a market price basis, the Fund returned (10.50)%. On a net asset value (“NAV”) basis, the Fund returned (10.55)%. During the same time period, the Index returned (10.06)%. 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 the fees and expenses that the Fund incurred during the period. During this same time period, the Russell 1000^® Growth Index returned (5.35)%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the consumer staples and health care sectors, respectively. The information technology sector detracted most significantly from the Fund’s return, followed by the communication services and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included NVIDIA Corp., an information technology company (portfolio average weight of 3.52%) and Costco Wholesale Corp., a consumer staples company (portfolio average weight of 2.33%). Positions that detracted most significantly from the Fund’s return during this period included PayPal Holdings, Inc., an information technology company (no longer held at fiscal year-end) and salesforce.com, Inc., an information technology company (portfolio average weight of 1.51%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Information Technology	48.48
Health Care	13.46
Consumer Discretionary	9.23
Financials	8.44
Energy	7.76
Consumer Staples	5.04
Industrials	3.11
Communication Services	3.06
Materials	1.43
Money Market Funds Plus Other Assets Less Liabilities	(0.01)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Eli Lilly and Co.	4.26
Chevron Corp.	4.13
Tesla, Inc.	3.70
Costco Wholesale Corp.	3.70
Mastercard, Inc., Class A	3.44
Microsoft Corp.	3.37
Visa, Inc., Class A	3.36
Apple, Inc.	3.35
Danaher Corp.	3.29
Accenture PLC, Class A	3.27
Total	35.87

* 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, 2022

	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 Intellidex® Index		(10.06	)%		10.24	%		33.97	%		13.94	%		92.02	%		14.38	%		283.28	%		10.15	%		425.20	%
Russell 1000® Growth Index		(5.35	)		16.68			58.84			17.28			121.89			15.56			324.80			11.46			543.12
Fund
NAV Return		(10.55	)		9.61			31.69			13.28			86.56			13.71			261.31			9.46			371.35
Market Price Return		(10.50	)		9.62			31.71			13.28			86.57			13.71			261.55			9.45			370.70

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 0.56%. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

5

PWV	Management’s Discussion of Fund Performance
	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^® 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 and most liquid U.S. stocks (by market capitalization) traded on the New York Stock Exchange (“NYSE”), 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, 2022, on a market price basis, the Fund returned 7.75%. On a net asset value (“NAV”) basis, the Fund returned 7.75%. During the same time period, the Index returned 8.37%. 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 fees and expenses that the Fund incurred during the period. During this same time period, the Russell 1000^® Value Index returned 1.32%.

For the fiscal year ended April 30, 2022, the energy 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 return, followed by the information technology and communication services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Exxon Mobil Corp., an energy company (portfolio average weight of 3.55%) and AbbVie, Inc., a health care company (portfolio average weight of 3.43%). Positions that detracted most significantly from the Fund’s return during this period included Comcast Corp., Class A, a communication services company (portfolio average weight of 3.23%), and Intel Corp., an information technology company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials	25.43
Health Care	19.72
Consumer Staples	15.61
Energy	13.75
Information Technology	7.87
Industrials	7.31
Consumer Discretionary	4.11
Sector Types Each Less Than 3%	6.14
Money Market Funds Plus Other Assets Less Liabilities	0.06
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Walmart, Inc.	3.82
Johnson & Johnson	3.82
Exxon Mobil Corp.	3.80
Pfizer, Inc.	3.52
PepsiCo, Inc.	3.48
Procter & Gamble Co. (The)	3.47
AbbVie, Inc.	3.44
Oracle Corp.	3.38
Philip Morris International, Inc.	3.14
Cisco Systems, Inc.	2.97
Total	34.84

* 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, 2022

	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 Intellidex® Index		8.37	%		11.64	%		39.14	%		8.88	%		53.02	%		11.60	%		199.76	%		9.89	%		404.44	%
Russell 1000® Value Index		1.32			9.58			31.57			9.06			54.26			11.17			188.23			7.67			255.64
Fund
NAV Return		7.75			11.00			36.75			8.29			48.92			10.95			182.58			9.20			352.80
Market Price Return		7.75			10.99			36.72			8.29			48.89			10.96			182.84			9.19			352.21

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 0.58%. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes are based on the inception date of the Fund.

7

EQWL	Management’s Discussion of Fund Performance
	Invesco S&P 100 Equal Weight ETF (EQWL)

As an index fund, the Invesco S&P 100 Equal Weight ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 100^® 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 (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.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 0.20%. On a net asset value (“NAV”) basis, the Fund returned 0.46%. During the same time period, the Index returned 0.72%. 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 fees and expenses that the Fund incurred during the period.

During this same time period, the S&P 100^® Index (the “Benchmark Index”) returned 0.26%. 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, 2022. The majority of the Fund’s outperformance relative to the Benchmark Index during the period can be attributed to the Fund’s stock selection within the consumer discretionary sector, as well as the Fund’s underweight allocation to the communication services sector.

For the fiscal year ended April 30, 2022, the health care sector contributed most significantly to the Fund’s return, followed by the energy and consumer staples sectors, respectively. The communication services sector detracted most significantly from 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, 2022, included ConocoPhillips,

an energy company (portfolio average weight of 1.09%) and Chevron Corp., an energy company (portfolio average weight of 1.03%). Positions that detracted most significantly from the Fund’s return during this period included PayPal Holdings, Inc., an information technology company (portfolio average weight of 0.90%) and Netflix, Inc., a communication services company (portfolio average weight of 0.96%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Information Technology	15.82
Health Care	14.69
Financials	14.32
Consumer Staples	12.09
Industrials	11.62
Consumer Discretionary	11.03
Communication Services	8.10
Utilities	4.16
Materials	3.18
Sector Types Each Less Than 3%	4.93
Money Market Funds Plus Other Assets Less Liabilities	0.06
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Kraft Heinz Co. (The)	1.17
Merck & Co., Inc.	1.16
Philip Morris International, Inc.	1.15
Procter & Gamble Co. (The)	1.15
Mastercard, Inc., Class A	1.14
PepsiCo, Inc.	1.14
Coca-Cola Co. (The)	1.14
Linde PLC	1.14
Target Corp.	1.13
Altria Group, Inc.	1.12
Total	11.44

* 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, 2022

	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		0.72	%		13.25	%		45.24	%		13.07	%		84.82	%		13.76	%		263.07	%		9.96	%		331.93	%
S&P 100® Index		0.26			14.87			51.58			14.37			95.68			13.81			264.65			9.52			306.44
Fund
NAV Return		0.46			12.98			44.23			12.80			82.63			13.43			252.62			9.49			304.62
Market Price Return		0.20			12.91			43.94			12.74			82.12			13.41			251.94			9.47			303.54

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, 2024. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 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 through 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 Russell Top 200^® Equal Weight 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, 2022.

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

9

SPGP	Management’s Discussion of Fund Performance
	Invesco S&P 500 GARP ETF (SPGP)

As an index fund, the Invesco S&P 500 GARP ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® GARP 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 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 (“QV”) composite score for each of the remaining 150 stocks. A stock’s QV 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 QV 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.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 0.94%. On a net asset value (“NAV”) basis, the Fund returned 1.06%. 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 the fees and expenses that the Fund incurred during the period. During this same time period, the S&P 500^® Index returned 0.21%.

For the fiscal year ended April 30, 2022, the health care sector contributed most significantly to the Fund’s return, followed by the industrials and information technology sectors, respectively. The communication services sector detracted most significantly from

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Fortinet, Inc., an information technology company (portfolio average weight of 2.41%) and Vertex Pharmaceuticals, Inc., a health care company (portfolio average weight of 1.80%). Positions that detracted most significantly from the Fund’s return during this period included Meta Platforms, Inc., Class A, an information technology company (portfolio average weight of 1.61%) and D.R. Horton, Inc., a consumer discretionary company (portfolio average weight of 1.39%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Health Care	31.15
Information Technology	18.86
Financials	17.70
Industrials	13.31
Consumer Discretionary	9.78
Communication Services	5.41
Consumer Staples	3.80
Money Market Funds Plus Other Assets Less Liabilities	(0.01)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Vertex Pharmaceuticals, Inc.	3.03
Cigna Corp.	2.30
Fortinet, Inc.	2.02
Progressive Corp. (The)	1.92
Lockheed Martin Corp.	1.82
Activision Blizzard, Inc.	1.73
DaVita, Inc.	1.72
Dollar General Corp.	1.69
Amgen, Inc.	1.69
Northrop Grumman Corp.	1.66
Total	19.58

* Excluding money market fund holdings.

10

Invesco S&P 500 GARP ETF (SPGP) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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® GARP Index		1.40	%		17.43	%		61.94	%		18.93	%		137.92	%		16.32	%		353.42	%		16.32	%		417.55	%
S&P 500® Index		0.21			13.85			47.56			13.66			89.68			13.67			260.05			13.71			304.39
Fund
NAV Return		1.06			17.02			60.25			18.51			133.77			15.88			336.72			15.89			397.02
Market Price Return		0.94			17.04			60.32			18.50			133.69			15.89			336.93			15.90			397.52

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 0.36%. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 500^® GARP Index performance is comprised of the performance of the RAFI^® Fundamental Large Growth Index from Fund inception through May 22, 2015, followed by the performance of the Russell Top 200^® Pure Growth 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, 2022.

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

11

SPVM	Management’s Discussion of Fund Performance
	Invesco S&P 500 Value with Momentum ETF (SPVM)

As an index fund, Invesco S&P 500 Value with Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P 500^® High Momentum 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 (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.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 6.80%. On a net asset value (“NAV”) basis, the Fund returned 6.94%. During the same time period, the Index returned 7.38%. 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 the fees and expenses that the Fund incurred during the period. During this same time period, the S&P 500^® Index returned 0.21%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the materials and financials sectors, respectively. The communication

services sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and utilities sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Mosaic Co. (The), a materials company (portfolio average weight of 1.53%) and Ford Motor Co., a consumer discretionary company (portfolio average weight of 1.54%). Positions that detracted most significantly from the Fund’s return during this period included General Motors Co., a consumer discretionary company (portfolio average weight of 1.41%) and DISH Network Corp., Class A, a communication services company (portfolio average weight of 1.20%)

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials	44.09
Energy	13.35
Consumer Discretionary	9.36
Materials	9.08
Industrials	6.50
Health Care	5.55
Consumer Staples	3.60
Sector Types Each Less Than 3%	8.38
Money Market Funds Plus Other Assets Less Liabilities	0.09
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Marathon Petroleum Corp.	2.72
Mosaic Co. (The)	2.46
Archer-Daniels-Midland Co.	2.16
Prudential Financial, Inc.	2.02
Nucor Corp.	1.81
Valero Energy Corp.	1.80
Allstate Corp. (The)	1.75
Assurant, Inc.	1.74
MetLife, Inc.	1.72
LyondellBasell Industries N.V., Class A	1.70
Total	19.88

* Excluding money market fund holdings.

12

Invesco S&P 500 Value with Momentum ETF (SPVM) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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® High Momentum Value Index		7.38	%		11.33	%		38.00	%		10.46	%		64.43	%		12.65	%		228.96	%		12.13	%		247.21	%
S&P 500® Index		0.21			13.85			47.56			13.66			89.68			13.67			260.05			13.71			304.39
Fund
NAV Return		6.94			10.90			36.38			10.02			61.21			12.22			216.66			11.70			233.02
Market Price Return		6.80			10.86			36.25			9.98			60.92			12.21			216.60			11.70			233.14

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. The adviser has contractually agreed to waive fees and/or pay certain Fund expenses through August 31, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.57% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 500^® High Momentum Value Index performance is comprised of the performance of the RAFI^® Fundamental Large Value Index from Fund inception through May 22, 2015, followed by the performance of the Russell Top 200^® Pure Value 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, 2022.

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

13

XMMO	Management’s Discussion of Fund Performance
	Invesco S&P MidCap Momentum ETF (XMMO)

As an index fund, Invesco S&P MidCap Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400^® Momentum 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 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.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (3.49)%. On a net asset value (“NAV”) basis, the Fund returned (3.50)%. During the same time period, the Index returned (3.19)%. 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 fees and expenses that the Fund incurred during the period. During this same time period, the S&P MidCap 400^® Index returned (7.03)%.

For the fiscal year ended April 30, 2022, the health care sector contributed most significantly to the Fund’s return, followed by the materials and energy sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the consumer staples and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Avis Budget Group, Inc., an industrials company (portfolio average weight 1.17%) and Repligen 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 GameStop Corp., Class A, a consumer discretionary company (no longer held at fiscal year-end) and Boston Beer Co., Inc. (The), Class A, a consumer staples company (no longer held at fiscal year-end).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Real Estate	21.09
Industrials	20.78
Financials	16.36
Materials	11.53
Energy	8.33
Consumer Discretionary	7.08
Information Technology	6.36
Utilities	5.44
Sector Types Each Less Than 3%	2.96
Money Market Funds Plus Other Assets Less Liabilities	0.07
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Targa Resources Corp.	4.95
Alcoa Corp.	3.68
Carlisle Cos., Inc.	3.24
Life Storage, Inc.	3.20
Rexford Industrial Realty, Inc.	3.04
Avis Budget Group, Inc.	2.60
Steel Dynamics, Inc.	2.59
American Financial Group, Inc.	2.58
Jones Lang LaSalle, Inc.	2.44
Builders FirstSource, Inc.	2.32
Total	30.64

* Excluding money market fund holdings.

14

Invesco S&P MidCap Momentum ETF (XMMO) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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		(3.19	)%		12.78	%		43.47	%		19.68	%		145.54	%		14.96	%		303.19	%		11.50	%		547.32	%
S&P MidCap 400® Index		(7.03	)		9.91			32.78			9.29			55.94			11.40			194.47			9.58			380.44
Fund
NAV Return		(3.50	)		12.39			41.95			19.26			141.26			14.54			288.72			10.95			494.65
Market Price Return		(3.49	)		12.38			41.93			19.27			141.33			14.55			289.16			10.94			494.02

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 0.33%. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The

returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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^® 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 Russell Midcap 400^® Pure Growth 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, 2022.

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

15

XMHQ	Management’s Discussion of Fund Performance
	Invesco S&P MidCap Quality ETF (XMHQ)

As an index fund, Invesco S&P MidCap Quality ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400^® 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”) 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.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (9.07)%. On a net asset value (“NAV”) basis, the Fund returned (9.16)%. 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 the fees and expenses that the Fund incurred during the period. During this same time period, the S&P MidCap 400^® Index returned (7.03)%.

For the fiscal year ended April 30, 2022, the health care sector contributed most significantly to the Fund’s return, followed by the energy and real estate sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the industrials and information technology sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Molina Healthcare, Inc., a health care company (no longer held at fiscal year-end) and Signature Bank, a financials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included YETI Holdings, Inc., a consumer discretionary company (portfolio average weight of 1.78%) and Universal Display Corp., an information technology company (portfolio average weight of 1.77%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials	30.46
Consumer Discretionary	22.75
Industrials	14.21
Information Technology	14.01
Materials	9.16
Health Care	4.93
Sector Types Each Less Than 3%	4.41
Money Market Funds Plus Other Assets Less Liabilities	0.07
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Williams-Sonoma, Inc.	3.32
Cognex Corp.	2.87
Manhattan Associates, Inc.	2.70
East West Bancorp, Inc.	2.68
Reliance Steel & Aluminum Co.	2.48
Deckers Outdoor Corp.	2.15
Cullen/Frost Bankers, Inc.	2.15
Louisiana-Pacific Corp.	2.06
American Financial Group, Inc.	1.98
Owens Corning	1.87
Total	24.26

* Excluding money market fund holdings.

16

Invesco S&P MidCap Quality ETF (XMHQ) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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		(8.92	)%		13.13	%		44.80	%		11.62	%		73.30	%		12.00	%		210.69	%		8.54	%		253.78	%
S&P MidCap 400® Index		(7.03	)		9.91			32.78			9.29			55.94			11.40			194.47			9.24			290.58
Fund
NAV Return		(9.16	)		12.85			43.72			11.36			71.27			11.69			202.18			8.10			232.00
Market Price Return		(9.07	)		12.94			44.05			11.40			71.60			11.71			202.52			8.11			232.76

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, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.37% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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^® Quality Index is comprised of the performance of the Dynamic Mid Cap Intellidex^SM Index, the Fund’s underlying index from Fund inception through 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 Russell Midcap 400^® Equal Weight 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, 2022.

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

17

XMVM	Management’s Discussion of Fund Performance
	Invesco S&P MidCap Value with Momentum ETF (XMVM)

As an index fund, Invesco S&P MidCap Value with Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P MidCap 400^® High Momentum 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 (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.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned (2.67)%. On a net asset value (“NAV”) basis, the Fund returned (2.51)%. During the same time period, the Index returned (2.11)%. 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 the fees and expenses that the Fund incurred during the period. During this same time period, the S&P MidCap 400^® Index returned (7.03)%.

For the fiscal year ended April 30, 2022, the materials sector contributed most significantly to the Fund’s return, followed by the consumer staples and health care sectors, respectively. The consumer discretionary sector detracted most significantly from

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, 2022, included Builders FirstSource Inc., an industrials company (portfolio average weight of 1.69%) and United States Steel Corp., an industrials company (portfolio average weight 1.84%). Positions that detracted most significantly from the Fund’s return during this period included Dana Inc., a consumer discretionary company (portfolio average weight of 1.35%) and Adient PLC, a consumer discretionary company (portfolio average weight of 1.35%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials	33.14
Materials	16.92
Consumer Discretionary	15.72
Industrials	14.92
Information Technology	12.00
Sector Types Each Less Than 3%	7.34
Money Market Funds Plus Other Assets Less Liabilities	(0.04	)
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
United States Steel Corp.	3.92
Avnet, Inc.	2.80
Steel Dynamics, Inc.	2.35
Cleveland-Cliffs, Inc.	2.25
Graham Holdings Co., Class B	2.20
Kohl’s Corp.	2.08
Commercial Metals Co.	2.07
Arrow Electronics, Inc.	1.97
Reliance Steel & Aluminum Co.	1.92
Old Republic International Corp.	1.88
Total	23.44

* Excluding money market fund holdings.

18

Invesco S&P MidCap Value with Momentum ETF (XMVM) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

				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 MidCap 400® High Momentum Value Index		(2.11	)%		13.58	%		46.51	%		10.16	%		62.22	%		12.74	%		231.76	%		9.01	%		339.60	%
S&P MidCap 400® Index		(7.03	)		9.91			32.78			9.29			55.94			11.40			194.47			9.58			380.44
Fund
NAV Return		(2.51	)		13.21			45.08			9.77			59.39			12.34			220.17			8.45			302.37
Market Price Return		(2.67	)		13.25			45.25			9.78			59.47			12.36			220.72			8.45			302.11

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, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.46% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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^® 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 through 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 Russell MidCap^® Pure Value 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, 2022.

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

19

XSMO	Management’s Discussion of Fund Performance
	Invesco S&P SmallCap Momentum ETF (XSMO)

As an index fund, Invesco S&P SmallCap Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® Momentum 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 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, subject to security and sector constraints. 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, 2022, on a market price basis, the Fund returned (5.72)%. On a net asset value (“NAV”) basis, the Fund returned (5.78)%. During the same time period, the Index returned (5.39)%. 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 the fees and expenses that the Fund incurred during the period. During this same time period, the S&P SmallCap 600^® Index returned (8.54)%.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the materials and communication services sectors, respectively. The health care sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and financials sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Matador Resources Co., an energy company (no longer held at fiscal year-end) and Range Resources Corp., an energy company (no longer held at fiscal year-end). Positions that detracted most

significantly from the Fund’s return during this period included Apollo Medical Holdings, Inc., a health care company (portfolio average weight of 0.99%) and Joint Corp. (The), a health care company (portfolio average weight 0.36%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials	29.19
Industrials	19.22
Real Estate	12.51
Information Technology	10.70
Energy	9.34
Health Care	4.62
Consumer Staples	4.50
Materials	4.39
Consumer Discretionary	4.00
Sector Types Each Less Than 3%	1.46
Money Market Funds Plus Other Assets Less Liabilities	0.07
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Independence Realty Trust, Inc.	4.02
SM Energy Co.	3.13
Civitas Resources, Inc.	2.91
ServisFirst Bancshares, Inc.	2.85
ExlService Holdings, Inc.	2.43
LXP Industrial Trust	2.03
UFP Industries, Inc.	1.90
Perficient, Inc.	1.84
Signet Jewelers Ltd.	1.74
Assured Guaranty Ltd.	1.74
Total	24.59

* Excluding money market fund holdings.

20

Invesco S&P SmallCap Momentum ETF (XSMO) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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		(5.39	)%		10.16	%		33.69	%		11.98	%		76.10	%		11.59	%		199.30	%		7.93	%		270.50	%
S&P SmallCap 600® Index		(8.54	)		9.15			30.06			8.91			53.22			11.79			204.75			9.22			354.05
Fund
NAV Return		(5.78	)		9.72			32.07			11.74			74.21			11.31			192.09			7.46			243.89
Market Price Return		(5.72	)		9.68			31.95			11.74			74.19			11.32			192.29			7.45			243.09

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, 2024. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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^® Momentum Index is comprised of the performance of the Dynamic Small 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 Small Growth Index for the period June 16, 2011 through May 22, 2015, followed by the performance of the Russell 2000^® Pure Growth 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, 2022.

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

21

XSVM	Management’s Discussion of Fund Performance
	Invesco S&P SmallCap Value with Momentum ETF (XSVM)

As an index fund, Invesco S&P SmallCap Value with Momentum ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the S&P SmallCap 600^® High Momentum 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 (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.

For the fiscal year ended April 30, 2022, on a market price basis, the Fund returned 3.04%. On a net asset value (“NAV”) basis, the Fund returned 3.18%. During the same time period, the Index returned 3.58%. 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 the fees and expenses that the Fund incurred during the period. During this same time period, the S&P SmallCap 600^® Index returned (8.54)%.

For the fiscal year ended April 30, 2022, the industrials sector contributed most significantly to the Fund’s return, followed by the energy and consumer staples sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s

return, followed by the real estate and communication services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Veritiv Corp., an industrials company (portfolio average weight of 1.73%) and GameStop Corp., Class A, a consumer discretionary company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Rayonier Advanced Materials, Inc., a materials company (portfolio average weight of 1.56%) and Realogy Holdings Corp., a real estate company (portfolio average weight of 1.41%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials	34.05
Consumer Discretionary	15.10
Industrials	14.65
Materials	12.11
Energy	5.64
Consumer Staples	5.40
Health Care	3.55
Information Technology	3.43
Communication Services	3.38
Real Estate	2.62
Money Market Funds Plus Other Assets Less Liabilities	0.07
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Olympic Steel, Inc.	3.21
PBF Energy, Inc., Class A	2.63
Andersons, Inc. (The)	2.19
Rayonier Advanced Materials, Inc.	1.80
Titan International, Inc.	1.63
Fresh Del Monte Produce, Inc.	1.62
ODP Corp. (The)	1.58
Mercer International, Inc.	1.57
TimkenSteel Corp.	1.56
SunCoke Energy, Inc.	1.44
Total	19.23

* Excluding money market fund holdings.

22

Invesco S&P SmallCap Value with Momentum ETF (XSVM) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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		3.58	%		20.60	%		75.42	%		13.74	%		90.39	%		14.29	%		280.34	%		9.51	%		375.58	%
S&P SmallCap 600® Index		(8.54	)		9.15			30.06			8.91			53.22			11.79			204.75			9.22			354.05
Fund
NAV Return		3.18			20.15			73.47			13.38			87.32			13.97			269.70			9.00			338.75
Market Price Return		3.04			20.16			73.50			13.38			87.35			13.98			270.05			8.99			338.16

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, 2024. According to the Fund’s current prospectus, the total gross annual operating expense ratio was indicated as 0.41% 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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^® 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 through 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 Russell 2000^® Pure Value 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, 2022.

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

23

CZA	Management’s Discussion of Fund Performance
	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 generally 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, 2022, on a market price basis, the Fund returned 2.12%. On a net asset value (“NAV”) basis, the Fund returned 1.82%. During the same time period, the Index returned 2.59%. 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 the fees and expenses that the Fund incurred during the period.

During this same time period, the Russell Midcap^® Index (the “Benchmark Index”) returned (6.10)%. 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 utilities sector and most underweight in the information

technology sector during the fiscal year ended April 30, 2022. The majority of the Fund’s outperformance relative to the securities Benchmark Index during the period can be attributed to the Fund’s selection in the financials and health care sectors, respectively.

For the fiscal year ended April 30, 2022, the materials sector was the primary sector that contributed to the Fund’s return, followed by financials and utilities sectors, respectively. The greatest detractor from the Fund’s performance was the industrials sector, followed by the information technology sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Mosaic Co. (The), a materials company (no longer held at fiscal year-end) and CF Industries Holdings, Inc., a materials company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return during this period included Skyworks Solutions, Inc., an information technology company (portfolio average weight of 1.39%) and Rocket Cos., Inc., Class A, a financials company (portfolio average weight of 0.55%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Industrials	22.04
Utilities	15.49
Information Technology	14.06
Health Care	11.72
Financials	11.63
Materials	10.11
Real Estate	7.71
Consumer Discretionary	3.16
Sector Types Each Less Than 3%	4.00
Money Market Funds Plus Other Assets Less Liabilities	0.08
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
Royalty Pharma PLC, Class A	2.18
W.W. Grainger, Inc.	2.04
DTE Energy Co.	2.01
Edison International	1.99
Zimmer Biomet Holdings, Inc.	1.98
Church & Dwight Co., Inc.	1.89
Ameren Corp.	1.87
Entergy Corp.	1.85
CDW Corp.	1.82
Martin Marietta Materials, Inc.	1.75
Total	19.38

* Excluding money market fund holdings.

24

Invesco Zacks Mid-Cap ETF (CZA) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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		2.59	%		10.45	%		34.75	%		10.91	%		67.86	%		12.71	%		230.94	%		10.73	%		364.91	%
Russell Midcap® Index		(6.10	)		10.48			34.85			10.66			65.94			11.99			210.32			8.81			257.12
Fund
NAV Return		1.82			9.64			31.80			10.11			61.87			11.92			208.39			9.88			314.21
Market Price Return		2.12			9.70			32.02			10.14			62.10			11.96			209.61			9.90			315.36

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 0.69%. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes 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

CVY	Management’s Discussion of Fund Performance
	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, 2022, on a market price basis, the Fund returned (3.54)%. On a net asset value (“NAV”) basis, the Fund returned (3.30)%. During the same time period, the Index returned (2.61)%. 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 fees and 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 0.21%. 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, 2022. The majority of the Fund’s underperformance relative to the Benchmark Index during the period can be attributed to the Fund’s security selection within the financials sector, along with its underweight allocation to the health care sector.

For the fiscal year ended April 30, 2022, the energy sector contributed most significantly to the Fund’s return, followed by the materials sector. The financials sector detracted most significantly from the Fund’s return, followed by the consumer discretionary sector.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended April 30, 2022, included Alliance Resource Partners L.P., an energy company (portfolio average weight of 0.58%) and EQT Corp., an energy company (portfolio average weight of 0.25%). Positions that detracted most significantly from the Fund’s return during this period included Citigroup, Inc., a financials company (portfolio average weight of 0.84) and Big 5 Sporting Goods Corp., a consumer discretionary company (portfolio average weight of 0.35%).

Sector Breakdown (% of the Fund’s Net Assets) as of April 30, 2022
Financials	35.29
Energy	17.45
Real Estate	10.39
Closed-End Funds	9.88
Consumer Discretionary	8.96
Materials	5.76
Sector Types Each Less Than 3%	12.12
Money Market Funds Plus Other Assets Less Liabilities	0.15
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of April 30, 2022
Security
EQT Corp.	1.91
Black Stone Minerals L.P.	1.51
Gerdau S.A., ADR	1.21
Alliance Resource Partners L.P.	1.20
Suburban Propane Partners L.P.	1.18
Welltower, Inc.	1.18
Dominion Energy, Inc., Series A, Conv. Pfd., 7.25%	1.16
Bristol-Myers Squibb Co.	1.16
NuStar Energy L.P.	1.15
Kimco Realty Corp.	1.14
Total	12.80

* Excluding money market fund holdings.

26

Invesco Zacks Multi-Asset Income ETF (CVY) (continued)

Growth of a $10,000 Investment

Fund Performance History as of April 30, 2022

	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		(2.61	)%		4.62	%		14.50	%		6.04	%		34.10	%		5.59	%		72.28	%		5.22	%		121.36	%
S&P 500® Index		0.21			13.85			47.56			13.66			89.68			13.67			260.05			9.80			330.30
Fund
NAV Return		(3.30	)		4.03			12.58			5.40			30.09			4.92			61.61			4.43			96.70
Market Price Return		(3.54	)		3.94			12.29			5.33			29.67			4.91			61.47			4.42			96.29

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 1.00%, including acquired fund fees and expenses of 0.27%. 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.

Performance results for the indexes stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The 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 and the indexes 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

Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (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 15, 2022, 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 January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus pandemic on the Funds and the overall market. The Report noted that there were no material changes to the Program during 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.

28

Invesco Dynamic Large Cap Growth ETF (PWB)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Communication Services-3.06%
Alphabet, Inc., Class A(b)		8,236	$	18,796,117
Consumer Discretionary-9.23%
Ford Motor Co.		530,943		7,518,153
Lowe’s Cos., Inc.		42,786		8,460,076
Marriott International, Inc., Class A(b)		53,028		9,413,530
O’Reilly Automotive, Inc.(b)		14,063		8,529,913
Tesla, Inc.(b)		26,075		22,705,067
				56,626,739
Consumer Staples-5.04%
Costco Wholesale Corp.		42,663		22,684,770
Estee Lauder Cos., Inc. (The), Class A		31,053		8,199,855
				30,884,625
Energy-7.76%
Chevron Corp.		161,781		25,346,229
Occidental Petroleum Corp.		239,551		13,196,865
Schlumberger N.V		232,104		9,054,377
				47,597,471
Financials-8.44%
American Express Co.		47,688		8,331,570
Apollo Global Management, Inc.		145,247		7,227,491
Blackstone, Inc., Class A		75,487		7,667,215
Charles Schwab Corp. (The)		108,540		7,199,458
Coinbase Global, Inc., Class A(b)(c)		51,932		5,853,256
KKR & Co., Inc., Class A		158,196		8,063,250
MSCI, Inc.		17,619		7,422,004
				51,764,244
Health Care-13.46%
Agilent Technologies, Inc.		70,352		8,390,883
Danaher Corp.		80,458		20,205,417
Eli Lilly and Co.		89,575		26,167,545
IDEXX Laboratories, Inc.(b)		18,779		8,083,984
IQVIA Holdings, Inc.(b)		40,539		8,837,097
Vertex Pharmaceuticals, Inc.(b)		39,890		10,898,746
				82,583,672
Industrials-3.11%
Cintas Corp.		24,803		9,853,240
CSX Corp.		268,112		9,206,966
				19,060,206
Information Technology-48.48%
Accenture PLC, Class A		66,714		20,038,217
Adobe, Inc.(b)		48,851		19,342,553
Advanced Micro Devices, Inc.(b)		185,218		15,839,843
Amphenol Corp., Class A		122,503		8,758,965
Apple, Inc.		130,360		20,551,254
Applied Materials, Inc.		70,480		7,777,468

	Shares		Value
Information Technology-(continued)
Arista Networks, Inc.(b)		75,357	$	8,709,008
Automatic Data Processing, Inc.		45,913		10,017,298
Cadence Design Systems, Inc.(b)		67,892		10,241,508
Fortinet, Inc.(b)		30,869		8,921,450
Intuit, Inc.		18,987		7,950,806
KLA Corp.		25,799		8,236,589
Mastercard, Inc., Class A		58,167		21,136,724
Microchip Technology, Inc.		127,866		8,336,863
Micron Technology, Inc.		101,365		6,912,079
Microsoft Corp.		74,456		20,663,029
NVIDIA Corp.		91,580		16,985,343
NXP Semiconductors N.V. (China)		49,025		8,378,373
Palo Alto Networks, Inc.(b)		19,308		10,837,194
salesforce.com, inc.(b)		109,771		19,313,110
Synopsys, Inc.(b)		31,710		9,094,111
Visa, Inc., Class A(c)		96,781		20,626,935
Workday, Inc., Class A(b)		42,084		8,698,763
				297,367,483
Materials-1.43%
Freeport-McMoRan, Inc.		216,707		8,787,469
Total Common Stocks & Other Equity Interests (Cost $622,479,483)				613,468,026
Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $14,052)		14,052		14,052
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $622,493,535)				613,482,078
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.27%
Invesco Private Government Fund, 0.40%(d)(e)(f)		6,011,107		6,011,107
Invesco Private Prime Fund, 0.35%(d)(e)(f)		14,017,490		14,017,490
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $20,027,762)				20,028,597
TOTAL INVESTMENTS IN SECURITIES-103.28% (Cost $642,521,297)				633,510,675
OTHER ASSETS LESS LIABILITIES-(3.28)%				(20,093,101	)
NET ASSETS-100.00%			$	613,417,574

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

29

Invesco Dynamic Large Cap Growth ETF (PWB)–(continued)

April 30, 2022

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, 2022.

^(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, 2022.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	155,781	$	5,744,696	$	(5,886,425	)	$	-	$	-		$	14,052	$	134
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		5,428,858		138,773,050		(138,190,801	)		-		-			6,011,107		5,574	*
Invesco Private Prime Fund		8,143,287		264,864,055		(258,979,935	)		835		(10,752	)		14,017,490		22,128	*
Total	$	13,727,926	$	409,381,801	$	(403,057,161	)	$	835	$	(10,752	)	$	20,042,649	$	27,836

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

30

Invesco Dynamic Large Cap Value ETF (PWV)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-2.89%
Comcast Corp., Class A		582,545	$	23,161,989
Consumer Discretionary-4.11%
AutoZone, Inc.(b)		6,331		12,380,081
eBay, Inc.		212,844		11,050,860
General Motors Co.(b)		251,001		9,515,448
				32,946,389
Consumer Staples-15.61%
Archer-Daniels-Midland Co.		152,723		13,677,872
PepsiCo, Inc.		162,435		27,891,714
Philip Morris International, Inc.		251,814		25,181,400
Procter & Gamble Co. (The)		173,154		27,799,874
Walmart, Inc.		200,402		30,659,502
				125,210,362
Energy-13.75%
Exxon Mobil Corp.		357,607		30,485,997
Kinder Morgan, Inc.		709,736		12,881,708
Marathon Petroleum Corp.		155,238		13,546,068
Phillips 66		139,598		12,111,522
Pioneer Natural Resources Co.(c)		53,199		12,367,172
Valero Energy Corp.		136,724		15,241,991
Williams Cos., Inc. (The)		396,910		13,610,044
				110,244,502
Financials-25.43%
American International Group, Inc.		190,531		11,147,969
Bank of America Corp.		600,133		21,412,745
Bank of New York Mellon Corp. (The)		210,964		8,873,146
BlackRock, Inc.		15,758		9,843,707
Capital One Financial Corp.		76,741		9,563,463
Chubb Ltd.		57,780		11,928,681
CME Group, Inc., Class A		49,227		10,797,450
Goldman Sachs Group, Inc. (The)		34,089		10,413,849
JPMorgan Chase & Co.		180,024		21,487,665
MetLife, Inc.		170,235		11,181,035
Morgan Stanley		288,585		23,257,065
Prudential Financial, Inc.		104,077		11,293,395
SVB Financial Group(b)		19,329		9,425,594
Travelers Cos., Inc. (The)		68,614		11,737,111
Wells Fargo & Co.		494,681		21,582,932
				203,945,807
Health Care-19.72%
AbbVie, Inc.		187,863		27,593,317
Anthem, Inc.		26,384		13,242,921
Centene Corp.(b)		143,998		11,599,039
Cigna Corp.		51,433		12,692,636
CVS Health Corp.		115,181		11,072,349
HCA Healthcare, Inc.		48,043		10,307,626
Johnson & Johnson		169,682		30,620,814

	Shares		Value
Health Care-(continued)
Pfizer, Inc.		575,276	$	28,228,793
Regeneron Pharmaceuticals, Inc.(b)		19,424		12,802,553
				158,160,048
Industrials-7.31%
Eaton Corp. PLC		77,354		11,217,877
General Dynamics Corp.		54,028		12,779,243
Johnson Controls International PLC		179,972		10,774,924
Lockheed Martin Corp.		30,377		13,126,509
Parker-Hannifin Corp.		39,760		10,767,803
				58,666,356
Information Technology-7.87%
Cisco Systems, Inc.		485,715		23,790,321
HP, Inc.		333,600		12,219,768
Oracle Corp.		368,906		27,077,700
				63,087,789
Materials-1.61%
Dow, Inc.		194,695		12,947,218
Utilities-1.64%
Exelon Corp.		281,852		13,185,037
Total Common Stocks & Other Equity Interests (Cost $768,054,786)				801,555,497
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $91,482)		91,482		91,482
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $768,146,268)				801,646,979
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.57%
Invesco Private Government Fund, 0.40%(d)(e)(f)		3,785,178		3,785,178
Invesco Private Prime Fund, 0.35%(d)(e)(f)		8,832,210		8,832,210
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,616,008)				12,617,388
TOTAL INVESTMENTS IN SECURITIES-101.52% (Cost $780,762,276)				814,264,367
OTHER ASSETS LESS LIABILITIES-(1.52)%				(12,181,229	)
NET ASSETS-100.00%			$	802,083,138

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

31

Invesco Dynamic Large Cap Value ETF (PWV)–(continued)

April 30, 2022

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, 2022.

^(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, 2022.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain		Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	37,536	$	28,001,506	$	(27,947,560	)	$	-	$	-	$	91,482	$	480
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		39,424,403		(35,639,225	)		-		-		3,785,178		3,845	*
Invesco Private Prime Fund		-		91,994,327		(83,166,171	)		1,380		2,674		8,832,210		9,616	*
Total	$	37,536	$	159,420,236	$	(146,752,956	)	$	1,380	$	2,674	$	12,708,870	$	13,941

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e) The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

32

Invesco S&P 100 Equal Weight ETF (EQWL)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.94%
Communication Services-8.10%
Alphabet, Inc., Class A(b)		237	$	540,879
Alphabet, Inc., Class C(b)		223		512,751
AT&T, Inc.		67,759		1,277,935
Charter Communications, Inc., Class A(b)		2,147		919,968
Comcast Corp., Class A		26,677		1,060,678
Meta Platforms, Inc., Class A(b)		6,401		1,283,208
Netflix, Inc.(b)		3,529		671,780
T-Mobile US, Inc.(b)		9,641		1,187,193
Verizon Communications, Inc.		22,642		1,048,325
Walt Disney Co. (The)(b)		9,115		1,017,507
				9,520,224
Consumer Discretionary-11.03%
Amazon.com, Inc.(b)		412		1,024,080
Booking Holdings, Inc.(b)		595		1,315,134
Ford Motor Co.		74,872		1,060,188
General Motors Co.(b)		28,931		1,096,774
Home Depot, Inc. (The)		3,791		1,138,816
Lowe’s Cos., Inc.		5,405		1,068,731
McDonald’s Corp.		5,306		1,322,043
NIKE, Inc., Class B		9,793		1,221,187
Starbucks Corp.		14,517		1,083,549
Target Corp.		5,802		1,326,627
Tesla, Inc.(b)		1,514		1,318,331
				12,975,460
Consumer Staples-12.09%
Altria Group, Inc.		23,792		1,322,122
Coca-Cola Co. (The)		20,734		1,339,624
Colgate-Palmolive Co.		16,280		1,254,374
Costco Wholesale Corp.		2,277		1,210,726
Kraft Heinz Co. (The)		32,145		1,370,341
Mondelez International, Inc., Class A		20,313		1,309,782
PepsiCo, Inc.		7,812		1,341,399
Philip Morris International, Inc.		13,514		1,351,400
Procter & Gamble Co. (The)		8,385		1,346,212
Walgreens Boots Alliance, Inc.		25,316		1,073,398
Walmart, Inc.		8,477		1,296,896
				14,216,274
Energy-2.95%
Chevron Corp.		6,996		1,096,063
ConocoPhillips		12,243		1,169,451
Exxon Mobil Corp.		14,143		1,205,691
				3,471,205
Financials-14.32%
American Express Co.		7,128		1,245,333
American International Group, Inc.		21,126		1,236,082
Bank of America Corp.		29,777		1,062,443
Bank of New York Mellon Corp. (The)		24,019		1,010,239
Berkshire Hathaway, Inc., Class B(b)		3,688		1,190,597
BlackRock, Inc.		1,754		1,095,689
Capital One Financial Corp.		9,232		1,150,492
Charles Schwab Corp. (The)		14,967		992,761
Citigroup, Inc.		22,174		1,069,009
Goldman Sachs Group, Inc. (The)		3,673		1,122,065
JPMorgan Chase & Co.		9,317		1,112,077

	Shares		Value
Financials-(continued)
MetLife, Inc.		18,757	$	1,231,960
Morgan Stanley		14,099		1,136,238
U.S. BanCorp		22,810		1,107,654
Wells Fargo & Co.		24,777		1,081,020
				16,843,659
Health Care-14.69%
Abbott Laboratories		10,533		1,195,495
AbbVie, Inc.		8,079		1,186,644
Amgen, Inc.(c)		5,263		1,227,279
Bristol-Myers Squibb Co.		17,440		1,312,709
CVS Health Corp.		11,555		1,110,782
Danaher Corp.		4,588		1,152,184
Eli Lilly and Co.		4,520		1,320,428
Gilead Sciences, Inc.		20,706		1,228,694
Johnson & Johnson		7,093		1,280,003
Medtronic PLC		11,567		1,207,132
Merck & Co., Inc.		15,346		1,361,037
Pfizer, Inc.		23,890		1,172,282
Thermo Fisher Scientific, Inc.		2,273		1,256,787
UnitedHealth Group, Inc.		2,478		1,260,187
				17,271,643
Industrials-11.62%
3M Co.(c)		8,519		1,228,610
Boeing Co. (The)(b)		6,814		1,014,196
Caterpillar, Inc.		5,590		1,176,919
Emerson Electric Co.		12,914		1,164,585
FedEx Corp.		5,633		1,119,502
General Dynamics Corp.		5,146		1,217,183
General Electric Co.		13,014		970,194
Honeywell International, Inc.		6,590		1,275,231
Lockheed Martin Corp.		2,743		1,185,305
Raytheon Technologies Corp.		12,430		1,179,731
Union Pacific Corp.		4,574		1,071,643
United Parcel Service, Inc., Class B		5,891		1,060,262
				13,663,361
Information Technology-15.82%
Accenture PLC, Class A		3,855		1,157,888
Adobe, Inc.(b)		2,884		1,141,920
Apple, Inc.		7,761		1,223,522
Broadcom, Inc.		2,078		1,152,022
CisCo Systems, Inc.		21,959		1,075,552
Intel Corp.		26,205		1,142,276
International Business Machines Corp.		9,688		1,280,850
Mastercard, Inc., Class A		3,698		1,343,779
Microsoft Corp.		4,288		1,190,006
NVIDIA Corp.		5,413		1,003,949
Oracle Corp.		15,433		1,132,782
PayPal Holdings, Inc.(b)		12,388		1,089,277
QUALCOMM, Inc.		7,883		1,101,176
salesforce.com, inc.(b)		6,068		1,067,604
Texas Instruments, Inc.		7,049		1,200,092
Visa, Inc., Class A(c)		6,105		1,301,159
				18,603,854
Materials-3.18%
Dow, Inc.		19,716		1,311,114

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

33

Invesco S&P 100 Equal Weight ETF (EQWL)–(continued)

April 30, 2022

	Shares		Value
Materials-(continued)
DuPont de Nemours, Inc.		16,568	$	1,092,328
Linde PLC (United Kingdom)		4,290		1,338,309
				3,741,751
Real Estate-1.98%
American Tower Corp.		5,115		1,232,817
Simon Property Group, Inc.		9,235		1,089,730
				2,322,547
Utilities-4.16%
Duke Energy Corp.		11,347		1,249,985
Exelon Corp.		27,529		1,287,807
NextEra Energy, Inc.		15,145		1,075,598
Southern Co. (The)		17,483		1,283,077
				4,896,467
Total Common Stocks & Other Equity Interests (Cost $113,410,706)				117,526,445
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $11,989)		11,989		11,989
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $113,422,695)				117,538,434

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.58%
Invesco Private Government Fund, 0.40%(d)(e)(f)		910,271	$	910,271
Invesco Private Prime Fund, 0.35%(d)(e)(f)		2,122,133		2,122,133
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,032,258)				3,032,404
TOTAL INVESTMENTS IN SECURITIES-102.53% (Cost $116,454,953)				120,570,838
OTHER ASSETS LESS LIABILITIES-(2.53)%				(2,977,933	)
NET ASSETS-100.00%			$	117,592,905

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, 2022.

^(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, 2022.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	120,677	$	3,192,843	$	(3,301,531	)	$	-	$	-		$	11,989	$	70
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		336,810		3,122,049		(2,548,588	)		-		-			910,271		334	*
Invesco Private Prime Fund		505,216		7,106,532		(5,488,909	)		146		(852	)		2,122,133		871	*
Total	$	962,703	$	13,421,424	$	(11,339,028	)	$	146	$	(852	)	$	3,044,393	$	1,275

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e) The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

34

Invesco S&P 500 GARP ETF (SPGP)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.01%
Communication Services-5.41%
Activision Blizzard, Inc.		190,477	$	14,400,061
Alphabet, Inc., Class C(b)		4,987		11,466,759
Fox Corp., Class A		270,446		9,692,785
Meta Platforms, Inc., Class A(b)		47,484		9,519,117
				45,078,722
Consumer Discretionary-9.78%
Best Buy Co., Inc.(c)		98,609		8,867,907
D.R. Horton, Inc.		148,242		10,316,161
Dollar General Corp.		59,401		14,109,520
Lennar Corp., Class A		98,666		7,546,962
Pool Corp.		21,123		8,559,462
PulteGroup, Inc.		237,023		9,898,081
Target Corp.		46,973		10,740,376
Tractor Supply Co.		56,918		11,466,131
				81,504,600
Consumer Staples-3.80%
Campbell Soup Co.		270,710		12,782,926
Estee Lauder Cos., Inc. (The), Class A		27,897		7,366,482
Monster Beverage Corp.(b)		134,870		11,555,662
				31,705,070
Financials-17.70%
Allstate Corp. (The)		97,249		12,305,888
Assurant, Inc.		68,055		12,377,843
Cincinnati Financial Corp.		86,740		10,639,528
Everest Re Group Ltd.		41,872		11,502,657
Franklin Resources, Inc.		383,811		9,437,913
Goldman Sachs Group, Inc. (The)		31,766		9,704,195
MetLife, Inc.		164,426		10,799,500
Moody’s Corp.		26,116		8,265,192
Morgan Stanley		115,673		9,322,087
Progressive Corp. (The)		149,339		16,033,035
Raymond James Financial, Inc.		118,015		11,501,742
S&P Global, Inc.		21,685		8,164,403
SVB Financial Group(b)		22,645		11,042,608
T. Rowe Price Group, Inc.(c)		52,648		6,477,810
				147,574,401
Health Care-31.15%
Amgen, Inc.		60,351		14,073,250
Anthem, Inc.		26,336		13,218,828
Biogen, Inc.(b)		51,394		10,661,171
Bio-Rad Laboratories, Inc., Class A(b)		16,223		8,307,149
Cardinal Health, Inc.(c)		220,183		12,781,623
Cigna Corp.		77,858		19,213,797
Cooper Cos., Inc. (The)		29,016		10,475,937
DaVita, Inc.(b)		132,457		14,354,365
Humana, Inc.		28,959		12,874,013
IDEXX Laboratories, Inc.(b)		19,247		8,285,448
Johnson & Johnson		70,865		12,788,298
Laboratory Corp. of America Holdings(b)		37,817		9,086,669
Merck & Co., Inc.		152,923		13,562,741
PerkinElmer, Inc.		74,747		10,958,658
Quest Diagnostics, Inc.		65,321		8,742,563
Regeneron Pharmaceuticals, Inc.(b)		18,562		12,234,400
Thermo Fisher Scientific, Inc.		21,189		11,715,822

	Shares		Value
Health Care-(continued)
UnitedHealth Group, Inc.		21,446	$	10,906,363
Vertex Pharmaceuticals, Inc.(b)		92,317		25,222,851
Waters Corp.(b)		40,208		12,183,828
Zoetis, Inc.		45,480		8,061,330
				259,709,104
Industrials-13.31%
Copart, Inc.(b)		82,232		9,345,667
Deere & Co.		28,044		10,588,012
Expeditors International of Washington, Inc.		97,832		9,692,216
Fastenal Co.		158,819		8,784,279
Huntington Ingalls Industries, Inc.		61,137		13,006,286
J.B. Hunt Transport Services, Inc.		51,785		8,847,467
Leidos Holdings, Inc.		113,946		11,794,551
Lockheed Martin Corp.		35,118		15,175,190
Northrop Grumman Corp.		31,508		13,844,615
United Rentals, Inc.(b)		31,306		9,908,975
				110,987,258
Information Technology-18.86%
Adobe, Inc.(b)		24,511		9,705,130
Apple, Inc.		77,918		12,283,773
Applied Materials, Inc.		82,493		9,103,103
Arista Networks, Inc.(b)		83,520		9,652,406
CDW Corp.		54,349		8,868,670
Cisco Systems, Inc.		214,543		10,508,316
Fortinet, Inc.(b)		58,350		16,863,733
Intel Corp.		227,201		9,903,692
KLA Corp.		35,869		11,451,537
Lam Research Corp.		17,395		8,101,895
Mastercard, Inc., Class A		30,193		10,971,532
Microsoft Corp.		42,053		11,670,549
NetApp, Inc.		130,841		9,584,103
Skyworks Solutions, Inc.		73,977		8,381,594
Teradyne, Inc.(c)		96,821		10,210,743
				157,260,776
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $876,610,199)				833,819,931
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.44%
Invesco Private Government Fund, 0.40%(d)(e)(f)		8,620,026		8,620,026
Invesco Private Prime Fund, 0.35%(d)(e)(f)		20,110,514		20,110,514
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $28,729,798)				28,730,540
TOTAL INVESTMENTS IN SECURITIES-103.45% (Cost $905,339,997)				862,550,471
OTHER ASSETS LESS LIABILITIES-(3.45)%				(28,800,080	)
NET ASSETS-100.00%			$	833,750,391

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

35

Invesco S&P 500 GARP ETF (SPGP)–(continued)

April 30, 2022

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, 2022.

^(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, 2022.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	175,539	$	5,813,131	$	(5,988,670	)	$	-	$	-		$	-	$	157
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		97,090,676		(88,470,650	)		-		-			8,620,026		4,419	*
Invesco Private Prime Fund		-		217,947,908		(197,831,973	)		742		(6,163	)		20,110,514		15,142	*
Total	$	175,539	$	320,851,715	$	(292,291,293	)	$	742	$	(6,163	)	$	28,730,540	$	19,718

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e) The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

36

Invesco S&P 500 Value with Momentum ETF (SPVM)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-2.67%
DISH Network Corp., Class A(b)		27,914	$	795,828
Interpublic Group of Cos., Inc. (The)		9,625		313,968
News Corp., Class A		21,728		431,518
				1,541,314
Consumer Discretionary-9.36%
Advance Auto Parts, Inc.		1,397		278,883
Bath & Body Works, Inc.		4,274		226,052
CarMax, Inc.(b)		2,928		251,164
eBay, Inc.		7,937		412,089
Ford Motor Co.		31,513		446,224
General Motors Co.(b)		14,487		549,202
Genuine Parts Co.		2,719		353,606
Lennar Corp., Class A		6,185		473,091
LKQ Corp.		7,489		371,679
Mohawk Industries, Inc.(b)		3,971		560,149
Newell Brands, Inc.		24,420		565,323
Ralph Lauren Corp.		2,914		304,047
Tapestry, Inc.		8,893		292,758
Target Corp.		1,368		312,793
				5,397,060
Consumer Staples-3.60%
Archer-Daniels-Midland Co.		13,916		1,246,317
Tyson Foods, Inc., Class A		8,902		829,310
				2,075,627
Energy-13.35%
Baker Hughes Co., Class A		20,209		626,883
Chevron Corp.		3,937		616,810
ConocoPhillips		5,169		493,743
Diamondback Energy, Inc.		2,871		362,406
EOG Resources, Inc.		4,042		471,944
Exxon Mobil Corp.		5,729		488,397
Kinder Morgan, Inc.		32,811		595,520
Marathon Oil Corp.		23,949		596,809
Marathon Petroleum Corp.		17,955		1,566,753
Pioneer Natural Resources Co.		1,897		440,996
Schlumberger N.V.		10,431		406,913
Valero Energy Corp.		9,301		1,036,876
				7,704,050
Financials-44.09%
Aflac, Inc.		13,428		769,156
Allstate Corp. (The)		7,999		1,012,194
American International Group, Inc.		16,311		954,357
Assurant, Inc.		5,525		1,004,887
Bank of America Corp.		10,941		390,375
Bank of New York Mellon Corp. (The)		10,043		422,409
Berkshire Hathaway, Inc., Class B(b)		2,500		807,075
Capital One Financial Corp.		5,749		716,440
Chubb Ltd.		3,505		723,607
Cincinnati Financial Corp.		5,835		715,721
Citigroup, Inc.		14,236		686,318
Citizens Financial Group, Inc.		14,888		586,587
Comerica, Inc.		6,559		537,182
Discover Financial Services		5,293		595,251
Everest Re Group Ltd.		3,126		858,743

	Shares		Value
Financials-(continued)
Fifth Third BanCorp.		11,997	$	450,247
Franklin Resources, Inc.		18,941		465,759
Goldman Sachs Group, Inc. (The)		1,897		579,515
Hartford Financial Services Group, Inc. (The)		10,324		721,957
Invesco Ltd.(c)		33,668		618,818
JPMorgan Chase & Co.		3,121		372,523
KeyCorp		27,539		531,778
Lincoln National Corp.		13,941		838,551
Loews Corp.		15,481		972,826
MetLife, Inc.		15,103		991,965
Morgan Stanley		4,775		384,817
Northern Trust Corp.		2,929		301,833
PNC Financial Services Group, Inc. (The)		1,944		322,898
Principal Financial Group, Inc.		9,906		674,995
Prudential Financial, Inc.		10,755		1,167,025
Raymond James Financial, Inc.		3,734		363,916
Regions Financial Corp.		28,780		596,322
State Street Corp.		5,978		400,347
Synchrony Financial		14,040		516,812
Travelers Cos., Inc. (The)		4,735		809,969
Truist Financial Corp.		8,794		425,190
U.S. Bancorp		8,663		420,675
W.R. Berkley Corp.		9,175		610,046
Wells Fargo & Co.		12,762		556,806
Zions Bancorporation N.A.		9,808		554,250
				25,430,142
Health Care-5.55%
Anthem, Inc.		1,284		644,478
Bio-Rad Laboratories, Inc., Class A(b)		879		450,101
Cooper Cos., Inc. (The)		1,340		483,793
CVS Health Corp.		9,298		893,817
HCA Healthcare, Inc.		1,485		318,607
Laboratory Corp. of America Holdings(b)		1,702		408,956
				3,199,752
Industrials-6.50%
Expeditors International of Washington, Inc.		2,576		255,204
General Dynamics Corp.		2,007		474,716
Jacobs Engineering Group, Inc.		2,247		311,322
L3Harris Technologies, Inc.		1,568		364,184
Nielsen Holdings PLC		30,953		829,850
Quanta Services, Inc.		2,845		329,963
Raytheon Technologies Corp.		4,417		419,217
Snap-on, Inc.		1,800		382,482
Textron, Inc.		5,513		381,775
				3,748,713
Information Technology-2.81%
Arista Networks, Inc.(b)		3,177		367,165
Hewlett Packard Enterprise Co.		49,909		769,098
HP, Inc.		13,195		483,333
				1,619,596
Materials-9.08%
Celanese Corp.		3,549		521,490
Corteva, Inc.		10,181		587,342
Eastman Chemical Co.		3,268		335,526
Freeport-McMoRan, Inc.		8,681		352,014

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

37

Invesco S&P 500 Value with Momentum ETF (SPVM)–(continued)

April 30, 2022

	Shares		Value
Materials-(continued)
LyondellBasell Industries N.V., Class A		9,237	$	979,399
Mosaic Co. (The)		22,728		1,418,682
Nucor Corp.		6,742		1,043,527
				5,237,980
Real Estate-2.21%
CBRE Group, Inc., Class A(b)		3,495		290,225
Kimco Realty Corp.		21,615		547,508
Weyerhaeuser Co.		10,648		438,910
				1,276,643
Utilities-0.69%
Exelon Corp.		8,495		397,396
Total Common Stocks & Other Equity Interests (Cost $56,908,722)				57,628,273

	Shares		Value
Money Market Funds-0.14%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(c)(d) (Cost $79,573)		79,573	$	79,573
TOTAL INVESTMENTS IN SECURITIES-100.05% (Cost $56,988,295)				57,707,846
OTHER ASSETS LESS LIABILITIES-(0.05)%				(27,026	)
NET ASSETS-100.00%			$	57,680,820

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, 2022.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Invesco Ltd.	$	-	$	985,981	$	(156,185	)	$	(197,725	)	$	(13,253	)	$	618,818	$	10,082
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		105,738		1,187,027		(1,213,192	)		-			-			79,573		51
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		898,575		(898,575	)		-			-			-		1	*
Invesco Private Prime Fund		352,406		1,443,058		(1,795,462	)		-			(2	)		-		20	*
Total	$	458,144	$	4,514,641	$	(4,063,414	)	$	(197,725	)	$	(13,255	)	$	698,391	$	10,154

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d) The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

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

38

Invesco S&P MidCap Momentum ETF (XMMO)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Consumer Discretionary-7.08%
AutoNation, Inc.(b)(c)		49,444	$	5,731,054
Choice Hotels International, Inc.		50,240		7,056,710
Dick’s Sporting Goods, Inc.(c)		102,093		9,843,807
Goodyear Tire & Rubber Co. (The)(b)(c)		481,710		6,416,377
H&R Block, Inc.(c)		213,232		5,558,958
Murphy USA, Inc.		41,936		9,796,250
Tempur Sealy International, Inc.		243,049		6,589,058
Wyndham Hotels & Resorts, Inc.		140,084		12,321,789
				63,314,003
Consumer Staples-1.80%
Flowers Foods, Inc.		274,413		7,277,433
Ingredion, Inc.		82,215		6,997,318
Pilgrim’s Pride Corp.(b)		63,799		1,808,702
				16,083,453
Energy-8.33%
Murphy Oil Corp.(c)		322,130		12,266,710
PDC Energy, Inc.		256,847		17,912,510
Targa Resources Corp.		603,646		44,313,653
				74,492,873
Financials-16.36%
American Financial Group, Inc.		166,537		23,062,044
Brighthouse Financial, Inc.(b)		103,391		5,310,162
Cullen/Frost Bankers, Inc.		99,790		13,201,219
East West Bancorp, Inc.		188,771		13,459,372
First American Financial Corp.		199,076		11,608,122
Fulton Financial Corp.		201,523		3,057,104
Hancock Whitney Corp.		123,421		5,772,400
Jefferies Financial Group, Inc.		330,600		10,169,256
Navient Corp.		222,291		3,532,204
Old Republic International Corp.		579,778		12,760,914
PacWest BanCorp.		172,098		5,660,303
Pinnacle Financial Partners, Inc.		91,654		7,107,768
Stifel Financial Corp.		142,101		8,788,947
Synovus Financial Corp.		158,598		6,588,161
UMB Financial Corp.		53,873		4,858,267
Washington Federal, Inc.		87,735		2,669,776
Wintrust Financial Corp.		100,595		8,783,955
				146,389,974
Health Care-1.16%
Tenet Healthcare Corp.(b)		142,874		10,359,794
Industrials-20.78%
Acuity Brands, Inc.		53,629		9,249,930
AECOM		184,710		13,033,138
ASGN, Inc.(b)		63,235		7,174,011
Avis Budget Group, Inc.(b)(c)		86,951		23,274,174
Builders FirstSource, Inc.(b)		337,387		20,772,918
Carlisle Cos., Inc.		111,820		29,001,635
Crane Co.		63,346		6,095,786
EMCOR Group, Inc.		63,999		6,814,613
FTI Consulting, Inc.(b)(c)		51,192		8,073,490
Insperity, Inc.		45,072		4,779,886
KBR, Inc.(c)		225,834		11,117,808
Knight-Swift Transportation Holdings, Inc.		252,819		12,107,502
Middleby Corp. (The)(b)(c)		70,019		10,775,224

	Shares		Value
Industrials-(continued)
nVent Electric PLC		295,184	$	9,971,315
Saia, Inc.(b)		34,969		7,202,215
Univar Solutions, Inc.(b)		219,678		6,397,023
				185,840,668
Information Technology-6.36%
Arrow Electronics, Inc.(b)		72,502		8,545,086
Concentrix Corp.		97,451		15,346,583
Genpact Ltd.		225,919		9,097,758
Jabil, Inc.		211,047		12,183,743
Synaptics, Inc.(b)		79,008		11,727,948
				56,901,118
Materials-11.53%
Alcoa Corp.		485,404		32,910,391
Commercial Metals Co.(c)		198,011		8,118,451
Eagle Materials, Inc.		40,737		5,023,687
Louisiana-Pacific Corp.		141,711		9,143,194
Olin Corp.		295,473		16,960,150
Steel Dynamics, Inc.		270,561		23,200,606
Valvoline, Inc.		257,615		7,787,701
				103,144,180
Real Estate-21.09%
American Campus Communities, Inc.		181,534		11,739,804
Apartment Income REIT Corp.		253,568		12,467,939
Brixmor Property Group, Inc.		510,100		12,946,338
EastGroup Properties, Inc.		86,196		16,161,750
First Industrial Realty Trust, Inc.		327,060		18,969,480
Jones Lang LaSalle, Inc.(b)		99,890		21,848,940
Lamar Advertising Co., Class A		130,132		14,367,874
Life Storage, Inc.		216,284		28,655,467
National Storage Affiliates Trust		215,967		12,223,732
PS Business Parks, Inc.		26,690		4,996,368
Rexford Industrial Realty, Inc.		348,753		27,216,684
Spirit Realty Capital, Inc.		161,938		7,036,206
				188,630,582
Utilities-5.44%
Hawaiian Electric Industries, Inc.		154,321		6,344,136
IDACORP, Inc.		68,923		7,249,321
National Fuel Gas Co.		200,391		14,053,421
OGE Energy Corp.(c)		296,829		11,481,346
UGI Corp.		277,360		9,513,448
				48,641,672
Total Common Stocks & Other Equity Interests (Cost $901,707,145)				893,798,317
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $531,940)		531,940		531,940
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $902,239,085)				894,330,257

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

39

Invesco S&P MidCap Momentum ETF (XMMO)–(continued)

April 30, 2022

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-7.32%
Invesco Private Government Fund, 0.40%(d)(e)(f)		19,658,589	$	19,658,589
Invesco Private Prime Fund, 0.35%(d)(e)(f)		45,795,787		45,795,787
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $65,452,337)				65,454,376
TOTAL INVESTMENTS IN SECURITIES-107.31% (Cost $967,691,422)				959,784,633
OTHER ASSETS LESS LIABILITIES-(7.31)%				(65,374,477	)
NET ASSETS-100.00%			$	894,410,156

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, 2022.

^(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, 2022.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	335,811	$	23,331,187	$	(23,135,058	)	$	-	$	-		$	531,940	$	435
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		47,117,059		309,698,100		(337,156,570	)		-		-			19,658,589		18,487	*
Invesco Private Prime Fund		70,675,590		640,135,961		(664,978,526	)		2,038		(39,276	)		45,795,787		103,864	*
Total	$	118,128,460	$	973,165,248	$	(1,025,270,154	)	$	2,038	$	(39,276	)	$	65,986,316	$	122,786

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e) The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

40

Invesco S&P MidCap Quality ETF (XMHQ)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-1.17%
World Wrestling Entertainment, Inc., Class A		31,183	$	1,820,775
Yelp, Inc.(b)		62,553		2,034,849
				3,855,624
Consumer Discretionary-22.75%
American Eagle Outfitters, Inc.(c)		95,634		1,445,030
AutoNation, Inc.(b)(c)		32,851		3,807,759
Brunswick Corp.(c)		50,928		3,850,666
Carter’s, Inc.(c)		33,842		2,850,850
Columbia Sportswear Co.		22,560		1,853,530
Crocs, Inc.(b)		46,215		3,070,062
Deckers Outdoor Corp.(b)		26,744		7,107,218
Dick’s Sporting Goods, Inc.(c)		58,029		5,595,156
Foot Locker, Inc.		68,940		2,020,631
GameStop Corp., Class A(b)(c)		47,526		5,944,077
Gentex Corp.(c)		168,655		4,950,024
Mattel, Inc.(b)(c)		241,818		5,878,596
Polaris, Inc.(c)		53,424		5,072,075
Tri Pointe Homes, Inc.(b)		65,327		1,350,309
Victoria’s Secret & Co.(b)(c)		83,159		3,918,452
Williams-Sonoma, Inc.(c)		83,926		10,950,665
YETI Holdings, Inc.(b)(c)		109,681		5,360,110
				75,025,210
Consumer Staples-0.41%
Nu Skin Enterprises, Inc., Class A		31,955		1,362,561
Energy-1.39%
NOV, Inc.(c)		252,419		4,576,357
Financials-30.46%
American Financial Group, Inc.		47,094		6,521,577
Associated Banc-Corp.		110,735		2,209,163
Bank OZK		77,498		2,977,473
Cadence Bank(c)		130,398		3,265,166
Cathay General BanCorp.		79,092		3,170,798
Commerce Bancshares, Inc.(c)		78,282		5,352,140
Cullen/Frost Bankers, Inc.		53,536		7,082,278
East West Bancorp, Inc.		124,108		8,848,900
F.N.B. Corp.		229,474		2,643,541
Federated Hermes, Inc., Class B		56,969		1,622,477
Hancock Whitney Corp.		56,069		2,622,347
Home BancShares, Inc.		121,771		2,632,689
International Bancshares Corp.		52,229		2,078,192
Janus Henderson Group PLC(c)		141,788		4,321,698
Old Republic International Corp.		176,849		3,892,447
PacWest BanCorp.		121,922		4,010,015
Pinnacle Financial Partners, Inc.		59,058		4,579,948
Prosperity Bancshares, Inc.(c)		77,068		5,038,706
SEI Investments Co.(c)		69,825		3,890,649
Stifel Financial Corp.		74,686		4,619,329
Synovus Financial Corp.(c)		145,858		6,058,941
Umpqua Holdings Corp.		226,695		3,749,535
United Bankshares, Inc.(c)		112,671		3,747,438
Washington Federal, Inc.		60,524		1,841,745
Webster Financial Corp.		73,554		3,676,965
				100,454,157

	Shares		Value
Health Care-4.93%
Chemed Corp.		12,160	$	5,975,302
Halozyme Therapeutics, Inc.(b)(c)		116,153		4,634,505
LHC Group, Inc.(b)(c)		20,040		3,323,634
Medpace Holdings, Inc.(b)		17,529		2,341,349
				16,274,790
Industrials-14.21%
AGCO Corp.		39,778		5,067,717
EMCOR Group, Inc.		42,322		4,506,447
ITT, Inc.		52,643		3,696,591
Landstar System, Inc.		26,091		4,041,496
Lincoln Electric Holdings, Inc.		41,677		5,615,142
ManpowerGroup, Inc.		40,522		3,655,084
MasTec, Inc.(b)		34,755		2,502,708
Oshkosh Corp.		44,781		4,139,556
Owens Corning		67,907		6,174,784
Watsco, Inc.(c)		22,386		5,972,137
Werner Enterprises, Inc.(c)		38,150		1,511,884
				46,883,546
Information Technology-14.01%
Arrow Electronics, Inc.(b)		44,899		5,291,796
CDK Global, Inc.		100,083		5,445,516
Cognex Corp.(c)		139,749		9,451,225
CommVault Systems, Inc.(b)		45,299		2,763,239
Manhattan Associates, Inc.(b)		68,196		8,902,988
Silicon Laboratories, Inc.(b)(c)		33,567		4,528,524
SunPower Corp.(b)(c)		88,167		1,455,637
Universal Display Corp.		42,845		5,472,592
Vontier Corp.		112,751		2,888,680
				46,200,197
Materials-9.16%
Eagle Materials, Inc.		29,321		3,615,866
Louisiana-Pacific Corp.		105,178		6,786,084
Olin Corp.		95,857		5,502,192
Reliance Steel & Aluminum Co.		41,209		8,169,684
United States Steel Corp.		201,930		6,156,846
				30,230,672
Real Estate-1.44%
PotlatchDeltic Corp.		43,086		2,386,534
PS Business Parks, Inc.		12,597		2,358,158
				4,744,692
Total Common Stocks & Other Equity Interests (Cost $356,005,469)				329,607,806
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $250,806)		250,806		250,806
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $356,256,275)				329,858,612

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

41

Invesco S&P MidCap Quality ETF (XMHQ)–(continued)

April 30, 2022

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-22.44%
Invesco Private Government Fund, 0.40%(d)(e)(f)		23,130,522	$	23,130,522
Invesco Private Prime Fund, 0.35%(d)(e)(f)		50,865,558		50,865,558
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $73,992,819)				73,996,080
TOTAL INVESTMENTS IN SECURITIES-122.45% (Cost $430,249,094)				403,854,692
OTHER ASSETS LESS LIABILITIES-(22.45)%				(74,030,941	)
NET ASSETS-100.00%			$	329,823,751

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, 2022.

^(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, 2022.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	219,555	$	15,966,744	$	(15,935,493	)	$	-	$	-		$	250,806	$	206
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		2,641,804		120,878,475		(100,389,757	)		-		-			23,130,522		9,519	*
Invesco Private Prime Fund		4,359,623		232,385,359		(185,874,018	)		3,261		(8,667	)		50,865,558		27,969	*
Total	$	7,220,982	$	369,230,578	$	(302,199,268	)	$	3,261	$	(8,667	)	$	74,246,886	$	37,694

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e) The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

42

Invesco S&P MidCap Value with Momentum ETF (XMVM)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-100.04%
Communication Services-1.44%
TEGNA, Inc.		167,668	$	3,697,079
Consumer Discretionary-15.72%
Adient PLC(b)		138,837		4,739,895
American Eagle Outfitters, Inc.(c)		79,508		1,201,366
AutoNation, Inc.(b)(c)		35,918		4,163,256
Callaway Golf Co.(b)(c)		107,378		2,355,873
Dana, Inc.		203,007		3,006,534
Dick’s Sporting Goods, Inc.(c)		26,393		2,544,813
Goodyear Tire & Rubber Co. (The)(b)(c)		230,313		3,067,769
Graham Holdings Co., Class B		9,533		5,647,063
Kohl’s Corp.		92,574		5,358,183
Lear Corp.		18,162		2,323,646
Mattel, Inc.(b)(c)		101,407		2,465,204
Nordstrom, Inc.(c)		137,717		3,539,327
				40,412,929
Consumer Staples-1.87%
BJ’s Wholesale Club Holdings, Inc.(b)		33,297		2,142,662
Pilgrim’s Pride Corp.(b)		94,502		2,679,132
				4,821,794
Energy-0.81%
Antero Midstream Corp.(c)		202,225		2,076,851
Financials-33.14%
American Financial Group, Inc.		28,939		4,007,473
Associated Banc-Corp.		175,663		3,504,477
Bank OZK		63,997		2,458,765
Cathay General BanCorp.		63,973		2,564,678
East West Bancorp, Inc.		25,886		1,845,672
Evercore, Inc., Class A		16,097		1,702,258
First American Financial Corp.(c)		55,497		3,236,030
First Horizon Corp.		209,901		4,697,584
FirstCash Holdings, Inc.(c)		33,060		2,637,527
Hancock Whitney Corp.		66,265		3,099,214
Home BancShares, Inc.		105,088		2,272,003
Janus Henderson Group PLC(c)		65,476		1,995,708
Jefferies Financial Group, Inc.		133,718		4,113,166
Mercury General Corp.		87,111		4,393,008
MGIC Investment Corp.		271,642		3,547,644
Navient Corp.		230,329		3,659,928
New York Community Bancorp, Inc.(c)		321,145		2,967,380
Old Republic International Corp.		219,097		4,822,325
PacWest Bancorp		68,007		2,236,750
Pinnacle Financial Partners, Inc.		24,380		1,890,669
Selective Insurance Group, Inc.		37,271		3,069,639
SLM Corp.(c)		181,276		3,032,747
Stifel Financial Corp.		37,342		2,309,603
Synovus Financial Corp.(c)		61,954		2,573,569
UMB Financial Corp.		24,706		2,227,987
Valley National BanCorp.		208,482		2,497,614
Washington Federal, Inc.		86,542		2,633,473
Webster Financial Corp.		44,881		2,243,601
Wintrust Financial Corp.		33,712		2,943,732
				85,184,224

	Shares		Value
Health Care-2.39%
Envista Holdings Corp.(b)(c)		55,533	$	2,200,218
Tenet Healthcare Corp.(b)		54,314		3,938,308
				6,138,526
Industrials-14.92%
AGCO Corp.		25,433		3,240,164
Builders FirstSource, Inc.(b)		44,789		2,757,659
CACI International, Inc., Class A(b)		9,732		2,581,900
EMCOR Group, Inc.		20,812		2,216,062
Knight-Swift Transportation Holdings, Inc.		44,347		2,123,778
ManpowerGroup, Inc.		50,137		4,522,357
MasTec, Inc.(b)		24,981		1,798,882
MDU Resources Group, Inc.		106,925		2,754,388
Oshkosh Corp.		23,082		2,133,700
Owens Corning		33,332		3,030,879
Ryder System, Inc.(c)		50,702		3,544,070
Terex Corp.		55,606		1,890,604
Univar Solutions, Inc.(b)		130,746		3,807,323
XPO Logistics, Inc.(b)		36,246		1,949,672
				38,351,438
Information Technology-12.00%
Amkor Technology, Inc.(c)		136,433		2,566,305
Arrow Electronics, Inc.(b)		42,966		5,063,973
Avnet, Inc.		164,640		7,188,182
Bread Financial Holdings, Inc.		66,971		3,670,011
Jabil, Inc.		68,290		3,942,382
Silicon Laboratories, Inc.(b)		15,126		2,040,648
TD SYNNEX Corp.		43,958		4,399,756
ViaSat, Inc.(b)(c)		53,837		1,981,740
				30,852,997
Materials-16.92%
Avient Corp.		38,531		1,897,266
Cleveland-Cliffs, Inc.(b)		227,127		5,789,467
Commercial Metals Co.(c)		129,805		5,322,005
Greif, Inc., Class A		63,169		3,833,095
Louisiana-Pacific Corp.		45,730		2,950,500
Olin Corp.		46,069		2,644,361
Reliance Steel & Aluminum Co.		24,874		4,931,270
Steel Dynamics, Inc.		70,530		6,047,947
United States Steel Corp.		330,485		10,076,488
				43,492,399
Real Estate-0.83%
Jones Lang LaSalle, Inc.(b)		9,748		2,132,180
Total Common Stocks & Other Equity Interests (Cost $268,568,826)				257,160,417
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $17,751)		17,751		17,751
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $268,586,577)				257,178,168

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

43

Invesco S&P MidCap Value with Momentum ETF (XMVM)–(continued)

April 30, 2022

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-14.95%
Invesco Private Government Fund, 0.40%(d)(e)(f)		13,433,427	$	13,433,427
Invesco Private Prime Fund, 0.35%(d)(e)(f)		25,011,750		25,011,750
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $38,444,908)				38,445,177
TOTAL INVESTMENTS IN SECURITIES-115.00% (Cost $307,031,485)				295,623,345
OTHER ASSETS LESS LIABILITIES-(15.00)%				(38,553,471	)
NET ASSETS-100.00%			$	257,069,874

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, 2022.

^(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, 2022.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	133,443	$	4,366,617	$	(4,482,309	)	$	-	$	-		$	17,751	$	107
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		1,914,868		95,690,592		(84,172,033	)		-		-			13,433,427		6,366	*
Invesco Private Prime Fund		2,872,302		171,463,490		(149,321,813	)		269		(2,498	)		25,011,750		18,769	*
Total	$	4,920,613	$	271,520,699	$	(237,976,155	)	$	269	$	(2,498	)	$	38,462,928	$	25,242

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e) The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

44

Invesco S&P SmallCap Momentum ETF (XSMO)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-0.54%
Scholastic Corp.		21,277	$	784,057
Consumer Discretionary-4.00%
Abercrombie & Fitch Co., Class A(b)		27,445		949,048
Boot Barn Holdings, Inc.(b)		13,822		1,244,809
Chico’s FAS, Inc.(b)		62,926		333,508
Genesco, Inc.(b)(c)		6,414		397,860
Movado Group, Inc.(c)		10,017		360,312
Signet Jewelers Ltd.		36,190		2,540,538
				5,826,075
Consumer Staples-4.50%
Andersons, Inc. (The)		20,353		1,022,331
Coca-Cola Consolidated, Inc.		4,918		2,171,297
Hostess Brands, Inc.(b)(c)		76,845		1,743,613
Inter Parfums, Inc.		12,037		983,784
SpartanNash Co.		18,605		637,780
				6,558,805
Energy-9.34%
Callon Petroleum Co.(b)(c)		44,981		2,306,176
Civitas Resources, Inc.(c)		72,198		4,232,247
CONSOL Energy, Inc.(b)(c)		24,496		1,164,785
Laredo Petroleum, Inc.(b)(c)		10,364		738,020
Ranger Oil Corp.(b)(c)		18,526		590,053
SM Energy Co.		128,519		4,566,280
				13,597,561
Financials-29.19%
American Equity Investment Life Holding Co.		41,277		1,556,968
Apollo Commercial Real Estate Finance, Inc.		65,703		791,064
Assured Guaranty Ltd.		45,827		2,527,359
B. Riley Financial, Inc.(c)		7,115		321,313
Bancorp, Inc. (The)(b)		32,975		748,203
Banner Corp.		18,240		979,488
Berkshire Hills Bancorp, Inc.		38,141		943,608
Brookline Bancorp, Inc.		42,785		618,671
Central Pacific Financial Corp.		17,395		420,611
Customers Bancorp, Inc.(b)(c)		31,944		1,343,884
Dime Community Bancshares, Inc.(c)		18,875		593,430
Donnelley Financial Solutions, Inc.(b)(c)		22,265		651,697
Eagle Bancorp, Inc.		18,096		911,134
Ellington Financial, Inc.		30,071		486,850
Employers Holdings, Inc.		13,406		527,392
Encore Capital Group, Inc.(b)(c)		26,163		1,512,483
Enova International, Inc.(b)		22,191		829,943
First BanCorp.		132,824		1,807,735
First Commonwealth Financial Corp.		53,999		727,907
First Financial Bancorp(c)		47,676		974,974
Granite Point Mortgage Trust, Inc.		28,466		276,974
Hanmi Financial Corp.		28,259		654,196
HomeStreet, Inc.(c)		10,133		411,299
Hope Bancorp, Inc.		73,113		1,045,516
KKR Real Estate Finance Trust, Inc.(c)		27,318		519,042
Lakeland Financial Corp.		12,837		934,790
Meta Financial Group, Inc.		17,425		760,601
Mr. Cooper Group, Inc.(b)		45,319		2,037,995
National Bank Holdings Corp., Class A		16,067		586,606
Northfield Bancorp, Inc.		21,684		283,844

	Shares		Value
Financials-(continued)
OFG BanCorp.		30,674	$	815,315
Piper Sandler Cos.(c)		10,802		1,242,014
PRA Group, Inc.(b)(c)		25,564		1,074,455
Preferred Bank		10,658		715,365
Provident Financial Services, Inc.		37,637		832,907
Ready Capital Corp.		34,345		500,407
Redwood Trust, Inc.		76,770		744,669
ServisFirst Bancshares, Inc.(c)		51,651		4,148,608
Southside Bancshares, Inc.		17,045		667,994
Stewart Information Services Corp.		19,649		1,013,888
Triumph Bancorp, Inc.(b)(c)		11,114		771,756
Veritex Holdings, Inc.		32,551		1,069,300
Walker & Dunlop, Inc.		17,823		2,134,483
				42,516,738
Health Care-4.62%
Apollo Medical Holdings, Inc.(b)(c)		22,687		827,621
CorVel Corp.(b)(c)		7,974		1,236,608
Cross Country Healthcare, Inc.(b)		27,765		520,316
Joint Corp. (The)(b)(c)		6,173		188,400
Lantheus Holdings, Inc.(b)		34,841		2,313,791
Prestige Consumer Healthcare, Inc.(b)		30,068		1,643,517
				6,730,253
Industrials-19.22%
Applied Industrial Technologies, Inc.		19,572		2,048,993
ArcBest Corp.(c)		15,531		1,120,717
Atlas Air Worldwide Holdings, Inc.(b)(c)		15,793		1,088,769
Boise Cascade Co.(c)		20,585		1,555,814
Comfort Systems USA, Inc.(c)		24,409		2,060,608
Encore Wire Corp.		16,963		1,913,596
EnPro Industries, Inc.		11,637		1,084,685
Forrester Research, Inc.(b)		5,699		317,377
Forward Air Corp.		15,822		1,534,259
GMS, Inc.(b)		28,294		1,356,697
Heidrick & Struggles International, Inc.		11,235		359,071
Hub Group, Inc., Class A(b)		18,659		1,253,138
Insteel Industries, Inc.		10,174		431,581
Korn Ferry		27,431		1,685,361
Matson, Inc.		26,661		2,293,379
Mueller Industries, Inc.		35,278		1,910,304
MYR Group, Inc.(b)(c)		10,945		865,640
Resources Connection, Inc.		17,594		302,441
UFP Industries, Inc.		35,672		2,759,943
Veritiv Corp.(b)		14,625		2,055,398
				27,997,771
Information Technology-10.70%
Axcelis Technologies, Inc.(b)		18,258		994,148
CSG Systems International, Inc.		20,432		1,255,955
ExlService Holdings, Inc.(b)		25,988		3,538,266
Extreme Networks, Inc.(b)		57,058		547,757
Fabrinet (Thailand)(b)		18,112		1,778,417
MaxLinear, Inc.(b)		40,818		1,953,958
Onto Innovation, Inc.(b)(c)		25,473		1,812,149
Perficient, Inc.(b)		26,987		2,682,778
Photronics, Inc.(b)		31,138		466,758
Veeco Instruments, Inc.(b)(c)		24,365		558,446
				15,588,632

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

45

Invesco S&P SmallCap Momentum ETF (XSMO)–(continued)

April 30, 2022

	Shares		Value
Materials-4.39%
AdvanSix, Inc.		21,395	$	952,933
Balchem Corp.		19,421		2,392,667
H.B. Fuller Co.(c)		31,379		2,092,980
Haynes International, Inc.		6,800		265,744
TimkenSteel Corp.(b)		33,200		686,244
				6,390,568
Real Estate-12.51%
Alexander & Baldwin, Inc.		48,335		1,024,702
Armada Hoffler Properties, Inc.		34,353		465,483
Centerspace		8,934		824,251
Essential Properties Realty Trust, Inc.		57,319		1,375,656
Independence Realty Trust, Inc.		214,818		5,855,939
iStar, Inc.(c)		35,455		597,062
LXP Industrial Trust		235,391		2,954,157
NexPoint Residential Trust, Inc.		24,083		2,147,240
Retail Opportunity Investments Corp.		66,880		1,245,974
RPT Realty(c)		42,058		558,951
Saul Centers, Inc.		10,670		550,679
Urstadt Biddle Properties, Inc., Class A		19,415		336,850
Whitestone REIT		22,558		274,080
				18,211,024
Utilities-0.92%
Chesapeake Utilities Corp.		10,741		1,344,451
Total Common Stocks & Other Equity Interests (Cost $153,950,945)				145,545,935

	Shares		Value
Money Market Funds-0.12%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $181,679)		181,679	$	181,679
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $154,132,624)				145,727,614
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-17.64%
Invesco Private Government Fund, 0.40%(d)(e)(f)		7,713,992		7,713,992
Invesco Private Prime Fund, 0.35%(d)(e)(f)		17,982,141		17,982,141
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $25,695,284)				25,696,133
TOTAL INVESTMENTS IN SECURITIES-117.69% (Cost $179,827,908)				171,423,747
OTHER ASSETS LESS LIABILITIES-(17.69)%				(25,771,749	)
NET ASSETS-100.00%			$	145,651,998

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, 2022.

^(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, 2022.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	925,909	$	5,627,857	$	(6,372,087	)	$	-	$	-		$	181,679	$	168
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		16,964,174		104,500,182		(113,750,364	)		-		-			7,713,992		5,602	*
Invesco Private Prime Fund		26,011,273		203,123,906		(211,141,483	)		849		(12,404	)		17,982,141		29,883	*
Total	$	43,901,356	$	313,251,945	$	(331,263,934	)	$	849	$	(12,404	)	$	25,877,812	$	35,653

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e) The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

46

Invesco S&P SmallCap Value with Momentum ETF (XSVM)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.93%
Communication Services-3.38%
AMC Networks, Inc., Class A(b)(c)		180,104	$	5,876,794
E.W. Scripps Co. (The), Class A(b)(c)		414,338		6,820,003
Gannett Co., Inc.(b)(c)		959,622		3,848,084
Scholastic Corp.		126,289		4,653,750
Thryv Holdings, Inc.(b)(c)		110,653		2,858,167
				24,056,798
Consumer Discretionary-15.10%
Abercrombie & Fitch Co., Class A(b)(c)		151,983		5,255,572
Adtalem Global Education, Inc.(b)(c)		140,618		4,121,514
Asbury Automotive Group, Inc.(b)(c)		45,297		8,321,512
Caleres, Inc.(c)		191,540		4,392,012
Cato Corp. (The), Class A		375,345		5,085,925
Century Communities, Inc.		87,827		4,630,239
Conn’s, Inc.(b)(c)		456,941		7,151,127
Ethan Allen Interiors, Inc.(c)		232,723		5,524,844
Genesco, Inc.(b)(c)		114,604		7,108,886
G-III Apparel Group Ltd.(b)(c)		240,496		6,368,334
Group 1 Automotive, Inc.(c)		46,447		8,088,280
Hibbett, Inc.(c)		67,917		2,932,656
MarineMax, Inc.(b)(c)		108,122		4,424,352
ODP Corp. (The)(b)		261,070		11,233,842
Patrick Industries, Inc.(c)		74,872		4,660,782
Rent-A-Center, Inc.		84,943		2,048,825
Shoe Carnival, Inc.(c)		107,893		3,257,290
Signet Jewelers Ltd.		52,003		3,650,611
Unifi, Inc.(b)		326,321		4,787,129
Vista Outdoor, Inc.(b)(c)		122,046		4,299,681
				107,343,413
Consumer Staples-5.40%
Andersons, Inc. (The)		309,386		15,540,459
Central Garden & Pet Co., Class A(b)		106,358		4,401,094
Fresh Del Monte Produce, Inc.		442,130		11,517,486
United Natural Foods, Inc.(b)		161,015		6,912,374
				38,371,413
Energy-5.64%
Civitas Resources, Inc.(c)		84,775		4,969,510
Oil States International, Inc.(b)		1,004,410		6,789,812
PBF Energy, Inc., Class A(b)		643,274		18,693,542
US Silica Holdings, Inc.(b)		518,186		9,627,896
				40,080,760
Financials-34.05%
Allegiance Bancshares, Inc.		135,734		5,546,091
Ameris Bancorp.		109,307		4,558,102
Apollo Commercial Real Estate Finance, Inc.		466,750		5,619,670
ARMOUR Residential REIT, Inc.		737,850		5,415,819
Assured Guaranty Ltd.		148,025		8,163,579
B. Riley Financial, Inc.(c)		70,367		3,177,774
Banc of California, Inc.		211,184		3,809,759
BankUnited, Inc.		125,904		4,726,436
Banner Corp.		87,930		4,721,841
Berkshire Hills Bancorp, Inc.(c)		191,944		4,748,695
Brightsphere Investment Group, Inc.		178,165		3,570,427
Brookline Bancorp, Inc.		311,828		4,509,033
Central Pacific Financial Corp.		170,589		4,124,842

	Shares		Value
Financials-(continued)
Customers Bancorp, Inc.(b)(c)		83,664	$	3,519,744
Eagle Bancorp, Inc.		81,008		4,078,753
Ellington Financial, Inc.		430,570		6,970,928
Encore Capital Group, Inc.(b)		117,567		6,796,548
Enova International, Inc.(b)		183,205		6,851,867
EZCORP, Inc., Class A(b)(c)		1,054,431		7,381,017
FB Financial Corp.		101,916		3,926,824
First BanCorp.		353,356		4,809,175
First Bancorp/Southern Pines NC		98,700		3,697,302
First Commonwealth Financial Corp.		306,492		4,131,512
First Financial Bancorp(c)		240,495		4,918,123
First Hawaiian, Inc.(c)		169,599		4,004,232
Flagstar Bancorp, Inc.		172,925		6,104,253
Granite Point Mortgage Trust, Inc.		597,813		5,816,721
Hanmi Financial Corp.		247,585		5,731,593
Hilltop Holdings, Inc.		194,215		4,950,540
HomeStreet, Inc.(c)		97,595		3,961,381
Hope Bancorp, Inc.(c)		446,801		6,389,254
Independent Bank Group, Inc.		66,678		4,520,768
KKR Real Estate Finance Trust, Inc.(c)		247,602		4,704,438
Mr. Cooper Group, Inc.(b)		212,615		9,561,297
New York Mortgage Trust, Inc.(c)		1,822,650		5,868,933
Northfield Bancorp, Inc.		288,780		3,780,130
OFG Bancorp		221,177		5,878,885
Pacific Premier Bancorp, Inc.		117,428		3,682,542
PennyMac Mortgage Investment Trust(c)		335,461		5,145,972
Provident Financial Services, Inc.		226,302		5,008,063
Ready Capital Corp.		383,806		5,592,053
Redwood Trust, Inc.		498,991		4,840,213
Renasant Corp.		158,336		4,716,829
S&T Bancorp, Inc.		184,134		5,203,627
Simmons First National Corp., Class A		180,931		4,318,823
Stewart Information Services Corp.		89,122		4,598,695
United Community Banks, Inc.		125,641		3,786,820
WSFS Financial Corp.		105,029		4,208,512
				242,148,435
Health Care-3.55%
Allscripts Healthcare Solutions, Inc.(b)(c)		381,839		7,888,794
Community Health Systems, Inc.(b)		751,800		5,766,306
Fulgent Genetics, Inc.(b)(c)		57,750		3,169,320
Innoviva, Inc.(b)(c)		262,123		4,471,818
Select Medical Holdings Corp.(c)		174,300		3,940,923
				25,237,161
Industrials-14.65%
AAR Corp.(b)		173,007		8,127,869
Atlas Air Worldwide Holdings, Inc.(b)(c)		99,612		6,867,251
Boise Cascade Co.(c)		134,608		10,173,673
DXP Enterprises, Inc.(b)		164,909		3,896,800
Encore Wire Corp.		36,786		4,149,829
GMS, Inc.(b)(c)		71,138		3,411,067
Granite Construction, Inc.(c)		126,407		3,747,968
Greenbrier Cos., Inc. (The)(c)		142,196		6,073,191
Hub Group, Inc., Class A(b)		53,959		3,623,886
Interface, Inc.		271,072		3,439,904
Matson, Inc.		63,165		5,433,453
Matthews International Corp., Class A		120,399		3,589,094
Mueller Industries, Inc.		78,257		4,237,616

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

47

Invesco S&P SmallCap Value with Momentum ETF (XSVM)–(continued)

April 30, 2022

	Shares		Value
Industrials-(continued)
Resideo Technologies, Inc.(b)		197,742	$	4,447,218
Resources Connection, Inc.		281,052		4,831,284
Titan International, Inc.(b)		835,492		11,579,919
TrueBlue, Inc.(b)		216,440		5,534,371
UFP Industries, Inc.		52,562		4,066,722
Veritiv Corp.(b)		49,328		6,932,557
				104,163,672
Information Technology-3.43%
Insight Enterprises, Inc.(b)(c)		58,692		5,832,224
Sanmina Corp.(b)		215,124		8,796,420
ScanSource, Inc.(b)		284,737		9,749,395
				24,378,039
Materials-12.11%
AdvanSix, Inc.		108,865		4,848,847
Koppers Holdings, Inc.(c)		233,556		5,666,069
Mercer International, Inc. (Germany)(c)		696,905		11,157,449
Olympic Steel, Inc.(c)(d)		664,891		22,825,708
Rayonier Advanced Materials, Inc.(b)(c)		2,493,985		12,794,143
SunCoke Energy, Inc.		1,236,349		10,286,424
TimkenSteel Corp.(b)(c)		535,833		11,075,668
Trinseo PLC(c)		157,774		7,486,376
				86,140,684
Real Estate-2.62%
Office Properties Income Trust		220,777		4,773,199
Realogy Holdings Corp.(b)(c)		788,667		8,643,790
Whitestone REIT		428,225		5,202,934
				18,619,923
Total Common Stocks & Other Equity Interests (Cost $743,637,712)				710,540,298

	Shares		Value
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $576,198)		576,198	$	576,198
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.01% (Cost $744,213,910)				711,116,496
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-12.60%
Invesco Private Government Fund, 0.40%(d)(e)(f)		26,860,446		26,860,446
Invesco Private Prime Fund, 0.35%(d)(e)(f)		62,747,381		62,747,381
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $89,602,763)				89,607,827
TOTAL INVESTMENTS IN SECURITIES-112.61% (Cost $833,816,673)				800,724,323
OTHER ASSETS LESS LIABILITIES-(12.61)%				(89,649,085	)
NET ASSETS-100.00%			$	711,075,238

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, 2022.

^(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, 2022.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	166,691	$	31,763,520	$	(31,354,013	)	$	-	$	-		$	576,198	$	327
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		10,258,766		164,560,689		(147,959,009	)		-		-			26,860,446		17,899	*
Invesco Private Prime Fund		15,388,149		327,384,291		(280,004,888	)		5,064		(25,235	)		62,747,381		60,127	*

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

48

Invesco S&P SmallCap Value with Momentum ETF (XSVM)–(continued)

April 30, 2022

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value April 30, 2022		Dividend Income
Investments in Other Affiliates:
Olympic Steel, Inc.	$	-	$	20,417,760	$	(2,214,987	)	$	4,363,085	$	259,850	$	22,825,708	$	55,826
Total	$	25,813,606	$	544,126,260	$	(461,532,897	)	$	4,368,149	$	234,615	$	113,009,733	$	134,179

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e) The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

49

Invesco Zacks Mid-Cap ETF (CZA)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-99.92%
Consumer Discretionary-3.16%
Columbia Sportswear Co.		11,374	$	934,488
Gentex Corp.		41,728		1,224,717
Genuine Parts Co.		24,781		3,222,769
Levi Strauss & Co., Class A		71,910		1,302,290
				6,684,264
Consumer Staples-1.89%
Church & Dwight Co., Inc.		40,986		3,998,594
Energy-2.11%
Cosan S.A., ADR (Brazil)(b)		57,258		972,241
Pembina Pipeline Corp. (Canada)		92,576		3,504,002
				4,476,243
Financials-11.63%
Arch Capital Group Ltd.(c)		63,054		2,879,676
Assurant, Inc.		9,453		1,719,312
AXIS Capital Holdings Ltd.		13,980		801,473
CNA Financial Corp.		45,800		2,172,752
East West Bancorp, Inc.		24,287		1,731,663
Essent Group Ltd.		18,523		750,737
Everest Re Group Ltd.		6,531		1,794,131
Hanover Insurance Group, Inc. (The)		5,935		871,377
Invesco Ltd.(d)		76,070		1,398,167
Lufax Holding Ltd., ADR (China)		472,123		2,620,283
Rocket Cos., Inc., Class A(b)		346,764		3,068,861
Synovus Financial Corp.		24,724		1,027,035
W.R. Berkley Corp.		44,245		2,941,850
Wintrust Financial Corp.		9,804		856,085
				24,633,402
Health Care-11.72%
Cardinal Health, Inc.		47,437		2,753,718
Catalent, Inc.(c)		31,264		2,831,268
Chemed Corp.		2,609		1,282,036
Globus Medical, Inc., Class A(c)		16,585		1,098,259
Hologic, Inc.(c)		42,562		3,064,038
QIAGEN N.V.(c)		40,397		1,832,812
Royalty Pharma PLC, Class A(b)		108,629		4,625,423
Stevanato Group S.p.A. (Italy)(b)(c)		48,484		775,744
Teleflex, Inc.		8,219		2,347,511
Zimmer Biomet Holdings, Inc.		34,745		4,195,459
				24,806,268
Industrials-22.04%
AECOM		24,273		1,712,703
AGCO Corp.		11,474		1,461,788
Allegion PLC		15,866		1,812,532
ASGN, Inc.(c)		9,110		1,033,530
Booz Allen Hamilton Holding Corp.		22,499		1,836,593
CACI International, Inc., Class A(c)		3,864		1,025,119
Carlisle Cos., Inc.		8,895		2,307,007
Crane Co.		10,068		968,844
Donaldson Co., Inc.		21,338		1,046,416
Dover Corp.(b)		25,000		3,332,500
Driven Brands Holdings, Inc.(b)(c)		30,512		850,980
Fortive Corp.		61,845		3,556,087
Fortune Brands Home & Security, Inc.		25,833		1,840,601
Graco, Inc.		29,826		1,849,809

	Shares		Value
Industrials-(continued)
Hubbell, Inc.		9,512	$	1,858,264
IDEX Corp.		13,438		2,550,801
Jacobs Engineering Group, Inc.		22,750		3,152,012
Lincoln Electric Holdings, Inc.		10,091		1,359,560
Nordson Corp.		10,115		2,181,704
Regal Rexnord Corp.		12,340		1,570,142
Robert Half International, Inc.		19,643		1,931,103
TFI International, Inc. (Canada)		15,981		1,286,151
W.W. Grainger, Inc.		8,637		4,318,759
Watts Water Technologies, Inc., Class A		6,060		772,408
XPO Logistics, Inc.(c)		19,609		1,054,768
				46,670,181
Information Technology-14.06%
Amdocs Ltd.		22,563		1,798,046
CDW Corp.		23,601		3,851,211
Cirrus Logic, Inc.(c)		9,599		727,604
Concentrix Corp.		9,435		1,485,824
Dolby Laboratories, Inc., Class A		16,844		1,304,905
FleetCor Technologies, Inc.(b)(c)		13,243		3,304,393
Flex Ltd.(c)		79,145		1,305,101
Genpact Ltd.		32,812		1,321,339
Jabil, Inc.		25,402		1,466,458
Littelfuse, Inc.		4,320		990,360
Skyworks Solutions, Inc.		27,941		3,165,715
TD SYNNEX Corp.		18,335		1,835,150
Teledyne Technologies, Inc.(c)		7,573		3,268,128
TELUS International CDA, Inc. (Philippines)(c)		49,083		1,064,610
Trimble, Inc.(c)		43,371		2,892,846
				29,781,690
Materials-10.11%
AptarGroup, Inc.		11,448		1,314,574
Avery Dennison Corp.		14,050		2,537,430
Avient Corp.		16,514		813,149
Axalta Coating Systems Ltd.(c)		39,231		995,290
Berry Global Group, Inc.(c)		24,211		1,364,290
Eastman Chemical Co.		21,796		2,237,795
Martin Marietta Materials, Inc.(b)		10,469		3,708,329
Packaging Corp. of America		16,545		2,666,558
RPM International, Inc.		22,824		1,892,110
Sealed Air Corp.		25,210		1,618,734
WestRock Co.		45,534		2,255,299
				21,403,558
Real Estate-7.71%
Duke Realty Corp.		64,611		3,537,452
Equity LifeStyle Properties, Inc.		32,513		2,512,605
Essex Property Trust, Inc.		11,136		3,666,751
Gaming and Leisure Properties, Inc.		40,964		1,817,982
Healthpeak Properties, Inc.		89,411		2,933,575
Life Storage, Inc.		14,054		1,862,014
				16,330,379
Utilities-15.49%
AES Corp. (The)		110,794		2,262,413
Alliant Energy Corp.		42,051		2,473,019
Ameren Corp.		42,636		3,960,884
Avangrid, Inc.(b)		64,286		2,851,084

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

50

Invesco Zacks Mid-Cap ETF (CZA)–(continued)

April 30, 2022

	Shares		Value
Utilities-(continued)
CMS Energy Corp.		47,938	$	3,292,861
DTE Energy Co.		32,552		4,265,614
Edison International		61,344		4,219,854
Entergy Corp.		32,970		3,918,485
Evergy, Inc.		38,308		2,599,198
Hawaiian Electric Industries, Inc.		18,643		766,414
IDACORP, Inc.		8,459		889,718
OGE Energy Corp.(b)		33,341		1,289,630
				32,789,174
Total Common Stocks & Other Equity Interests (Cost $215,056,972)				211,573,753
Money Market Funds-0.19%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $405,744)		405,744		405,744
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.11% (Cost $215,462,716)				211,979,497

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-8.11%
Invesco Private Government Fund, 0.40%(d)(e)(f)		5,151,726	$	5,151,726
Invesco Private Prime Fund, 0.35%(d)(e)(f)		12,011,712		12,011,712
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $17,163,438)				17,163,438
TOTAL INVESTMENTS IN SECURITIES-108.22% (Cost $232,626,154)				229,142,935
OTHER ASSETS LESS LIABILITIES-(8.22)%				(17,407,773	)
NET ASSETS-100.00%			$	211,735,162

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)  All or a portion of this security was out on loan at April 30, 2022.

^(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, 2022.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Invesco Ltd.	$	—	$	2,090,429		$ (255,718	)	$	(425,499	)	$	(11,045	)	$	1,398,167	$	11,525
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		326,529		12,489,925		(12,410,710	)		—			—			405,744		154
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		820,751		53,570,864		(49,239,889	)		—			—			5,151,726		2,630	*
Invesco Private Prime Fund		1,231,126		108,034,624		(97,248,466	)		—			(5,572	)		12,011,712		10,780	*
Total	$	2,378,406	$	176,185,842	$	(159,154,783	)	$	(425,499	)	$	(16,617	)	$	18,967,349	$	25,089

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

51

Invesco Zacks Multi-Asset Income ETF (CVY)

April 30, 2022

Schedule of Investments^(a)

	Shares		Value
Common Stocks & Other Equity Interests-80.73%
Communication Services-1.33%
Mobile TeleSystems PJSC, ADR (Russia)(b)		152,493	$	0
Nexstar Media Group, Inc., Class A		4,677		740,930
Telefonica S.A., ADR (Spain)(c)		161,264		770,842
				1,511,772
Consumer Discretionary-8.96%
American Eagle Outfitters, Inc.(c)		59,380		897,232
Best Buy Co., Inc.		13,489		1,213,066
Big 5 Sporting Goods Corp.(c)		25,780		373,037
Buckle, Inc. (The)(c)		11,262		349,798
Camping World Holdings, Inc., Class A(c)		27,557		707,664
Carter’s, Inc.(c)		9,068		763,888
Foot Locker, Inc.		19,881		582,712
Ford Motor Co.		70,599		999,682
Guess?, Inc.(c)		18,134		407,471
H&R Block, Inc.(c)		33,516		873,762
Honda Motor Co. Ltd., ADR (Japan)		27,164		713,055
LCI Industries(c)		3,395		330,401
M.D.C. Holdings, Inc.(c)		9,733		359,245
Rent-A-Center, Inc.(c)		22,802		549,984
Whirlpool Corp.(c)		6,124		1,111,628
				10,232,625
Consumer Staples-1.85%
Bunge Ltd.		7,950		899,304
Tyson Foods, Inc., Class A		12,996		1,210,708
				2,110,012
Energy-17.45%
Alliance Resource Partners L.P.		76,543		1,370,885
Black Stone Minerals L.P.		108,565		1,719,670
BP PLC, ADR (United Kingdom)		19,475		559,322
China Petroleum & Chemical Corp., ADR (China)		21,931		1,068,040
ConocoPhillips		13,606		1,299,645
Crestwood Equity Partners L.P.		40,483		1,180,484
DCP Midstream L.P.		21,980		751,716
Energy Transfer L.P.		94,529		1,047,381
Enterprise Products Partners L.P.		44,401		1,150,430
EQT Corp.		54,874		2,181,241
Genesis Energy L.P.		65,399		718,081
MPLX L.P.		36,347		1,176,189
NuStar Energy L.P		85,767		1,309,662
PetroChina Co. Ltd., ADR (China)(c)		20,557		974,813
Petroleo Brasileiro S.A., ADR (Brazil)		57,580		781,361
Plains All American Pipeline L.P		89,393		926,111
Shell PLC, ADR (Netherlands)(c)		10,312		550,970
TotalEnergies SE, ADR (France)		10,401		506,633
Western Midstream Partners L.P		26,561		642,511
				19,915,145
Financials-27.21%
Aflac, Inc.		19,414		1,112,034
Allstate Corp. (The)		9,695		1,226,805
Ally Financial, Inc.		24,710		987,412
Atlantic Union Bankshares Corp.(c)		9,912		334,827
B. Riley Financial, Inc.(c)		6,604		298,237
Bank OZK		8,510		326,954

	Shares		Value
Financials-(continued)
BankUnited, Inc.(c)		18,478	$	693,664
BOK Financial Corp.(c)		3,952		327,739
Chimera Investment Corp.(c)		34,634		347,033
Citigroup, Inc.		18,806		906,637
CNO Financial Group, Inc.		16,287		393,168
Equitable Holdings, Inc.		24,777		714,321
Evercore, Inc., Class A		6,458		682,933
Everest Re Group Ltd.		2,643		726,059
Fidelity National Financial, Inc.		26,312		1,047,744
First American Financial Corp.		12,142		708,000
First BanCorp		28,587		389,069
Franklin Resources, Inc.		27,303		671,381
Goldman Sachs Group, Inc. (The)		3,485		1,064,633
HSBC Holdings PLC, ADR (United Kingdom)(c)		13,548		420,123
Independent Bank Group, Inc.		5,288		358,526
ING Groep N.V., ADR (Netherlands)		50,314		469,933
Invesco Ltd.(d)		37,494		689,140
Jefferies Financial Group, Inc.		22,444		690,377
JPMorgan Chase & Co.		7,995		954,283
KeyCorp		48,186		930,472
Lincoln National Corp.		11,686		702,913
MetLife, Inc.		17,569		1,153,932
MGIC Investment Corp.		52,489		685,506
Mitsubishi UFJ Financial Group, Inc., ADR (Japan)(c)		81,797		474,423
Morgan Stanley		12,791		1,030,827
Navient Corp.(c)		45,290		719,658
OneMain Holdings, Inc.		15,787		725,097
PacWest BanCorp.		16,648		547,553
Radian Group, Inc.		33,232		710,832
SLM Corp.		41,669		697,122
South State Corp.(c)		4,511		349,332
Stewart Information Services Corp.		6,157		317,701
Sumitomo Mitsui Financial Group, Inc., ADR (Japan)(c)		94,587		566,576
Synchrony Financial		28,758		1,058,582
T. Rowe Price Group, Inc.(c)		8,562		1,053,468
Travelers Cos., Inc. (The)		7,028		1,202,210
United Community Banks, Inc.		10,733		323,493
Virtu Financial, Inc., Class A		11,545		333,420
Virtus Investment Partners, Inc.		1,655		293,200
Zions Bancorporation N.A		11,367		642,349
				31,059,698
Health Care-2.78%
Bristol-Myers Squibb Co.		17,593		1,324,225
CVS Health Corp.		11,698		1,124,529
Takeda Pharmaceutical Co. Ltd., ADR (Japan)(c)		50,065		727,945
				3,176,699
Industrials-0.97%
Danaos Corp. (Greece)		4,292		350,828
Textainer Group Holdings Ltd. (China)		11,078		371,556
Triton International Ltd. (Bermuda)		6,220		379,980
				1,102,364

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

52

Invesco Zacks Multi-Asset Income ETF (CVY)–(continued)

April 30, 2022

	Shares		Value
Information Technology-2.85%
Avnet, Inc.		9,842	$	429,702
HP, Inc.(c)		34,610		1,267,764
Intel Corp.		26,777		1,167,209
Vishay Intertechnology, Inc.		20,901		389,386
				3,254,061
Materials-5.76%
Braskem S.A., ADR (Brazil)(c)		63,134		1,032,872
Cabot Corp.(c)		5,506		362,570
Chemours Co. (The)(c)		28,155		931,086
Gerdau S.A., ADR (Brazil)		243,928		1,383,072
LyondellBasell Industries N.V., Class A		12,139		1,287,098
Trinseo PLC(c)		7,582		359,766
WestRock Co.		17,604		871,926
Worthington Industries, Inc.(c)		7,308		347,642
				6,576,032
Real Estate-10.39%
Brixmor Property Group, Inc.		36,521		926,903
Extra Space Storage, Inc.		6,403		1,216,570
Federal Realty Investment Trust		7,487		876,428
Healthcare Trust of America, Inc., Class A		38,455		1,171,339
Kimco Realty Corp.		51,564		1,306,116
Life Storage, Inc.		9,427		1,248,983
National Storage Affiliates Trust		8,229		465,762
Phillips Edison & Co., Inc.(c)		11,212		379,638
Plymouth Industrial REIT, Inc.		5,949		143,490
PS Business Parks, Inc.		1,512		283,047
Regency Centers Corp.		3,888		267,611
Simon Property Group, Inc.		8,921		1,052,678
UDR, Inc.		22,198		1,181,156
Welltower, Inc.		14,773		1,341,536
				11,861,257
Utilities-1.18%
Suburban Propane Partners L.P.		80,289		1,348,855
Total Common Stocks & Other Equity Interests (Cost $92,141,833)				92,148,520
Closed-End Funds-9.88%
Aberdeen Total Dynamic Dividend Fund(c)		84,584		748,568
Allspring Income Opportunities Fund(c)		49,783		375,364
Ares Dynamic Credit Allocation Fund, Inc.		19,101		269,324
Barings Global Short Duration High Yield Fund		19,106		285,635
Blackstone Strategic Credit Fund		45,403		563,905
Calamos Global Dynamic Income Fund(c)		39,035		306,425
DoubleLine Income Solutions Fund		89,790		1,214,859
DoubleLine Yield Opportunities Fund		54,163		857,400
Eaton Vance Limited Duration Income Fund		101,417		1,112,544
GAMCO Global Gold Natural Resources & Income Trust		135,715		533,360
Highland Income Fund		59,285		703,120
KKR Income Opportunities Fund		16,189		219,847
Nuveen Global High Income Fund(c)		13,619		179,771
Nuveen Preferred & Income Opportunities Fund		96,342		769,773
PGIM Global High Yield Fund, Inc.		28,644		368,362
PGIM High Yield Bond Fund, Inc.		25,700		358,001
PIMCO Dynamic Income Opportunities Fund		77,229		1,233,347
Templeton Emerging Markets Income Fund(c)		45,408		277,443

	Shares		Value
Western Asset Emerging Markets Debt Fund, Inc.		63,714	$	616,114
Western Asset High Income Opportunity Fund, Inc.		66,507		280,659
Total Closed-End Funds (Cost $12,567,651)				11,273,821
Preferred Stocks-9.24%
Financials-8.08%
Arch Capital Group Ltd., Series G, Pfd., 4.55%		18,702		360,762
Bank of America Corp., Series L, Conv. Pfd., 7.25%		1,006		1,224,121
Bank of America Corp., Series QQ, Pfd., 4.25%		62,037		1,106,120
Capital One Financial Corp., Series L, Pfd., 4.38%		37,514		681,629
First Republic Bank, Series N, Pfd., 4.50%		60,475		1,136,325
JPMorgan Chase & Co., Series JJ, Pfd., 4.55%		49,148		933,321
JPMorgan Chase & Co., Series LL, Pfd., 4.63%		58,272		1,129,311
Prospect Capital Corp., Series A, Pfd., 5.35%		23,650		458,810
Silvergate Capital Corp., Series A, Pfd., 5.38%		15,141		288,285
Wells Fargo & Co., Series Z, Pfd., 4.75%		58,071		1,129,481
Wells Fargo & Co., Series CC, Pfd., 4.38%(c)		43,180		780,694
				9,228,859
Utilities-1.16%
Dominion Energy, Inc., Series A, Conv. Pfd., 7.25%		13,115		1,323,172
Total Preferred Stocks (Cost $13,162,840)				10,552,031
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 0.35%(d)(e) (Cost $28,298)		28,298		28,298
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.87% (Cost $117,900,622)				114,002,670
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-15.01%
Invesco Private Government Fund, 0.40%(d)(e)(f)		5,227,180		5,227,180
Invesco Private Prime Fund, 0.35%(d)(e)(f)		11,906,148		11,906,148
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $17,132,345)				17,133,328
TOTAL INVESTMENTS IN SECURITIES-114.88% (Cost $135,032,967)				131,135,998
OTHER ASSETS LESS LIABILITIES-(14.88)%				(16,986,180	)
NET ASSETS-100.00%			$	114,149,818

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

53

Invesco Zacks Multi-Asset Income ETF (CVY)–(continued)

April 30, 2022

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)  Security valued using significant unobservable inputs (Level 3). See Note 5.

^(c)  All or a portion of this security was out on loan at April 30, 2022.

^(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, 2022.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value April 30, 2022		Dividend Income
Invesco Ltd.	$	978,426	$	982,084	$	(930,920	)	$	(403,771	)	$	63,321		$	689,140	$	26,256
Invesco Mortgage Capital, Inc.		1,031,772		327,604		(1,217,023	)		20,346			(162,699	)		—		—
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		152,455		9,059,417		(9,183,574	)		—			—			28,298		167
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		6,861,838		41,848,229		(43,482,887	)		—			—			5,227,180		2,623	*
Invesco Private Prime Fund		10,292,757		84,627,442		(83,010,997	)		983			(4,037	)		11,906,148		9,979	*
Total	$	19,317,248	$	136,844,776	$	(137,825,401	)	$	(382,442	)	$	(103,415	)	$	17,850,766	$	39,025

* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statements of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of April 30, 2022.

^(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 2I.

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

54

(This Page Intentionally Left Blank)

55

Statements of Assets and Liabilities

April 30, 2022

	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)	$	613,468,026		$	801,555,497		$	117,526,445		$	833,819,931
Affiliated investments in securities, at value		20,042,649			12,708,870			3,044,393			28,730,540
Cash		-			-			-			-
Receivable for:
Dividends		377,049			1,208,077			156,789			411,919
Securities lending		2,235			2,338			144			1,809
Investments sold		-			-			11,518			-
Foreign tax reclaims		-			-			-			-
Other assets		-			-			6,440			13,419
Total assets		633,889,959			815,474,782			120,745,729			862,977,618
Liabilities:
Due to custodian		-			-			-			121,828
Payable for:
Collateral upon return of securities loaned		20,027,762			12,616,008			3,032,258			28,729,798
Expenses recaptured		-			-			-			-
Accrued advisory fees		275,147			346,708			17,941			204,735
Accrued trustees’ and officer’s fees		108,774			150,140			53,925			51,734
Accrued expenses		60,702			278,788			48,700			119,132
Accrued tax expenses		-			-			-			-
Total liabilities		20,472,385			13,391,644			3,152,824			29,227,227
Net Assets	$	613,417,574		$	802,083,138		$	117,592,905		$	833,750,391
Net assets consist of:
Shares of beneficial interest	$	831,286,595		$	1,229,392,339		$	119,996,255		$	925,097,775
Distributable earnings (loss)		(217,869,021	)		(427,309,201	)		(2,403,350	)		(91,347,384	)
Net Assets	$	613,417,574		$	802,083,138		$	117,592,905		$	833,750,391
Shares outstanding (unlimited amount authorized, $0.01 par value)		9,630,000			17,190,000			1,530,000			9,750,000
Net asset value	$	63.70		$	46.66		$	76.86		$	85.51
Market price	$	63.74		$	46.66		$	76.71		$	85.51
Unaffiliated investments in securities, at cost	$	622,479,483		$	768,054,786		$	113,410,706		$	876,610,199
Affiliated investments in securities, at cost	$	20,041,814		$	12,707,490		$	3,044,247		$	28,729,798
(a) Includes securities on loan with an aggregate value of:	$	18,780,059		$	12,229,549		$	2,892,602		$	26,844,649

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

56

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)
$	57,009,455		$	893,798,317		$	329,607,806		$	257,160,417		$	145,545,935		$	687,714,590		$	210,175,586		$	113,285,232
	698,391			65,986,316			74,246,886			38,462,928			25,877,812			113,009,733			18,967,349			17,850,766
	-			-			-			-			373			-			-			4,542
	58,657			369,474			119,718			70,919			38,891			314,124			112,693			336,169
	-			8,245			31,993			3,724			1,965			11,014			4,372			16,332
	-			-			-			-			-			-			-			71,752
	-			-			-			-			-			-			-			14,550
	4,799			2,189			502			2,072			19,546			1,934			9,653			9,783
	57,771,302			960,164,541			404,006,905			295,700,060			171,484,522			801,051,395			229,269,653			131,589,126
	-			-			162			54			-			-			165			-
	-			65,452,337			73,992,819			38,444,908			25,695,284			89,602,763			17,163,438			17,132,345
	-			-			-			8,417			-			2,882			4,962			-
	13,288			223,480			52,972			64,040			36,441			175,655			99,337			57,893
	42,252			78,568			51,983			56,266			54,973			59,816			20,642			19,763
	34,342			-			85,218			56,179			44,049			135,041			245,006			229,307
	600			-			-			322			1,777			-			941			-
	90,482			65,754,385			74,183,154			38,630,186			25,832,524			89,976,157			17,534,491			17,439,308
$	57,680,820		$	894,410,156		$	329,823,751		$	257,069,874		$	145,651,998		$	711,075,238		$	211,735,162		$	114,149,818
$	72,213,156		$	1,050,935,755		$	369,056,906		$	304,798,752		$	211,082,757		$	804,441,650		$	339,103,346		$	561,059,172
	(14,532,336	)		(156,525,599	)		(39,233,155	)		(47,728,878	)		(65,430,759	)		(93,366,412	)		(127,368,184	)		(446,909,354	)
$	57,680,820		$	894,410,156		$	329,823,751		$	257,069,874		$	145,651,998		$	711,075,238		$	211,735,162		$	114,149,818
	1,130,000			10,910,000			4,710,000			5,760,000			3,030,000			14,210,000			2,360,000			5,040,800
$	51.04		$	81.98		$	70.03		$	44.63		$	48.07		$	50.04		$	89.72		$	22.65
$	50.98		$	82.00		$	70.16		$	44.65		$	48.05		$	50.03		$	89.97		$	22.61
$	56,092,179		$	901,707,145		$	356,005,469		$	268,568,826		$	153,950,945		$	725,175,089		$	213,233,306		$	117,372,394
$	896,116		$	65,984,277		$	74,243,625		$	38,462,659		$	25,876,963		$	108,641,584		$	19,392,848		$	17,660,573
$	—		$	62,531,876		$	69,791,181		$	36,695,026		$	24,304,917		$	85,376,522		$	16,402,466		$	16,238,663

57

Statements of Operations

For the year ended April 30, 2022

	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 interest income	$	-		$	-		$	-		$	-
Unaffiliated dividend income		4,630,556			21,111,208			2,360,818			8,178,333
Affiliated dividend income		134			480			70			157
Securities lending income		24,736			5,030			758			13,336
Foreign withholding tax		(19,832	)		-			-			-
Total investment income		4,635,594			21,116,718			2,361,646			8,191,826
Expenses:
Advisory fees		3,864,060			3,951,310			274,542			2,034,048
Sub-licensing fees		231,839			237,074			26,045			194,066
Accounting & administration fees		64,102			57,886			17,084			31,268
Professional fees		30,458			29,990			26,182			28,917
Custodian & transfer agent fees		6,088			7,447			3,787			4,698
Trustees’ and officer’s fees		21,407			23,857			11,669			15,849
Recapture (Note 3)		-			-			-			-
Tax expenses		-			-			-			-
Other expenses		40,865			39,773			19,574			32,266
Total expenses		4,258,819			4,347,337			378,883			2,341,112
Less: Waivers		(8	)		(57	)		(103,647	)		(15	)
Net expenses		4,258,811			4,347,280			275,236			2,341,097
Net investment income		376,783			16,769,438			2,086,410			5,850,729
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(79,980,439	)		(29,896,820	)		(956,489	)		(16,538,818	)
Affiliated investment securities		(10,752	)		2,674			(852	)		(6,163	)
Unaffiliated in-kind redemptions		174,995,030			129,128,049			13,756,602			76,361,047
Affiliated in-kind redemptions		-			-			-			-
Foreign currencies		-			-			-			-
Net realized gain		95,003,839			99,233,903			12,799,261			59,816,066
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(166,844,716	)		(70,472,123	)		(16,759,937	)		(95,486,789	)
Affiliated investment securities		835			1,380			146			742
Foreign currencies		-			-			-			-
Change in net unrealized appreciation (depreciation)		(166,843,881	)		(70,470,743	)		(16,759,791	)		(95,486,047	)
Net realized and unrealized gain (loss)		(71,840,042	)		28,763,160			(3,960,530	)		(35,669,981	)
Net increase (decrease) in net assets resulting from operations	$	(71,463,259	)	$	45,532,598		$	(1,874,120	)	$	(29,819,252	)

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

58

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)
$	-		$	-		$	-		$	-		$	-		$	-		$	-		$	823
	848,648			9,272,635			4,488,260			3,738,538			1,416,240			8,234,753			4,296,791			4,365,427
	10,133			435			206			107			168			56,153			11,679			26,423
	27			161,371			64,581			16,362			69,531			69,476			30,371			155,949
	-			-			-			-			(4,991	)		(16,288	)		(68,119	)		(41,134	)
	858,808			9,434,441			4,553,047			3,755,007			1,480,948			8,344,094			4,270,722			4,507,488
	122,454			2,733,773			736,051			616,077			502,104			1,365,109			1,126,849			643,128
	8,445			189,021			96,707			69,150			47,891			170,849			313,057			167,940
	14,717			67,200			19,284			16,392			21,055			19,987			28,293			22,139
	25,428			29,951			26,793			25,519			26,206			27,484			26,835			26,862
	2,791			6,186			4,058			2,990			4,831			3,370			4,788			6,226
	10,277			21,010			13,063			12,597			12,488			14,519			4,983			4,400
	-			-			-			62,258			-			74,398			141,032			50,885
	600			-			-			322			1,777			-			941			-
	19,263			57,044			28,509			24,452			28,806			29,621			27,939			27,260
	203,975			3,104,185			924,465			829,757			645,158			1,705,337			1,674,717			948,840
	(38,702	)		(32	)		(185,255	)		(9	)		(25	)		(14,107	)		(9,067	)		(9,164	)
	165,273			3,104,153			739,210			829,748			645,133			1,691,230			1,665,650			939,676
	693,535			6,330,288			3,813,837			2,925,259			835,815			6,652,864			2,605,072			3,567,812
	(913,731	)		(51,300,089	)		(9,146,482	)		(14,262,449	)		(21,122,629	)		(22,969,441	)		(3,913,906	)		6,857,640
	(656	)		(39,276	)		(8,667	)		(2,498	)		(12,404	)		234,615			(16,053	)		(163,578	)
	5,850,264			171,236,329			25,656,252			23,729,824			31,554,147			69,483,413			46,662,571			10,182,027
	(12,599	)		-			-			-			-			-			(564	)		60,163
	-			-			-			-			-			-			(707	)		-
	4,923,278			119,896,964			16,501,103			9,464,877			10,419,114			46,748,587			42,731,341			16,936,252
	(4,783,047	)		(159,806,938	)		(58,437,678	)		(31,026,236	)		(22,610,226	)		(87,874,416	)		(38,810,601	)		(23,085,427	)
	(197,725	)		2,038			3,261			269			849			4,368,149			(425,499	)		(382,442	)
	-			-			-			-			-			-			(66	)		-
	(4,980,772	)		(159,804,900	)		(58,434,417	)		(31,025,967	)		(22,609,377	)		(83,506,267	)		(39,236,166	)		(23,467,869	)
	(57,494	)		(39,907,936	)		(41,933,314	)		(21,561,090	)		(12,190,263	)		(36,757,680	)		3,495,175			(6,531,617	)
$	636,041		$	(33,577,648	)	$	(38,119,477	)	$	(18,635,831	)	$	(11,354,448	)	$	(30,104,816	)	$	6,100,247		$	(2,963,805	)

59

Statements of Changes in Net Assets

For the years ended April 30, 2022 and 2021

	Invesco Dynamic Large Cap Growth ETF (PWB)						Invesco Dynamic Large Cap Value ETF (PWV)
	2022			2021			2022			2021
Operations:
Net investment income	$	376,783		$	921,055		$	16,769,438		$	16,678,075
Net realized gain (loss)		95,003,839			162,056,832			99,233,903			18,028,875
Change in net unrealized appreciation (depreciation)		(166,843,881	)		111,272,819			(70,470,743	)		181,266,801
Net increase (decrease) in net assets resulting from operations		(71,463,259	)		274,250,706			45,532,598			215,973,751
Distributions to Shareholders from:
Distributable earnings		(365,218	)		(1,014,053	)		(15,751,004	)		(17,183,173	)
Shareholder Transactions:
Proceeds from shares sold		683,790,394			676,442,993			862,210,535			382,550,596
Value of shares repurchased		(751,700,890	)		(810,376,331	)		(826,385,789	)		(523,573,223	)
Net increase (decrease) in net assets resulting from share transactions		(67,910,496	)		(133,933,338	)		35,824,746			(141,022,627	)
Net increase (decrease) in net assets		(139,738,973	)		139,303,315			65,606,340			57,767,951
Net assets:
Beginning of year		753,156,547			613,853,232			736,476,798			678,708,847
End of year	$	613,417,574		$	753,156,547		$	802,083,138		$	736,476,798
Changes in Shares Outstanding:
Shares sold		9,010,000			10,900,000			18,430,000			9,810,000
Shares repurchased		(9,950,000	)		(12,880,000	)		(17,900,000	)		(13,600,000	)
Shares outstanding, beginning of year		10,570,000			12,550,000			16,660,000			20,450,000
Shares outstanding, end of year		9,630,000			10,570,000			17,190,000			16,660,000

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

60

Invesco S&P 100 Equal Weight ETF (EQWL)						Invesco S&P 500 GARP ETF (SPGP)						Invesco S&P 500 Value with Momentum ETF (SPVM)
2022			2021			2022			2021			2022			2021
$	2,086,410		$	1,396,582		$	5,850,729		$	2,714,445		$	693,535		$	685,274
	12,799,261			2,844,273			59,816,066			21,818,104			4,923,278			(2,770,237	)
	(16,759,791	)		22,573,305			(95,486,047	)		105,892,700			(4,980,772	)		16,306,378
	(1,874,120	)		26,814,160			(29,819,252	)		130,425,249			636,041			14,221,415
	(2,001,177	)		(1,410,989	)		(5,341,272	)		(3,178,357	)		(604,427	)		(722,920	)
	64,567,907			25,876,612			1,038,392,786			355,367,983			58,806,721			18,317,903
	(32,717,663	)		(15,265,610	)		(581,218,960	)		(314,965,394	)		(36,529,195	)		(40,635,188	)
	31,850,244			10,611,002			457,173,826			40,402,589			22,277,526			(22,317,285	)
	27,974,947			36,014,173			422,013,302			167,649,481			22,309,140			(8,818,790	)
	89,617,958			53,603,785			411,737,089			244,087,608			35,371,680			44,190,470
$	117,592,905		$	89,617,958		$	833,750,391		$	411,737,089		$	57,680,820		$	35,371,680
	780,000			380,000			11,450,000			4,800,000			1,140,000			420,000
	(400,000	)		(230,000	)		(6,530,000	)		(4,720,000	)		(740,000	)		(1,090,000	)
	1,150,000			1,000,000			4,830,000			4,750,000			730,000			1,400,000
	1,530,000			1,150,000			9,750,000			4,830,000			1,130,000			730,000

61

Statements of Changes in Net Assets–(continued)

For the years ended April 30, 2022 and 2021

	Invesco S&P MidCap Momentum ETF (XMMO)						Invesco S&P MidCap Quality ETF (XMHQ)
	2022			2021			2022			2021
Operations:
Net investment income	$	6,330,288		$	3,405,986		$	3,813,837		$	1,137,219
Net realized gain		119,896,964			186,739,142			16,501,103			11,624,084
Change in net unrealized appreciation (depreciation)		(159,804,900	)		134,034,658			(58,434,417	)		33,306,854
Net increase (decrease) in net assets resulting from operations		(33,577,648	)		324,179,786			(38,119,477	)		46,068,157
Distributions to Shareholders from:
Distributable earnings		(5,860,692	)		(3,601,237	)		(3,640,191	)		(1,069,777	)
Shareholder Transactions:
Proceeds from shares sold		823,003,559			969,849,550			284,230,745			234,768,439
Value of shares repurchased		(833,089,042	)		(865,541,784	)		(158,514,963	)		(57,477,116	)
Net increase (decrease) in net assets resulting from share transactions		(10,085,483	)		104,307,766			125,715,782			177,291,323
Net increase (decrease) in net assets		(49,523,823	)		424,886,315			83,956,114			222,289,703
Net assets:
Beginning of year		943,933,979			519,047,664			245,867,637			23,577,934
End of year	$	894,410,156		$	943,933,979		$	329,823,751		$	245,867,637
Changes in Shares Outstanding:
Shares sold		9,520,000			13,590,000			3,660,000			3,570,000
Shares repurchased		(9,650,000	)		(12,150,000	)		(2,100,000	)		(920,000	)
Shares outstanding, beginning of year		11,040,000			9,600,000			3,150,000			500,000
Shares outstanding, end of year		10,910,000			11,040,000			4,710,000			3,150,000

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

62

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)
2022			2021			2022			2021			2022			2021
$	2,925,259		$	669,726		$	835,815		$	623,058		$	6,652,864		$	1,207,501
	9,464,877			4,763,531			10,419,114			28,321,937			46,748,587			10,253,868
	(31,025,967	)		31,837,071			(22,609,377	)		14,369,143			(83,506,267	)		69,045,719
	(18,635,831	)		37,270,328			(11,354,448	)		43,314,138			(30,104,816	)		80,507,088
	(2,951,914	)		(749,115	)		(643,957	)		(704,740	)		(7,211,062	)		(1,215,462	)
	329,697,440			99,055,488			134,709,434			163,507,513			826,529,006			190,708,923
	(183,761,913	)		(47,914,575	)		(148,607,414	)		(109,262,220	)		(337,456,810	)		(63,460,080	)
	145,935,527			51,140,913			(13,897,980	)		54,245,293			489,072,196			127,248,843
	124,347,782			87,662,126			(25,896,385	)		96,854,691			451,756,318			206,540,469
	132,722,092			45,059,966			171,548,383			74,693,692			259,318,920			52,778,451
$	257,069,874		$	132,722,092		$	145,651,998		$	171,548,383		$	711,075,238		$	259,318,920
	6,950,000			2,450,000			2,490,000			3,490,000			15,650,000			4,800,000
	(4,050,000	)		(1,340,000	)		(2,810,000	)		(2,440,000	)		(6,710,000	)		(1,830,000	)
	2,860,000			1,750,000			3,350,000			2,300,000			5,270,000			2,300,000
	5,760,000			2,860,000			3,030,000			3,350,000			14,210,000			5,270,000

63

Statements of Changes in Net Assets–(continued)

For the years ended April 30, 2022 and 2021

	Invesco Zacks Mid-Cap ETF (CZA)						Invesco Zacks Multi-Asset Income ETF (CVY)
	2022			2021			2022			2021
Operations:
Net investment income	$	2,605,072		$	2,680,957		$	3,567,812		$	4,265,821
Net realized gain (loss)		42,731,341			61,149,235			16,936,252			(7,026,026	)
Change in net unrealized appreciation (depreciation)		(39,236,166	)		38,433,070			(23,467,869	)		59,629,702
Net increase (decrease) in net assets resulting from operations		6,100,247			102,263,262			(2,963,805	)		56,869,497
Distributions to Shareholders from:
Distributable earnings		(2,026,356	)		(3,261,907	)		(3,371,434	)		(3,955,699	)
Shareholder Transactions:
Proceeds from shares sold		262,504,961			290,556,750			52,051,477			67,255,544
Value of shares repurchased		(281,641,386	)		(395,595,194	)		(65,102,764	)		(111,639,759	)
Net increase (decrease) in net assets resulting from share transactions		(19,136,425	)		(105,038,444	)		(13,051,287	)		(44,384,215	)
Net increase (decrease) in net assets		(15,062,534	)		(6,037,089	)		(19,386,526	)		8,529,583
Net assets:
Beginning of year		226,797,696			232,834,785			133,536,344			125,006,761
End of year	$	211,735,162		$	226,797,696		$	114,149,818		$	133,536,344
Changes in Shares Outstanding:
Shares sold		2,840,000			4,150,000			2,110,000			3,230,000
Shares repurchased		(3,030,000	)		(5,650,000	)		(2,620,000	)		(5,580,000	)
Shares outstanding, beginning of year		2,550,000			4,050,000			5,550,800			7,900,800
Shares outstanding, end of year		2,360,000			2,550,000			5,040,800			5,550,800

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

64

Financial Highlights

Invesco Dynamic Large Cap Growth ETF (PWB)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	71.25		$	48.91		$	48.75		$	43.32		$	35.00
Net investment income(a)		0.04			0.08			0.19			0.48			0.27
Net realized and unrealized gain (loss) on investments		(7.55	)		22.34			0.24			5.39			8.32
Total from investment operations		(7.51	)		22.42			0.43			5.87			8.59
Distributions to shareholders from:
Net investment income		(0.04	)		(0.08	)		(0.27	)		(0.44	)		(0.27	)
Net asset value at end of year	$	63.70		$	71.25		$	48.91		$	48.75		$	43.32
Market price at end of year(b)	$	63.74		$	71.25		$	48.93		$	48.77		$	43.38
Net Asset Value Total Return(c)		(10.55	)%		45.89	%		0.92	%		13.69	%		24.63	%
Market Price Total Return(c)		(10.50	)%		45.83	%		0.91	%		13.57	%		24.73	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	613,418		$	753,157		$	613,853		$	758,057		$	569,715
Ratio to average net assets of:
Expenses		0.55	%		0.56	%		0.56	%		0.55	%		0.57	%
Net investment income		0.05	%		0.13	%		0.38	%		1.06	%		0.68	%
Portfolio turnover rate(d)		129	%		118	%		166	%		181	%		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)  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,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	44.21		$	33.19		$	36.73		$	36.10		$	35.26
Net investment income(a)		0.99			0.91			0.91			0.84			0.73
Net realized and unrealized gain (loss) on investments		2.40			11.05			(3.52	)		0.68			0.83
Total from investment operations		3.39			11.96			(2.61	)		1.52			1.56
Distributions to shareholders from:
Net investment income		(0.94	)		(0.94	)		(0.93	)		(0.89	)		(0.72	)
Net asset value at end of year	$	46.66		$	44.21		$	33.19		$	36.73		$	36.10
Market price at end of year(b)	$	46.66		$	44.20		$	33.23		$	36.74		$	36.13
Net Asset Value Total Return(c)		7.72	%		36.68	%		(7.12	)%		4.32	%		4.39	%
Market Price Total Return(c)		7.75	%		36.50	%		(7.04	)%		4.26	%		4.44	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	802,083		$	736,477		$	678,709		$	1,041,362		$	1,373,520
Ratio to average net assets of:
Expenses		0.55	%		0.58	%		0.56	%		0.55	%		0.56	%
Net investment income		2.12	%		2.47	%		2.43	%		2.33	%		1.96	%
Portfolio turnover rate(d)		113	%		149	%		142	%		189	%		128	%

^(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 S&P 100 Equal Weight ETF (EQWL)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	77.93		$	53.60		$	56.90		$	52.38		$	46.71
Net investment income(a)		1.57			1.34			1.30			1.14			0.88
Net realized and unrealized gain (loss) on investments		(1.14	)		24.35			(3.22	)		4.52			5.63
Total from investment operations		0.43			25.69			(1.92	)		5.66			6.51
Distributions to shareholders from:
Net investment income		(1.50	)		(1.36	)		(1.38	)		(1.14	)		(0.84	)
Net asset value at end of year	$	76.86		$	77.93		$	53.60		$	56.90		$	52.38
Market price at end of year(b)	$	76.71		$	77.98		$	53.54		$	56.91		$	52.42
Net Asset Value Total Return(c)		0.46	%		48.53	%		(3.34	)%		11.04	%		14.02	%
Market Price Total Return(c)		0.20	%		48.79	%		(3.46	)%		10.98	%		14.01	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	117,593		$	89,618		$	53,604		$	59,749		$	60,232
Ratio to average net assets of:
Expenses, after Waivers		0.25	%		0.25	%		0.26	%(d)		0.25	%		0.25	%
Expenses, prior to Waivers		0.35	%		0.40	%		0.40	%(d)		0.41	%		0.47	%
Net investment income		1.90	%		2.08	%		2.28	%(d)		2.13	%		1.74	%
Portfolio turnover rate(e)		15	%		20	%		51	%		24	%		32	%

^(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 year ended April 30, 2020, 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.

66

Financial Highlights–(continued)

Invesco S&P 500 GARP ETF (SPGP)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	85.25		$	51.39		$	55.20		$	47.90		$	38.49
Net investment income(a)		0.75			0.71			0.71			0.47			0.35
Net realized and unrealized gain (loss) on investments		0.17	(b)		33.95			(3.81	)		7.29			9.38
Total from investment operations		0.92			34.66			(3.10	)		7.76			9.73
Distributions to shareholders from:
Net investment income		(0.66	)		(0.80	)		(0.71	)		(0.46	)		(0.32	)
Net asset value at end of year	$	85.51		$	85.25		$	51.39		$	55.20		$	47.90
Market price at end of year(c)	$	85.51		$	85.34		$	51.43		$	55.18		$	47.94
Net Asset Value Total Return(d)		1.04	%		67.94	%		(5.56	)%		16.35	%		25.36	%
Market Price Total Return(d)		0.94	%		67.99	%		(5.45	)%		16.20	%		25.44	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	833,750		$	411,737		$	244,088		$	229,088		$	208,355
Ratio to average net assets of:
Expenses		0.33	%		0.36	%		0.34	%		0.36	%		0.39	%
Net investment income		0.83	%		1.07	%		1.23	%		0.92	%		0.80	%
Portfolio turnover rate(e)		50	%		68	%		110	%		17	%		19	%

^(a)  Based on average shares outstanding.

^(b)  Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(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. For the year ended April 30, 2020, 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.

67

Financial Highlights–(continued)

Invesco S&P 500 Value with Momentum ETF (SPVM)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	48.45		$	31.56		$	40.00		$	38.01		$	35.60
Net investment income(a)		0.84			0.78			0.87			1.03			0.93
Net realized and unrealized gain (loss) on investments		2.50	(b)		16.94			(8.26	)		2.06			2.28
Total from investment operations		3.34			17.72			(7.39	)		3.09			3.21
Distributions to shareholders from:
Net investment income		(0.75	)		(0.83	)		(1.05	)		(1.10	)		(0.80	)
Net asset value at end of year	$	51.04		$	48.45		$	31.56		$	40.00		$	38.01
Market price at end of year(c)	$	50.98		$	48.46		$	31.62		$	39.99		$	38.03
Net Asset Value Total Return(d)		6.94	%		56.93	%		(18.74	)%		8.40	%		9.07	%
Market Price Total Return(d)		6.80	%		56.68	%		(18.57	)%		8.31	%		9.04	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	57,681		$	35,372		$	44,190		$	96,009		$	104,539
Ratio to average net assets of:
Expenses, after Waivers		0.39	%		0.39	%		0.40	%(e)		0.39	%		0.39	%
Expenses, prior to Waivers		0.48	%		0.57	%		0.45	%(e)		0.41	%		0.44	%
Net investment income		1.64	%		2.07	%		2.24	%(e)		2.70	%		2.49	%
Portfolio turnover rate(f)		71	%		83	%		127	%		32	%		25	%

^(a)  Based on average shares outstanding.

^(b)  Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(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 year ended April 30, 2020, 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.

68

Financial Highlights–(continued)

Invesco S&P MidCap Momentum ETF (XMMO)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	85.50		$	54.07		$	59.05		$	45.61		$	34.85
Net investment income(a)		0.58			0.32			0.49			0.06			0.02
Net realized and unrealized gain (loss) on investments		(3.56	)		31.45			(4.92	)		13.47			10.79
Total from investment operations		(2.98	)		31.77			(4.43	)		13.53			10.81
Distributions to shareholders from:
Net investment income		(0.54	)		(0.34	)		(0.55	)		(0.09	)		(0.05	)
Net asset value at end of year	$	81.98		$	85.50		$	54.07		$	59.05		$	45.61
Market price at end of year(b)	$	82.00		$	85.51		$	54.17		$	59.07		$	45.71
Net Asset Value Total Return(c)		(3.50	)%		58.94	%		(7.45	)%		29.72	%		31.05	%
Market Price Total Return(c)		(3.49	)%		58.66	%		(7.32	)%		29.48	%		31.34	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	894,410		$	943,934		$	519,048		$	625,899		$	132,259
Ratio to average net assets of:
Expenses, after Waivers		0.33	%		0.33	%		0.34	%		0.39	%		0.39	%
Expenses, prior to Waivers		0.33	%		0.33	%		0.34	%		0.39	%		0.43	%
Net investment income		0.67	%		0.44	%		0.84	%		0.12	%		0.05	%
Portfolio turnover rate(d)		135	%		100	%		194	%		30	%		29	%

^(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 year ended April 30, 2020, 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.

69

Financial Highlights–(continued)

Invesco S&P MidCap Quality ETF (XMHQ)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	78.05		$	47.16		$	50.74		$	47.29		$	43.74
Net investment income(a)		1.00			0.77			0.67			0.66			0.60
Net realized and unrealized gain (loss) on investments		(8.07	)		30.84			(3.49	)		3.46			3.53
Total from investment operations		(7.07	)		31.61			(2.82	)		4.12			4.13
Distributions to shareholders from:
Net investment income		(0.95	)		(0.72	)		(0.76	)		(0.67	)		(0.58	)
Net asset value at end of year	$	70.03		$	78.05		$	47.16		$	50.74		$	47.29
Market price at end of year(b)	$	70.16		$	78.13		$	47.33		$	50.72		$	47.30
Net Asset Value Total Return(c)		(9.16	)%		67.43	%		(5.52	)%		8.85	%		9.50	%
Market Price Total Return(c)		(9.07	)%		67.00	%		(5.15	)%		8.78	%		9.52	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	329,824		$	245,868		$	23,578		$	25,372		$	23,645
Ratio to average net assets of:
Expenses, after Waivers		0.25	%		0.25	%		0.27	%(d)		0.25	%		0.25	%
Expenses, prior to Waivers		0.31	%		0.37	%		0.56	%(d)		0.61	%		0.66	%
Net investment income		1.30	%		1.17	%		1.35	%(d)		1.36	%		1.31	%
Portfolio turnover rate(e)		83	%		56	%		130	%		30	%		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)  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 year ended April 30, 2020, 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.

70

Financial Highlights–(continued)

Invesco S&P MidCap Value with Momentum ETF (XMVM)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	46.41		$	25.75		$	32.38		$	30.69		$	31.00
Net investment income(a)		0.64			0.38			0.54			0.84			0.69
Net realized and unrealized gain (loss) on investments		(1.79	)		20.73			(6.49	)		1.64			(0.26	)
Total from investment operations		(1.15	)		21.11			(5.95	)		2.48			0.43
Distributions to shareholders from:
Net investment income		(0.63	)		(0.45	)		(0.68	)		(0.79	)		(0.74	)
Net asset value at end of year	$	44.63		$	46.41		$	25.75		$	32.38		$	30.69
Market price at end of year(b)	$	44.65		$	46.51		$	25.81		$	32.36		$	30.69
Net Asset Value Total Return(c)		(2.51	)%		82.77	%		(18.59	)%		8.36	%		1.39	%
Market Price Total Return(c)		(2.67	)%		82.75	%		(18.34	)%		8.30	%		1.39	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	257,070		$	132,722		$	45,060		$	51,809		$	46,028
Ratio to average net assets of:
Expenses, after Waivers		0.39	%		0.39	%		0.40	%(d)		0.39	%		0.39	%
Expenses, prior to Waivers		0.39	%		0.46	%		0.44	%(d)		0.48	%		0.51	%
Net investment income		1.38	%		1.09	%		1.72	%(d)		2.73	%		2.24	%
Portfolio turnover rate(e)		76	%		78	%		128	%		49	%		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)  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 year ended April 30, 2020, 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.

71

Financial Highlights–(continued)

Invesco S&P SmallCap Momentum ETF (XSMO)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	51.21		$	32.48		$	37.29		$	33.25		$	28.50
Net investment income(a)		0.26			0.24			0.34			0.13			0.14
Net realized and unrealized gain (loss) on investments		(3.20	)		18.77			(4.71	)		4.04			4.75
Total from investment operations		(2.94	)		19.01			(4.37	)		4.17			4.89
Distributions to shareholders from:
Net investment income		(0.20	)		(0.28	)		(0.44	)		(0.13	)		(0.14	)
Net asset value at end of year	$	48.07		$	51.21		$	32.48		$	37.29		$	33.25
Market price at end of year(b)	$	48.05		$	51.16		$	32.56		$	37.31		$	33.31
Net Asset Value Total Return(c)		(5.78	)%		58.74	%		(11.70	)%		12.55	%		17.18	%
Market Price Total Return(c)		(5.72	)%		58.20	%		(11.53	)%		12.41	%		17.43	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	145,652		$	171,548		$	74,694		$	89,495		$	48,215
Ratio to average net assets of:
Expenses, after Waivers		0.37	%		0.39	%		0.39	%		0.39	%		0.39	%
Expenses, prior to Waivers		0.37	%		0.40	%		0.40	%		0.44	%		0.59	%
Net investment income		0.48	%		0.53	%		0.92	%		0.37	%		0.47	%
Portfolio turnover rate(d)		147	%		132	%		180	%		44	%		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. For the year ended April 30, 2020, 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.

72

Financial Highlights–(continued)

Invesco S&P SmallCap Value with Momentum ETF (XSVM)

	Years Ended April 30,
	2022			2021			2020			2019			2018
Per Share Operating Performance:
Net asset value at beginning of year	$	49.21		$	22.95		$	30.31		$	30.37		$	29.27
Net investment income(a)		0.74			0.38			0.51			0.58			0.63
Net realized and unrealized gain (loss) on investments		0.84	(b)		26.23			(7.27	)		0.03			1.04
Total from investment operations		1.58			26.61			(6.76	)		0.61			1.67
Distributions to shareholders from:
Net investment income		(0.75	)		(0.35	)		(0.60	)		(0.67	)		(0.57	)
Net asset value at end of year	$	50.04		$	49.21		$	22.95		$	30.31		$	30.37
Market price at end of year(c)	$	50.03		$	49.27		$	22.92		$	30.30		$	30.40
Net Asset Value Total Return(d)		3.18	%		116.75	%		(22.43	)%		2.13	%		5.73	%
Market Price Total Return(d)		3.04	%		117.30	%		(22.51	)%		2.00	%		5.87	%
Ratios/Supplemental Data:
Net assets at end of year (000’s omitted)	$	711,075		$	259,319		$	52,778		$	78,794		$	72,883
Ratio to average net assets of:
Expenses, after Waivers		0.36	%		0.39	%		0.40	%(e)		0.39	%		0.39	%
Expenses, prior to Waivers		0.36	%		0.41	%		0.40	%(e)		0.44	%		0.46	%
Net investment income		1.41	%		1.11	%		1.73	%(e)		1.88	%		2.12	%
Portfolio turnover rate(f)		73	%		75	%		136	%		52	%		56	%

^(a)  Based on average shares outstanding.

^(b)  Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund’s net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund’s investments.

^(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 year ended April 30, 2020, 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.

73

Financial Highlights–(continued)

Invesco Zacks Mid-Cap ETF (CZA)

	Years Ended April 30,												Eight Months Ended April 30, 2018			Year Ended August 31, 2017
	2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period	$	88.94		$	57.49		$	70.67		$	64.70		$	61.60		$	53.00
Net investment income(a)		1.06			0.83			1.03			0.90			0.53			0.81
Net realized and unrealized gain (loss) on investments		0.57			31.70			(13.14	)		5.82			3.29			8.81
Total from investment operations		1.63			32.53			(12.11	)		6.72			3.82			9.62
Distributions to shareholders from:
Net investment income		(0.85	)		(1.08	)		(1.07	)		(0.75	)		(0.72	)		(1.02	)
Net asset value at end of period	$	89.72		$	88.94		$	57.49		$	70.67		$	64.70		$	61.60
Market price at end of period	$	89.97	(b)	$	88.93	(b)	$	57.59	(b)	$	70.75	(b)	$	64.75	(b)	$	61.67
Net Asset Value Total Return(c)		1.82	%		56.93	%		(17.51	)%		10.68	%		6.19	%		18.40	%
Market Price Total Return(c)		2.12	%		56.65	%		(17.46	)%		10.72	%		6.14	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	211,735		$	226,798		$	232,835		$	265,019		$	255,584		$	203,284
Ratio to average net assets of:
Expenses, after Waivers		0.74	%		0.69	%		0.65	%(d)(e)		0.65	%(d)		0.65	%(f)		0.65	%
Expenses, prior to Waivers		0.74	%		0.69	%		0.68	%(d)(e)		0.70	%(d)		0.74	%(f)		0.74	%
Net investment income		1.16	%		1.18	%		1.46	%(e)		1.36	%		1.23	%(f)		1.43	%
Portfolio turnover rate(g)		121	%		162	%		144	%		170	%		136	%		181	%

^(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.

74

Financial Highlights–(continued)

Invesco Zacks Multi-Asset Income ETF (CVY)

	Years Ended April 30,												Eight Months Ended April 30, 2018			Year Ended August 31, 2017
	2022			2021			2020			2019
Per Share Operating Performance:
Net asset value at beginning of period	$	24.06		$	15.82		$	22.25		$	21.87		$	21.11		$	19.75
Net investment income(a)(b)		0.67			0.65			0.77			0.81			0.49			0.80
Net realized and unrealized gain (loss) on investments		(1.44	)		8.20			(6.45	)		0.38			0.94			1.46
Total from investment operations		(0.77	)		8.85			(5.68	)		1.19			1.43			2.26
Distributions to shareholders from:
Net investment income		(0.64	)		(0.61	)		(0.75	)		(0.81	)		(0.59	)		(0.60	)
Return of capital		-			-			-			-			(0.08	)		(0.30	)
Total distributions		(0.64	)		(0.61	)		(0.75	)		(0.81	)		(0.67	)		(0.90	)
Net asset value at end of period	$	22.65		$	24.06		$	15.82		$	22.25		$	21.87		$	21.11
Market price at end of period	$	22.61	(c)	$	24.08	(c)	$	15.84	(c)	$	22.27	(c)	$	21.87	(c)	$	21.08
Net Asset Value Total Return(d)		(3.30	)%		57.19	%		(25.93	)%		5.67	%		6.83	%		11.73	%
Market Price Total Return(d)		(3.54	)%		57.13	%		(25.91	)%		5.76	%		6.98	%
Ratios/Supplemental Data:
Net assets at end of period (000’s omitted)	$	114,150		$	133,536		$	125,007		$	229,220		$	286,460		$	346,144
Ratio to average net assets of:
Expenses, after Waivers		0.73	%(e)		0.73	%		0.65	%(e)(f)		0.65	%(e)		0.65	%(e)(g)		0.65	%
Expenses, prior to Waivers		0.74	%(e)		0.73	%		0.69	%(e)(f)		0.71	%(e)		0.74	%(e)(g)		0.72	%
Net investment income(b)		2.77	%		3.48	%		3.64	%(f)		3.71	%		3.38	%(g)		3.93	%
Portfolio turnover rate(h)		161	%		176	%		203	%		196	%		142	%		203	%

^(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.

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Notes to Financial Statements

Invesco Exchange-Traded Fund Trust

April 30, 2022

NOTE 1–Organization

Invesco Exchange-Traded Fund Trust (the “Trust”) was organized as a Massachusetts business trust 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 Intellidex® Index
Dynamic Large Cap Value ETF	Dynamic Large Cap Value Intellidex® 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.

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

A security listed or traded on an exchange 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 (“OTC”) 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 may be valued up to 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 debt 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

77

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

B. 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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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.

C. 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.

D. 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.

E. 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.

F. Expenses - 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

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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, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser).

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.

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.

G. 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.

H. 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. The risk of material loss as a result of such indemnification claims is considered remote.

I. Securities Lending - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each 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 invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, “affiliated money market funds”) 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.

On September 14, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (“Invesco”), an affiliate of the Adviser, to serve as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon (“BNYM”) also continues to serve as a lending agent. Prior to September 14, 2021, BNYM served as the sole securities lending agent for each Fund under the securities lending program. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the period September 14, 2021 through April 30, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in Securities lending income on the Statements of Operations, were incurred by each Fund as listed below:

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	Amount
Dynamic Large Cap Growth ETF		1,190
Dynamic Large Cap Value ETF		443
S&P 100 Equal Weight ETF		82
S&P 500 GARP ETF		573
S&P 500 Value with Momentum ETF		2
S&P MidCap Momentum ETF		4,024
S&P MidCap Quality ETF		3,928
S&P MidCap Value with Momentum ETF		599
S&P SmallCap Momentum ETF		754
S&P SmallCap Value with Momentum ETF		2,518
Zacks Mid-Cap ETF		980
Zacks Multi-Asset Income ETF		4,593

J.  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 Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund’s NAV and to face trading halts and/or delisting. Investments in non-U.S. securities, which may have lower trading volumes or could experience extended market closures or trading halts, 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. Growth securities typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. Thus, the value of a Fund’s investments will vary and at times may be lower 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, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources, adverse labor relations, political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or

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viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

Investment in Investment Companies Risk. Investing in other investment companies, including exchange-traded funds (“ETFs”) and closed-end funds, subjects a Fund to those risks affecting the investment company, including the possibility that the value of the underlying securities held by the investment company could decrease or the portfolio becomes illiquid. Moreover, a Fund will pay indirectly a proportional share of the fees and expenses of the investment companies in which it invests. Investments in another ETF or closed-end fund are subject to, among other risks, the risk that the ETF’s or closed-end fund’s shares may trade at a discount or premium relative to the NAV of its shares and the listing exchange may halt trading of the fund’s shares.

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 previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of 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-Diversification Risk. To the extent certain Funds become non-diversified, such Funds can invest a greater portion of their respective assets in securities of individual issuers than a diversified fund, and 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 certain Funds’ volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds’ performance.

Portfolio Turnover Risk. Certain Funds may engage in frequent trading of their 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 gains distributions to a Fund’s shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

Preferred Securities Risk. There are special risks associated with investing in preferred securities. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If a Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received any income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments. Preferred securities may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. Preferred securities also may be subordinated to bonds or other debt instruments in an issuer’s capital structure, subjecting them to a greater risk of non-payment than more senior securities.

REIT Risk. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. 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 REIT shareholders will incur a proportionate share of the underlying expenses.

Small- and Mid-Capitalization Company Risk. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquid than those of more established companies. 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 Investing 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 than that of other types of investments.

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COVID-19 Risk. The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

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, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an “interested person” of the Trust, or (iii) any other matters that directly benefit the Adviser)) 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, 2024. 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, 2024. 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, 2024 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, 2024. 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, 2022 under this Expense Cap for Dynamic Large Cap Growth ETF, Dynamic Large Cap Value ETF, S&P 500 GARP ETF, S&P MidCap Momentum ETF, S&P MidCap Value with Momentum ETF, S&P SmallCap Momentum ETF, S&P SmallCap Value with Momentum ETF, Zacks Mid-Cap ETF and Zacks Multi-Asset Income ETF.

Further, through at least August 31, 2024, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund’s investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. These waivers do not apply to a Fund’s investment of cash collateral received for 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, 2022, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

Dynamic Large Cap Growth ETF	$	8
Dynamic Large Cap Value ETF		57
S&P 100 Equal Weight ETF		103,647
S&P 500 GARP ETF		15
S&P 500 Value with Momentum ETF		38,702
S&P MidCap Momentum ETF		32
S&P MidCap Quality ETF		185,255
S&P MidCap Value with Momentum ETF		9
S&P SmallCap Momentum ETF		25
S&P SmallCap Value with Momentum ETF		14,107
Zacks Mid-Cap ETF		9,067
Zacks Multi-Asset Income ETF		9,164

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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, 2022 are as follows:

	Total Potential Recapture		Potential Recapture Amounts Expiring
	Amounts		4/30/23		4/30/24		4/30/25
S&P 100 Equal Weight ETF	$	289,245	$	83,270	$	102,337	$	103,638
S&P 500 Value with Momentum ETF		121,798		25,059		58,042		38,697
S&P MidCap Quality ETF		378,925		73,104		120,587		185,234
S&P MidCap Value with Momentum ETF		48,586		2,425		46,161		-
S&P SmallCap Momentum ETF		17,054		4,985		12,069		-
Zacks Mid-Cap ETF		52,954		43,904		-		9,050
Zacks Multi-Asset Income ETF		78,710		69,566		-		9,144

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 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 BNYM, 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.

For the fiscal year ended April 30, 2022, the following Funds incurred brokerage commissions with Invesco Capital Markets, Inc. (“ICMI”), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

Dynamic Large Cap Growth ETF	$	67,713
Dynamic Large Cap Value ETF		69,158
S&P 100 Equal Weight ETF		559
S&P 500 GARP ETF		9,265
S&P 500 Value with Momentum ETF		2,295
S&P MidCap Momentum ETF		2,728
S&P MidCap Quality ETF		8,863
S&P MidCap Value with Momentum ETF		17,604
S&P SmallCap Momentum ETF		14,621
S&P SmallCap Value with Momentum ETF		11,462

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Zacks Mid-Cap ETF	$	12,190
Zacks Multi-Asset Income ETF		37,910

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption Investments sold - affiliated broker and/or payable caption Investments purchased - affiliated broker.

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, 2022, the following Funds engaged in transactions with affiliates as listed below:

	Securities Purchases		Securities Sales		Net Realized Gains (Losses)*
S&P 100 Equal Weight ETF		$-		$ 43,623		$ 3,767
S&P 500 Value with Momentum ETF		-		3,832		420
S&P MidCap Momentum ETF		-		6,324,626		238,744
S&P MidCap Quality ETF		-		1,752,703		(541,822)
S&P SmallCap Momentum ETF		-		1,081,423		(103,084)

* Net realized gains (losses) from securities sold to affiliates are included in net realized gain (loss) from investment securities in the Statements of Operations.

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, 2022, for each Fund (except for S&P 500 Value with Momentum ETF). As of April 30, 2022, all of the securities in S&P 500 Value with Momentum ETF 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
Dynamic Large Cap Growth ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	613,468,026	$	-	$	-	$	613,468,026
Money Market Funds		14,052		20,028,597		-		20,042,649
Total Investments	$	613,482,078	$	20,028,597	$	-	$	633,510,675
Dynamic Large Cap Value ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	801,555,497	$	-	$	-	$	801,555,497
Money Market Funds		91,482		12,617,388		-		12,708,870
Total Investments	$	801,646,979	$	12,617,388	$	-	$	814,264,367

84

	Level 1		Level 2		Level 3		Total
S&P 100 Equal Weight ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	117,526,445	$	-	$	-	$	117,526,445
Money Market Funds		11,989		3,032,404		-		3,044,393
Total Investments	$	117,538,434	$	3,032,404	$	-	$	120,570,838
S&P 500 GARP ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	833,819,931	$	-	$	-	$	833,819,931
Money Market Funds		-		28,730,540		-		28,730,540
Total Investments	$	833,819,931	$	28,730,540	$	-	$	862,550,471
S&P MidCap Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	893,798,317	$	-	$	-	$	893,798,317
Money Market Funds		531,940		65,454,376		-		65,986,316
Total Investments	$	894,330,257	$	65,454,376	$	-	$	959,784,633
S&P MidCap Quality ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	329,607,806	$	-	$	-	$	329,607,806
Money Market Funds		250,806		73,996,080		-		74,246,886
Total Investments	$	329,858,612	$	73,996,080	$	-	$	403,854,692
S&P MidCap Value with Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	257,160,417	$	-	$	-	$	257,160,417
Money Market Funds		17,751		38,445,177		-		38,462,928
Total Investments	$	257,178,168	$	38,445,177	$	-	$	295,623,345
S&P SmallCap Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	145,545,935	$	-	$	-	$	145,545,935
Money Market Funds		181,679		25,696,133		-		25,877,812
Total Investments	$	145,727,614	$	25,696,133	$	-	$	171,423,747
S&P SmallCap Value with Momentum ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	710,540,298	$	-	$	-	$	710,540,298
Money Market Funds		576,198		89,607,827		-		90,184,025
Total Investments	$	711,116,496	$	89,607,827	$	-	$	800,724,323
Zacks Mid-Cap ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	211,573,753	$	-	$	-	$	211,573,753
Money Market Funds		405,744		17,163,438		-		17,569,182
Total Investments	$	211,979,497	$	17,163,438	$	-	$	229,142,935
Zacks Multi-Asset Income ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	92,148,520	$	-	$	0	$	92,148,520
Closed-End Funds		11,273,821		-		-		11,273,821
Preferred Stocks		10,552,031		-		-		10,552,031
Money Market Funds		28,298		17,133,328		-		17,161,626
Total Investments	$	114,002,670	$	17,133,328	$	0	$	131,135,998

85

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, 2022 and 2021:

	2022		2021
	Ordinary		Ordinary
	Income*		Income*
Dynamic Large Cap Growth ETF	$	365,218	$	1,014,053
Dynamic Large Cap Value ETF		15,751,004		17,183,173
S&P 100 Equal Weight ETF		2,001,177		1,410,989
S&P 500 GARP ETF		5,341,272		3,178,357
S&P 500 Value with Momentum ETF		604,427		722,920
S&P MidCap Momentum ETF		5,860,692		3,601,237
S&P MidCap Quality ETF		3,640,191		1,069,777
S&P MidCap Value with Momentum ETF		2,951,914		749,115
S&P SmallCap Momentum ETF		643,957		704,740
S&P SmallCap Value with Momentum ETF		7,211,062		1,215,462
Zacks Mid-Cap ETF		2,026,356		3,261,907
Zacks Multi-Asset Income ETF		3,371,434		3,955,699

* Includes short-term capital gain distributions, if any.

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				Shares of Beneficial Interest			Total Net Assets
Dynamic Large Cap Growth ETF		$	20,257		$	(98,779	)		$	(10,424,648	)		$	-			$	(207,365,851	)		$	831,286,595		$	613,417,574
Dynamic Large Cap Value ETF			1,998,860			(136,787	)			26,514,519				-				(455,685,793	)			1,229,392,339			802,083,138
S&P 100 Equal Weight ETF			157,317			(48,561	)			2,708,099				-				(5,220,205	)			119,996,255			117,592,905
S&P 500 GARP ETF			514,287			(44,442	)			(49,692,511	)			-				(42,124,718	)			925,097,775			833,750,391
S&P 500 Value with Momentum ETF			109,850			(36,879	)			552,809				-				(15,158,116	)			72,213,156			57,680,820
S&P MidCap Momentum ETF			476,483			(69,414	)			(11,346,880	)			-				(145,585,788	)			1,050,935,755			894,410,156
S&P MidCap Quality ETF			270,828			(47,092	)			(30,025,329	)			-				(9,431,562	)			369,056,906			329,823,751
S&P MidCap Value with Momentum ETF			-			(50,901	)			(14,621,307	)			-				(33,056,670	)			304,798,752			257,069,874
S&P SmallCap Momentum ETF			198,459			(49,432	)			(9,696,710	)			-				(55,883,076	)			211,082,757			145,651,998
S&P SmallCap Value with Momentum   ETF			-			(54,570	)			(39,129,511	)			-				(54,182,331	)			804,441,650			711,075,238
Zacks Mid-Cap ETF			1,326,956			(5,882	)			(7,317,838	)			(66	)			(121,371,354	)			339,103,346			211,735,162
Zacks Multi-Asset Income ETF			1,296,933			(3,169,752	)			(3,579,929	)			1				(441,456,607	)			561,059,172			114,149,818

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 Funds have capital loss carryforwards as of April 30, 2022, as follows:

	No expiration
	Short-Term		Long-Term		Total*
Dynamic Large Cap Growth ETF	$	203,726,021	$	3,639,830	$	207,365,851
Dynamic Large Cap Value ETF		386,362,311		69,323,482		455,685,793
S&P 100 Equal Weight ETF		1,722,221		3,497,984		5,220,205
S&P 500 GARP ETF		29,928,775		12,195,943		42,124,718
S&P 500 Value with Momentum ETF		9,931,515		5,226,601		15,158,116
S&P MidCap Momentum ETF		145,585,788		-		145,585,788
S&P MidCap Quality ETF		6,654,006		2,777,556		9,431,562
S&P MidCap Value with Momentum ETF		26,808,944		6,247,726		33,056,670

86

	No expiration
	Short-Term		Long-Term		Total*
S&P SmallCap Momentum ETF	$	48,672,098	$	7,210,978	$	55,883,076
S&P SmallCap Value with Momentum ETF		39,584,920		14,597,411		54,182,331
Zacks Mid-Cap ETF		111,245,125		10,126,229		121,371,354
Zacks Multi-Asset Income ETF		365,162,583		76,294,024		441,456,607

* 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, 2022, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

	Purchases		Sales
Dynamic Large Cap Growth ETF	$	1,021,943,202	$	1,029,653,254
Dynamic Large Cap Value ETF		931,210,569		927,653,233
S&P 100 Equal Weight ETF		16,884,901		16,403,616
S&P 500 GARP ETF		347,440,114		345,596,244
S&P 500 Value with Momentum ETF		30,087,969		30,293,584
S&P MidCap Momentum ETF		1,258,911,730		1,257,569,326
S&P MidCap Quality ETF		242,512,196		241,082,376
S&P MidCap Value with Momentum ETF		159,091,093		157,258,656
S&P SmallCap Momentum ETF		253,344,681		252,909,164
S&P SmallCap Value with Momentum ETF		345,768,081		339,594,936
Zacks Mid-Cap ETF		269,540,802		270,512,795
Zacks Multi-Asset Income ETF		206,413,948		204,730,193

For the fiscal year ended April 30, 2022, in-kind transactions associated with creations and redemptions were as follows:

	In-kind		In-kind
	Purchases		Sales
Dynamic Large Cap Growth ETF	$	683,512,833	$	743,598,305
Dynamic Large Cap Value ETF		859,143,916		826,145,312
S&P 100 Equal Weight ETF		64,400,584		32,985,483
S&P 500 GARP ETF		1,038,327,406		582,208,565
S&P 500 Value with Momentum ETF		58,618,655		36,065,000
S&P MidCap Momentum ETF		821,809,057		832,342,780
S&P MidCap Quality ETF		283,014,105		158,630,927
S&P MidCap Value with Momentum ETF		329,368,395		185,077,803
S&P SmallCap Momentum ETF		134,346,294		148,216,623
S&P SmallCap Value with Momentum ETF		821,599,303		338,733,105
Zacks Mid-Cap ETF		262,496,581		280,035,726
Zacks Multi-Asset Income ETF		51,972,108		63,773,476

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

As of April 30, 2022, the aggregate cost of investments, including any derivatives, on a tax basis includes 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	$	46,833,471	$	(57,258,119	)	$	(10,424,648	)	$	643,935,323
Dynamic Large Cap Value ETF		81,991,176		(55,476,657	)		26,514,519			787,749,848
S&P 100 Equal Weight ETF		11,042,781		(8,334,682	)		2,708,099			117,862,739
S&P 500 GARP ETF		34,827,911		(84,520,422	)		(49,692,511	)		912,242,982
S&P 500 Value with Momentum ETF		4,155,052		(3,602,243	)		552,809			57,155,037
S&P MidCap Momentum ETF		49,014,238		(60,361,118	)		(11,346,880	)		971,131,513

87

						Net
	Gross		Gross			Unrealized
	Unrealized		Unrealized			Appreciation
	Appreciation		(Depreciation)			(Depreciation)			Cost
S&P MidCap Quality ETF	$	11,442,943	$	(41,468,272	)	$	(30,025,329	)	$	433,880,021
S&P MidCap Value with Momentum ETF		12,629,735		(27,251,042	)		(14,621,307	)		310,244,652
S&P SmallCap Momentum ETF		5,281,253		(14,977,963	)		(9,696,710	)		181,120,457
S&P SmallCap Value with Momentum ETF		46,409,345		(85,538,856	)		(39,129,511	)		839,853,834
Zacks Mid-Cap ETF		10,988,884		(18,306,722	)		(7,317,838	)		236,460,773
Zacks Multi-Asset Income ETF		9,778,537		(13,358,466	)		(3,579,929	)		134,715,927

NOTE 8–Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships and 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, 2022, the reclassifications were as follows:

	Undistributed Net Investment Income			Undistributed Net Realized Gain (Loss)				Shares of Beneficial Interest
Dynamic Large Cap Growth ETF		$	-		$	(171,969,069	)		$	171,969,069
Dynamic Large Cap Value ETF			-			(125,904,517	)			125,904,517
S&P 100 Equal Weight ETF			-			(13,427,243	)			13,427,243
S&P 500 GARP ETF			-			(75,266,000	)			75,266,000
S&P 500 Value with Momentum ETF			554			(5,784,636	)			5,784,082
S&P MidCap Momentum ETF			-			(168,692,369	)			168,692,369
S&P MidCap Quality ETF			-			(24,248,430	)			24,248,430
S&P MidCap Value with Momentum ETF			21,901			(22,745,888	)			22,723,987
S&P SmallCap Momentum ETF			2,002			(30,848,904	)			30,846,902
S&P SmallCap Value with Momentum ETF			541,230			(67,479,397	)			66,938,167
Zacks Mid-Cap ETF			3,635			(45,814,748	)			45,811,113
Zacks Multi-Asset Income ETF			291,744			(11,221,747	)			10,930,003

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 consisting of a specified number of Shares as set forth in each Fund’s prospectus. 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 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.

88

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.

89

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, 2022, the related statements of operations for the year ended April 30, 2022, the statements of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2022 (or for Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF, for each of the four years in the period ended April 30, 2022 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, 2022, 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, 2022, and each of the financial highlights for each of the five years in the period ended April 30, 2022 (or for Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income ETF, for each of the four years in the period ended April 30, 2022 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 and financial highlights 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 (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, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

June 23, 2022

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.

90

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, 2021 through April 30, 2022.

In addition to the fees and expenses which the Invesco Zacks Multi-Asset Income 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 is included in the 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, 2021			April 30, 2022			Six-Month Period			Six-Month Period(1)
Invesco Dynamic Large Cap Growth ETF (PWB)
Actual		$	1,000.00		$	804.70		0.55	%		$	2.46
Hypothetical (5% return before expenses)			1,000.00			1,022.07		0.55				2.76
Invesco Dynamic Large Cap Value ETF (PWV)
Actual			1,000.00			999.30		0.55				2.73
Hypothetical (5% return before expenses)			1,000.00			1,022.07		0.55				2.76
Invesco S&P 100 Equal Weight ETF (EQWL)
Actual			1,000.00			923.20		0.25				1.19
Hypothetical (5% return before expenses)			1,000.00			1,023.55		0.25				1.25
Invesco S&P 500 GARP ETF (SPGP)
Actual			1,000.00			925.20		0.33				1.58
Hypothetical (5% return before expenses)			1,000.00			1,023.16		0.33				1.66

91

Calculating your ongoing Fund expenses–(continued)

							Annualized
	Beginning			Ending			Expense Ratio			Expenses Paid
	Account Value			Account Value			Based on the			During the
	November 1, 2021			April 30, 2022			Six-Month Period			Six-Month Period(1)
Invesco S&P 500 Value with Momentum ETF (SPVM)
Actual		$	1,000.00		$	1,015.80		0.39	%		$	1.95
Hypothetical (5% return before expenses)			1,000.00			1,022.86		0.39				1.96
Invesco S&P MidCap Momentum ETF (XMMO)
Actual			1,000.00			906.50		0.33				1.56
Hypothetical (5% return before expenses)			1,000.00			1,023.16		0.33				1.66
Invesco S&P MidCap Quality ETF (XMHQ)
Actual			1,000.00			886.30		0.25				1.17
Hypothetical (5% return before expenses)			1,000.00			1,023.55		0.25				1.25
Invesco S&P MidCap Value with Momentum ETF (XMVM)
Actual			1,000.00			961.90		0.39				1.90
Hypothetical (5% return before expenses)			1,000.00			1,022.86		0.39				1.96
Invesco S&P SmallCap Momentum ETF (XSMO)
Actual			1,000.00			858.60		0.38				1.75
Hypothetical (5% return before expenses)			1,000.00			1,022.91		0.38				1.91
Invesco S&P SmallCap Value with Momentum ETF (XSVM)
Actual			1,000.00			961.30		0.34				1.65
Hypothetical (5% return before expenses)			1,000.00			1,023.11		0.34				1.71
Invesco Zacks Mid-Cap ETF (CZA)
Actual			1,000.00			965.60		0.74				3.61
Hypothetical (5% return before expenses)			1,000.00			1,021.12		0.74				3.71
Invesco Zacks Multi-Asset Income ETF (CVY)
Actual			1,000.00			935.70		0.73				3.50
Hypothetical (5% return before expenses)			1,000.00			1,021.17		0.73				3.66

⁽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, 2022. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period, then multiplying the result by 181/365. Expense ratios for the most recent six-month period may differ from expense ratios based on the annualized data in the Financial Highlights.

92

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, 2022:

	Qualified Business Income*			Qualified Dividend Income*			Corporate Dividends Received Deduction*			U.S. Treasury Obligations*			Business Interest Income*
Invesco Dynamic Large Cap Growth ETF		0	%		100	%		100	%		0	%		0	%
Invesco Dynamic Large Cap Value ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P 100 Equal Weight ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P 500 GARP ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P 500 Value with Momentum ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P MidCap Momentum ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P MidCap Quality ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P MidCap Value with Momentum ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P SmallCap Momentum ETF		0	%		100	%		100	%		0	%		0	%
Invesco S&P SmallCap Value with Momentum ETF		27	%		70	%		67	%		0	%		0	%
Invesco Zacks Mid-Cap ETF		0	%		100	%		100	%		0	%		0	%
Invesco Zacks Multi-Asset Income ETF		7	%		64	%		49	%		0	%		0	%

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

93

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:

As of April 30, 2022

				Number of
		Term of		Portfolios	Other
		Office		in Fund	Directorships
		and		Complex**	Held by
	Position(s)	Length of	Principal	Overseen by	Independent
Name, Address and Year of	Held	Time	Occupation(s) During	Independent	Trustees During
Birth of Independent Trustees	with Trust	Served*	the Past 5 Years	Trustees	the Past 5 Years
Ronn R. Bagge–1958 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Vice Chair of the Board; Chair of the Nominating and Governance Committee and Trustee	Vice Chair since 2018; Chair 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).	224	Chair (since 2021) and member (since 2017) of the Joint Investment Committee, Mission Aviation Fellowship and MAF Foundation; Trustee, 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.	224	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.

94

Trustees and Officers–(continued)

				Number of
		Term of		Portfolios	Other
		Office		in Fund	Directorships
		and		Complex**	Held by
	Position(s)	Length of	Principal	Overseen by	Independent
Name, Address and Year of	Held	Time	Occupation(s) During	Independent	Trustees During
Birth of Independent Trustees	with Trust	Served*	the Past 5 Years	Trustees	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, First Eagle Alternative Credit LLC (2020-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, Director, The Boeing Company (2009-2021); Trustee, MITRE Corporation (federally funded research development) (2008-2020); Director, THL Credit, Inc. (alternative credit investment manager) (2016-2020); Chair (2015-2016), Lead Director (2011-2015) and Director (2008-2011), Monster Worldwide, Inc. (career services); United States Navy, career nuclear submarine officer (1970-2007); Seventh Vice Chair of the Joint Chiefs of Staff (2005-2007); first NATO Supreme Allied Commander Transformation (2003-2005); Commander, U.S. Joint Forces Command (2002-2005).	224	Trustee, U.S. Naval Academy Foundation Athletic & Scholarship Program (2010- Present); formerly, Trustee, certain funds of the Oppenheimer Funds complex (2013-2019); Advisory Board Member, Maxwell School of Citizenship and Public Affairs of Syracuse University (2012-2016).

* 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.

95

Trustees and Officers–(continued)

				Number of
		Term of		Portfolios	Other
		Office		in Fund	Directorships
		and		Complex**	Held by
	Position(s)	Length of	Principal	Overseen by	Independent
Name, Address and Year of	Held	Time	Occupation(s) During	Independent	Trustees During
Birth of Independent Trustees	with Trust	Served*	the Past 5 Years	Trustees	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).	224	Trustee (2000- Present) and Chair (2010-2017), Newberry Library; Trustee, Chikaming Open Lands (2014-Present); formerly, Trustee, Mather LifeWays (2001-2021); 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.

96

Trustees and Officers–(continued)

				Number of
		Term of		Portfolios	Other
		Office		in Fund	Directorships
		and		Complex**	Held by
	Position(s)	Length of	Principal	Overseen by	Independent
Name, Address and Year of	Held	Time	Occupation(s) During	Independent	Trustees During
Birth of Independent Trustees	with Trust	Served*	the Past 5 Years	Trustees	the Past 5 Years
Marc M. Kole–1960 c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Chair of the Audit Committee and Trustee	Chair of the Audit Committee since 2008; Trustee since 2006	Formerly, Managing Director of Finance (2020-2021) and Senior Director of Finance (2015-2020), By The Hand Club for Kids (not-for-profit); 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).	224	Formerly, Treasurer (2018-2021), Finance Committee Member (2015-2021) and Audit Committee Member (2015), Thornapple Evangelical Covenant Church; 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	Chair of the Investment Oversight Committee and Trustee	Chair 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).	224	Board Director, Beacon Power Services, Corp. (2019-Present); formerly, Advisory Board Member, Performance Trust Capital Partners, LLC (2008-2020).

* 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)

				Number of
		Term of		Portfolios	Other
		Office		in Fund	Directorships
		and		Complex**	Held by
	Position(s)	Length of	Principal	Overseen by	Independent
Name, Address and Year of	Held	Time	Occupation(s) During	Independent	Trustees During
Birth of Independent Trustees	with Trust	Served*	the Past 5 Years	Trustees	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.	224	Board Director, Horizon Blue Cross Blue Shield of New Jersey (2012- Present); Governing Council Member (2016-Present) and Chair of Education Committee (2017-2021), Independent Directors Council (IDC); Council Member, New York-Presbyterian Hospital’s Leadership Council on Children’s and Women’s Health (2012-Present); formerly, Advisory Board Director, The Alberleen Group LLC (2012-2021); Board Member, 100 Women in Finance (2015-2020); 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.

98

Trustees and Officers–(continued)

				Number of
		Term of		Portfolios	Other
		Office		in Fund	Directorships
		and		Complex**	Held by
	Position(s)	Length of	Principal	Overseen by	Independent
Name, Address and Year of	Held	Time	Occupation(s) During	Independent	Trustees During
Birth of Independent Trustees	with Trust	Served*	the Past 5 Years	Trustees	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.	224	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	Chair of the Board and Trustee	Chair since 2012; Trustee since 2006	Chair, President and Chief Executive Officer, McHenry Bancorp Inc. and McHenry Savings Bank (subsidiary) (2018-Present); formerly, Chair 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); Chair, 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).	224	Director, Penfield Children’s Center (2004-Present); Board Chair, 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.

99

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 overseen by the Interested Trustee and the other directorships, if any, held by the Interested Trustee are shown below:

				Number of
		Term of		Portfolios	Other
		Office		in Fund	Directorships
		and		Complex**	Held by
	Position(s)	Length of	Principal	Overseen by	Interested
Name, Address and Year of Birth	Held	Time	Occupation(s) During	Interested	Trustee During
of Interested Trustee	with Trust	Served*	the Past 5 Years	Trustee	the Past 5 Years
Anna Paglia–1974 Invesco Capital Management LLC 3500 Lacey Road Suite 700 Downers Grove, IL 60515	Trustee, President and Principal Executive Officer	Trustee since 2022, President and Principal Executive Officer since 2020	President and Principal Executive Officer (2020-Present) and Trustee (2022-Present), 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; Managing Director and Global Head of ETFs and Indexed Strategies, Chief Executive Officer and Principal Executive Officer, Invesco Capital Management LLC (2020-Present); Chief Executive Officer, Manager and Principal Executive Officer, Invesco Specialized Products, LLC (2020-Present); Vice President, Invesco Indexing LLC (2020-Present); formerly, 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 (2011-2020), Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020) and Invesco Exchange-Traded Self-Indexed Fund Trust (2015- 2020); Head of Legal (2010-2020) and Secretary (2015-2020), Invesco Capital Management LLC; Manager and Assistant Secretary, Invesco Indexing LLC (2017-2020); Head of Legal and Secretary, Invesco Specialized Products, LLC (2018-2020); Partner, K&L Gates LLP (formerly, Bell Boyd & Lloyd LLP) (2007-2010); and Associate Counsel at Barclays Global Investors Ltd. (2004-2006).	224	None

* This is the date the Interested Trustee began serving the Trust. The Interested Trustee serves an indefinite term, until 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 Executive Officers	Position(s) Held with Trust	Length of Time Served*	Principal Occupation(s) During the Past 5 Years
Adrien Deberghes–1967 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Vice President	Since 2020	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, Invesco Actively Managed Exchange- Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust (2020-Present); Head of the Fund Office of the CFO, Fund Administration and Vice President, Invesco Advisers, Inc. (2020-Present); Principal Financial Officer, Treasurer and Vice President, The Invesco Funds (2020-Present); formerly, Senior Vice President and Treasurer, Fidelity Investments (2008-2020).
Kelli Gallegos–1970 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	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 and Assistant Treasurer (2008-Present), The Invesco Funds; formerly, Principal Financial Officer (2016-2020) and Assistant Vice President (2008-2016), The Invesco Funds; 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); and Assistant Treasurer, Invesco Capital Management LLC (2013-2018).
Adam Henkel–1980 Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, IL 60515	Secretary	Since 2020	Head of Legal and Secretary, Invesco Capital Management LLC and Invesco Specialized Products, LLC (2020-present); Secretary, 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 (2020-Present); Assistant Secretary, Invesco Capital Markets, Inc. (2020-Present); Assistant Secretary, The Invesco Funds (2014-Present); Manager and Assistant Secretary, Invesco Indexing LLC (2020-Present); Assistant Secretary, Invesco Investment Advisers LLC (2020-Present); formerly, Assistant Secretary of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange- Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2014-2020); Chief Compliance Officer of Invesco Capital Management LLC (2017); Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust (2017); Senior Counsel, Invesco, Ltd. (2013-2020); Assistant Secretary, Invesco Specialized Products, LLC (2018-2020).

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

101

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 the Past 5 Years
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).
Michael McMaster–1962 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	Chief Tax Officer	Since 2020	Vice President and Head of Global Fund Services Tax, Invesco Advisers, Inc. (2020-Present); Chief Tax Officer, Vice President and Assistant Treasurer, The Invesco Funds (2020-Present); Assistant Treasurer, Invesco Capital Management LLC (2020-Present); Chief Tax Officer and Assistant 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 (2020-Present); Assistant Treasurer, Invesco Specialized Products, LLC (2020-Present); formerly, Senior Vice President, Managing Director of Tax Services, U.S. Bank Global Fund Services (GFS) (2007-2020).
Sheri Morris–1964 Invesco Capital Management LLC 11 Greenway Plaza, Suite 1000 Houston, TX 77046	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); Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser) (2020-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, Treasurer (2008-2020), 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.; Treasurer, 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.; Vice President, Invesco Advisers, Inc. (2009-2020).
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).

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

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 the Past 5 Years
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).

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

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.

103

Approval of Investment Advisory Contracts

At a meeting held on April 6, 2022, 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 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 MSCI Sustainable Future 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, 2021, 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 ("ETFs") business of Guggenheim Capital LLC ("Guggenheim") (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 were within the targeted range set forth in the Trust’s registration statement. The Trustees 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.

104

Approval of Investment Advisory Contracts–(continued)

The Trustees considered the services provided by the Adviser in its oversight of the Fund’s 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 as follows:

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

● 0.29% 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;

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

● 0.50% of the Fund’s average daily net assets for each other Fund.

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, 2024, as set forth below:

● 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;

● 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

● 0.39%, 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;

● 0.50%, 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 AchieversTM ETF, Invesco High Yield Equity Dividend AchieversTM ETF and Invesco International Dividend AchieversTM 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;

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

● 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 AchieversTM 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

105

Approval of Investment Advisory Contracts–(continued)

ETF, Invesco Global Listed Private Equity ETF, Invesco Golden Dragon China ETF, Invesco MSCI Sustainable Future 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.

The Trustees compared each Fund’s contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. ("Lipper") databases on the net advisory fees and net expense ratios of comparable 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 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
Invesco Financial Preferred ETF					X
Invesco FTSE RAFI US 1000 ETF		X			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 MSCI Sustainable Future ETF					X
Invesco S&P 100 Equal Weight ETF				X	X

106

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 500 GARP ETF		X				X
Invesco S&P 500® Quality ETF		X				X
Invesco S&P 500 Value with Momentum ETF						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		X		X
Invesco WilderHill Clean Energy ETF				X		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 subject to the Fund’s 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 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
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		X
Invesco Dynamic Leisure and Entertainment ETF					X
Invesco Dynamic Market ETF					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 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						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 MSCI Sustainable Future ETF						X
Invesco S&P 100 Equal Weight ETF				X		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
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		X		X
Invesco WilderHill Clean Energy ETF				X		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 Large Cap Value ETF, Invesco Global Listed Private Equity ETF, Invesco Zacks Mid-Cap ETF and Invesco Zacks Multi-Asset Income 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.

108

Approval of Investment Advisory Contracts–(continued)

Based on all of 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, advisory fees for money market cash management vehicles and fees as the Fund’s direct securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund’s distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund’s 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.

109

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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.

©2022 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, 2022.

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 2022			Fees Billed by PwC for Services Rendered   to the Registrant for Fiscal Year End 2021
Audit Fees		$	915,600		$	914,600
Audit-Related Fees		$	0		$	0
Tax Fees(1)		$	995,966		$	995,966
All Other Fees		$	0		$	0
Total Fees		$	1,911,566		$	1,910,566

⁽¹⁾ Tax Fees for the fiscal years ended April 30, 2022 and 2021 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.

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 2022 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 2021 That Were Required to be Pre-Approved by the Registrant’s Audit Committee
Audit-Related Fees(1)		$	760,000		$	793,000
Tax Fees		$	0		$	0
All Other Fees		$	0		$	0
Total Fees		$	760,000		$	793,000

⁽¹⁾ Audit-Related Fees for the fiscal years ended 2022 and 2021 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
Effective Date	June 26, 2009
Amended Dates	March 12, 2015 and June 15, 2018

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.

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 $6,763,000 for the fiscal year ended April 30, 2022 and $ 7,776,000 for the fiscal year ended April 30, 2021 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 $8,518,966 for the fiscal year ended April 30, 2022 and $9,564,966 for the fiscal year ended April 30, 2021.

(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 $31 million and non-audit services of approximately $19 million for the fiscal year ended 2022. The Audit Committee considered this information in evaluating PwC’s independence.

Pursuant to PCAOB Rule 3526, Communication with Audit Committees Concerning Independence, PwC advised the Registrant’s Audit Committee of the following matters identified since the previous annual Form N-CSR filing that may be reasonably thought to bear on PwC’s independence. PwC advised the Audit Committee that one PwC Partner and two PwC Associates each held financial interests 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 SEC Regulation S-X. In reporting the matters to the Audit Committee, PwC noted, among other things, that the impermissible holdings were disposed of by the individuals, the individuals were not in the chain of command of the audit or the audit partners of the Funds, the financial interests were not material to the net worth of each individual or their respective immediate family members and senior leadership of the Funds’ audit engagement team was unaware of the impermissible holdings until after the matters were confirmed to be independence exceptions or after the individuals ceased providing their audit services to the Invesco entity, as applicable. In addition, PwC considered that the PwC Partner did not provide services to the Funds or any of their affiliates and that the audit work performed by the PwC Associates was of a limited nature and/or was reviewed by more senior engagement team members. Based on the mitigating factors noted above, PwC advised the Audit Committee that it concluded that its objectivity and impartiality with respect to all issues encompassed within the audit engagement has not been impaired and it believes that a reasonable investor with knowledge of all relevant facts and circumstances for the violations would conclude that PwC is capable of exercising objective and impartial judgment on all issues encompassed within the audits of the financial statements of the Funds in the Registrant for the impacted periods.

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 6, 2022

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 6, 2022

By:      /s/ Kelli Gallegos                                             

Name: Kelli Gallegos

Title:   Treasurer

Date:   July 6, 2022