# EDGAR Filing Document

**Accession Number:** 0001209466
**File Stem:** 0001193125-23-002134
**Filing Date:** 2023-1
**Character Count:** 2151137
**Document Hash:** 6818d9e604e45372d3cb262bf0d1da4e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-002134.hdr.sgml**: 20230105

**ACCESSION NUMBER**: 0001193125-23-002134

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230105

**DATE AS OF CHANGE**: 20230105

**EFFECTIVENESS DATE**: 20230105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INVESCO EXCHANGE-TRADED FUND TRUST
- **CENTRAL INDEX KEY:** 0001209466
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21265
- **FILM NUMBER:** 23510314

**BUSINESS ADDRESS:**
- **STREET 1:** 3500 LACEY ROAD
- **STREET 2:** SUITE 700
- **CITY:** DOWNERS GROVE
- **STATE:** IL
- **ZIP:** 60515
- **BUSINESS PHONE:** 800-983-0903

**MAIL ADDRESS:**
- **STREET 1:** 3500 LACEY ROAD
- **STREET 2:** SUITE 700
- **CITY:** DOWNERS GROVE
- **STATE:** IL
- **ZIP:** 60515

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** POWERSHARES EXCHANGE TRADED FUND TRUST
- **DATE OF NAME CHANGE:** 20021210

## Series and Classes Contracts Data

### Invesco Dynamic Market ETF (Series ID: S000003023)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000008290 | Invesco Dynamic Market ETF | PWC             |

### Invesco S&P SmallCap Momentum ETF (Series ID: S000003024)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000008291 | Invesco S&P SmallCap Momentum ETF | XSMO            |

### Invesco S&P SmallCap Value with Momentum ETF (Series ID: S000003025)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000008292 | Invesco S&P SmallCap Value with Momentum ETF | XSVM            |

### Invesco Dynamic Biotechnology & Genome ETF (Series ID: S000003026)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000008293 | Invesco Dynamic Biotechnology & Genome ETF | PBE             |

### Invesco Dynamic Food & Beverage ETF (Series ID: S000003027)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000008294 | Invesco Dynamic Food & Beverage ETF | PBJ             |

### Invesco Dynamic Leisure and Entertainment ETF (Series ID: S000003028)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000008295 | Invesco Dynamic Leisure and Entertainment ETF | PEJ             |

### Invesco Dynamic Media ETF (Series ID: S000003029)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000008296 | Invesco Dynamic Media ETF | PBS             |

### Invesco Dynamic Networking ETF (Series ID: S000003030)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000008297 | Invesco Dynamic Networking ETF | PXQ             |

### Invesco Dynamic Pharmaceuticals ETF (Series ID: S000003031)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000008298 | Invesco Dynamic Pharmaceuticals ETF | PJP             |

### Invesco Dynamic Semiconductors ETF (Series ID: S000003032)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000008299 | Invesco Dynamic Semiconductors ETF | PSI             |

### Invesco Dynamic Software ETF (Series ID: S000003033)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000008300 | Invesco Dynamic Software ETF | PSJ             |

### Invesco International Dividend Achievers ETF (Series ID: S000003036)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000008303 | Invesco International Dividend Achievers ETF | PID             |

### Invesco Dividend Achievers ETF (Series ID: S000003037)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000008304 | Invesco Dividend Achievers ETF | PFM             |

### Invesco Aerospace & Defense ETF (Series ID: S000003039)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000008306 | Invesco Aerospace & Defense ETF | PPA             |

### Invesco Dynamic Building & Construction ETF (Series ID: S000003040)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000008307 | Invesco Dynamic Building & Construction ETF | PKB             |

### Invesco Dynamic Energy Exploration & Production ETF (Series ID: S000003041)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000008308 | Invesco Dynamic Energy Exploration & Production ETF | PXE             |

### Invesco Dynamic Oil & Gas Services ETF (Series ID: S000003043)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000008310 | Invesco Dynamic Oil & Gas Services ETF | PXJ             |

### Invesco High Yield Equity Dividend Achievers ETF (Series ID: S000003045)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000008312 | Invesco High Yield Equity Dividend Achievers ETF | PEY             |

### Invesco DWA Utilities Momentum ETF (Series ID: S000003046)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000008313 | Invesco DWA Utilities Momentum ETF | PUI             |

### Invesco Water Resources ETF (Series ID: S000003048)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000008315 | Invesco Water Resources ETF | PHO             |

### Invesco S&P 500 Quality ETF (Series ID: S000003049)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000008316 | Invesco S&P 500 Quality ETF | SPHQ            |

### Invesco Golden Dragon China ETF (Series ID: S000003052)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000008319 | Invesco Golden Dragon China ETF | PGJ             |

### Invesco WilderHill Clean Energy ETF (Series ID: S000003053)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000008320 | Invesco WilderHill Clean Energy ETF | PBW             |

### Invesco Dynamic Large Cap Growth ETF (Series ID: S000003054)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000008321 | Invesco Dynamic Large Cap Growth ETF | PWB             |

### Invesco Dynamic Large Cap Value ETF (Series ID: S000003055)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000008322 | Invesco Dynamic Large Cap Value ETF | PWV             |

### Invesco S&P MidCap Momentum ETF (Series ID: S000003056)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000008323 | Invesco S&P MidCap Momentum ETF | XMMO            |

### Invesco S&P MidCap Value with Momentum ETF (Series ID: S000003057)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000008324 | Invesco S&P MidCap Value with Momentum ETF | XMVM            |

### Invesco FTSE RAFI US 1000 ETF (Series ID: S000011995)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000032719 | Invesco FTSE RAFI US 1000 ETF | PRF             |

### Invesco NASDAQ Internet ETF (Series ID: S000012109)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000033024 | Invesco NASDAQ Internet ETF | PNQI            |

### Invesco DWA Energy Momentum ETF (Series ID: S000013101)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000035317 | Invesco DWA Energy Momentum ETF | PXI             |

### Invesco DWA Financial Momentum ETF (Series ID: S000013102)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000035318 | Invesco DWA Financial Momentum ETF | PFI             |

### Invesco DWA Healthcare Momentum ETF (Series ID: S000013104)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000035320 | Invesco DWA Healthcare Momentum ETF | PTH             |

### Invesco DWA Industrials Momentum ETF (Series ID: S000013105)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000035321 | Invesco DWA Industrials Momentum ETF | PRN             |

### Invesco S&P 100 Equal Weight ETF (Series ID: S000013106)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000035322 | Invesco S&P 100 Equal Weight ETF | EQWL            |

### Invesco S&P MidCap Quality ETF (Series ID: S000013108)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000035324 | Invesco S&P MidCap Quality ETF | XMHQ            |

### Invesco DWA Technology Momentum ETF (Series ID: S000013110)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000035326 | Invesco DWA Technology Momentum ETF | PTF             |

### Invesco BuyBack Achievers ETF (Series ID: S000013111)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000035327 | Invesco BuyBack Achievers ETF | PKW             |

### Invesco FTSE RAFI US 1500 Small-Mid ETF (Series ID: S000013120)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000035336 | Invesco FTSE RAFI US 1500 Small-Mid ETF | PRFZ            |

### Invesco MSCI Sustainable Future ETF (Series ID: S000013122)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000035338 | Invesco MSCI Sustainable Future ETF | ERTH            |

### Invesco DWA Basic Materials Momentum ETF (Series ID: S000013127)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000035343 | Invesco DWA Basic Materials Momentum ETF | PYZ             |

### Invesco DWA Consumer Cyclicals Momentum ETF (Series ID: S000013128)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000035344 | Invesco DWA Consumer Cyclicals Momentum ETF | PEZ             |

### Invesco DWA Consumer Staples Momentum ETF (Series ID: S000013129)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000035345 | Invesco DWA Consumer Staples Momentum ETF | PSL             |

### Invesco DWA Momentum ETF (Series ID: S000013787)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000037805 | Invesco DWA Momentum ETF | PDP             |

### Invesco Financial Preferred ETF (Series ID: S000013788)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000037806 | Invesco Financial Preferred ETF | PGF             |

### Invesco Global Listed Private Equity ETF (Series ID: S000013789)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000037807 | Invesco Global Listed Private Equity ETF | PSP             |

### Invesco S&P 500 BuyWrite ETF (Series ID: S000020214)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000056583 | Invesco S&P 500 BuyWrite ETF | PBP             |

### Invesco S&P 500 GARP ETF (Series ID: S000032768)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000101127 | Invesco S&P 500 GARP ETF | SPGP            |

### Invesco S&P 500 Value with Momentum ETF (Series ID: S000032769)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000101128 | Invesco S&P 500 Value with Momentum ETF | SPVM            |

### Invesco S&P 500 (R) Equal Weight Real Estate ETF (Series ID: S000060788)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000197604 | Invesco S&P 500 (R) Equal Weight Real Estate ETF | EWRE            |

### Invesco S&P 500 Equal Weight Technology ETF (Series ID: S000060789)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000197605 | Invesco S&P 500 Equal Weight Technology ETF | RYT             |

### Invesco S&P 500 Equal Weight Utilities ETF (Series ID: S000060790)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000197606 | Invesco S&P 500 Equal Weight Utilities ETF | RYU             |

### Invesco S&P 500 Pure Growth ETF (Series ID: S000060791)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000197607 | Invesco S&P 500 Pure Growth ETF | RPG             |

### Invesco S&P 500 Pure Value ETF (Series ID: S000060792)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000197608 | Invesco S&P 500 Pure Value ETF | RPV             |

### Invesco S&P 500 Top 50 ETF (Series ID: S000060793)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000197609 | Invesco S&P 500 Top 50 ETF | XLG             |

### Invesco S&P MidCap 400 Equal Weight ETF (Series ID: S000060794)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000197610 | Invesco S&P MidCap 400 Equal Weight ETF | EWMC            |

### Invesco S&P MidCap 400 Pure Growth ETF (Series ID: S000060795)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000197611 | Invesco S&P MidCap 400 Pure Growth ETF | RFG             |

### Invesco S&P MidCap 400 Pure Value ETF (Series ID: S000060796)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000197612 | Invesco S&P MidCap 400 Pure Value ETF | RFV             |

### Invesco S&P SmallCap 600 Equal Weight ETF (Series ID: S000060797)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000197613 | Invesco S&P SmallCap 600 Equal Weight ETF | EWSC            |

### Invesco S&P 500 Equal Weight Consumer Discretionary ETF (Series ID: S000060798)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000197614 | Invesco S&P 500 Equal Weight Consumer Discretionary ETF | RCD             |

### Invesco S&P SmallCap 600 Pure Growth ETF (Series ID: S000060799)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000197615 | Invesco S&P SmallCap 600 Pure Growth ETF | RZG             |

### Invesco S&P SmallCap 600 Pure Value ETF (Series ID: S000060800)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000197616 | Invesco S&P SmallCap 600 Pure Value ETF | RZV             |

### Invesco Dow Jones Industrial Average Dividend ETF (Series ID: S000060802)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000197618 | Invesco Dow Jones Industrial Average Dividend ETF | DJD             |

### Invesco Zacks Mid-Cap ETF (Series ID: S000060804)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000197620 | Invesco Zacks Mid-Cap ETF | CZA             |

### Invesco Zacks Multi-Asset Income ETF (Series ID: S000060805)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000197621 | Invesco Zacks Multi-Asset Income ETF | CVY             |

### Invesco Raymond James SB-1 Equity ETF (Series ID: S000060806)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000197622 | Invesco Raymond James SB-1 Equity ETF | RYJ             |

### Invesco S&P Spin-Off ETF (Series ID: S000060807)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000197623 | Invesco S&P Spin-Off ETF | CSD             |

### Invesco S&P 500 Equal Weight Consumer Staples ETF (Series ID: S000060809)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000197625 | Invesco S&P 500 Equal Weight Consumer Staples ETF | RHS             |

### Invesco S&P 500 Equal Weight Energy ETF (Series ID: S000060811)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000197627 | Invesco S&P 500 Equal Weight Energy ETF | RYE             |

### Invesco S&P 500 Equal Weight ETF (Series ID: S000060812)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000197628 | Invesco S&P 500 Equal Weight ETF | RSP             |

### Invesco S&P 500 Equal Weight Financials ETF (Series ID: S000060813)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000197629 | Invesco S&P 500 Equal Weight Financials ETF | RYF             |

### Invesco S&P 500 Equal Weight Health Care ETF (Series ID: S000060814)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000197630 | Invesco S&P 500 Equal Weight Health Care ETF | RYH             |

### Invesco S&P 500 Equal Weight Industrials ETF (Series ID: S000060815)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000197631 | Invesco S&P 500 Equal Weight Industrials ETF | RGI             |

### Invesco S&P 500 Equal Weight Materials ETF (Series ID: S000060816)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000197632 | Invesco S&P 500 Equal Weight Materials ETF | RTM             |

### Invesco S&P 500 (R) Equal Weight Communication Services ETF (Series ID: S000063395)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000205462 | Invesco S&P 500 (R) Equal Weight Communication Services ETF | EWCO            |

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 <u>811-21265</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Invesco Exchange-Traded Fund Trust</u> 

(Exact name of registrant as specified in charter)

3500 Lacey Road

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Downers Grove, IL 60515</u> 

(Address of principal executive offices) (Zip code)

Anna Paglia

President

3500 Lacey Road

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Downers Grove, IL 60515</u> 

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>800-983-0903</u>

Date of fiscal year end: <u>April</u> <u>30</u>

Date of reporting period: <u>October</u> <u>31, 2022</u>

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

(b) Not applicable.

------

---

| | | |
|:---|:---|:---|
| ![LOGO](g405249dsp14052491.jpg) | <br> **Invesco Semi-Annual Report to Shareholders** | <br> **Invesco Semi-Annual Report to Shareholders** |
|  | October 31, 2022 | October 31, 2022 |
|  | **PKW** | Invesco BuyBack Achievers<sup>TM</sup> ETF |
|  | **PFM** | Invesco Dividend Achievers<sup>TM</sup> ETF |
|  | **DJD** | Invesco Dow Jones Industrial Average Dividend ETF |
|  | **PGF** | Invesco Financial Preferred ETF |
|  | **PEY** | Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF |
|  | **PID** | Invesco International Dividend Achievers<sup>TM</sup> ETF |

---

------

## **Table of Contents**

---

| | |
|:---|:---|
| [Schedules of Investments](#edg405249_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco BuyBack Achievers<sup>TM</sup> ETF (PKW)](#edg405249_2) | **3** |
| [Invesco Dividend Achievers<sup>TM</sup> ETF (PFM)](#edg405249_3) | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco Dow Jones Industrial Average Dividend ETF (DJD)](#edg405249_4) | **11** |
| [Invesco Financial Preferred ETF (PGF)](#edg405249_5) | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF (PEY)](#edg405249_6) | **16** |
| [Invesco International Dividend Achievers<sup>TM</sup> ETF (PID)](#edg405249_7) | **19** |
| [Statements of Assets and Liabilities](#edg405249_8) | **21** |
| [Statements of Operations](#edg405249_9) | **23** |
| [Statements of Changes in Net Assets](#edg405249_10) | **25** |
| [Financial Highlights](#edg405249_11) | **27** |
| [Notes to Financial Statements](#edg405249_12) | **33** |
| [Fund Expenses](#edg405249_13) | **44** |

---

---

| |
|:---|
| **2** |
| **2** |
| **2** |

---

------

**Invesco BuyBack Achievers<sup>TM</sup> ETF (PKW)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.99%** | **Common Stocks & Other Equity Interests-99.99%** | **Common Stocks & Other Equity Interests-99.99%** |
|  **Communication Services-5.72%** |  |  |
|  Altice USA, Inc., Class A<sup>(b)</sup>  | 234210 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548128 |
|  Charter Communications, Inc., Class A<sup>(b)</sup>  | 139189 | 51168660 |
|  DHI Group, Inc.<sup>(b)</sup>  | 42023 | 268947 |
|  EchoStar Corp., Class A<sup>(b)(c)</sup>  | 30743 | 580121 |
|  Lumen Technologies, Inc.<sup>(c)</sup>  | 897009 | 6601986 |
|  Nexstar Media Group, Inc., Class A<sup>(c)</sup>  | 33611 | 5757564 |
|  Sirius XM Holdings, Inc.<sup>(c)</sup>  | 3373919 | 20378471 |
|  TrueCar, Inc.<sup>(b)</sup>  | 78517 | 141331 |
|  |  | 86445208 |
|  **Consumer Discretionary-22.46%** |  |  |
|  Aaron's Co., Inc. (The)<sup>(c)</sup>  | 26665 | 277849 |
|  Abercrombie & Fitch Co., Class A<sup>(b)(c)</sup>  | 42846 | 753233 |
|  Advance Auto Parts, Inc.<sup>(c)</sup>  | 52085 | 9891983 |
|  AutoNation, Inc.<sup>(b)(c)</sup>  | 48502 | 5156248 |
|  AutoZone, Inc.<sup>(b)(c)</sup>  | 16881 | 42757547 |
|  Bath & Body Works, Inc. | 197861 | 6604600 |
|  Bed Bath & Beyond, Inc.<sup>(b)(c)</sup>  | 69625 | 318186 |
|  Best Buy Co., Inc.<sup>(c)</sup>  | 195053 | 13343576 |
|  Big Lots, Inc.<sup>(c)</sup>  | 25075 | 473165 |
|  Carriage Services, Inc. | 12733 | 310813 |
|  Citi Trends, Inc.<sup>(b)(c)</sup>  | 7259 | 164126 |
|  Crocs, Inc.<sup>(b)(c)</sup>  | 53413 | 3778970 |
|  Dillard's, Inc., Class A<sup>(c)</sup>  | 11391 | 3745247 |
|  Dollar General Corp. | 195434 | 49845442 |
|  Domino's Pizza, Inc.<sup>(c)</sup>  | 31088 | 10328677 |
|  eBay, Inc. | 475965 | 18962446 |
|  Flexsteel Industries, Inc.<sup>(c)</sup>  | 4597 | 70656 |
|  Grand Canyon Education, Inc.<sup>(b)</sup>  | 27695 | 2786948 |
|  Hibbett, Inc.<sup>(c)</sup>  | 11094 | 692487 |
|  Jack in the Box, Inc.<sup>(c)</sup>  | 18242 | 1609492 |
|  Kirkland's, Inc.<sup>(b)(c)</sup>  | 11049 | 41876 |
|  Kohl's Corp.<sup>(c)</sup>  | 101055 | 3026597 |
|  Laureate Education, Inc., Class A | 142662 | 1803248 |
|  Lowe's Cos., Inc. | 351740 | 68571713 |
|  MGM Resorts International | 340578 | 12114359 |
|  Murphy USA, Inc. | 20230 | 6362537 |
|  NVR, Inc.<sup>(b)</sup>  | 2846 | 12060636 |
|  O'Reilly Automotive, Inc.<sup>(b)</sup>  | 54859 | 45926309 |
|  PulteGroup, Inc.<sup>(c)</sup>  | 200570 | 8020794 |
|  Sleep Number Corp.<sup>(b)(c)</sup>  | 19031 | 527920 |
|  Smith & Wesson Brands, Inc.<sup>(c)</sup>  | 39657 | 447728 |
|  Taylor Morrison Home Corp., Class A<sup>(b)(c)</sup>  | 98472 | 2593752 |
|  Tempur Sealy International, Inc.<sup>(c)</sup>  | 149189 | 4011692 |
|  Tri Pointe Homes, Inc.<sup>(b)(c)</sup>  | 88056 | 1474938 |
|  Zumiez, Inc.<sup>(b)(c)</sup>  | 16867 | 378327 |
|  |  | 339234117 |
|  **Consumer Staples-1.59%** |  |  |
|  Hain Celestial Group, Inc. (The)<sup>(b)(c)</sup>  | 77366 | 1447518 |
|  Herbalife Nutrition Ltd.<sup>(b)(c)</sup>  | 93452 | 1986790 |
|  Ingles Markets, Inc., Class A | 12452 | 1175095 |
|  JM Smucker Co. (The)<sup>(c)</sup>  | 92321 | 13909082 |
|  Post Holdings, Inc.<sup>(b)(c)</sup>  | 51774 | 4681405 |
|  USANA Health Sciences, Inc.<sup>(b)(c)</sup>  | 16632 | 873346 |
|  |  | 24073236 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Energy-3.75%** |  |  |
|  CNX Resources Corp.<sup>(b)(c)</sup>  | 164138 | $2759160 |
|  Dorian LPG Ltd. | 34776 | 628402 |
|  Magnolia Oil & Gas Corp., Class A | 163622 | 4201813 |
|  Marathon Petroleum Corp. | 432005 | 49084408 |
|  |  | 56673783 |
|  **Financials-29.22%** |  |  |
|  Affiliated Managers Group, Inc. | 33121 | 4112303 |
|  Aflac, Inc.<sup>(c)</sup>  | 547489 | 35647009 |
|  Allstate Corp. (The)<sup>(c)</sup>  | 234184 | 29565730 |
|  Ally Financial, Inc. | 267306 | 7366953 |
|  Amerant Bancorp, Inc.<sup>(c)</sup>  | 29262 | 880786 |
|  Ameriprise Financial, Inc. | 93715 | 28969181 |
|  Arlington Asset Investment Corp., Class A<sup>(b)(c)</sup>  | 25031 | 76094 |
|  Assured Guaranty Ltd.<sup>(c)</sup>  | 53666 | 3176491 |
|  Atlanticus Holdings Corp.<sup>(b)(c)</sup>  | 12545 | 358285 |
|  Bank of America Corp.<sup>(c)</sup>  | 2187413 | 78834365 |
|  Bank of New York Mellon Corp. (The) | 700131 | 29482516 |
|  Brighthouse Financial, Inc.<sup>(b)(c)</sup>  | 62222 | 3551010 |
|  Capital One Financial Corp. | 332537 | 35255573 |
|  Civista Bancshares, Inc.<sup>(c)</sup>  | 13361 | 316656 |
|  CNO Financial Group, Inc.<sup>(c)</sup>  | 99115 | 2186477 |
|  Columbia Financial, Inc.<sup>(b)(c)</sup>  | 95737 | 1966438 |
|  Comerica, Inc. | 113343 | 7990681 |
|  Consumer Portfolio Services, Inc.<sup>(b)(c)</sup>  | 18072 | 116022 |
|  Credit Acceptance Corp.<sup>(b)(c)</sup>  | 11194 | 5212150 |
|  Elevate Credit, Inc.<sup>(b)</sup>  | 26898 | 27436 |
|  Encore Capital Group, Inc.<sup>(b)(c)</sup>  | 20692 | 1053637 |
|  Enstar Group Ltd.<sup>(b)</sup>  | 13846 | 2776400 |
|  Equitable Holdings, Inc.<sup>(c)</sup>  | 325437 | 9964881 |
|  First Bancorp | 162872 | 2571749 |
|  First Financial Corp. | 10424 | 505460 |
|  HarborOne Bancorp, Inc.<sup>(c)</sup>  | 43466 | 661987 |
|  Hartford Financial Services Group, Inc. (The)<sup>(c)</sup>  | 279966 | 20272338 |
|  Hilltop Holdings, Inc. | 55946 | 1619637 |
|  HomeStreet, Inc.<sup>(c)</sup>  | 16216 | 420967 |
|  Kearny Financial Corp.<sup>(c)</sup>  | 59070 | 598970 |
|  Lincoln National Corp. | 147483 | 7944909 |
|  Loews Corp. | 208753 | 11903096 |
|  MetLife, Inc. | 691044 | 50591331 |
|  Mr. Cooper Group, Inc.<sup>(b)(c)</sup>  | 62078 | 2451460 |
|  Navient Corp.<sup>(c)</sup>  | 122922 | 1861039 |
|  Northfield Bancorp, Inc. | 41943 | 672766 |
|  Pathward Financial, Inc. | 25171 | 1057937 |
|  PennyMac Financial Services, Inc.<sup>(c)</sup>  | 45457 | 2423767 |
|  Popular, Inc. | 64991 | 4596164 |
|  Provident Bancorp, Inc.<sup>(c)</sup>  | 15353 | 189763 |
|  Radian Group, Inc.<sup>(c)</sup>  | 140021 | 2922238 |
|  Regional Management Corp. | 8304 | 282004 |
|  RenaissanceRe Holdings Ltd. (Bermuda) | 37865 | 5856958 |
|  SLM Corp. | 217795 | 3613219 |
|  Synchrony Financial | 417394 | 14842531 |
|  Virtu Financial, Inc., Class A | 89274 | 1997952 |
|  Voya Financial, Inc.<sup>(c)</sup>  | 84837 | 5799457 |
|  Washington Federal, Inc. | 56597 | 2190304 |

---

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

---

| |
|:---|
| **3** |
| **3** |
| **3** |

---

------

**Invesco BuyBack Achievers<sup>TM</sup> ETF (PKW)–(continued)** 

October 31, 2022

*(Unaudited)* 

 

 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Financials-(continued)** |  |  |
|  WesBanco, Inc. | 51727 | $2091840 |
|  WSFS Financial Corp. | 55027 | 2562057 |
|  |  | 441388974 |
|  **Health Care-10.72%** |  |  |
|  Agios Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 47495 | 1308012 |
|  Allscripts Healthcare Solutions, Inc.<sup>(b)(c)</sup>  | 95990 | 1411053 |
|  Cigna Corp. | 238080 | 76914125 |
|  DaVita, Inc.<sup>(b)</sup>  | 79099 | 5775018 |
|  HCA Healthcare, Inc. | 248677 | 54079787 |
|  Innoviva, Inc.<sup>(b)(c)</sup>  | 60393 | 818929 |
|  Intercept Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 34135 | 473453 |
|  Quest Diagnostics, Inc.<sup>(c)</sup>  | 101028 | 14512672 |
|  Universal Health Services, Inc., Class B<sup>(c)</sup>  | 56937 | 6597290 |
|  |  | 161890339 |
|  **Industrials-7.26%** |  |  |
|  Acuity Brands, Inc.<sup>(c)</sup>  | 28343 | 5202925 |
|  AECOM | 120991 | 9108202 |
|  Allison Transmission Holdings, Inc.<sup>(c)</sup>  | 83386 | 3523058 |
|  Avis Budget Group, Inc.<sup>(b)(c)</sup>  | 41642 | 9846667 |
|  CACI International, Inc., Class A<sup>(b)</sup>  | 20290 | 6168769 |
|  Curtiss-Wright Corp.<sup>(c)</sup>  | 33266 | 5583033 |
|  Dycom Industries, Inc.<sup>(b)(c)</sup>  | 25520 | 3015954 |
|  JELD-WEN Holding, Inc.<sup>(b)</sup>  | 73001 | 774541 |
|  KAR Auction Services, Inc.<sup>(b)(c)</sup>  | 100352 | 1458115 |
|  L3Harris Technologies, Inc. | 165786 | 40861275 |
|  ManpowerGroup, Inc. | 44828 | 3511826 |
|  Masco Corp. | 195389 | 9040649 |
|  Owens Corning | 83381 | 7138247 |
|  RCM Technologies, Inc.<sup>(b)(c)</sup>  | 8839 | 154682 |
|  Trinity Industries, Inc.<sup>(c)</sup>  | 71052 | 2027114 |
|  Veritiv Corp.<sup>(b)(c)</sup>  | 12100 | 1406746 |
|  Wabash National Corp.<sup>(c)</sup>  | 42065 | 910707 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;109732510 |
|  **Information Technology-12.70%** |  |  |
|  Amdocs Ltd. | 105664 | 9119860 |
|  Arrow Electronics, Inc.<sup>(b)</sup>  | 55597 | 5629752 |
|  Box, Inc., Class A<sup>(b)</sup>  | 123304 | 3581981 |
|  CDW Corp. | 117174 | 20248839 |
|  Diodes, Inc.<sup>(b)(c)</sup>  | 39404 | 2824085 |
|  Dropbox, Inc., Class A<sup>(b)</sup>  | 247955 | 5393021 |
|  Fair Isaac Corp.<sup>(b)(c)</sup>  | 21877 | 10475583 |
|  Gartner, Inc.<sup>(b)</sup>  | 68529 | 20690276 |
|  HP, Inc. | 871538 | 24071880 |
|  Oracle Corp. | 1081708 | 84448943 |
|  Silicon Laboratories, Inc.<sup>(b)(c)</sup>  | 29653 | 3407723 |
|  Xerox Holdings Corp.<sup>(c)</sup>  | 134159 | 1962746 |
|  |  | 191854689 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Materials-6.37%** |  |  |
|  Ashland, Inc.<sup>(c)</sup>  | 46904 | $4921168 |
|  Celanese Corp. | 93874 | 9023169 |
|  Crown Holdings, Inc. | 104978 | 7200441 |
|  DuPont de Nemours, Inc. | 433978 | 24823541 |
|  Louisiana-Pacific Corp.<sup>(c)</sup>  | 64002 | 3625713 |
|  Nucor Corp.<sup>(c)</sup>  | 226806 | 29797772 |
|  Steel Dynamics, Inc. | 158213 | 14879933 |
|  Worthington Industries, Inc.<sup>(c)</sup>  | 42044 | 1999613 |
|  |  | 96271350 |
|  **Real Estate-0.20%** |  |  |
|  iStar, Inc. | 73972 | 775227 |
|  SL Green Realty Corp. | 55708 | 2210493 |
|  |  | 2985720 |
|  Total Common Stocks & Other Equity Interests (Cost $1,592,311,501) | Total Common Stocks & Other Equity Interests (Cost $1,592,311,501) | 1510549926 |
|  **Money Market Funds-0.09%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup>(Cost $1,283,531) | 1283531 | 1283531 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.08%<br>(Cost $1,593,595,032) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.08%<br>(Cost $1,593,595,032) | 1511833457 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-10.26%** | **Money Market Funds-10.26%** | **Money Market Funds-10.26%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup>  | 46741266 | 46741266 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup> | 108314078 | 108314078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $155,054,657) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $155,054,657) | 155055344 |
|  TOTAL INVESTMENTS IN SECURITIES-110.34%<br>(Cost $1,748,649,689) | TOTAL INVESTMENTS IN SECURITIES-110.34%<br>(Cost $1,748,649,689) | 1666888801 |
|  OTHER ASSETS LESS LIABILITIES-(10.34)% | OTHER ASSETS LESS LIABILITIES-(10.34)% | (156225823) |
|  NET ASSETS-100.00% |  | $1510662978 |

---

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

---

| |
|:---|
| **4** |
| **4** |
| **4** |

---

------

**Invesco BuyBack Achievers<sup>TM</sup> ETF (PKW)–(continued)** 

October 31, 2022

*(Unaudited)* 

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $1613071 | $14201998 | $(14531538) | $- | $- | $1283531 | $10950 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 44257780 | 152642035 | (150158549) |  |  | 46741266 | 300394 \* |
| Invesco Private Prime Fund | 103222386 | 301946832 | (296859218) | (6735) | 10813 | 108314078 | 828331 \* |
| Total | $149093237 | $468790865 | $(461549305) | $(6735) | $10813 | $156338875 | $1139675 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Composition** 

&nbsp;&nbsp;&nbsp;&nbsp;**Sector Breakdown (% of the Fund's Net Assets)** 

&nbsp;&nbsp;&nbsp;&nbsp;**as of October 31, 2022** 

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;Financials | 29.22 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 22.46 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 12.70 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 10.72 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 7.26 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Materials | 6.37 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 5.72 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3.75 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Sector Types Each Less Than 3% | 1.79 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.01 |

---

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

---

| |
|:---|
| **5** |
| **5** |
| **5** |

---

------

**Invesco Dividend Achievers<sup>TM</sup> ETF (PFM)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** |
|  **Communication Services-1.93%** |  |  |
|  Comcast Corp., Class A | 192934 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6123725 |
|  John Wiley & Sons, Inc., Class A<sup>(b)</sup>  | 2047 | 86363 |
|  Telephone & Data Systems, Inc. | 4648 | 79016 |
|  Verizon Communications, Inc. | 184002 | 6876155 |
|  |  | 13165259 |
|  **Consumer Discretionary-6.90%** |  |  |
|  Best Buy Co., Inc. | 9870 | 675207 |
|  Churchill Downs, Inc. | 1681 | 349497 |
|  Dillard's, Inc., Class A<sup>(b)</sup>  | 602 | 197932 |
|  Gentex Corp. | 10313 | 273191 |
|  Genuine Parts Co. | 6203 | 1103266 |
|  Home Depot, Inc. (The) | 44942 | 13308674 |
|  Leggett & Platt, Inc.<sup>(b)</sup>  | 5828 | 196695 |
|  Lithia Motors, Inc., Class A<sup>(b)</sup>  | 1224 | 242536 |
|  Lowe's Cos., Inc. | 27200 | 5302640 |
|  McDonald's Corp. | 32335 | 8816461 |
|  Monro, Inc.<sup>(b)</sup>  | 1432 | 68378 |
|  NIKE, Inc., Class B | 55361 | 5130857 |
|  PetMed Express, Inc.<sup>(b)</sup>  | 935 | 19934 |
|  Polaris, Inc.<sup>(b)</sup>  | 2620 | 266192 |
|  Pool Corp.<sup>(b)</sup>  | 1761 | 535749 |
|  Service Corp. International | 6897 | 418027 |
|  Starbucks Corp. | 50278 | 4353572 |
|  Target Corp. | 20152 | 3309966 |
|  Thor Industries, Inc.<sup>(b)</sup>  | 2408 | 196180 |
|  Tractor Supply Co. | 4850 | 1065884 |
|  VF Corp. | 17018 | 480758 |
|  Whirlpool Corp. | 2395 | 331085 |
|  Williams-Sonoma, Inc.<sup>(b)</sup>  | 3000 | 371490 |
|  |  | 47014171 |
|  **Consumer Staples-14.00%** |  |  |
|  Altria Group, Inc. | 78904 | 3650888 |
|  Andersons, Inc. (The)<sup>(b)</sup>  | 1495 | 52729 |
|  Archer-Daniels-Midland Co. | 24555 | 2381344 |
|  Brown-Forman Corp., Class B | 13581 | 923508 |
|  Casey's General Stores, Inc. | 1657 | 385600 |
|  Church & Dwight Co., Inc. | 10630 | 788002 |
|  Clorox Co. (The) | 5391 | 787302 |
|  Coca-Cola Co. (The) | 189908 | 11365994 |
|  Colgate-Palmolive Co. | 36560 | 2699590 |
|  Costco Wholesale Corp. | 19465 | 9761697 |
|  Flowers Foods, Inc. | 9276 | 266314 |
|  Hershey Co. (The) | 6445 | 1538873 |
|  Hormel Foods Corp. | 23909 | 1110573 |
|  Ingredion, Inc. | 2848 | 253814 |
|  J&J Snack Foods Corp.<sup>(b)</sup>  | 854 | 126059 |
|  JM Smucker Co. (The) | 4681 | 705239 |
|  Kellogg Co. | 14895 | 1144234 |
|  Kimberly-Clark Corp. | 14784 | 1840017 |
|  Kroger Co. (The) | 31361 | 1483062 |
|  Lancaster Colony Corp.<sup>(b)</sup>  | 1224 | 220663 |
|  McCormick & Co., Inc. | 10966 | 862366 |
|  Nu Skin Enterprises, Inc., Class A | 2212 | 84476 |
|  PepsiCo, Inc. | 60599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11003566 |
|  Philip Morris International, Inc. | 67901 | 6236707 |
|  Procter & Gamble Co. (The) | 104748 | 14106413 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Consumer Staples-(continued)** | **Consumer Staples-(continued)** |  |
|  SpartanNash Co.<sup>(b)</sup>  | 1598 | $57064 |
|  Sysco Corp. | 22162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918343 |
|  Tootsie Roll Industries, Inc.<sup>(b)</sup>  | 1789 | 72258 |
|  Tyson Foods, Inc., Class A | 12678 | 866541 |
|  Universal Corp. | 1085 | 54912 |
|  Walgreens Boots Alliance, Inc. | 37859 | 1381853 |
|  Walmart, Inc. | 120323 | 17125573 |
|  WD-40 Co. | 604 | 96737 |
|  |  | 95352311 |
|  **Energy-5.68%** |  |  |
|  Chevron Corp. | 85946 | 15547631 |
|  Enterprise Products Partners L.P. | 95474 | 2410719 |
|  Exxon Mobil Corp. | 182882 | 20265155 |
|  Magellan Midstream Partners L.P. | 9092 | 490513 |
|  |  | 38714018 |
|  **Financials-13.25%** |  |  |
|  1st Source Corp. | 1093 | 63569 |
|  Aflac, Inc. | 27670 | 1801594 |
|  Allstate Corp. (The) | 11848 | 1495810 |
|  American Equity Investment Life Holding Co. | 3840 | 165427 |
|  American Financial Group, Inc. | 3730 | 541260 |
|  Ameriprise Financial, Inc. | 4753 | 1469247 |
|  Aon PLC, Class A | 9236 | 2599842 |
|  Arthur J. Gallagher & Co. | 9210 | 1723007 |
|  Associated Banc-Corp<sup>(b)</sup>  | 6598 | 160661 |
|  Assurant, Inc. | 2338 | 317641 |
|  Assured Guaranty Ltd.<sup>(b)</sup>  | 2726 | 161352 |
|  Atlantic Union Bankshares Corp.<sup>(b)</sup>  | 3265 | 112773 |
|  AXIS Capital Holdings Ltd. | 3702 | 202388 |
|  BancFirst Corp.<sup>(b)</sup>  | 1458 | 139706 |
|  Bank of Marin Bancorp<sup>(b)</sup>  | 707 | 25523 |
|  Bank of New York Mellon Corp. (The) | 35390 | 1490273 |
|  Bank OZK<sup>(b)</sup>  | 5175 | 222422 |
|  BlackRock, Inc. | 6619 | 4275278 |
|  BOK Financial Corp.<sup>(b)</sup>  | 2960 | 326162 |
|  Brown & Brown, Inc. | 12388 | 728291 |
|  Cboe Global Markets, Inc. | 4659 | 580045 |
|  Chubb Ltd. | 18285 | 3929264 |
|  Cincinnati Financial Corp.<sup>(b)</sup>  | 6965 | 719624 |
|  City Holding Co.<sup>(b)</sup>  | 661 | 66662 |
|  CME Group, Inc., Class A | 15754 | 2730168 |
|  Cohen & Steers, Inc.<sup>(b)</sup>  | 2137 | 128562 |
|  Commerce Bancshares, Inc.<sup>(b)</sup>  | 5245 | 371556 |
|  Community Bank System, Inc.<sup>(b)</sup>  | 2358 | 147210 |
|  Community Trust Bancorp, Inc. | 791 | 37406 |
|  Cullen/Frost Bankers, Inc.<sup>(b)</sup>  | 2823 | 437706 |
|  Discover Financial Services | 11976 | 1251013 |
|  Erie Indemnity Co., Class A<sup>(b)</sup>  | 2025 | 520445 |
|  Evercore, Inc., Class A<sup>(b)</sup>  | 1741 | 182979 |
|  FactSet Research Systems, Inc. | 1689 | 718653 |
|  Federal Agricultural Mortgage Corp., Class C<sup>(b)</sup>  | 409 | 47117 |
|  Fidelity National Financial, Inc. | 12115 | 477089 |
|  Fifth Third Bancorp | 30055 | 1072663 |
|  Financial Institutions, Inc. | 667 | 15895 |
|  First American Financial Corp.<sup>(b)</sup>  | 4575 | 230580 |
|  First Community Bankshares, Inc. | 717 | 26701 |

---

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

---

| |
|:---|
| **6** |
| **6** |
| **6** |

---

------

**Invesco Dividend Achievers<sup>TM</sup> ETF (PFM)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Financials-(continued)** |  |  |
|  First Financial Bankshares, Inc.<sup>(b)</sup>  | 6253 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240678 |
|  First Financial Corp. | 542 | 26282 |
|  First Merchants Corp.<sup>(b)</sup>  | 2617 | 117503 |
|  First of Long Island Corp. (The) | 1001 | 17598 |
|  Franklin Resources, Inc. | 21871 | 512875 |
|  Globe Life, Inc. | 4276 | 493964 |
|  Goldman Sachs Group, Inc. (The) | 14950 | 5150424 |
|  Hanover Insurance Group, Inc. (The) | 1585 | 232187 |
|  Heritage Financial Corp. | 1551 | 52253 |
|  Hingham Institution for Savings (The) | 95 | 23489 |
|  Home BancShares, Inc.<sup>(b)</sup>  | 8964 | 228492 |
|  Horace Mann Educators Corp. | 1831 | 72251 |
|  Horizon Bancorp, Inc. | 1934 | 28836 |
|  Huntington Bancshares, Inc. | 63186 | 959163 |
|  Independent Bank Corp.<sup>(b)</sup>  | 2012 | 175064 |
|  International Bancshares Corp.<sup>(b)</sup>  | 2739 | 135854 |
|  JPMorgan Chase & Co. | 128772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16209819 |
|  KeyCorp | 40872 | 730383 |
|  Lakeland Bancorp, Inc.<sup>(b)</sup>  | 2853 | 53208 |
|  Lakeland Financial Corp.<sup>(b)</sup>  | 1128 | 93229 |
|  Lincoln National Corp. | 7455 | 401601 |
|  MarketAxess Holdings, Inc. | 1674 | 408523 |
|  Marsh & McLennan Cos., Inc. | 21875 | 3532594 |
|  Moody's Corp.<sup>(b)</sup>  | 8045 | 2130879 |
|  Morningstar, Inc.<sup>(b)</sup>  | 1889 | 438588 |
|  Northwest Bancshares, Inc. | 5530 | 83282 |
|  Old Republic International Corp. | 13537 | 314194 |
|  PNC Financial Services Group, Inc.<br>(The)<sup>(b)</sup>  | 17980 | 2909703 |
|  Premier Financial Corp. | 1564 | 45121 |
|  Primerica, Inc.<sup>(b)</sup>  | 1666 | 241070 |
|  Principal Financial Group, Inc. | 10911 | 961586 |
|  Prosperity Bancshares, Inc.<sup>(b)</sup>  | 4012 | 287139 |
|  Prudential Financial, Inc. | 16284 | 1712914 |
|  Raymond James Financial, Inc. | 9454 | 1116896 |
|  Reinsurance Group of America, Inc. | 2922 | 430031 |
|  RenaissanceRe Holdings Ltd. (Bermuda) | 1915 | 296212 |
|  Republic Bancorp, Inc., Class A | 788 | 36524 |
|  RLI Corp.<sup>(b)</sup>  | 1989 | 258709 |
|  S&P Global, Inc. | 14601 | 4690571 |
|  Sandy Spring Bancorp, Inc. | 1966 | 69675 |
|  SEI Investments Co. | 5939 | 322488 |
|  Simmons First National Corp., Class A<sup>(b)</sup>  | 5620 | 134149 |
|  South State Corp.<sup>(b)</sup>  | 3307 | 299052 |
|  Southern Missouri Bancorp, Inc. | 411 | 21064 |
|  Southside Bancshares, Inc.<sup>(b)</sup>  | 1420 | 48621 |
|  State Street Corp. | 16118 | 1192732 |
|  Stock Yards Bancorp, Inc.<sup>(b)</sup>  | 1301 | 101725 |
| T. Rowe Price Group, Inc.<sup>(b)</sup>  | 9893 | 1050241 |
|  Tompkins Financial Corp.<sup>(b)</sup>  | 642 | 53183 |
|  Towne Bank<sup>(b)</sup>  | 3191 | 105112 |
|  Travelers Cos., Inc. (The) | 10410 | 1920229 |
|  Truist Financial Corp. | 58123 | 2603329 |
|  U.S. Bancorp | 65096 | 2763325 |
|  UMB Financial Corp.<sup>(b)</sup>  | 2119 | 176343 |
|  United Bankshares, Inc.<sup>(b)</sup>  | 5905 | 250077 |
|  Unum Group | 8763 | 399505 |
|  W.R. Berkley Corp. | 11624 | 864593 |
|  Washington Federal, Inc. | 2869 | 111030 |
|  Washington Trust Bancorp, Inc. | 767 | 37200 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Financials-(continued)** |  |  |
|  WesBanco, Inc. | 2648 | $107085 |
|  Westamerica Bancorporation | 1188 | 74523 |
|  |  | 90268534 |
|  **Health Care-16.93%** |  |  |
|  Abbott Laboratories | 76974 | 7615808 |
|  AmerisourceBergen Corp. | 9073 | 1426457 |
|  Amgen, Inc. | 23444 | 6338085 |
|  Atrion Corp.<sup>(b)</sup>  | 79 | 47425 |
|  Becton, Dickinson and Co. | 12481 | 2945142 |
|  Bristol-Myers Squibb Co. | 93547 | 7247086 |
|  Cardinal Health, Inc. | 11946 | 906701 |
|  Chemed Corp. | 662 | 309068 |
|  Elevance Health, Inc. | 10500 | 5741085 |
|  Ensign Group, Inc. (The)<sup>(b)</sup>  | 2427 | 217896 |
|  Humana, Inc. | 5542 | 3092879 |
|  Johnson & Johnson | 115384 | 20073354 |
|  LeMaitre Vascular, Inc.<sup>(b)</sup>  | 970 | 42098 |
|  McKesson Corp. | 6306 | 2455367 |
|  Medtronic PLC | 58240 | 5086682 |
|  Merck & Co., Inc. | 111266 | 11260119 |
|  National HealthCare Corp. | 684 | 41669 |
|  Perrigo Co. PLC<sup>(b)</sup>  | 5900 | 237652 |
|  Pfizer, Inc. | 246469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11473132 |
|  Quest Diagnostics, Inc. | 5099 | 732471 |
|  STERIS PLC<sup>(b)</sup>  | 4390 | 757626 |
|  Stryker Corp.<sup>(b)</sup>  | 16565 | 3797361 |
|  UnitedHealth Group, Inc. | 41031 | 22778360 |
|  West Pharmaceutical Services, Inc. | 3235 | 744374 |
|  |  | 115367897 |
|  **Industrials-12.19%** |  |  |
|  3M Co. | 24966 | 3140473 |
|  A.O. Smith Corp. | 5627 | 308247 |
|  ABM Industries, Inc.<sup>(b)</sup>  | 2905 | 129302 |
|  Apogee Enterprises, Inc.<sup>(b)</sup>  | 981 | 45008 |
|  Applied Industrial Technologies, Inc. | 1712 | 212939 |
|  Brady Corp., Class A<sup>(b)</sup>  | 2038 | 93238 |
|  C.H. Robinson Worldwide, Inc.<sup>(b)</sup>  | 5423 | 529936 |
|  Carlisle Cos., Inc.<sup>(b)</sup>  | 2271 | 542315 |
|  Caterpillar, Inc. | 23131 | 5006936 |
|  Cintas Corp. | 4481 | 1915852 |
|  CSX Corp. | 93813 | 2726206 |
|  Cummins, Inc.<sup>(b)</sup>  | 6184 | 1512050 |
|  Donaldson Co., Inc. | 5378 | 308966 |
|  Douglas Dynamics, Inc. | 1012 | 34357 |
|  Dover Corp. | 6301 | 823478 |
|  Eaton Corp. PLC | 17454 | 2619322 |
|  Emerson Electric Co. | 25903 | 2243200 |
|  Expeditors International of Washington, Inc.<sup>(b)</sup>  | 7160 | 700606 |
|  Fastenal Co. | 25182 | 1217046 |
|  Franklin Electric Co., Inc. | 2030 | 166338 |
|  GATX Corp. | 1573 | 164709 |
|  General Dynamics Corp. | 12023 | 3003345 |
|  Gorman-Rupp Co. (The) | 1153 | 31292 |
|  Graco, Inc. | 7406 | 515309 |
|  Griffon Corp.<sup>(b)</sup>  | 2496 | 80221 |
|  Healthcare Services Group, Inc. | 3247 | 45328 |
|  HEICO Corp.<sup>(b)</sup>  | 2395 | 389523 |
|  Hillenbrand, Inc.<sup>(b)</sup>  | 3031 | 133910 |

---

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

---

| |
|:---|
| **7** |
| **7** |
| **7** |

---

------

**Invesco Dividend Achievers<sup>TM</sup> ETF (PFM)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Industrials-(continued)** |  |  |
|  HNI Corp.<sup>(b)</sup>  | 1838 | $53284 |
|  Honeywell International, Inc. | 29528 | 6024303 |
|  Hubbell, Inc. | 2358 | 559978 |
|  IDEX Corp. | 3299 | 733401 |
|  Illinois Tool Works, Inc. | 13568 | 2897175 |
|  Insperity, Inc.<sup>(b)</sup>  | 1691 | 199572 |
|  ITT, Inc. | 3620 | 276532 |
|  J.B. Hunt Transport Services, Inc. | 4559 | 779908 |
|  L3Harris Technologies, Inc. | 8395 | 2069116 |
|  Lennox International, Inc.<sup>(b)</sup>  | 1576 | 368106 |
|  Lincoln Electric Holdings, Inc.<sup>(b)</sup>  | 2547 | 361674 |
|  Lindsay Corp. | 485 | 82110 |
|  Lockheed Martin Corp.<sup>(b)</sup>  | 11619 | 5654735 |
|  ManpowerGroup, Inc. | 2272 | 177988 |
|  Matthews International Corp., Class A<sup>(b)</sup>  | 1384 | 37202 |
|  McGrath RentCorp | 1084 | 101950 |
|  MDU Resources Group, Inc. | 8890 | 253187 |
|  MSA Safety, Inc. | 1740 | 233578 |
|  Nordson Corp.<sup>(b)</sup>  | 2517 | 566325 |
|  Northrop Grumman Corp.<sup>(b)</sup>  | 6765 | 3714053 |
|  Raytheon Technologies Corp. | 64683 | 6133242 |
|  Regal Rexnord Corp. | 2899 | 366839 |
|  Republic Services, Inc. | 13848 | 1836522 |
|  Robert Half International, Inc.<sup>(b)</sup>  | 4786 | 365938 |
|  Rockwell Automation, Inc. | 5047 | 1288499 |
|  Ryder System, Inc. | 2248 | 180986 |
|  Snap-on, Inc. | 2339 | 519375 |
|  Standex International Corp. | 533 | 52794 |
|  Stanley Black & Decker, Inc.<sup>(b)</sup>  | 6487 | 509165 |
|  Tennant Co.<sup>(b)</sup>  | 821 | 47823 |
|  Toro Co. (The)<sup>(b)</sup>  | 4593 | 484240 |
|  Trane Technologies PLC | 10161 | 1622000 |
|  Trinity Industries, Inc.<sup>(b)</sup>  | 3589 | 102394 |
|  Union Pacific Corp. | 27368 | 5395327 |
|  United Parcel Service, Inc., Class B | 32057 | 5378203 |
|  W.W. Grainger, Inc. | 2234 | 1305438 |
|  Waste Management, Inc. | 18135 | 2872040 |
|  Xylem, Inc.<sup>(b)</sup>  | 7898 | 808992 |
|  |  | 83053446 |
|  **Information Technology-19.65%** |  |  |
|  Accenture PLC, Class A | 27795 | 7891001 |
|  Amphenol Corp., Class A | 26050 | 1975372 |
|  Analog Devices, Inc. | 22528 | 3212943 |
|  Automatic Data Processing, Inc. | 18191 | 4396765 |
|  Badger Meter, Inc. | 1302 | 146449 |
|  Broadcom, Inc. | 17769 | 8353562 |
|  Broadridge Financial Solutions, Inc. | 5130 | 769808 |
|  Cass Information Systems, Inc.<sup>(b)</sup>  | 607 | 25967 |
|  Cisco Systems, Inc. | 182042 | 8270168 |
|  Corning, Inc. | 37045 | 1191738 |
|  HP, Inc. | 45298 | 1251131 |
|  International Business Machines Corp. | 39561 | 5470891 |
|  Intuit, Inc. | 12373 | 5289458 |
|  Jack Henry & Associates, Inc. | 3184 | 633807 |
|  KLA Corp. | 6220 | 1968319 |
|  Littelfuse, Inc.<sup>(b)</sup>  | 1101 | 242495 |
|  Mastercard, Inc., Class A | 42104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13817691 |
|  Microchip Technology, Inc. | 24195 | 1493799 |
|  Microsoft Corp. | 103055 | 23922157 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Information Technology-(continued)** |  |  |
|  Motorola Solutions, Inc. | 7306 | $1824381 |
|  Oracle Corp. | 117154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9146213 |
|  Paychex, Inc. | 15775 | 1866340 |
|  QUALCOMM, Inc. | 49193 | 5788048 |
|  Roper Technologies, Inc. | 4657 | 1930513 |
|  TE Connectivity Ltd. (Switzerland) | 14022 | 1713909 |
|  Texas Instruments, Inc. | 40029 | 6429858 |
|  Visa, Inc., Class A<sup>(b)</sup>  | 71783 | 14870566 |
|  |  | 133893349 |
|  **Materials-2.86%** |  |  |
|  Air Products and Chemicals, Inc. | 9720 | 2433888 |
|  Albemarle Corp.<sup>(b)</sup>  | 5122 | 1433494 |
|  AptarGroup, Inc.<sup>(b)</sup>  | 2843 | 281884 |
|  Ashland, Inc. | 2385 | 250234 |
|  Avery Dennison Corp. | 3556 | 602920 |
|  Avient Corp. | 3988 | 137546 |
|  Balchem Corp.<sup>(b)</sup>  | 1429 | 199774 |
|  Cabot Corp.<sup>(b)</sup>  | 2469 | 181422 |
|  Celanese Corp. | 4761 | 457627 |
|  Eastman Chemical Co. | 5375 | 412854 |
|  Ecolab, Inc. | 12472 | 1958977 |
|  H.B. Fuller Co.<sup>(b)</sup>  | 2335 | 162773 |
|  Hawkins, Inc. | 932 | 41968 |
|  International Flavors & Fragrances, Inc. | 11165 | 1089816 |
|  Kaiser Aluminum Corp.<sup>(b)</sup>  | 703 | 56795 |
|  LyondellBasell Industries N.V., Class A<sup>(b)</sup>  | 14305 | 1093617 |
|  Nucor Corp. | 11469 | 1506797 |
|  Packaging Corp. of America<sup>(b)</sup>  | 4111 | 494183 |
|  PPG Industries, Inc. | 10307 | 1176853 |
|  Quaker Chemical Corp.<sup>(b)</sup>  | 797 | 129624 |
|  Reliance Steel & Aluminum Co. | 2653 | 534527 |
|  Royal Gold, Inc.<sup>(b)</sup>  | 2853 | 270921 |
|  RPM International, Inc.<sup>(b)</sup>  | 5657 | 534983 |
|  Scotts Miracle-Gro Co. (The)<sup>(b)</sup>  | 2435 | 111791 |
|  Sensient Technologies Corp. | 1870 | 133630 |
|  Sherwin-Williams Co. (The) | 11353 | 2554766 |
|  Silgan Holdings, Inc.<sup>(b)</sup>  | 4815 | 228038 |
|  Sonoco Products Co. | 4279 | 265640 |
|  Stepan Co.<sup>(b)</sup>  | 989 | 103291 |
|  Westlake Corp.<sup>(b)</sup>  | 5604 | 541627 |
|  Worthington Industries, Inc.<sup>(b)</sup>  | 2174 | 103395 |
|  |  | 19485655 |
|  **Real Estate-1.49%** |  |  |
|  Alexandria Real Estate Equities, Inc.<sup>(b)</sup>  | 7141 | 1037587 |
|  CubeSmart | 9838 | 411917 |
|  Digital Realty Trust, Inc.<sup>(b)</sup>  | 12580 | 1261145 |
|  EastGroup Properties, Inc. | 1909 | 299121 |
|  Equity LifeStyle Properties, Inc. | 8160 | 521914 |
|  Essex Property Trust, Inc. | 2875 | 638940 |
|  Extra Space Storage, Inc. | 5869 | 1041395 |
|  Federal Realty Investment Trust | 3540 | 350389 |
|  Kennedy-Wilson Holdings, Inc. | 6041 | 100341 |
|  Mid-America Apartment Communities, Inc. | 5047 | 794650 |
|  National Retail Properties, Inc. | 7761 | 326195 |
|  Realty Income Corp. | 27061 | 1685089 |
|  STAG Industrial, Inc. | 7855 | 248140 |
|  Terreno Realty Corp. | 3310 | 189133 |
|  UDR, Inc. | 14248 | 566501 |

---

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

---

| |
|:---|
| **8** |
| **8** |
| **8** |

---

------

**Invesco Dividend Achievers<sup>TM</sup> ETF (PFM)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Real Estate-(continued)** |  |  |
|  Universal Health Realty Income Trust<sup>(b)</sup>  | 609 | $29640 |
|  W.P. Carey, Inc.<sup>(b)</sup>  | 8464 | 645803 |
|  |  | 10147900 |
|  **Utilities-5.06%** |  |  |
|  ALLETE, Inc. | 2509 | 141181 |
|  Alliant Energy Corp. | 10986 | 573140 |
|  American Electric Power Co., Inc. | 22501 | 1978288 |
|  American States Water Co.<sup>(b)</sup>  | 1644 | 148716 |
|  American Water Works Co., Inc. | 7969 | 1158214 |
|  Atmos Energy Corp. | 6135 | 653684 |
|  Avista Corp. | 3188 | 130804 |
|  Black Hills Corp.<sup>(b)</sup>  | 2873 | 187808 |
|  Brookfield Infrastructure Partners L.P. (Canada) | 20046 | 729273 |
|  California Water Service Group | 2389 | 148261 |
|  Chesapeake Utilities Corp.<sup>(b)</sup>  | 789 | 98136 |
|  CMS Energy Corp. | 12704 | 724763 |
|  Consolidated Edison, Inc. | 15538 | 1366723 |
|  DTE Energy Co. | 8501 | 953047 |
|  Duke Energy Corp. | 33723 | 3142309 |
|  Edison International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16704 | 1002908 |
|  Essential Utilities, Inc. | 11486 | 507911 |
|  Evergy, Inc. | 10063 | 615151 |
|  Eversource Energy | 15176 | 1157625 |
|  IDACORP, Inc. | 2220 | 232434 |
|  MGE Energy, Inc. | 1608 | 109489 |
|  Middlesex Water Co.<sup>(b)</sup>  | 783 | 70055 |
|  National Fuel Gas Co. | 4010 | 270635 |
|  New Jersey Resources Corp.<sup>(b)</sup>  | 4222 | 188470 |
|  NextEra Energy, Inc. | 86081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6671278 |
|  NiSource, Inc. | 17794 | 457128 |
|  Northwest Natural Holding Co. | 1549 | 74491 |
|  NorthWestern Corp. | 2468 | 130384 |
|  OGE Energy Corp. | 8757 | 320769 |
|  Pinnacle West Capital Corp. | 4941 | 332085 |
|  Portland General Electric Co. | 3911 | 175760 |
|  Public Service Enterprise Group, Inc. | 21868 | 1226139 |
|  Sempra Energy | 13776 | 2079349 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Utilities-(continued)** |  |  |
|  SJW Group | 1345 | $95065 |
|  Southern Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46582 | 3050189 |
|  Southwest Gas Holdings, Inc. | 2922 | 213511 |
|  Spire, Inc. | 2306 | 160982 |
|  UGI Corp. | 9162 | 323693 |
|  WEC Energy Group, Inc. | 13826 | 1262729 |
|  Xcel Energy, Inc. | 23951 | 1559450 |
|  York Water Co. (The) | 630 | 27443 |
|  |  | 34449470 |
|  Total Common Stocks & Other Equity Interests<br>(Cost $592,859,847) | Total Common Stocks & Other Equity Interests<br>(Cost $592,859,847) | 680912010 |
|  **Money Market Funds-0.06%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(c)(d)</sup>(Cost $418,568) | 418568 | 418568 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.00%<br>(Cost $593,278,415) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.00%<br>(Cost $593,278,415) | 681330578 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-7.10%** |  |  |
|  Invesco Private Government Fund,<br>3.18%<sup>(c)(d)(e)</sup>  | 13538025 | 13538025 |
|  Invesco Private Prime Fund, 3.28%<sup>(c)(d)(e)</sup>  | 34827133 | 34827133 |
|  Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $48,363,133) | Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $48,363,133) | 48365158 |
|  TOTAL INVESTMENTS IN SECURITIES-107.10%<br>(Cost $641,641,548) | TOTAL INVESTMENTS IN SECURITIES-107.10%<br>(Cost $641,641,548) | &nbsp;&nbsp;&nbsp;&nbsp;729695736 |
|  OTHER ASSETS LESS LIABILITIES-(7.10)% | OTHER ASSETS LESS LIABILITIES-(7.10)% | (48365873) |
|  NET ASSETS-100.00% |  | $681329863 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(c)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds: Invesco Government & Agency** |  |  |  |  |  |  |  |
| Portfolio, Institutional Class | $376010 | $10368502 | $(10325944) | $- | $- | $418568 | $5121 |

---

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

---

| |
|:---|
| **9** |
| **9** |
| **9** |

---

------

**Invesco Dividend Achievers<sup>TM</sup> ETF (PFM)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | $4539079 | $73895935 | $(64896989) | $- | $- | $13538025 | $68393 \* |
| Invesco Private Prime Fund | 10586044 | 168738789 | (144499098) | 2024 | (626) | 34827133 | 187234 \* |
| Total | $15501133 | $253003226 | $(219722031) | $2024 | $(626) | $48783726 | $260748 |

---

\* 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.

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(e)</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Composition** 

&nbsp;&nbsp;&nbsp;&nbsp;**Sector Breakdown (% of the Fund's Net Assets)** 

&nbsp;&nbsp;&nbsp;&nbsp;**as of October 31, 2022** 

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 19.65 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 16.93 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 14.00 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Financials | 13.25 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 12.19 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 6.90 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Energy | 5.68 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 5.06 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Sector Types Each Less Than 3% | 6.28 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.06 |

---

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

---

| |
|:---|
| **10** |
| **10** |
| **10** |

---

------

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

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.77%** | **Common Stocks & Other Equity Interests-99.77%** | **Common Stocks & Other Equity Interests-99.77%** |
|  **Communication Services-6.72%** | **Communication Services-6.72%** | **Communication Services-6.72%** |
|  Verizon Communications, Inc. | 461928 | $&nbsp;&nbsp;&nbsp;&nbsp;17262249 |
|  **Consumer Discretionary-7.25%** |  |  |
|  Home Depot, Inc. (The) | 27945 | 8275353 |
|  McDonald's Corp. | 26802 | 7307833 |
|  NIKE,Inc.,Class B | 32833 | 3042963 |
|  |  | 18626149 |
|  **Consumer Staples-15.58%** | **Consumer Staples-15.58%** | **Consumer Staples-15.58%** |
|  Coca-Cola Co. (The) | 145858 | 8729601 |
|  Procter & Gamble Co. (The) | 60169 | 8102959 |
|  Walgreens Boots Alliance, Inc. | 481553 | 17576685 |
|  Walmart, Inc. | 39266 | 5588730 |
|  |  | 39997975 |
|  **Energy-5.05%** | **Energy-5.05%** | **Energy-5.05%** |
|  Chevron Corp. | 71614 | 12954973 |
|  **Financials-13.19%** |  |  |
|  American Express Co. | 27468 | 4077624 |
|  Goldman Sachs Group, Inc. (The) | 28175 | 9706570 |
|  JPMorgan Chase & Co. | 94085 | 11843420 |
|  Travelers Cos., Inc. (The) | 44580 | 8223227 |
|  |  | 33850841 |
|  **Health Care-14.35%** | **Health Care-14.35%** | **Health Care-14.35%** |
|  Amgen, Inc. | 41558 | 11235205 |
|  Johnson & Johnson | 53887 | 9374722 |
|  Merck & Co., Inc. | 118000 | 11941600 |
|  UnitedHealth Group, Inc. | 7709 | 4279651 |
|  |  | 36831178 |
|  **Industrials-12.49%** | **Industrials-12.49%** | **Industrials-12.49%** |
|  3M Co. | 124102 | 15610791 |
|  Caterpillar, Inc. | 43601 | 9437872 |
|  Honeywell International, Inc. | 34340 | 7006047 |
|  |  | 32054710 |
|  **Information Technology-18.83%** | **Information Technology-18.83%** | **Information Technology-18.83%** |
|  Apple, Inc. | 11828 | 1813705 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Information Technology-(continued)** |  |  |
|  Cisco Systems, Inc. | 236745 | $&nbsp;&nbsp;&nbsp;&nbsp;10755325 |
|  Intel Corp. | 463392 | 13174235 |
|  International Business Machines Corp. | 126732 | 17525768 |
|  Microsoft Corp. | 11405 | 2647443 |
|  Visa, Inc., Class A<sup>(b)</sup>  | 11692 | 2422115 |
|  |  | 48338591 |
|  **Materials-6.31%** | **Materials-6.31%** | **Materials-6.31%** |
|  Dow, Inc. | 346353 | 16188539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $268,480,950) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $268,480,950) | 256105205 |
|  **Money Market Funds-0.07%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(c)(d)</sup>(Cost $180,606) | 180606 | 180606 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.84%<br>(Cost $268,661,556) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.84%<br>(Cost $268,661,556) | 256285811 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-0.23%** |  |  |
|  Invesco Private Government Fund, 3.18%<sup>(c)(d)(e)</sup>  | 163342 | 163342 |
|  Invesco Private Prime Fund, 3.28%<sup>(c)(d)(e)</sup>  | 417924 | 417924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $581,227) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $581,227) | 581266 |
|  TOTAL INVESTMENTS IN SECURITIES-100.07%<br>(Cost $269,242,783) | TOTAL INVESTMENTS IN SECURITIES-100.07%<br>(Cost $269,242,783) | 256867077 |
|  OTHER ASSETS LESS LIABILITIES-(0.07)% | OTHER ASSETS LESS LIABILITIES-(0.07)% | (174809) |
|  NET ASSETS-100.00% |  | $256692268 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(c)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $109718 | $4475447 | $(4404559) | $- | $- | $180606 | $2079 |

---

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

---

| |
|:---|
| **11** |
| **11** |
| **11** |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | $3630562 | $31268058 | $(34735278) | $- | $- | $163342 | $22946 \* |
| Invesco Private Prime Fund | 8467759 | 39375248 | (47424922) | (67) | (94) | 417924 | 53946 \* |
| Total | $12208039 | $75118753 | $(86564759) | $(67) | $(94) | $761872 | $78971 |

---

\* 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.

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(e)</sup> 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.

 **Portfolio Composition** 

&nbsp;&nbsp;&nbsp;&nbsp;**Sector Breakdown (% of the Fund's Net Assets)** 

&nbsp;&nbsp;&nbsp;&nbsp;**as of October 31, 2022** 

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 18.83 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 15.58 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 14.35 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Financials | 13.19 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 12.49 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 7.25 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 6.72 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Materials | 6.31 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Energy | 5.05 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.23 |

---

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

---

| |
|:---|
| **12** |
| **12** |
| **12** |

---

------

**Invesco Financial Preferred ETF (PGF)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Preferred Stocks-99.74%** |  |  |
|  **Banks-57.90%** |  |  |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series PP, Pfd., 4.13%<sup>(b)</sup>  | 673338 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10968676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series QQ, Pfd., 4.25% | 919239 | 15332907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series NN, Pfd., 4.38%<sup>(b)</sup>  | 809490 | 14093221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series SS, Pfd., 4.75%<sup>(b)</sup>  | 490379 | 9552583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series LL, Pfd., 5.00% | 954702 | 19036758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KK, Pfd., 5.38% | 986848 | 21118547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series HH, Pfd., 5.88%<sup>(b)</sup>  | 598520 | 13879679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GG, Pfd., 6.00%<sup>(b)</sup>  | 950597 | 22624209 |
|  Bank OZK, Series A, Pfd., 4.63% | 249988 | 4149801 |
|  Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, Pfd., 6.88%<sup>(c)</sup>  | 1073580 | 27097159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, Pfd., 7.13%<sup>(b)(c)</sup>  | 673035 | 16798954 |
|  Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, Pfd., 5.00%<sup>(b)</sup>  | 326575 | 6296366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, Pfd., 6.35%<sup>(c)</sup>  | 210078 | 4926329 |
|  Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, Pfd., 4.95% | 176812 | 3393022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, Pfd., 6.63%<sup>(b)(c)</sup>  | 323060 | 8147573 |
|  First Citizens BancShares, Inc., Series A, Pfd., 5.38% | 246460 | 5027784 |
|  First Republic Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, Pfd., 4.00%<sup>(b)</sup>  | 534021 | 8015655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, Pfd., 4.13%<sup>(b)</sup>  | 363991 | 5616381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, Pfd., 4.25%<sup>(b)</sup>  | 530774 | 8428691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, Pfd., 4.50% | 535316 | 9014721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, Pfd., 4.70%<sup>(b)</sup>  | 275607 | 4842415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, Pfd., 5.50%<sup>(b)</sup>  | 213020 | 4569279 |
|  Huntington Bancshares, Inc., Series H, Pfd., 4.50%<sup>(b)</sup>  | 357162 | 6221762 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series MM, Pfd., 4.20%<sup>(b)</sup>  | 1425777 | 24537622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series JJ, Pfd., 4.55% | 1082409 | 19710668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series LL, Pfd., 4.63%<sup>(b)</sup>  | 1314637 | 24373370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GG, Pfd., 4.75%<sup>(b)</sup>  | 643738 | 12720263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series DD, Pfd., 5.75%<sup>(b)</sup>  | 1212107 | 28084519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EE, Pfd., 6.00%<sup>(b)</sup>  | 1316117 | 32113255 |
|  KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, Pfd., 5.63% | 352401 | 7453281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, Pfd., 5.65%<sup>(b)</sup>  | 324362 | 6857013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, Pfd., 6.13%<sup>(c)</sup>  | 379675 | 8861614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfd., 6.20%<sup>(c)</sup>  | 360805 | 8796426 |
|  M&T Bank Corp., Series H, Pfd., 5.63%<sup>(c)</sup>  | 178583 | 4060977 |
|  Regions Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, Pfd., 4.45%<sup>(b)</sup>  | 282052 | 4930269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, Pfd., 5.70%<sup>(c)</sup>  | 363933 | 7577085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Pfd., 6.38%<sup>(b)(c)</sup>  | 353694 | 8736242 |
|  Signature Bank, Series A, Pfd., 5.00%<sup>(b)</sup>  | 521447 | 9187896 |
|  SVB Financial Group, Series A, Pfd., 5.25% | 273935 | 4952745 |
|  Synovus Financial Corp., Series E, Pfd., 5.88%<sup>(c)</sup>  | 249990 | 5524779 |
|  Texas Capital Bancshares, Inc., Series B, Pfd., 5.75% | 214285 | 4249272 |
|  Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, Pfd., 4.75%<sup>(b)</sup>  | 662366 | 12551836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, Pfd., 5.25%<sup>(b)</sup>  | 409354 | 8625089 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Banks-(continued)** |  |  |  |
|  U.S. Bancorp |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, Pfd., 3.75%<sup>(b)</sup>  | 394649 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5971039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, Pfd., 4.00%<sup>(b)</sup>  | 575226 |  | 9307157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, Pfd., 4.50% | 279953 |  | 5179130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, Pfd., 5.50%<sup>(b)</sup>  | 388756 |  | 8789773 |
|  Washington Federal, Inc., Series A, Pfd., 4.88% | 214281 |  | 3734918 |
|  Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series DD, Pfd., 4.25%<sup>(b)</sup>  | 886048 |  | 14221070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CC, Pfd., 4.38% | 749296 |  | 12423328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, Pfd., 4.70%<sup>(b)</sup>  | 828947 |  | 14879599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Z, Pfd., 4.75%<sup>(b)</sup>  | 1454665 |  | 26183970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Y, Pfd., 5.63%<sup>(b)</sup>  | 487666 |  | 10401916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q, Pfd., 5.85%<sup>(c)</sup>  | 1230192 |  | 27986868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, Pfd., 6.63%<sup>(b)(c)</sup>  | 601022 |  | 15031560 |
|  Western Alliance Bancorporation, Series A, Pfd., 4.25%<sup>(c)</sup>  | 214283 |  | 4285660 |
|  |  |  | 651452681 |
|  **Capital Markets-17.18%** | **Capital Markets-17.18%** | **Capital Markets-17.18%** | **Capital Markets-17.18%** |
|  Apollo Asset Management, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Pfd., 6.38%<sup>(b)</sup>  | 201274 |  | 4361608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Pfd., 6.38% | 174900 |  | 3812820 |
|  Charles Schwab Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, Pfd., 4.45%<sup>(b)</sup>  | 427340 |  | 7850236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, Pfd., 5.95% | 536775 |  | 12361928 |
|  Goldman Sachs Group, Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, Pfd., 5.50%<sup>(b)(c)</sup>  | 712022 |  | 17522861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, Pfd., 6.38%<sup>(c)</sup>  | 502284 |  | 12431529 |
|  Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, Pfd., 4.25% | 926658 |  | 15085992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, Pfd., 4.88% | 356406 |  | 6921405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, Pfd., 5.85%<sup>(b)(c)</sup>  | 712834 |  | 16331027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, Pfd., 6.38%<sup>(c)</sup>  | 712825 |  | 17314519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P, Pfd., 6.50% | 719269 |  | 17837871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, Pfd., 6.88%<sup>(b)(c)</sup>  | 605880 |  | 15159118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, Pfd., 7.13%<sup>(c)</sup>  | 614833 |  | 15401567 |
|  Northern Trust Corp., Series E, Pfd., 4.70%<sup>(b)</sup>  | 285750 |  | 5720715 |
|  State Street Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, Pfd., 5.35%<sup>(b)(c)</sup>  | 361202 |  | 8686908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, Pfd., 5.90%<sup>(b)(c)</sup>  | 531704 |  | 12957626 |
|  Stifel Financial Corp., Series D, Pfd., 4.50%<sup>(b)</sup>  | 214281 |  | 3469209 |
|  |  |  | 193226939 |
|  **Consumer Finance-5.00%** | **Consumer Finance-5.00%** | **Consumer Finance-5.00%** | **Consumer Finance-5.00%** |
|  Capital One Financial Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, Pfd., 4.25%<sup>(b)</sup>  | 303212 |  | 4790750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, Pfd., 4.38%<sup>(b)</sup>  | 472459 |  | 7512098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, Pfd., 4.80% | 876296 |  | 15247550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, Pfd., 5.00%<sup>(b)</sup>  | 1055781 |  | 19563622 |
|  Synchrony Financial, Series A, Pfd., 5.63%<sup>(b)</sup>  | 535736 |  | 9091440 |
|  |  |  | 56205460 |

---

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

---

| |
|:---|
| **13** |
| **13** |
| **13** |

---

------

**Invesco Financial Preferred ETF (PGF)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Diversified Financial Services-1.66%** |  |  |  |
|  Equitable Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, Pfd., 4.30%<sup>(b)</sup>  | 212182 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3464932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Pfd., 5.25% | 573363 |  | 10676019 |
|  Voya Financial, Inc., Series B, Pfd.,<br>5.35%<sup>(c)</sup>  | 214281 |  | 4540615 |
|  |  |  | 18681566 |
|  **Insurance-16.96%** | **Insurance-16.96%** | **Insurance-16.96%** | **Insurance-16.96%** |
|  Allstate Corp. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, Pfd., 4.75% | 214224 |  | 3997420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, Pfd., 5.10%<sup>(b)</sup>  | 826071 |  | 16232295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, Pfd., 5.63%<sup>(b)</sup>  | 406645 |  | 8832329 |
|  American Equity Investment Life Holding Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Pfd., 5.95%<sup>(c)</sup>  | 306671 |  | 6909298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Pfd., 6.63%<sup>(c)</sup>  | 194299 |  | 4499965 |
|  American International Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Pfd., 5.85%<sup>(b)</sup>  | 357161 |  | 7857542 |
|  Arch Capital Group Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, Pfd., 4.55%<sup>(b)</sup>  | 381702 |  | 6702687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, Pfd., 5.45%<sup>(b)</sup>  | 215441 |  | 4364835 |
|  Aspen Insurance Holdings Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfd., 5.63% (Bermuda) | 191653 |  | 3698903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfd., 5.63% (Bermuda) | 194140 |  | 3686719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfd., 5.95% (Bermuda)<sup>(c)</sup>  | 188285 |  | 4294781 |
|  Athene Holding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, Pfd., 4.88%<sup>(b)</sup>  | 437561 |  | 7530425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Pfd., 5.63%<sup>(b)</sup>  | 246880 |  | 5073384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Pfd., 6.35%<sup>(c)</sup>  | 622436 |  | 14820201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, Pfd., 6.38%<sup>(c)</sup>  | 419071 |  | 10447440 |
|  AXIS Capital Holdings Ltd., Series E, Pfd., 5.50%<sup>(b)</sup>  | 392867 |  | 7763052 |
|  Brighthouse Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, Pfd., 4.63%<sup>(b)</sup>  | 248577 |  | 3798256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, Pfd., 5.38% | 421132 |  | 7563531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Pfd., 6.60%<sup>(b)</sup>  | 307898 |  | 6924626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Pfd., 6.75%<sup>(b)</sup>  | 275945 |  | 6261192 |
|  Enstar Group Ltd., Series D, Pfd.,<br>7.00%<sup>(b)(c)</sup>  | 285750 |  | 6280785 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Insurance-(continued)** |  |  |
|  Hartford Financial Services Group, Inc. (The), Series G, Pfd., 6.00%<sup>(b)</sup>  | 246462 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6048177 |
|  MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, Pfd., 4.75% | 709884 | 13956319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, Pfd., 5.63%<sup>(b)</sup>  | 578959 | 13460797 |
|  RenaissanceRe Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, Pfd., 4.20% (Bermuda)<sup>(b)</sup>  | 371809 | 6198056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, Pfd., 5.75% (Bermuda) | 167387 | 3640667 |
|  |  | 190843682 |
|  **Thrifts & Mortgage Finance-0.70%** | **Thrifts & Mortgage Finance-0.70%** | **Thrifts & Mortgage Finance-0.70%** |
|  New York Community Bancorp, Inc.,<br>Series A, Pfd., 6.38%<sup>(c)</sup>  | 367867 | 7868675 |
|  **Trading Companies & Distributors-0.34%** | **Trading Companies & Distributors-0.34%** |  |
|  Air Lease Corp., Series A, Pfd., 6.15%<sup>(c)</sup>  | 178581 | 3839491 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.74%<br>(Cost $1,424,128,697) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.74%<br>(Cost $1,424,128,697) | 1122118494 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-5.85%** | **Money Market Funds-5.85%** |  |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup>  | 18397236 | 18397236 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup>  | 47482622 | 47482622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $65,878,084) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $65,878,084) | 65879858 |
|  TOTAL INVESTMENTS IN SECURITIES-105.59%<br>(Cost $1,490,006,781) | TOTAL INVESTMENTS IN SECURITIES-105.59%<br>(Cost $1,490,006,781) | 1187998352 |
|  OTHER ASSETS LESS LIABILITIES-(5.59)% | OTHER ASSETS LESS LIABILITIES-(5.59)% | (62911593) |
|  NET ASSETS-100.00% | NET ASSETS-100.00% | $1125086759 |

---

Investment Abbreviations:

Pfd. -Preferred

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

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

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $- | $41521241 | $(41521241) | $- | $- | $- | $21607 |

---

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

---

| |
|:---|
| **14** |
| **14** |
| **14** |

---

------

**Invesco Financial Preferred ETF (PGF)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | $7543720 | $93141198 | $(82287682) | $- | $- | $18397236 | $139185 \* |
| Invesco Private Prime Fund | 17575099 | 231304868 | (201396935) | (793) | 383 | 47482622 | 378586 \* |
| Total | $25118819 | $365967307 | $(325205858) | $(793) | $383 | $65879858 | $539378 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Composition** 

&nbsp;&nbsp;&nbsp;&nbsp;**Industry Breakdown (% of the Fund's Net Assets)** 

&nbsp;&nbsp;&nbsp;&nbsp;**as of October 31, 2022** 

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;Banks | 57.90 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Capital Markets | 17.18 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Insurance | 16.96 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Consumer Finance | 5.00 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Industry Types Each Less Than 3% | 2.70 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.26 |

---

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

---

| |
|:---|
| **15** |
| **15** |
| **15** |

---

------

**Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF (PEY)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.93%** | **Common Stocks & Other Equity Interests-99.93%** | **Common Stocks & Other Equity Interests-99.93%** |
|  **Banks-13.94%** | **Banks-13.94%** | **Banks-13.94%** |
|  Associated Banc-Corp<sup>(b)</sup>  | 1307358 | $31834167 |
|  Huntington Bancshares, Inc.<sup>(b)</sup>  | 2247821 | 34121923 |
|  Northwest Bancshares, Inc.<sup>(b)</sup>  | 2652108 | 39940746 |
|  Premier Financial Corp. | 1060769 | 30603186 |
|  United Bankshares, Inc.<sup>(b)</sup>  | 681829 | 28875458 |
|  WesBanco, Inc.<sup>(b)</sup>  | 751404 | 30386778 |
|  |  | 195762258 |
|  **Biotechnology-1.66%** | **Biotechnology-1.66%** | **Biotechnology-1.66%** |
|  Amgen, Inc.<sup>(b)</sup>  | 86195 | 23302818 |
|  **Capital Markets-1.85%** | **Capital Markets-1.85%** | **Capital Markets-1.85%** |
|  Franklin Resources, Inc.<sup>(b)</sup>  | 1110482 | 26040803 |
|  **Chemicals-2.41%** | **Chemicals-2.41%** | **Chemicals-2.41%** |
|  LyondellBasell Industries N.V., Class A<sup>(b)</sup>  | 442049 | 33794646 |
|  **Commercial Services & Supplies-2.79%** | **Commercial Services & Supplies-2.79%** | **Commercial Services & Supplies-2.79%** |
|  Healthcare Services Group, Inc.<sup>(b)</sup>  | 2809564 | 39221513 |
|  **Construction & Engineering-1.27%** | **Construction & Engineering-1.27%** | **Construction & Engineering-1.27%** |
|  MDU Resources Group, Inc. | 624547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17787099 |
|  **Containers & Packaging-1.37%** | **Containers & Packaging-1.37%** | **Containers & Packaging-1.37%** |
|  Sonoco Products Co. | 310718 | 19289373 |
|  **Diversified Telecommunication Services-2.56%** | **Diversified Telecommunication Services-2.56%** | **Diversified Telecommunication Services-2.56%** |
|  Verizon Communications, Inc. | 961106 | 35916531 |
|  **Electric Utilities-10.10%** | **Electric Utilities-10.10%** | **Electric Utilities-10.10%** |
|  ALLETE, Inc.<sup>(b)</sup>  | 483468 | 27204745 |
|  Duke Energy Corp. | 227337 | 21183262 |
|  Edison International | 394756 | 23701150 |
|  OGE Energy Corp.<sup>(b)</sup>  | 654881 | 23988291 |
|  Pinnacle West Capital Corp. | 393052 | 26417025 |
|  Southern Co. (The) | 296059 | 19385943 |
|  |  | 141880416 |
|  **Food & Staples Retailing-2.65%** | **Food & Staples Retailing-2.65%** | **Food & Staples Retailing-2.65%** |
|  Walgreens Boots Alliance, Inc. | 1021123 | 37270990 |
|  **Food Products-1.58%** | **Food Products-1.58%** | **Food Products-1.58%** |
|  Kellogg Co.<sup>(b)</sup>  | 288955 | 22197523 |
|  **Gas Utilities-5.20%** | **Gas Utilities-5.20%** | **Gas Utilities-5.20%** |
|  Northwest Natural Holding Co. | 558795 | 26872452 |
|  Spire, Inc.<sup>(b)</sup>  | 363399 | 25368884 |
|  UGI Corp.<sup>(b)</sup>  | 586761 | 20730266 |
|  |  | 72971602 |
|  **Health Care Providers & Services-2.69%** | **Health Care Providers & Services-2.69%** | **Health Care Providers & Services-2.69%** |
|  Cardinal Health, Inc. | 258271 | 19602769 |
|  National HealthCare Corp. | 298018 | 18155256 |
|  |  | 37758025 |
|  **Household Durables-1.84%** | **Household Durables-1.84%** | **Household Durables-1.84%** |
|  Leggett & Platt, Inc.<sup>(b)</sup>  | 763759 | 25776866 |
|  **Household Products-3.17%** | **Household Products-3.17%** | **Household Products-3.17%** |
|  Clorox Co. (The)<sup>(b)</sup>  | 146851 | 21446120 |
|  Kimberly-Clark Corp. | 185618 | 23102016 |
|  |  | 44548136 |
|  **Industrial Conglomerates-2.26%** | **Industrial Conglomerates-2.26%** | **Industrial Conglomerates-2.26%** |
|  3M Co. | 252525 | 31765120 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Insurance-10.40%** | **Insurance-10.40%** | **Insurance-10.40%** |
|  Fidelity National Financial, Inc.<sup>(b)</sup>  | 738317 | $29074923 |
|  Old Republic International Corp.<sup>(b)</sup>  | 1252107 | 29061403 |
|  Principal Financial Group, Inc.<sup>(b)</sup>  | 299436 | 26389295 |
|  Prudential Financial, Inc. | 340036 | 35768387 |
|  Unum Group | 563503 | 25690102 |
|  |  | 145984110 |
|  **IT Services-2.58%** | **IT Services-2.58%** | **IT Services-2.58%** |
|  International Business Machines Corp. | 261680 | 36187727 |
|  **Multi-Utilities-5.58%** | **Multi-Utilities-5.58%** | **Multi-Utilities-5.58%** |
|  Avista Corp.<sup>(b)</sup>  | 692785 | 28424969 |
|  Consolidated Edison, Inc. | 216094 | 19007628 |
|  NorthWestern Corp. | 584560 | 30882305 |
|  |  | 78314902 |
|  **Oil, Gas & Consumable Fuels-3.89%** | **Oil, Gas & Consumable Fuels-3.89%** | **Oil, Gas & Consumable Fuels-3.89%** |
|  Chevron Corp. | 147161 | 26621425 |
|  Exxon Mobil Corp. | 252806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28013433 |
|  |  | 54634858 |
|  **Personal Products-1.63%** | **Personal Products-1.63%** | **Personal Products-1.63%** |
|  Nu Skin Enterprises, Inc., Class A<sup>(b)</sup>  | 601021 | 22952992 |
|  **Pharmaceuticals-3.46%** | **Pharmaceuticals-3.46%** | **Pharmaceuticals-3.46%** |
|  Merck & Co., Inc. | 244998 | 24793797 |
|  Pfizer, Inc. | 510096 | 23744969 |
|  |  | 48538766 |
|  **Real Estate Management & Development-2.37%** | **Real Estate Management & Development-2.37%** | **Real Estate Management & Development-2.37%** |
|  Kennedy-Wilson Holdings, Inc.<sup>(b)</sup>  | 2000705 | 33231710 |
|  **Textiles, Apparel & Luxury Goods-1.53%** | **Textiles, Apparel & Luxury Goods-1.53%** | **Textiles, Apparel & Luxury Goods-1.53%** |
|  VF Corp.<sup>(b)</sup>  | 760202 | 21475707 |
|  **Tobacco-9.02%** | **Tobacco-9.02%** | **Tobacco-9.02%** |
|  Altria Group, Inc. | 1160495 | 53696104 |
|  Philip Morris International, Inc. | 359895 | 33056356 |
|  Universal Corp.<sup>(b)</sup>  | 788560 | 39909021 |
|  |  | 126661481 |
|  **Wireless Telecommunication Services-2.13%** | **Wireless Telecommunication Services-2.13%** | **Wireless Telecommunication Services-2.13%** |
|  Telephone & Data Systems, Inc.<sup>(b)</sup>  | 1760218 | 29923706 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.93%<br>(Cost $1,388,306,612) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.93%<br>(Cost $1,388,306,612) | 1403189678 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-16.07%** | **Money Market Funds-16.07%** | **Money Market Funds-16.07%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(c)(d)(e)</sup>  | 69777533 | 69777533 |

---

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

---

| |
|:---|
| **16** |
| **16** |
| **16** |

---

------

**Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF (PEY)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
|  Invesco Private Prime Fund, 3.28%<sup>(c)(d)(e)</sup> | 155815290 | $155815290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $225,592,812) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $225,592,812) | 225592823 |
|  TOTAL INVESTMENTS IN SECURITIES-116.00%<br>(Cost $1,613,899,424) | TOTAL INVESTMENTS IN SECURITIES-116.00%<br>(Cost $1,613,899,424) | 1628782501 |
|  OTHER ASSETS LESS LIABILITIES-(16.00)% | OTHER ASSETS LESS LIABILITIES-(16.00)% | (224688312) |
|  NET ASSETS-100.00% | NET ASSETS-100.00% | $1404094189 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(c)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation**<br>**(Depreciation)** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $- | $22181775 | $(22181775) | $- | $- | $- | $8027 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 32170853 | 243114396 | (205507716) |  |  | 69777533 | 336010 \* |
| Invesco Private Prime Fund | 75046247 | 485511547 | (404749319) | (3347) | 10162 | 155815290 | 914170 \* |
| Total | $107217100 | $750807718 | $(632438810) | $(3347) | $10162 | $225592823 | $1258207 |

---

\* 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.

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(e)</sup> 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.

---

| |
|:---|
| **17** |
| **17** |
| **17** |

---

------

**Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF (PEY)–(continued)** 

October 31, 2022

*(Unaudited)* 

 **Portfolio Composition** 

&nbsp;&nbsp;&nbsp;&nbsp;**Industry Breakdown (% of the Fund's Net Assets)** 

&nbsp;&nbsp;&nbsp;&nbsp;**as of October 31, 2022** 

------

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;Banks | 13.94 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Insurance | 10.40 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities | 10.10 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Tobacco | 9.02 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Multi-Utilities | 5.58 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Gas Utilities | 5.20 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Oil, Gas & Consumable Fuels | 3.89 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals | 3.46 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Household Products | 3.17 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Industry Types Each Less Than 3% | 35.17 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.07 |

---

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

---

| |
|:---|
| **18** |
| **18** |
| **18** |

---

------

**Invesco International Dividend Achievers<sup>TM</sup> ETF (PID)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.74%** | **Common Stocks & Other Equity Interests-99.74%** | **Common Stocks & Other Equity Interests-99.74%** |
|  **Australia-3.96%** | **Australia-3.96%** | **Australia-3.96%** |
|  Rio Tinto PLC, ADR<sup>(a)</sup>  | 599308 | $31973082 |
|  **Brazil-4.16%** | **Brazil-4.16%** | **Brazil-4.16%** |
|  Banco Santander Brasil S.A., ADR<sup>(a)</sup>  | 5897878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33617905 |
|  **Canada-52.94%** | **Canada-52.94%** | **Canada-52.94%** |
|  Agnico Eagle Mines Ltd. | 520119 | 22864431 |
|  Algonquin Power & Utilities Corp.<sup>(a)</sup>  | 2099536 | 23220868 |
|  BCE, Inc.<sup>(a)</sup>  | 689681 | 31104613 |
|  Brookfield Asset Management, Inc., Class A | 135254 | 5357411 |
|  Brookfield Infrastructure Partners L.P. | 458850 | 16692963 |
|  Brookfield Renewable Partners L.P. | 520155 | 15178123 |
|  Canadian Imperial Bank of Commerce | 636625 | 28909141 |
|  Canadian National Railway Co. | 85639 | 10143083 |
|  Canadian Natural Resources Ltd.<sup>(a)</sup>  | 380200 | 22789188 |
|  Canadian Pacific Railway Ltd.<sup>(a)</sup>  | 60598 | 4513945 |
|  Enbridge, Inc.<sup>(a)</sup>  | 818383 | 31876018 |
|  FirstService Corp.<sup>(a)</sup>  | 28167 | 3521157 |
|  Fortis, Inc.<sup>(a)</sup>  | 490491 | 19129149 |
|  Franco-Nevada Corp. | 48941 | 6048129 |
|  Imperial Oil Ltd.<sup>(a)</sup>  | 227902 | 12416101 |
|  Magna International, Inc. | 304376 | 16962874 |
|  Open Text Corp.<sup>(a)</sup>  | 508021 | 14707208 |
|  Restaurant Brands International, Inc. | 350234 | 20796895 |
|  Ritchie Bros. Auctioneers, Inc. | 120973 | 7903166 |
|  Royal Bank of Canada | 248278 | 22958267 |
|  Stantec, Inc. | 137510 | 6726989 |
|  TC Energy Corp.<sup>(a)</sup>  | 684954 | 30083180 |
|  TELUS Corp.<sup>(a)</sup>  | 1159054 | 24212638 |
|  TFI International, Inc.<sup>(a)</sup>  | 59494 | 5415739 |
|  Toronto-Dominion Bank (The) | 376130 | 24068559 |
|  |  | 427599835 |
|  **France-3.16%** | **France-3.16%** | **France-3.16%** |
|  Sanofi, ADR | 591251 | 25559781 |
|  **Germany-4.31%** | **Germany-4.31%** | **Germany-4.31%** |
|  Fresenius Medical Care AG& Co. KGaA, ADR | 1380635 | 19149408 |
|  SAP SE, ADR | 162906 | 15648750 |
|  |  | 34798158 |
|  **India-1.80%** | **India-1.80%** | **India-1.80%** |
|  Infosys Ltd., ADR<sup>(a)</sup>  | 686998 | 12867472 |
|  Reliance Industries Ltd., GDR<sup>(b)</sup>  | 27700 | 1691085 |
|  |  | 14558557 |
|  **Ireland-2.21%** | **Ireland-2.21%** | **Ireland-2.21%** |
|  CRH PLC, ADR<sup>(a)</sup>  | 492136 | 17820244 |
|  **Japan-4.07%** | **Japan-4.07%** | **Japan-4.07%** |
|  Sony Group Corp., ADR | 48302 | 3258936 |
|  Sumitomo Mitsui Financial Group, Inc., ADR<sup>(a)</sup>  | 5291948 | 29634909 |
|  |  | 32893845 |

---

Investment Abbreviations:

ADR-American Depositary Receipt

GDR-Global Depositary Receipt

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Mexico-2.92%** | **Mexico-2.92%** | **Mexico-2.92%** |
|  America Movil S.A.B. de C.V., Class L, ADR | 1253057 | $23570002 |
|  **Spain-3.09%** | **Spain-3.09%** | **Spain-3.09%** |
|  Atlantica Sustainable Infrastructure PLC | 900299 | 24947285 |
|  **Switzerland-4.25%** | **Switzerland-4.25%** | **Switzerland-4.25%** |
|  Logitech International S.A., Class R<sup>(a)</sup>  | 212408 | 10543933 |
|  Novartis AG, ADR | 293028 | 23773362 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34317295 |
|  **United Kingdom-10.44%** | **United Kingdom-10.44%** | **United Kingdom-10.44%** |
|  Diageo PLC, ADR<sup>(a)</sup>  | 69740 | 11644488 |
|  Linde PLC | 31852 | 9471192 |
|  National Grid PLC, ADR<sup>(a)</sup>  | 465132 | 25405510 |
|  RELX PLC, ADR<sup>(a)</sup>  | 527377 | 14218084 |
|  Unilever PLC, ADR<sup>(a)</sup>  | 519303 | 23633479 |
|  |  | 84372753 |
|  **United States-2.43%** | **United States-2.43%** | **United States-2.43%** |
|  Amdocs Ltd. | 117841 | 10170857 |
|  Willis Towers Watson PLC | 43253 | 9438237 |
|  |  | 19609094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests (Cost $840,221,598) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests (Cost $840,221,598) | 805637836 |
|  **Money Market Funds-0.07%** | **Money Market Funds-0.07%** | **Money Market Funds-0.07%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(c)(d)</sup> (Cost $546,474) | 546474 | 546474 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.81%<br>(Cost $840,768,072) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.81%<br>(Cost $840,768,072) | 806184310 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-28.89%** | **Money Market Funds-28.89%** | **Money Market Funds-28.89%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(c)(d)(e)</sup>  | 64988405 | 64988405 |
|  Invesco Private Prime Fund, 3.28%<sup>(c)(d)(e)</sup>  | 168335196 | 168335196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $233,328,331) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $233,328,331) | 233323601 |
|  TOTAL INVESTMENTS IN SECURITIES-128.70%<br>(Cost $1,074,096,403) | TOTAL INVESTMENTS IN SECURITIES-128.70%<br>(Cost $1,074,096,403) | 1039507911 |
|  OTHER ASSETS LESS LIABILITIES-(28.70)% | OTHER ASSETS LESS LIABILITIES-(28.70)% | (231824464) |
|  NET ASSETS-100.00% |  | $807683447 |

---

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

---

| |
|:---|
| **19** |
| **19** |
| **19** |

---

------

**Invesco International Dividend Achievers<sup>TM</sup> ETF (PID)–(continued)** 

October 31, 2022

*(Unaudited)* 

Notes to Schedule of Investments:

<sup>(a)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(b)</sup> 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 October 31, 2022 represented less than 1% of the Fund's Net Assets. 

<sup>(c)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation**<br>**(Depreciation)** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $- | $19443894 | $(18897420) | $- | $- | $546474 | $5212 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 62607584 | 262767538 | (260386717) |  |  | 64988405 | 566509 \* |
| Invesco Private Prime Fund | 146030600 | 544623285 | (522323921) | (19148) | 24380 | 168335196 | 1562834 \* |
| Total | $208638184 | $826834717 | $(801608058) | $(19148) | $24380 | $233870075 | $2134555 |

---

\* 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.

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(e)</sup> 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.

 **Portfolio Composition** 

&nbsp;&nbsp;&nbsp;&nbsp;**Sector Breakdown (% of the Fund's Net Assets)** 

&nbsp;&nbsp;&nbsp;&nbsp;**as of October 31, 2022** 

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;Financials | 19.06 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 15.42 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Energy | 12.24 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Materials | 10.92 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 9.77 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 8.47 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 7.92 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 6.06 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 5.07 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 4.37 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 0.44 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.26 |

---

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

---

| |
|:---|
| **20** |
| **20** |
| **20** |

---

------

**Statements of Assets and Liabilities** 

October 31, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco**<br>**BuyBack<br>Achievers<sup>TM</sup>** <br>**ETF (PKW)** | **Invesco<br>Dividend**<br>**Achievers<sup>TM</sup>**<br>**ETF (PFM)** | **Invesco**<br>**Dow Jones<br>Industrial<br>Average<br>Dividend**<br>**ETF (DJD)** | **Invesco**<br>**Financial<br>Preferred** <br>**ETF (PGF)** |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments in securities, at value<sup>(a)</sup>  | $1510549926 | $680912010 | $256105205 | $1122118494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments in securities, at value | 156338875 | 48783726 | 761872 | 65879858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 879 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies, at value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits with brokers: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash segregated as collateral |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 976993 | 662816 | 413491 | 4367407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending | 117042 | 3370 | 973 | 210962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 41167666 | 45255 |  | 3840805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 4243448 | 1428360 | 2568326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 30207 | 21125 |  | 22841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | 1713425036 | 731856662 | 259849867 | 1196440367 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian |  |  |  | 1365329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 28146351 | 1403356 | 2562572 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 155054657 | 48363133 | 581227 | 65878084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral upon receipt of securities in-kind |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares repurchased | 17938455 |  |  | 2871931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued unitary management fees |  |  | 13800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued advisory fees | 484135 | 220276 |  | 493274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officer's fees | 161782 | 72314 |  | 226465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 976678 | 467720 |  | 518525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | 202762058 | 50526799 | 3157599 | 71353608 |
|  **Net Assets** | $1510662978 | $681329863 | $256692268 | $1125086759 |
|  **Net assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest | $2113094417 | $604135093 | $272797318 | $1511511958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (602431439) | 77194770 | (16105050) | (386425199) |
|  **Net Assets** | $1510662978 | $681329863 | $256692268 | $1125086759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited amount authorized, $0.01 par value) | 17800000 | 19080000 | 6030000 | 78350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $84.87 | $35.71 | $42.57 | $14.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price | $84.94 | $35.73 | $42.61 | $14.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments in securities, at cost | $1592311501 | $592859847 | $268480950 | $1424128697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments in securities, at cost | $156338188 | $48781701 | $761833 | $65878084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies, at cost | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(a)</sup> Includes securities on loan with an aggregate value of: | $149911541 | $47172272 | $564511 | $63373101 |

---

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

---

| |
|:---|
| **21** |
| **21** |
| **21** |

---

------

---

| | |
|:---|:---|
| **Invesco**<br>**High Yield**<br>**Equity<br>Dividend<br>Achievers<sup>TM</sup>** <br>**ETF (PEY)** | **Invesco<br>International<br>Dividend<br>Achievers<sup>TM</sup>** <br>**ETF (PID)** |
| $1403189678 | $805637836 |
| 225592823 | 233870075 |
|  | 156729 |
|  | 629856 |
|  | 594005 |
| 2350377 | 1151426 |
| 17439 | 143813 |
| 7461772 | 69060 |
|  | 396404 |
| 22542 | 24295 |
| 1638634631 | 1042673499 |
| 117563 |  |
| 7463710 | 69060 |
| 225592812 | 233328331 |
|  | 594005 |
| 439203 | 261884 |
| 94426 | 140641 |
| 832728 | 596131 |
| 234540442 | 234990052 |
| $1404094189 | $807683447 |
| $1581905498 | $1274896523 |
| (177811309) | (467213076) |
| $1404094189 | $807683447 |
| 68120000 | 49850000 |
| $20.61 | $16.20 |
| $20.63 | $16.21 |
| $1388306612 | $840221598 |
| $225592812 | $233874805 |
| $- | $629147 |
| $220137067 | $228089655 |

---

---

| |
|:---|
| **22** |
| **22** |
| **22** |

---

------

**Statements of Operations** 

For the six months ended October 31, 2022

*(Unaudited)* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco<br>BuyBack<br>Achievers<sup>TM</sup>ETF (PKW)** | **Invesco<br>Dividend<br>Achievers<sup>TM</sup>ETF (PFM)** | **Invesco<br>Dow Jones<br>Industrial<br>Average<br>Dividend<br>ETF (DJD)** | **Invesco<br>Financial<br>Preferred<br>ETF (PGF)** | **Invesco<br>High Yield<br>Equity Dividend<br>Achievers<sup>TM</sup>ETF (PEY)** | **Invesco<br>International<br>Dividend<br>Achievers<sup>TM</sup>ETF (PID)** |
|  **Investment income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | $11024999 | $8439456 | $4003581 | $38015280 | $31101813 | $16954175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 10950 | 5121 | 2079 | 21607 | 8027 | 5212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 669562 | 16535 | 23458 | 1500786 | 102765 | 1151962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax | (9127) | (189) |  |  |  | (1663893) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 11696384 | 8460923 | 4029118 | 39537673 | 31212605 | 16447456 |
|  **Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unitary management fees. |  |  | 80866 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 3031168 | 1378397 |  | 3217183 | 2595405 | 1567263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-licensing fees | 606229 | 344596 |  | 196245 | 648845 | 391812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting & administration fees | 61339 | 30056 |  | 64190 | 39424 | 27510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian & transfer agent fees | 6466 | 3401 |  | 10235 | 6004 | 15481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officer's fees | (22193) | (7345) |  | (36292) | (9284) | (21539) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses. | 72130 | 38866 |  | 72538 | 51727 | 57876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3755139 | 1787971 | 80866 | 3524099 | 3332121 | 2038403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waivers | (624) | (301) | (114) | (1205) | (511) | (298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3754515 | 1787670 | 80752 | 3522894 | 3331610 | 2038105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 7941869 | 6673253 | 3948366 | 36014779 | 27880995 | 14409351 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (8976426) | (1658932) | (2131798) | (24631570) | (22252860) | (11553022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 10813 | (626) | (94) | 383 | 10162 | 24380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | (13251438) | 11258597 | 4717758 | (9716677) | 21820949 | 1693458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies |  |  |  |  |  | (35899) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (22217051) | 9599039 | 2585866 | (34347864) | (421749) | (9871083) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 26853524 | (30545308) | (14119663) | (67270835) | (32370062) | (86773323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (6735) | 2024 | (67) | (793) | (3347) | (19148) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies |  |  |  |  |  | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 26846789 | (30543284) | (14119730) | (67271628) | (32373409) | (86791724) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4629738 | (20944245) | (11533864) | (101619492) | (32795158) | (96662807) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $12571607 | $(14270992) | $(7585498) | $(65604713) | $(4914163) | $(82253456) |

---

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

---

| |
|:---|
| **23** |
| **23** |
| **23** |

---

------

(This Page Intentionally Left Blank)

---

| |
|:---|
| **24** |
| **24** |
| **24** |

---

------

**Statements of Changes in Net Assets** 

For the six months ended October 31, 2022 and the year ended April 30, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco BuyBack**<br>**Achievers<sup>TM</sup> ETF (PKW)** | **Invesco BuyBack**<br>**Achievers<sup>TM</sup> ETF (PKW)** | **Invesco Dividend**<br>**Achievers<sup>TM</sup> ETF (PFM)** | **Invesco Dividend**<br>**Achievers<sup>TM</sup> ETF (PFM)** |
|  | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $7941869 | $13561281 | $6673253 | $12298412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (22217051) | 306944615 | 9599039 | 31053463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 26846789 | (360848917) | (30543284) | (16226427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 12571607 | (40343021) | (14270992) | 27125448 |
|  **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (7954751) | (13422838) | (6690557) | (13107685) |
|  **Shareholder Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 450957527 | 2252237604 | 32148134 | 150154995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares repurchased | (297358729) | (2690143843) | (34507278) | (74476740) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 153598798 | (437906239) | (2359144) | 75678255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 158215654 | (491672098) | (23320693) | 89696018 |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1352447324 | 1844119422 | 704650556 | 614954538 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1510662978 | $1352447324 | $681329863 | $704650556 |
|  **Changes in Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 5440000 | 24680000 | 910000 | 3980000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (3640000) | (29720000) | (1000000) | (1940000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | 16000000 | 21040000 | 19170000 | 17130000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of period | 17800000 | 16000000 | 19080000 | 19170000 |

---

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

---

| |
|:---|
| **25** |
| **25** |
| **25** |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco Dow Jones**<br>**Industrial Average**<br>**Dividend ETF (DJD)** | **Invesco Dow Jones**<br>**Industrial Average**<br>**Dividend ETF (DJD)** | **Invesco Financial**<br>**Preferred ETF (PGF)** | **Invesco Financial**<br>**Preferred ETF (PGF)** | **Invesco High Yield Equity Dividend**<br>**Achievers<sup>TM</sup> ETF (PEY)** | **Invesco High Yield Equity Dividend**<br>**Achievers<sup>TM</sup> ETF (PEY)** | **Invesco International Dividend**<br>**Achievers<sup>TM</sup> ETF (PID)** | **Invesco International Dividend**<br>**Achievers<sup>TM</sup> ETF (PID)** |
| **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3948366 | $5353998 | $36014779 | $81271486 | $27880995 | $41205809 | $14409351 | $17891427 |
| 2585866 | 12259207 | (34347864) | (12462028) | (421749) | 79780048 | (9871083) | 64738848 |
| (14119730) | (7855266) | (67271628) | (285771109) | (32373409) | (69366090) | (86791724) | (28952371) |
| (7585498) | 9757939 | (65604713) | (216961651) | (4914163) | 51619767 | (82253456) | 53677904 |
| (3632735) | (5064485) | (34994850) | (81068351) | (25276044) | (40404752) | (16329278) | (21523716) |
| 104466300 | 95391520 | 47649517 | 77281439 | 390582901 | 584935091 | 139627938 | 360195991 |
| (42314917) | (49084102) | (163271482) | (265030321) | (109553612) | (372374068) | (8781817) | (196500293) |
| 62151383 | 46307418 | (115621965) | (187748882) | 281029289 | 212561023 | 130846121 | 163695698 |
| 50933150 | 51000872 | (216221528) | (485778884) | 250839082 | 223776038 | 32263387 | 195849886 |
| 205759118 | 154758246 | 1341308287 | 1827087171 | 1153255107 | 929479069 | 775420060 | 579570174 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256692268 | $205759118 | $1125086759 | $1341308287 | $1404094189 | $1153255107 | $807683447 | $775420060 |
| 2410000 | 2120000 | 3100000 | 4150000 | 18690000 | 27460000 | 8180000 | 19000000 |
| (970000) | (1090000) | (10650000) | (14950000) | (5450000) | (17580000) | (520000) | (10350000) |
| 4590000 | 3560000 | 85900000 | 96700000 | 54880000 | 45000000 | 42190000 | 33540000 |
| 6030000 | 4590000 | 78350000 | 85900000 | 68120000 | 54880000 | 49850000 | 42190000 |

---

---

| |
|:---|
| **26** |
| **26** |
| **26** |

---

------

**Financial Highlights** 

Invesco BuyBack Achievers<sup>TM</sup> ETF (PKW)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br> **2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $84.53 | $87.65 | $54.42 | $63.60 | $56.93 | $52.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.54 | 0.76 | 0.88 | 1.01 | 0.73 | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.35 | (3.16) | 33.35 | (9.13) | 6.67 | 4.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.89 | (2.40) | 34.23 | (8.12) | 7.40 | 5.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.55) | (0.72) | (1.00) | (1.06) | (0.73) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $84.87 | $84.53 | $87.65 | $54.42 | $63.60 | $56.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $84.94 | $84.50 | $87.72 | $54.45 | $63.62 | $56.95 |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | 1.10% | (2.79)% | 63.54% | (12.81)% | 13.16% | 9.95% |
|  **Market Price Total Return<sup>(c)</sup>**  | 1.21% | (2.90)% | 63.58% | (12.79)% | 13.16% | 10.02% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $1510663 | $1352447 | $1844119 | $718331 | $1313404 | $1312224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.62 %<sup>(d)</sup> | 0.61% | 0.64% | 0.62% | 0.62% | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.31 %<sup>(d)</sup> | 0.83% | 1.27% | 1.60% | 1.25% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 3% | 80% | 93% | 56% | 76% | 66% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| **27** |
| **27** |
| **27** |

---

------

**Financial Highlights–(continued)** 

Invesco Dividend Achievers<sup>TM</sup> ETF (PFM)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br> **2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $36.76 | $35.90 | $27.27 | $28.52 | $25.22 | $23.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.34 | 0.68 | 0.62 | 0.61 | 0.59 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.04) | 0.90 | 8.61 | (1.20) | 3.29 | 1.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.70) | 1.58 | 9.23 | (0.59) | 3.88 | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.35) | (0.72) | (0.60) | (0.66) | (0.58) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $35.71 | $36.76 | $35.90 | $27.27 | $28.52 | $25.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $35.73 | $36.78 | $35.90 | $27.31 | $28.52 | $25.24 |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | (1.88)% | 4.40% | 34.21% | (2.04)% | 15.63% | 7.42% |
|  **Market Price Total Return<sup>(c)</sup>**  | (1.87)% | 4.46% | 34.02% | (1.89)% | 15.53% | 7.37% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $681330 | $704651 | $614955 | $306780 | $299475 | $285010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.52 %<sup>(d)</sup> | 0.52% | 0.53% | 0.53% | 0.54% | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.94 %<sup>(d)</sup> | 1.80% | 1.97% | 2.13% | 2.22% | 2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 1% | 12% | 28% | 20% | 13% | 5% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| **28** |
| **28** |
| **28** |

---

------

**Financial Highlights–(continued)** 

Invesco Dow Jones Industrial Average Dividend ETF (DJD)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | | **Year Ended<br>August 31,**<br>**2017** |
|  | **Six Months Ended<br>October 31,**<br> **2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **Eight Months Ended<br>April 30,**<br>**2018** | **Year Ended<br>August 31,**<br>**2017** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $44.83 | $43.47 | $33.17 | $36.98 | $33.32 | $31.07 | $27.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.73 | 1.36 | 1.27 | 1.10 | 0.91 | 0.49 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (2.32) | 1.29 | 10.40 | (3.80) | 3.74 | 2.37 | 3.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.59) | 2.65 | 11.67 | (2.70) | 4.65 | 2.86 | 4.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.67) | (1.29) | (1.37) | (1.11) | (0.99) | (0.53) | (0.86) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  |  |  | (0.08) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.67) | (1.29) | (1.37) | (1.11) | (0.99) | (0.61) | (0.86) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $42.57 | $44.83 | $43.47 | $33.17 | $36.98 | $33.32 | $31.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period | $42.61 <sup>(b)</sup> | $44.82 <sup>(b)</sup> | $43.52 <sup>(b)</sup> | $33.21 <sup>(b)</sup> | $37.02 <sup>(b)</sup> | $33.35 <sup>(b)</sup> | $31.10 |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | (3.51)% | 6.19% | 36.03% | (7.33)% | 14.24% | 9.23% | 16.13% |
|  **Market Price Total Return<sup>(c)</sup>**  | (3.39)% | 6.04% | 36.03% | (7.32)% | 14.25% | 9.22% |  |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $256692 | $205759 | $154758 | $116108 | $73967 | $14994 | $10875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.07 %<sup>(d)</sup> | 0.07% | 0.07% | 0.08 %<sup>(e)</sup> | 0.09% | 0.30 %<sup>(d)</sup> | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.07 %<sup>(d)</sup> | 0.07% | 0.07% | 0.08 %<sup>(e)</sup> | 0.10% | 0.30 %<sup>(d)</sup> | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.42 %<sup>(d)</sup> | 3.04% | 3.43% | 3.04 %<sup>(e)</sup> | 2.62% | 2.25 %<sup>(d)</sup> | 2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 11% | 15% | 50% | 14% | 20% | 19% | 3% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Ratios include non-recurring costs associated with a proxy statement of 0.01%.

<sup>(f)</sup> 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.

---

| |
|:---|
| **29** |
| **29** |
| **29** |

---

------

**Financial Highlights–(continued)** 

Invesco Financial Preferred ETF (PGF)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended**<br>**October 31,**<br>**2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $15.61 | $18.89 | $18.05 | $18.33 | $18.32 | $18.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.44 | 0.87 | 0.94 | 0.94 | 0.97 | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.26) | (3.28) | 0.82 | (0.27) | 0.05 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.82) | (2.41) | 1.76 | 0.67 | 1.02 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.43) | (0.87) | (0.92) | (0.95) | (1.01) | (1.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $14.36 | $15.61 | $18.89 | $18.05 | $18.33 | $18.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $14.33 | $15.55 | $18.96 | $18.07 | $18.35 | $18.31 |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | (5.40)% | (13.34)% | 9.94% | 3.78% | 5.79% | 2.43% |
|  **Market Price Total Return<sup>(c)</sup>**  | (5.23)% | (13.99)% | 10.22% | 3.77% | 5.97% | 2.37% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $1125087 | $1341308 | $1827087 | $1462590 | $1385773 | $1565028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.55 %<sup>(d)</sup> | 0.57% | 0.62% | 0.61% | 0.62% | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 5.60 %<sup>(d)</sup> | 4.71% | 5.02% | 5.10% | 5.35% | 5.26% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 10% | 23% | 23% | 31% | 21% | 5% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| **30** |
| **30** |
| **30** |

---

------

**Financial Highlights–(continued)** 

Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF (PEY)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended**<br>**October 31,**<br>**2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $21.01 | $20.66 | $14.21 | $18.25 | $17.12 | $17.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.45 | 0.85 | 0.69 | 0.75 | 0.63 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.45) | 0.33 | 6.51 | (4.03) | 1.17 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations |  | 1.18 | 7.20 | (3.28) | 1.80 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.40) | (0.83) | (0.75) | (0.76) | (0.67) | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $20.61 | $21.01 | $20.66 | $14.21 | $18.25 | $17.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $20.63 | $21.03 | $20.65 | $14.24 | $18.26 | $17.12 |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | 0.04% | 5.87% | 52.20% | (18.57)% | 10.79% | 4.48% |
|  **Market Price Total Return<sup>(c)</sup>**  | 0.04% | 6.01% | 51.80% | (18.44)% | 10.86% | 4.42% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $1404094 | $1153255 | $929479 | $630938 | $834224 | $763400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.51 %<sup>(d)</sup> | 0.52% | 0.53% | 0.52% | 0.53% | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 4.30 %<sup>(d)</sup> | 4.07% | 4.20% | 4.30% | 3.58% | 3.63% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 16% | 49% | 74% | 51% | 50% | 38% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| **31** |
| **31** |
| **31** |

---

------

**Financial Highlights–(continued)** 

Invesco International Dividend Achievers<sup>TM</sup> ETF (PID)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended**<br>**October 31,**<br>**2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $18.38 | $17.28 | $12.12 | $16.44 | $15.92 | $15.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.32 | 0.51 | 0.45 | 0.61 | 0.58 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (2.14) | 1.21 | 5.21 | (4.20) | 0.48 | 0.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.82) | 1.72 | 5.66 | (3.59) | 1.06 | 1.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.36) | (0.62) | (0.50) | (0.73) | (0.54) | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $16.20 | $18.38 | $17.28 | $12.12 | $16.44 | $15.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $16.21 | $18.40 | $17.25 | $12.07 | $16.45 | $15.91 |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | (9.98)% | 10.11% | 47.87% | (22.71)% | 6.99% | 9.57% |
|  **Market Price Total Return<sup>(c)</sup>**  | (10.02)% | 10.43% | 48.23% | (23.07)% | 7.13% | 9.50% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $807683 | $775420 | $579570 | $510252 | $766283 | $862878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.52 %<sup>(d)</sup> | 0.53% | 0.56% | 0.53% | 0.54% | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.68 %<sup>(d)</sup> | 2.79% | 3.18% | 3.92% | 3.70% | 3.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 16% | 44% | 69% | 45% | 47% | 55% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| **32** |
| **32** |
| **32** |

---

------

**Notes to Financial Statements** 

Invesco Exchange-Traded Fund Trust

October 31, 2022

*(Unaudited)* 

**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 Achievers<sup>TM</sup> ETF (PKW) | "BuyBack Achievers<sup>TM</sup> ETF" |
| Invesco Dividend Achievers<sup>TM</sup> ETF (PFM) | "Dividend Achievers<sup>TM</sup> 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 Achievers<sup>TM</sup> ETF (PEY) | "High Yield Equity Dividend Achievers<sup>TM</sup> ETF" |
| Invesco International Dividend Achievers<sup>TM</sup> ETF (PID) | "International Dividend Achievers<sup>TM</sup> ETF" |

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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 ("APs"), 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"):

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|:---|:---|
| **Fund** | **Underlying Index** |
| BuyBack Achievers<sup>TM</sup> ETF | NASDAQ US BuyBack Achievers<sup>TM</sup> Index |
| Dividend Achievers<sup>TM</sup> ETF | NASDAQ US Broad Dividend Achievers<sup>TM</sup> 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 Achievers<sup>TM</sup> ETF | NASDAQ US Dividend Achievers<sup>TM</sup> 50 Index |
| International Dividend Achievers<sup>TM</sup> ETF | NASDAQ International Dividend Achievers<sup>TM</sup> Index |

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**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 trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day NAV per share.

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Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

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 are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price a Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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**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.

**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, the country that has the primary market for the issuer's securities and
its "country of risk" as determined by a third party service provider, 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<sup>™</sup> 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

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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, 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.

Invesco Advisers, Inc. ("Invesco"), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon ("BNYM") also serves as a lending agent. 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 six months ended October 31, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to

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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 Achievers<sup>TM</sup> ETF | $41308 |
| Dividend Achievers<sup>TM</sup> ETF | 1016 |
| Dow Jones Industrial Average Dividend ETF | 1323 |
| Financial Preferred ETF | 118727 |
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF | 6339 |
| International Dividend Achievers<sup>TM</sup> ETF | 72305 |

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**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.

*AP Concentration Risk*. Only 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 the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

*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,

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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.

*Market Risk*. Securities in each 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 an 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 can 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

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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 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<sup>TM</sup> 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<sup>TM</sup> 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<sup>TM</sup> 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 six months ended October 31, 2022, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

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| | |
|:---|:---|
| BuyBack Achievers<sup>TM</sup> ETF | $624 |
| Dividend Achievers<sup>TM</sup> ETF | 301 |
| Dow Jones Industrial Average Dividend ETF | 114 |
| Financial Preferred ETF | 1205 |
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF | 511 |
| International Dividend Achievers<sup>TM</sup> ETF | 298 |

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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.

There are no amounts available for potential recapture by the Adviser as of October 31, 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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|:---|
| **39** |
| **39** |
| **39** |

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

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| | |
|:---|:---|
| **Fund** | **Licensor** |
| BuyBack Achievers<sup>TM</sup> ETF | Nasdaq, Inc. |
| Dividend Achievers<sup>TM</sup> 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 Achievers<sup>TM</sup> ETF | Nasdaq, Inc. |
| International Dividend Achievers<sup>TM</sup> ETF | Nasdaq, Inc. |

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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 six months ended October 31, 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:

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| | |
|:---|:---|
| BuyBack Achievers<sup>TM</sup> ETF | $8961 |
| Dividend Achievers<sup>TM</sup> ETF | 217 |
| Dow Jones Industrial Average Dividend ETF | 5204 |
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF | 14166 |
| International Dividend Achievers<sup>TM</sup> ETF | 6368 |

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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 securities from or sell securities 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 Invesco ETF from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7.

For the six months ended October 31, 2022, the following Fund engaged in transactions with affiliates as listed below:

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| | | | |
|:---|:---|:---|:---|
|  | **Securities Purchases** | **Securities Sales** | **Net Realized Gains (Losses)\*** |
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF | $– | $6378136 | $(3409805) |

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\* 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. 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 the Adviser's 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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| |
|:---|
| **40** |
| **40** |
| **40** |

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The following is a summary of the tiered valuation input levels, as of October 31, 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.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  BuyBack Achievers<sup>TM</sup> ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $1510549926 | $- | $- | $1510549926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1283531 | 155055344 |  | 156338875 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $1511833457 | $155055344 | $- | $1666888801 |
|  Dividend Achievers<sup>TM</sup> ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $680912010 | $- | $- | $680912010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 418568 | 48365158 |  | 48783726 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $681330578 | $48365158 | $- | $729695736 |
|  Dow Jones Industrial Average Dividend ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $256105205 | $- | $- | $256105205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 180606 | 581266 |  | 761872 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $256285811 | $581266 | $- | $256867077 |
|  Financial Preferred ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | $1122118494 | $- | $- | $1122118494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds |  | 65879858 |  | 65879858 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $1122118494 | $65879858 | $- | $1187998352 |
|  High Yield Equity Dividend Achievers<sup>TM</sup> ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $1403189678 | $- | $- | $1403189678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds |  | 225592823 |  | 225592823 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $1403189678 | $225592823 | $- | $1628782501 |
|  International Dividend Achievers<sup>TM</sup> ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $805637836 | $- | $- | $805637836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 546474 | 233323601 |  | 233870075 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $806184310 | $233323601 | $- | $1039507911 |

---

**NOTE 6–Tax Information** 

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds' capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds' fiscal year-end.

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 had capital loss carryforwards as of April 30, 2022, as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** | |
|  | **Short-Term** | **Long-Term** |<br>**Total\*** |
| BuyBack Achievers<sup>TM</sup> ETF | $338686344 | $134662981 | $473349325 |
| Dividend Achievers<sup>TM</sup> ETF |  | 8265124 | 8265124 |
| Dow Jones Industrial Average Dividend ETF | 871206 | 3613697 | 4484903 |
| Financial Preferred ETF | 8469421 | 39604921 | 48074342 |

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| |
|:---|
| **41** |
| **41** |
| **41** |

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| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** | |
|  | **Short-Term** | **Long-Term** |<br>**Total\*** |
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF | $34308122 | $150460481 | $184768603 |
| International Dividend Achievers<sup>TM</sup> ETF | 174173234 | 241914594 | 416087828 |

---

\* 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 six months ended October 31, 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 Achievers<sup>TM</sup> ETF | $40806059 | $40873042 |
| Dividend Achievers<sup>TM</sup> ETF | 6874690 | 6862371 |
| Dow Jones Industrial Average Dividend ETF | 26528540 | 26253354 |
| Financial Preferred ETF | 133962436 | 130992607 |
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF | 201983607 | 199050046 |
| International Dividend Achievers<sup>TM</sup> ETF | 126639133 | 129850301 |

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For the six months ended October 31, 2022, in-kind transactions associated with creations and redemptions were as follows:

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| | | |
|:---|:---|:---|
|  | **In-kind**<br>**Purchases** | **In-kind**<br>**Sales** |
| BuyBack Achievers<sup>TM</sup> ETF | $451168540 | $297569186 |
| Dividend Achievers<sup>TM</sup> ETF | 31582268 | 33885638 |
| Dow Jones Industrial Average Dividend ETF | 104244210 | 42238877 |
| Financial Preferred ETF | 45964122 | 162902142 |
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF | 389867548 | 109625985 |
| International Dividend Achievers<sup>TM</sup> ETF | 139638735 | 8779511 |

---

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes. As of October 31, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross**<br>**Unrealized**<br>**Appreciation** | **Gross**<br>**Unrealized**<br>**(Depreciation)** | **Net**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Cost** |
| BuyBack Achievers<sup>TM</sup> ETF | $87311055 | $(195020843) | $(107709788) | $1774598589 |
| Dividend Achievers<sup>TM</sup> ETF | 116055245 | (39599534) | 76455711 | 653240025 |
| Dow Jones Industrial Average Dividend ETF | 13467116 | (28318607) | (14851491) | 271718568 |
| Financial Preferred ETF | 1774 | (306054690) | (306052916) | 1494051268 |
| High Yield Equity Dividend Achievers<sup>TM</sup> ETF | 106684963 | (103013798) | 3671165 | 1625111336 |
| International Dividend Achievers<sup>TM</sup> ETF | 43023166 | (83907431) | (40884265) | 1080392176 |

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**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 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.

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|:---|
| **42** |
| **42** |
| **42** |

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**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 APs 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 AP 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 AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP'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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| |
|:---|
| **43** |
| **43** |
| **43** |

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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 May 1, 2022 through October 31, 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.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning**<br> **Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Annualized<br>Expense Ratio<br>Based on the<br>Six-Month Period** | **Expenses Paid<br>During the<br>Six-Month Period<sup>(1)</sup>** |
|  Invesco BuyBack Achievers<sup>TM</sup> ETF (PKW) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1011.00 | 0.62% | $3.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.08 | 0.62 | 3.16 |
|  Invesco Dividend Achievers<sup>TM</sup> ETF (PFM) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 981.20 | 0.52 | 2.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.58 | 0.52 | 2.65 |
|  Invesco Dow Jones Industrial Average Dividend ETF (DJD) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 964.90 | 0.07 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1024.85 | 0.07 | 0.36 |
|  Invesco Financial Preferred ETF (PGF) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 946.00 | 0.55 | 2.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.43 | 0.55 | 2.80 |
|  Invesco High Yield Equity Dividend Achievers<sup>TM</sup> ETF (PEY) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1000.40 | 0.51 | 2.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.63 | 0.51 | 2.60 |

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| |
|:---|
| **44** |
| **44** |
| **44** |

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**Calculating your ongoing Fund expenses–(continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Annualized<br>Expense Ratio<br>Based on the<br>Six-Month Period** | **Expenses Paid<br>During the<br>Six-Month Period<sup>(1)</sup>** |
|  Invesco International Dividend Achievers<sup>TM</sup> ETF (PID) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $900.20 | 0.52% | $2.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.58 | 0.52 | 2.65 |

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<sup>(1)</sup> 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 October 31, 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 184/365. 

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|:---|
| **45** |
| **45** |
| **45** |

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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 ***<u>www.sec.gov</u>.***

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 ***<u>www.sec.gov.</u>***

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 ***<u>www.sec.gov</u>.***

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 ***<u>www.invesco.com/ETFs</u>.***

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| | | |
|:---|:---|:---|
| **©2022 Invesco Capital Management LLC**<br> **3500 Lacey Road, Suite 700** |  |  |
| **Downers Grove, IL 60515** | P-PS-SAR-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;invesco.com/ETFs |

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| | |
|:---|:---|
| ![LOGO](g411366dsp1a.jpg) | <br> **Invesco Semi-Annual Report to Shareholders**<br>October 31, 2022 |
|  | **PWC** Invesco Dynamic Market ETF |
|  | **PRF** Invesco FTSE RAFI US 1000 ETF |
|  | **PRFZ** Invesco FTSE RAFI US 1500 Small-Mid ETF |

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Schedules of Investments

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco Dynamic Market ETF (PWC)](#edg411366_1) | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco FTSE RAFI US 1000 ETF (PRF)](#edg411366_2) | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ)](#edg411366_3) | **17** |
| [Statements of Assets and Liabilities](#edg411366_4) | **32** |
| [Statements of Operations](#edg411366_5) | **33** |
| [Statements of Changes in Net Assets](#edg411366_6) | **34** |
| [Financial Highlights](#edg411366_7) | **36** |
| [Notes to Financial Statements](#edg411366_8) | **39** |
| [Fund Expenses](#edg411366_9) | **48** |

---

---

| |
|:---|
| **2** |
| **2** |
| **2** |

---

------

**Invesco Dynamic Market ETF (PWC)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** |
|  **Communication Services-7.98%** |  |  |
|  AT&T, Inc. | 157988 | $2880121 |
|  EchoStar Corp., Class A<sup>(b)(c)</sup> | 42967 | 810787 |
|  Scholastic Corp. | 18185 | 693576 |
|  Sinclair Broadcast Group, Inc., Class A<sup>(c)</sup> | 34721 | 618381 |
|  Sirius XM Holdings, Inc.<sup>(c)</sup> | 454270 | 2743791 |
|  |  | 7746656 |
|  **Consumer Discretionary-13.11%** |  |  |
|  Bowlero Corp.<sup>(b)(c)</sup> | 31128 | 453224 |
|  Cavco Industries, Inc.<sup>(b)</sup> | 1400 | 317338 |
|  Dillard's, Inc., Class A | 1162 | 382054 |
|  frontdoor, inc.<sup>(b)(c)</sup> | 14176 | 312723 |
|  Genuine Parts Co. | 13451 | 2392395 |
|  Grand Canyon Education, Inc.<sup>(b)</sup> | 4341 | 436835 |
|  Green Brick Partners, Inc.<sup>(b)(c)</sup> | 13723 | 317413 |
|  H&R Block, Inc.<sup>(c)</sup> | 7804 | 321135 |
|  Home Depot, Inc. (The) | 6917 | 2048331 |
|  Murphy USA, Inc. | 1228 | 386218 |
|  O'Reilly Automotive, Inc.<sup>(b)</sup> | 2950 | 2469651 |
|  Red Rock Resorts, Inc., Class A | 8999 | 374808 |
|  Target Hospitality Corp.<sup>(b)(c)</sup> | 24763 | 301366 |
|  Ulta Beauty, Inc.<sup>(b)</sup> | 5290 | 2218467 |
|  |  | 12731958 |
|  **Consumer Staples-7.08%** |  |  |
|  Archer-Daniels-Midland Co. | 25939 | 2515564 |
|  Cal-Maine Foods, Inc.<sup>(c)</sup> | 6194 | 350023 |
|  General Mills, Inc. | 29330 | 2392741 |
|  Grocery Outlet Holding Corp.<sup>(b)</sup> | 8191 | 283163 |
|  Ingles Markets, Inc., Class A | 3249 | 306608 |
|  Molson Coors Beverage Co., Class B | 5852 | 295116 |
|  SpartanNash Co. | 10450 | 373170 |
|  Weis Markets, Inc.<sup>(c)</sup> | 3840 | 359693 |
|  |  | 6876078 |
|  **Energy-5.10%** |  |  |
|  Arch Resources, Inc. | 2156 | 328337 |
|  Chord Energy Corp. | 2451 | 375224 |
|  Hess Midstream L.P., Class A | 11512 | 333157 |
|  Marathon Petroleum Corp. | 15929 | 1809853 |
|  PBF Energy, Inc., Class A<sup>(b)(c)</sup> | 9419 | 416791 |
|  Valero Energy Corp. | 13501 | 1695051 |
|  |  | 4958413 |
|  **Financials-12.53%** |  |  |
|  American Equity Investment Life Holding Co. | 7397 | 318663 |
|  Arch Capital Group Ltd.<sup>(b)</sup> | 28452 | 1635990 |
|  BancFirst Corp.<sup>(c)</sup> | 2547 | 244053 |
|  BOK Financial Corp.<sup>(c)</sup> | 3099 | 341479 |
|  Encore Capital Group, Inc.<sup>(b)</sup> | 5041 | 256688 |
|  Enova International, Inc.<sup>(b)</sup> | 7833 | 293659 |
|  International Bancshares Corp. | 6582 | 326467 |
|  Jackson Financial, Inc., Class A<sup>(c)</sup> | 8496 | 325907 |
|  LendingClub Corp.<sup>(b)</sup> | 20677 | 220003 |
|  M&T Bank Corp. | 7210 | 1213948 |
|  MetLife, Inc. | 20234 | 1481331 |
|  OFG Bancorp | 10073 | 280835 |
|  PennyMac Financial Services, Inc. | 5187 | 276571 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Financials-(continued)** |  |  |
|  Raymond James Financial, Inc. | 12476 | $1473915 |
|  Regions Financial Corp. | 60257 | 1322641 |
|  Towne Bank | 9683 | 318958 |
|  Unum Group | 7290 | 332351 |
|  W.R. Berkley Corp. | 20199 | 1502402 |
|  |  | 12165861 |
|  **Health Care-14.50%** |  |  |
|  Allscripts Healthcare Solutions, Inc.<sup>(b)</sup> | 22077 | 324532 |
|  AmerisourceBergen Corp. | 15925 | 2503729 |
|  Arcus Biosciences, Inc.<sup>(b)(c)</sup> | 14153 | 360618 |
|  Arvinas, Inc.<sup>(b)(c)</sup> | 8138 | 404540 |
|  Bausch + Lomb Corp.<sup>(b)(c)</sup> | 23595 | 336465 |
|  Cardinal Health, Inc. | 34677 | 2631984 |
|  Embecta Corp.<sup>(c)</sup> | 11415 | 352952 |
|  Evolent Health, Inc., Class A<sup>(b)(c)</sup> | 10367 | 329774 |
|  Jazz Pharmaceuticals PLC<sup>(b)</sup> | 2346 | 337331 |
|  Lantheus Holdings, Inc.<sup>(b)</sup> | 4550 | 336655 |
|  Maravai LifeSciences Holdings, Inc., Class A<sup>(b)</sup>  | 15424 | 256038 |
|  McKesson Corp. | 6476 | 2521560 |
|  Medpace Holdings, Inc.<sup>(b)</sup> | 2248 | 499011 |
|  Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 8236 | 2569632 |
|  Vir Biotechnology, Inc.<sup>(b)(c)</sup> | 14721 | 323568 |
|  |  | 14088389 |
|  **Industrials-8.73%** |  |  |
|  Avis Budget Group, Inc.<sup>(b)(c)</sup> | 1917 | 453294 |
|  Boise Cascade Co. | 4758 | 317692 |
|  Builders FirstSource, Inc.<sup>(b)</sup> | 5169 | 318720 |
|  Carlisle Cos., Inc. | 6705 | 1601154 |
|  Encore Wire Corp.<sup>(c)</sup> | 2362 | 324988 |
|  Icahn Enterprises L.P. | 40122 | 2188254 |
|  Matson, Inc.<sup>(c)</sup> | 4133 | 304106 |
|  PACCAR, Inc. | 22753 | 2203173 |
|  Veritiv Corp.<sup>(b)(c)</sup> | 2419 | 281233 |
|  XPO Logistics, Inc.<sup>(b)(c)</sup> | 6277 | 324772 |
|  ZIM Integrated Shipping Services Ltd. (Israel) | 6819 | 160178 |
|  |  | 8477564 |
|  **Information Technology-25.53%** |  |  |
|  Automatic Data Processing, Inc. | 14471 | 3497641 |
|  Avnet, Inc. | 16244 | 652846 |
|  Belden, Inc. | 10643 | 741072 |
|  Broadcom, Inc. | 6986 | 3284258 |
|  Enphase Energy, Inc.<sup>(b)</sup> | 12969 | 3981483 |
|  HP, Inc. | 110801 | 3060324 |
|  Jabil, Inc. | 11638 | 747741 |
|  KLA Corp. | 10215 | 3232537 |
|  NetScout Systems, Inc.<sup>(b)(c)</sup> | 22256 | 799436 |
|  Paysafe Ltd.<sup>(b)</sup> | 394687 | 576243 |
|  PC Connection, Inc. | 14154 | 752144 |
|  Photronics, Inc.<sup>(b)</sup> | 31025 | 503225 |
|  Pure Storage, Inc., Class A<sup>(b)(c)</sup> | 24338 | 751071 |
|  Qualys, Inc.<sup>(b)</sup> | 4709 | 671315 |
|  Sanmina Corp.<sup>(b)</sup> | 14349 | 804261 |
|  Super Micro Computer, Inc.<sup>(b)(c)</sup> | 10675 | 742873 |
|  |  | 24798470 |

---

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

---

| |
|:---|
| **3** |
| **3** |
| **3** |

---

------

**Invesco Dynamic Market ETF (PWC)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Materials-2.72%** |  |  |
|  Alpha Metallurgical Resources, Inc. | 1663 | $280798 |
|  Nucor Corp. | 13938 | 1831174 |
|  United States Steel Corp. | 11786 | 239963 |
|  Warrior Met Coal, Inc. | 7874 | 292440 |
|  |  | 2644375 |
|  **Utilities-2.72%** |  |  |
|  Consolidated Edison, Inc. | 20247 | 1780926 |
|  NRG Energy, Inc. | 10266 | 455810 |
|  ONE Gas, Inc. | 5272 | 408475 |
|  |  | 2645211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests (Cost $95,251,398) |  | 97132975 |
|  **Money Market Funds-0.05%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup><br>(Cost $51,468) | 51468 | 51468 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $95,302,866) |  | 97184443 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-13.18%** |  |  |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup> | 3816640 | $3816640 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup> | 8980641 | 8980641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $12,797,388) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $12,797,388) | 12797281 |
|  TOTAL INVESTMENTS IN SECURITIES-113.23%<br>(Cost $108,100,254) | TOTAL INVESTMENTS IN SECURITIES-113.23%<br>(Cost $108,100,254) | 109981724 |
|  OTHER ASSETS LESS LIABILITIES-(13.23)% | OTHER ASSETS LESS LIABILITIES-(13.23)% | (12851106) |
|  NET ASSETS-100.00% | NET ASSETS-100.00% | $97130618 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases**<br>**at Cost** | **Proceeds**<br>**from Sales** | **Change in<br>Unrealized<br>Appreciation**<br>**(Depreciation)** | **Realized<br>Gain** | **Value**<br> **October 31, 2022** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $111719 | $1837752 | $(1898003) | $- | $- | $51468 | $862 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 2120222 | 18717557 | (17021139) |  |  | 3816640 | 30528 \* |
| Invesco Private Prime Fund | 4944307 | 40827713 | (36791266) | (132) | 19 | 8980641 | 83304 \* |
| Total | $7176248 | $61383022 | $(55710408) | $(132) | $19 | $12848749 | $114694 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

---

| |
|:---|
| **4** |
| **4** |
| **4** |

---

------

**Invesco Dynamic Market ETF (PWC)–(continued)** 

October 31, 2022

*(Unaudited)*

**Portfolio Composition** 

**Sector Breakdown (% of the Fund's Net Assets)** 

**as of October 31, 2022** 

---

| | |
|:---|:---|
|  Information Technology | 25.53 |
|  Health Care | 14.50 |
|  Consumer Discretionary | 13.11 |
|  Financials | 12.53 |
|  Industrials | &nbsp;&nbsp;&nbsp;&nbsp;8.73 |
|  Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;7.98 |
|  Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;7.08 |
|  Energy | &nbsp;&nbsp;&nbsp;&nbsp;5.10 |
|  Sector Types Each Less Than 3% | &nbsp;&nbsp;&nbsp;&nbsp;5.44 |
| Money Market Funds Plus Other Assets Less Liabilities | (0.00) |

---

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

---

| |
|:---|
| **5** |
| **5** |
| **5** |

---

------

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

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.88%** | **Common Stocks & Other Equity Interests-99.88%** | **Common Stocks & Other Equity Interests-99.88%** |
|  **Communication Services-7.36%** |  |  |
|  Activision Blizzard, Inc. | 70848 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5157734 |
|  Alphabet, Inc., Class A<sup>(b)</sup> | 352908 | 33353335 |
|  Alphabet, Inc., Class C<sup>(b)</sup> | 330152 | 31252188 |
|  Altice USA, Inc., Class A<sup>(b)</sup> | 222587 | 1471300 |
|  AMC Entertainment Holdings, Inc., Class A<sup>(b)(c)</sup> | 47907 | 319061 |
|  AMC Networks, Inc., Class A<sup>(b)(c)</sup> | 22048 | 496300 |
|  AT&T, Inc. | 5224001 | 95233538 |
|  Cable One, Inc.<sup>(c)</sup> | 477 | 409948 |
|  Charter Communications, Inc., Class A<sup>(b)</sup> | 26448 | 9722814 |
|  Cinemark Holdings, Inc.<sup>(b)(c)</sup> | 62286 | 660854 |
|  Comcast Corp., Class A | 1217543 | 38644815 |
|  DISH Network Corp., Class A<sup>(b)(c)</sup> | 121605 | 1813130 |
|  Electronic Arts, Inc. | 21347 | 2688868 |
|  Fox Corp., Class A | 78790 | 2274667 |
|  Fox Corp., Class B | 37368 | 1016410 |
|  Frontier Communications Parent, Inc.<sup>(b)(c)</sup>  | 31477 | 737191 |
|  Gray Television, Inc. | 44984 | 636524 |
|  IAC, Inc.<sup>(b)(c)</sup> | 8508 | 414169 |
|  iHeartMedia, Inc., Class A<sup>(b)(c)</sup> | 62060 | 513857 |
|  Interpublic Group of Cos., Inc. (The) | 93502 | 2785425 |
|  Liberty Broadband Corp., Class A<sup>(b)(c)</sup> | 2225 | 189837 |
|  Liberty Broadband Corp., Class C<sup>(b)(c)</sup> | 14198 | 1198737 |
|  Liberty Global PLC, Class A (United Kingdom)<sup>(b)</sup> | 108553 | 1830204 |
|  Liberty Global PLC, Class C (United Kingdom)<sup>(b)</sup> | 211680 | 3738269 |
|  Liberty Latin America Ltd., Class A<br>(Chile)<sup>(b)(c)</sup> | 16053 | 124892 |
|  Liberty Latin America Ltd., Class C<br>(Chile)<sup>(b)(c)</sup> | 62208 | 484600 |
|  Liberty Media Corp.-Liberty Formula One, Class A<sup>(b)(c)</sup> | 2746 | 142847 |
|  Liberty Media Corp.-Liberty Formula One, Class C<sup>(b)(c)</sup> | 24638 | 1422352 |
|  Liberty Media Corp.-Liberty SiriusXM, Class A<sup>(b)(c)</sup> | 23781 | 1009266 |
|  Liberty Media Corp.-Liberty SiriusXM, Class C<sup>(b)</sup> | 41237 | 1739789 |
|  Lions Gate Entertainment Corp., Class A<sup>(b)(c)</sup> | 21731 | 175152 |
|  Lions Gate Entertainment Corp., Class B<sup>(b)</sup> | 43975 | 333770 |
|  Live Nation Entertainment, Inc.<sup>(b)</sup> | 8221 | 654474 |
|  Lumen Technologies, Inc.<sup>(c)</sup> | 1183352 | 8709471 |
|  Match Group, Inc.<sup>(b)</sup> | 7877 | 340286 |
|  Meta Platforms, Inc., Class A<sup>(b)</sup> | 243549 | 22689025 |
|  Netflix, Inc.<sup>(b)</sup> | 16587 | 4841414 |
|  News Corp., Class A | 80278 | 1354290 |
|  News Corp., Class B<sup>(c)</sup> | 24751 | 423985 |
|  Nexstar Media Group, Inc., Class A<sup>(c)</sup> | 8742 | 1497505 |
|  Omnicom Group, Inc.<sup>(c)</sup> | 66197 | 4815832 |
|  Paramount Global, Class B<sup>(c)</sup> | 285695 | 5233932 |
|  Spotify Technology S.A.<sup>(b)</sup> | 7539 | 607493 |
|  Take-Two Interactive Software, Inc.<sup>(b)</sup> | 9582 | 1135275 |
|  TEGNA, Inc.<sup>(c)</sup> | 61633 | 1286897 |
|  Telephone & Data Systems, Inc. | 75745 | 1287665 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Communication Services-(continued)** |  |  |
|  T-Mobile US, Inc.<sup>(b)</sup> | 123823 | $18766614 |
|  Verizon Communications, Inc. | 1683393 | 62908396 |
|  Walt Disney Co. (The)<sup>(b)</sup> | 253711 | 27030370 |
|  Warner Bros Discovery, Inc.<sup>(b)(c)</sup> | 1411101 | 18344313 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;423919080 |
|  **Consumer Discretionary-8.35%** |  |  |
|  Abercrombie & Fitch Co., Class A<sup>(b)(c)</sup> | 21664 | 380853 |
|  Academy Sports & Outdoors, Inc.<sup>(c)</sup> | 33575 | 1478307 |
|  Adient PLC<sup>(b)(c)</sup> | 47970 | 1677991 |
|  Advance Auto Parts, Inc. | 10921 | 2074116 |
|  Amazon.com, Inc.<sup>(b)</sup> | 462139 | 47341519 |
|  American Axle & Manufacturing Holdings,<br>Inc.<sup>(b)(c)</sup> | 102259 | 990890 |
|  American Eagle Outfitters, Inc.<sup>(c)</sup> | 47894 | 544076 |
|  Aptiv PLC<sup>(b)</sup> | 34480 | 3140094 |
|  Aramark<sup>(c)</sup> | 77972 | 2845978 |
|  Asbury Automotive Group, Inc.<sup>(b)(c)</sup> | 8235 | 1299071 |
|  Autoliv, Inc. (Sweden) | 23926 | 1922454 |
|  AutoNation, Inc.<sup>(b)(c)</sup> | 27310 | 2903326 |
|  AutoZone, Inc.<sup>(b)</sup> | 2143 | 5427962 |
|  Bath & Body Works, Inc. | 70079 | 2339237 |
|  Bed Bath & Beyond, Inc.<sup>(b)(c)</sup> | 137229 | 627137 |
|  Best Buy Co., Inc. | 94832 | 6487457 |
|  Big Lots, Inc.<sup>(c)</sup> | 35699 | 673640 |
|  Bloomin' Brands, Inc.<sup>(c)</sup> | 30923 | 742461 |
|  Booking Holdings, Inc.<sup>(b)</sup> | 2518 | 4707351 |
|  BorgWarner, Inc.<sup>(c)</sup> | 81743 | 3067815 |
|  Bright Horizons Family Solutions, Inc.<sup>(b)(c)</sup>  | 6062 | 395970 |
|  Brinker International, Inc.<sup>(b)(c)</sup> | 19408 | 648033 |
|  Brunswick Corp.<sup>(c)</sup> | 14056 | 993337 |
|  Burlington Stores, Inc.<sup>(b)(c)</sup> | 7107 | 1016017 |
|  Caesars Entertainment, Inc.<sup>(b)</sup> | 18979 | 829952 |
|  Capri Holdings Ltd.<sup>(b)</sup> | 25099 | 1146522 |
|  CarMax, Inc.<sup>(b)(c)</sup> | 45839 | 2888315 |
|  Carnival Corp.<sup>(b)(c)</sup> | 360233 | 3263711 |
|  Carter's, Inc.<sup>(c)</sup> | 11747 | 797269 |
|  Chipotle Mexican Grill, Inc.<sup>(b)(c)</sup> | 1044 | 1564256 |
|  Cracker Barrel Old Country Store, Inc.<sup>(c)</sup> | 9494 | 1084405 |
|  D.R. Horton, Inc. | 62536 | 4807768 |
|  Dana, Inc. | 77022 | 1229271 |
|  Darden Restaurants, Inc. | 21233 | 3039292 |
|  Deckers Outdoor Corp.<sup>(b)(c)</sup> | 3118 | 1091082 |
|  Dick's Sporting Goods, Inc.<sup>(c)</sup> | 15195 | 1728583 |
|  Dollar General Corp. | 35659 | 9094828 |
|  Dollar Tree, Inc.<sup>(b)</sup> | 45910 | 7276735 |
|  Domino's Pizza, Inc. | 2730 | 907015 |
|  eBay, Inc. | 78195 | 3115289 |
|  Expedia Group, Inc.<sup>(b)</sup> | 12233 | 1143418 |
|  Foot Locker, Inc.<sup>(c)</sup> | 48515 | 1537925 |
|  Ford Motor Co.<sup>(c)</sup> | 2085148 | 27878429 |
|  GameStop Corp., Class A<sup>(b)(c)</sup> | 34902 | 988076 |
|  Gap, Inc. (The)<sup>(c)</sup> | 154071 | 1736380 |
|  Garmin Ltd. | 22552 | 1985478 |
|  General Motors Co. | 840482 | 32988918 |
|  Gentex Corp. | 41748 | 1105904 |
|  Genuine Parts Co. | 35635 | 6338041 |
|  G-III Apparel Group Ltd.<sup>(b)(c)</sup> | 27055 | 527572 |

---

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

---

| |
|:---|
| **6** |
| **6** |
| **6** |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Consumer Discretionary-(continued)** |  |  |
|  Goodyear Tire & Rubber Co. (The)<sup>(b)(c)</sup> | 224845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2855531 |
|  Graham Holdings Co., Class B | 1555 | 970118 |
|  Group 1 Automotive, Inc.<sup>(c)</sup> | 10129 | 1752317 |
|  H&R Block, Inc.<sup>(c)</sup> | 65051 | 2676849 |
|  Hanesbrands, Inc.<sup>(c)</sup> | 139979 | 954657 |
|  Harley-Davidson, Inc.<sup>(c)</sup> | 53473 | 2299339 |
|  Hasbro, Inc. | 25266 | 1648606 |
|  Hilton Worldwide Holdings, Inc. | 14591 | 1973579 |
|  Home Depot, Inc. (The) | 124178 | 36772831 |
|  International Game Technology PLC<sup>(c)</sup> | 29912 | 599736 |
|  KB Home | 27197 | 783818 |
|  Kohl's Corp.<sup>(c)</sup> | 93429 | 2798199 |
|  Las Vegas Sands Corp.<sup>(b)</sup> | 101722 | 3866453 |
|  LCI Industries<sup>(c)</sup> | 6180 | 655760 |
|  Lear Corp.<sup>(c)</sup> | 26299 | 3647934 |
|  Leggett & Platt, Inc.<sup>(c)</sup> | 47293 | 1596139 |
|  Lennar Corp., Class A<sup>(c)</sup> | 62950 | 5080065 |
|  Lennar Corp., Class B<sup>(c)</sup> | 3422 | 223183 |
|  Light & Wonder, Inc.<sup>(b)(c)</sup> | 21647 | 1215263 |
|  Lithia Motors, Inc., Class A<sup>(c)</sup> | 6561 | 1300062 |
|  LKQ Corp. | 71749 | 3992114 |
|  Lowe's Cos., Inc. | 88462 | 17245667 |
|  lululemon athletica, inc.<sup>(b)</sup> | 5048 | 1660994 |
|  M.D.C. Holdings, Inc. | 20161 | 614104 |
|  M/I Homes, Inc.<sup>(b)(c)</sup> | 15379 | 638075 |
|  Macy's, Inc. | 210892 | 4397098 |
|  Marriott International, Inc., Class A | 23805 | 3811419 |
|  Marriott Vacations Worldwide Corp.<sup>(c)</sup> | 6092 | 900154 |
|  Mattel, Inc.<sup>(b)(c)</sup> | 58357 | 1106449 |
|  McDonald's Corp. | 85916 | 23425857 |
|  Meritage Homes Corp.<sup>(b)</sup> | 13926 | 1060604 |
|  MGM Resorts International | 88979 | 3164983 |
|  Mohawk Industries, Inc.<sup>(b)</sup> | 24853 | 2354822 |
|  Murphy USA, Inc. | 11609 | 3651147 |
|  Newell Brands, Inc. | 109686 | 1514764 |
|  NIKE,Inc.,Class B | 82139 | 7612642 |
|  Nordstrom, Inc.<sup>(c)</sup> | 104426 | 2124025 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(b)(c)</sup> | 95367 | 1610749 |
|  NVR, Inc.<sup>(b)</sup> | 483 | 2046833 |
|  ODP Corp. (The)<sup>(b)(c)</sup> | 33203 | 1313843 |
|  O'Reilly Automotive, Inc.<sup>(b)</sup> | 5206 | 4358307 |
|  PENN Entertainment, Inc.<sup>(b)(c)</sup> | 35178 | 1164392 |
|  Penske Automotive Group, Inc. | 15182 | 1694615 |
|  Polaris, Inc.<sup>(c)</sup> | 13570 | 1378712 |
|  Pool Corp. | 2122 | 645576 |
|  PulteGroup, Inc. | 70268 | 2810017 |
|  PVH Corp.<sup>(c)</sup> | 21940 | 1125961 |
|  Qurate Retail, Inc., Class A<sup>(c)</sup> | 368883 | 863186 |
|  Ralph Lauren Corp.<sup>(c)</sup> | 10247 | 949794 |
|  Ross Stores, Inc. | 47795 | 4573504 |
|  Royal Caribbean Cruises Ltd.<sup>(b)(c)</sup> | 49391 | 2636492 |
|  Sally Beauty Holdings, Inc.<sup>(b)(c)</sup> | 59343 | 754249 |
|  Service Corp. International<sup>(c)</sup> | 27388 | 1659987 |
|  Signet Jewelers Ltd.<sup>(c)</sup> | 16649 | 1086181 |
|  Six Flags Entertainment Corp.<sup>(b)(c)</sup> | 22594 | 503846 |
|  Skechers U.S.A., Inc., Class A<sup>(b)(c)</sup> | 28333 | 975505 |
|  Sonic Automotive, Inc., Class A<sup>(c)</sup> | 14996 | 701063 |
|  Starbucks Corp. | 129217 | 11188900 |
|  Tapestry, Inc.<sup>(c)</sup> | 68144 | 2158802 |
|  Target Corp. | 103581 | 17013179 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Consumer Discretionary-(continued)** |  |  |
|  Taylor Morrison Home Corp., Class A<sup>(b)(c)</sup>  | 57895 | $1524954 |
|  Tempur Sealy International, Inc. | 25987 | 698790 |
|  Tesla, Inc.<sup>(b)</sup> | 24828 | 5649363 |
|  Texas Roadhouse, Inc. | 8742 | 865021 |
|  Thor Industries, Inc.<sup>(c)</sup> | 19120 | 1557706 |
|  TJX Cos., Inc. (The) | 161414 | 11637949 |
|  Toll Brothers, Inc.<sup>(c)</sup> | 34903 | 1503621 |
|  TopBuild Corp.<sup>(b)</sup> | 3768 | 641087 |
|  Tractor Supply Co. | 11328 | 2489555 |
|  Travel + Leisure Co. | 19205 | 729406 |
|  Tri Pointe Homes, Inc.<sup>(b)(c)</sup> | 54883 | 919290 |
|  Tupperware Brands Corp.<sup>(b)(c)</sup> | 43583 | 336897 |
|  Ulta Beauty, Inc.<sup>(b)</sup> | 5731 | 2403409 |
|  Under Armour, Inc., Class A<sup>(b)(c)</sup> | 32694 | 243570 |
|  Under Armour, Inc., Class C<sup>(b)(c)</sup> | 34341 | 225277 |
|  Urban Outfitters, Inc.<sup>(b)(c)</sup> | 30939 | 738205 |
|  Vail Resorts, Inc.<sup>(c)</sup> | 5310 | 1163580 |
|  VF Corp. | 69616 | 1966652 |
|  Victoria's Secret & Co.<sup>(b)(c)</sup> | 20699 | 778282 |
|  Visteon Corp.<sup>(b)</sup> | 13387 | 1746602 |
|  Wayfair, Inc., Class A<sup>(b)(c)</sup> | 6717 | 254709 |
|  Whirlpool Corp.<sup>(c)</sup> | 25184 | 3481436 |
|  Williams-Sonoma, Inc. | 13636 | 1688546 |
|  Wynn Resorts Ltd.<sup>(b)(c)</sup> | 20834 | 1331293 |
|  Yum China Holdings, Inc. (China)<sup>(c)</sup> | 58063 | 2400905 |
|  Yum! Brands, Inc. | 31951 | 3778206 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;480732887 |
|  **Consumer Staples-8.53%** |  |  |
|  Albertsons Cos., Inc., Class A | 140771 | 2887213 |
|  Altria Group, Inc. | 565073 | 26145928 |
|  Archer-Daniels-Midland Co. | 191440 | 18565851 |
|  B&G Foods, Inc.<sup>(c)</sup> | 29850 | 488943 |
|  BJ's Wholesale Club Holdings, Inc.<sup>(b)</sup> | 38914 | 3011944 |
|  Brown-Forman Corp., Class B | 17645 | 1199860 |
|  Bunge Ltd. | 73068 | 7211812 |
|  Campbell Soup Co. | 53746 | 2843701 |
|  Casey's General Stores, Inc. | 9961 | 2318024 |
|  Church & Dwight Co., Inc. | 23433 | 1737088 |
|  Clorox Co. (The) | 22294 | 3255816 |
|  Coca-Cola Co. (The) | 540508 | 32349404 |
|  Coca-Cola Europacific Partners PLC (United Kingdom)<sup>(c)</sup> | 75145 | 3535572 |
|  Colgate-Palmolive Co. | 123096 | 9089409 |
|  Conagra Brands, Inc. | 131216 | 4815627 |
|  Constellation Brands, Inc., Class A | 24889 | 6149574 |
|  Costco Wholesale Corp. | 56346 | 28257519 |
|  Coty,Inc.,Class A<sup>(b)(c)</sup> | 94581 | 634638 |
|  Darling Ingredients, Inc.<sup>(b)(c)</sup> | 24046 | 1887130 |
|  Edgewell Personal Care Co.<sup>(c)</sup> | 21231 | 832043 |
|  Energizer Holdings, Inc.<sup>(c)</sup> | 21597 | 623937 |
|  Estee Lauder Cos., Inc. (The), Class A | 11343 | 2274158 |
|  Flowers Foods, Inc. | 44990 | 1291663 |
|  General Mills, Inc. | 143715 | 11724270 |
|  Hain Celestial Group, Inc. (The)<sup>(b)(c)</sup> | 20286 | 379551 |
|  Herbalife Nutrition Ltd.<sup>(b)(c)</sup> | 29106 | 618794 |
|  Hershey Co. (The) | 15766 | 3764448 |
|  Hormel Foods Corp. | 48342 | 2245486 |
|  Ingredion, Inc. | 26222 | 2336905 |
|  JM Smucker Co. (The) | 30992 | 4669255 |

---

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

---

| |
|:---|
| **7** |
| **7** |
| **7** |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Consumer Staples-(continued)** |  |  |
|  Kellogg Co. | 67718 | $5202097 |
|  Keurig Dr Pepper, Inc. | 133186 | 5172944 |
|  Kimberly-Clark Corp. | 73459 | 9142707 |
|  Kraft Heinz Co. (The) | 309250 | 11896847 |
|  Kroger Co. (The) | 460518 | 21777896 |
|  Lamb Weston Holdings, Inc. | 20212 | 1742679 |
|  McCormick & Co., Inc. | 26524 | 2085847 |
|  Molson Coors Beverage Co., Class B | 91098 | 4594072 |
|  Mondelez International, Inc., Class A | 225931 | 13890238 |
|  Monster Beverage Corp.<sup>(b)</sup> | 24739 | 2318539 |
|  Nomad Foods Ltd. (United Kingdom)<sup>(b)(c)</sup> | 36835 | 567259 |
|  Nu Skin Enterprises, Inc., Class A | 16958 | 647626 |
|  PepsiCo, Inc. | 214107 | 38877549 |
|  Performance Food Group Co.<sup>(b)(c)</sup> | 66619 | 3466853 |
|  Philip Morris International, Inc. | 324905 | 29842524 |
|  Post Holdings, Inc.<sup>(b)</sup> | 19767 | 1787332 |
|  Procter & Gamble Co. (The) | 322027 | 43367376 |
|  Rite Aid Corp.<sup>(b)(c)</sup> | 228199 | 1191199 |
|  Spectrum Brands Holdings, Inc.<sup>(c)</sup> | 10693 | 493375 |
|  Sprouts Farmers Market, Inc.<sup>(b)(c)</sup> | 44816 | 1322072 |
|  Sysco Corp. | 134677 | 11657641 |
|  TreeHouse Foods, Inc.<sup>(b)(c)</sup> | 30509 | 1532772 |
|  Tyson Foods, Inc., Class A | 96733 | 6611701 |
|  United Natural Foods, Inc.<sup>(b)(c)</sup> | 46404 | 1967994 |
|  US Foods Holding Corp.<sup>(b)</sup> | 133875 | 3984120 |
|  Walgreens Boots Alliance, Inc. | 497744 | 18167656 |
|  Walmart, Inc. | 429079 | 61070814 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;491525292 |
|  **Energy-9.90%** |  |  |
|  Antero Resources Corp.<sup>(b)</sup> | 86260 | 3162292 |
|  APA Corp. | 80000 | 3636800 |
|  Baker Hughes Co., Class A | 288682 | 7984944 |
|  Cheniere Energy, Inc. | 25031 | 4415719 |
|  Chesapeake Energy Corp.<sup>(c)</sup> | 17398 | 1779293 |
|  Chevron Corp. | 599245 | 108403420 |
|  CNX Resources Corp.<sup>(b)(c)</sup> | 68558 | 1152460 |
|  ConocoPhillips | 208126 | 26242607 |
|  Coterra Energy, Inc. | 60773 | 1891863 |
|  Delek US Holdings, Inc.<sup>(c)</sup> | 71928 | 2133384 |
|  Devon Energy Corp. | 49275 | 3811421 |
|  Diamondback Energy, Inc. | 14761 | 2319101 |
|  DT Midstream, Inc.<sup>(c)</sup> | 22588 | 1348504 |
|  EOG Resources, Inc. | 87786 | 11984545 |
|  EQT Corp. | 66817 | 2795623 |
|  Equitrans Midstream Corp.<sup>(c)</sup> | 219624 | 1849234 |
|  Exxon Mobil Corp. | 1524543 | 168934610 |
|  Halliburton Co. | 157934 | 5751956 |
|  Helmerich & Payne, Inc. | 57580 | 2850786 |
|  Hess Corp. | 26622 | 3755832 |
|  HF Sinclair Corp. | 101750 | 6224048 |
|  Kinder Morgan, Inc. | 843200 | 15278784 |
|  Marathon Oil Corp. | 185224 | 5640071 |
|  Marathon Petroleum Corp. | 247325 | 28101067 |
|  Murphy Oil Corp. | 54632 | 2650198 |
|  Nabors Industries Ltd.<sup>(b)(c)</sup> | 6344 | 1104046 |
|  NOV, Inc.<sup>(c)</sup> | 112581 | 2521814 |
|  Occidental Petroleum Corp. | 293106 | 21279496 |
|  ONEOK, Inc. | 120848 | 7168703 |
|  Ovintiv, Inc. | 43229 | 2189549 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Energy-(continued)** |  |  |
|  PBF Energy, Inc., Class A<sup>(b)</sup> | 151559 | $6706486 |
|  PDC Energy, Inc. | 17526 | 1264326 |
|  Peabody Energy Corp.<sup>(b)(c)</sup> | 50669 | 1210989 |
|  Phillips 66 | 233331 | 24334090 |
|  Pioneer Natural Resources Co. | 16238 | 4163586 |
|  Schlumberger Ltd.<sup>(c)</sup> | 343251 | 17859350 |
|  SM Energy Co. | 22232 | 999995 |
|  Targa Resources Corp. | 62071 | 4243794 |
|  TechnipFMC PLC (United Kingdom)<sup>(b)(c)</sup> | 299813 | 3175020 |
|  Transocean Ltd.<sup>(b)(c)</sup> | 798450 | 2938296 |
|  Valaris Ltd.<sup>(b)(c)</sup> | 27257 | 1824311 |
|  Valero Energy Corp. | 249493 | 31323846 |
|  Williams Cos., Inc. (The) | 335655 | 10985988 |
|  World Fuel Services Corp. | 34858 | 888530 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;570280777 |
|  **Financials-18.81%** |  |  |
|  Affiliated Managers Group, Inc. | 9814 | 1218506 |
|  Aflac, Inc. | 204533 | 13317144 |
|  AGNC Investment Corp. | 248587 | 2043385 |
|  Allstate Corp. (The) | 116117 | 14659771 |
|  Ally Financial, Inc. | 144553 | 3983881 |
|  American Equity Investment Life Holding Co. | 46033 | 1983102 |
|  American Express Co. | 86867 | 12895406 |
|  American Financial Group, Inc. | 21889 | 3176313 |
|  American International Group, Inc. | 380623 | 21695511 |
|  Ameriprise Financial, Inc. | 18923 | 5849478 |
|  Annaly Capital Management, Inc.<sup>(c)</sup> | 131579 | 2440790 |
|  Aon PLC, Class A | 16661 | 4689905 |
|  Apollo Commercial Real Estate Finance,<br>Inc.<sup>(c)</sup> | 63129 | 710833 |
|  Arch Capital Group Ltd.<sup>(b)(c)</sup> | 95846 | 5511145 |
|  Arthur J. Gallagher & Co. | 22695 | 4245781 |
|  Associated Banc-Corp | 53217 | 1295834 |
|  Assurant, Inc. | 16523 | 2244815 |
|  Assured Guaranty Ltd. | 30362 | 1797127 |
|  Atlantic Union Bankshares Corp.<sup>(c)</sup> | 19536 | 674773 |
|  AXIS Capital Holdings Ltd. | 29518 | 1613749 |
|  Bank of America Corp. | 1720220 | 61996729 |
|  Bank of Hawaii Corp.<sup>(c)</sup> | 9435 | 716588 |
|  Bank of New York Mellon Corp. (The) | 260454 | 10967718 |
|  Bank OZK<sup>(c)</sup> | 29716 | 1277194 |
|  BankUnited, Inc.<sup>(c)</sup> | 28235 | 1015048 |
|  Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 466072 | 137533186 |
|  BlackRock, Inc. | 21548 | 13918069 |
|  Blackstone Mortgage Trust, Inc., Class A<sup>(c)</sup> | 44971 | 1122476 |
|  Blackstone, Inc., Class A | 40680 | 3707575 |
|  BOK Financial Corp.<sup>(c)</sup> | 8078 | 890115 |
|  Bread Financial Holdings, Inc. | 28078 | 1013897 |
|  Brighthouse Financial, Inc.<sup>(b)</sup> | 52421 | 2991666 |
|  Brown & Brown, Inc. | 19457 | 1143877 |
|  Cadence Bank<sup>(c)</sup> | 27558 | 761979 |
|  Cannae Holdings, Inc.<sup>(b)(c)</sup> | 30813 | 713629 |
|  Capital One Financial Corp. | 162483 | 17226448 |
|  Carlyle Group, Inc. (The) | 18808 | 531890 |
|  Cathay General Bancorp | 18548 | 845789 |
|  Cboe Global Markets, Inc. | 11761 | 1464244 |
|  Charles Schwab Corp. (The) | 133689 | 10651003 |

---

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

---

| |
|:---|
| **8** |
| **8** |
| **8** |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Financials-(continued)** |  |  |
|  Chimera Investment Corp.<sup>(c)</sup> | 148232 | $1000566 |
|  Chubb Ltd. | 101999 | 21918565 |
|  Cincinnati Financial Corp. | 33107 | 3420615 |
|  Citigroup, Inc. | 1128390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51747965 |
|  Citizens Financial Group, Inc. | 157417 | 6438355 |
|  CME Group, Inc., Class A | 43383 | 7518274 |
|  CNO Financial Group, Inc. | 70759 | 1560944 |
|  Columbia Banking System, Inc.<sup>(c)</sup> | 23173 | 775600 |
|  Comerica, Inc. | 36342 | 2562111 |
|  Commerce Bancshares, Inc.<sup>(c)</sup> | 17903 | 1268249 |
|  Community Bank System, Inc.<sup>(c)</sup> | 10547 | 658449 |
|  Credicorp Ltd. (Peru)<sup>(c)</sup> | 21484 | 3144398 |
|  Cullen/Frost Bankers, Inc.<sup>(c)</sup> | 10929 | 1694541 |
|  Discover Financial Services | 72319 | 7554443 |
|  East West Bancorp, Inc. | 22856 | 1635804 |
|  Enstar Group Ltd.<sup>(b)</sup> | 3755 | 752953 |
|  Equitable Holdings, Inc. | 130426 | 3993644 |
|  Essent Group Ltd. | 20749 | 821245 |
|  Evercore, Inc., Class A<sup>(c)</sup> | 7911 | 831446 |
|  Everest Re Group Ltd. | 11338 | 3658319 |
|  F.N.B. Corp.<sup>(c)</sup> | 120731 | 1744563 |
|  FactSet Research Systems, Inc. | 2376 | 1010964 |
|  Federated Hermes, Inc., Class B | 30322 | 1053690 |
|  Fidelity National Financial, Inc. | 83076 | 3271533 |
|  Fifth Third Bancorp | 172309 | 6149708 |
|  First American Financial Corp.<sup>(c)</sup> | 36916 | 1860566 |
|  First Citizens BancShares, Inc., Class A<sup>(c)</sup>  | 1321 | 1086021 |
|  First Hawaiian, Inc.<sup>(c)</sup> | 40893 | 1046043 |
|  First Horizon Corp. | 130155 | 3190099 |
|  First Republic Bank | 18557 | 2228696 |
|  Flagstar Bancorp, Inc. | 16557 | 640756 |
|  Franklin Resources, Inc. | 120520 | 2826194 |
|  Fulton Financial Corp. | 50873 | 927415 |
|  Genworth Financial, Inc., Class A<sup>(b)(c)</sup> | 238083 | 1111848 |
|  Glacier Bancorp, Inc.<sup>(c)</sup> | 17577 | 1006811 |
|  Globe Life, Inc. | 28488 | 3290934 |
|  Goldman Sachs Group, Inc. (The) | 91308 | 31456519 |
|  Hancock Whitney Corp. | 22794 | 1273501 |
|  Hanover Insurance Group, Inc. (The) | 11241 | 1646694 |
|  Hartford Financial Services Group, Inc. (The) | 127039 | 9198894 |
|  Home BancShares, Inc.<sup>(c)</sup> | 37345 | 951924 |
|  Hope Bancorp, Inc. | 42686 | 579249 |
|  Huntington Bancshares, Inc. | 331341 | 5029756 |
|  Intercontinental Exchange, Inc. | 56750 | 5423597 |
|  Invesco Ltd.<sup>(d)</sup> | 168259 | 2577728 |
|  Jackson Financial, Inc., Class A<sup>(c)</sup> | 48493 | 1860191 |
|  Janus Henderson Group PLC | 59702 | 1359415 |
|  Jefferies Financial Group, Inc. | 78336 | 2695542 |
|  JPMorgan Chase & Co. | 785142 | 98833675 |
|  Kemper Corp.<sup>(c)</sup> | 31159 | 1485350 |
|  KeyCorp | 261408 | 4671361 |
|  KKR & Co., Inc., Class A<sup>(c)</sup> | 63637 | 3094667 |
|  Lazard Ltd., Class A | 48143 | 1815473 |
|  Lincoln National Corp. | 100668 | 5422985 |
|  Loews Corp. | 56439 | 3218152 |
|  LPL Financial Holdings, Inc. | 8805 | 2250998 |
|  M&T Bank Corp. | 50639 | 8526088 |
|  Markel Corp.<sup>(b)</sup> | 3642 | 4392616 |
|  Marsh & McLennan Cos., Inc. | 53753 | 8680572 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Financials-(continued)** |  |  |
|  MetLife, Inc. | 347695 | $25454751 |
|  MFA Financial, Inc. | 58130 | 578975 |
|  MGIC Investment Corp. | 80815 | 1103125 |
|  Moody's Corp. | 8603 | 2278677 |
|  Morgan Stanley | 275164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22610226 |
|  MSCI, Inc. | 2413 | 1131359 |
|  Nasdaq, Inc. | 36324 | 2260806 |
|  Navient Corp. | 119435 | 1808246 |
|  New York Community Bancorp, Inc.<sup>(c)</sup> | 228517 | 2127493 |
|  Northern Trust Corp. | 45918 | 3873183 |
|  Old National Bancorp | 54183 | 1059819 |
|  Old Republic International Corp. | 118258 | 2744768 |
|  OneMain Holdings, Inc.<sup>(c)</sup> | 48166 | 1857281 |
|  PacWest Bancorp | 36827 | 915519 |
|  PennyMac Mortgage Investment Trust<sup>(c)</sup> | 57186 | 793170 |
|  Pinnacle Financial Partners, Inc. | 12239 | 1015715 |
|  PNC Financial Services Group, Inc. (The) | 102362 | 16565242 |
|  Popular, Inc. | 23037 | 1629177 |
|  Primerica, Inc.<sup>(c)</sup> | 8214 | 1188566 |
|  Principal Financial Group, Inc. | 104725 | 9229414 |
|  Progressive Corp. (The) | 126567 | 16251203 |
|  Prosperity Bancshares, Inc. | 22185 | 1587780 |
|  Prudential Financial, Inc. | 165847 | 17445446 |
|  Radian Group, Inc. | 55987 | 1168449 |
|  Raymond James Financial, Inc. | 27259 | 3220378 |
|  Regions Financial Corp. | 280497 | 6156909 |
|  Reinsurance Group of America, Inc. | 36427 | 5360962 |
|  RenaissanceRe Holdings Ltd. (Bermuda)<sup>(c)</sup> | 12458 | 1927003 |
|  Rithm Capital Corp. | 275738 | 2324471 |
|  S&P Global, Inc. | 19361 | 6219721 |
|  SEI Investments Co. | 14551 | 790119 |
|  Selective Insurance Group, Inc.<sup>(c)</sup> | 13477 | 1321824 |
|  Signature Bank | 5330 | 844965 |
|  Simmons First National Corp., Class A<sup>(c)</sup> | 31045 | 741044 |
|  SLM Corp. | 62576 | 1038136 |
|  South State Corp.<sup>(c)</sup> | 14074 | 1272712 |
|  Starwood Property Trust, Inc.<sup>(c)</sup> | 100722 | 2080917 |
|  State Street Corp. | 98380 | 7280120 |
|  Stifel Financial Corp. | 17516 | 1083715 |
|  SVB Financial Group<sup>(b)</sup> | 5014 | 1158033 |
|  Synchrony Financial | 259699 | 9234896 |
|  Synovus Financial Corp. | 34449 | 1372793 |
| T. Rowe Price Group, Inc.<sup>(c)</sup> | 39736 | 4218374 |
|  Texas Capital Bancshares, Inc.<sup>(b)(c)</sup> | 16481 | 988860 |
|  Travelers Cos., Inc. (The) | 97898 | 18058265 |
|  Truist Financial Corp. | 316605 | 14180738 |
|  Two Harbors Investment Corp.<sup>(c)</sup> | 151685 | 539999 |
|  U.S. Bancorp | 390563 | 16579399 |
|  UMB Financial Corp.<sup>(c)</sup> | 8919 | 742239 |
|  Umpqua Holdings Corp. | 56746 | 1128110 |
|  United Bankshares, Inc.<sup>(c)</sup> | 37781 | 1600025 |
|  Unum Group | 161052 | 7342361 |
|  Valley National Bancorp<sup>(c)</sup> | 107838 | 1280037 |
|  Voya Financial, Inc.<sup>(c)</sup> | 44309 | 3028963 |
|  W.R. Berkley Corp. | 43248 | 3216786 |
|  Washington Federal, Inc. | 21549 | 833946 |
|  Webster Financial Corp. | 22160 | 1202402 |
|  Wells Fargo & Co. | 1517728 | 69800311 |
|  WesBanco, Inc. | 20857 | 843457 |

---

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

---

| |
|:---|
| **9** |
| **9** |
| **9** |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Financials-(continued)** |  |  |
|  Western Alliance Bancorporation | 10879 | $730742 |
|  White Mountains Insurance Group Ltd. | 751 | 1063529 |
|  Willis Towers Watson PLC | 21173 | 4620160 |
|  Wintrust Financial Corp. | 12547 | 1174650 |
|  Zions Bancorporation N.A | 38224 | 1985355 |
|  |  | 1083649459 |
|  **Health Care-14.01%** |  |  |
|  Abbott Laboratories | 170469 | 16866203 |
|  AbbVie, Inc. | 241644 | 35376682 |
|  Acadia Healthcare Co., Inc.<sup>(b)</sup> | 21723 | 1766080 |
|  Agilent Technologies, Inc. | 20023 | 2770182 |
|  Align Technology, Inc.<sup>(b)</sup> | 2797 | 543457 |
|  AmerisourceBergen Corp. | 76093 | 11963341 |
|  Amgen, Inc. | 111351 | 30103743 |
|  Avantor, Inc.<sup>(b)</sup> | 43099 | 869307 |
|  Baxter International, Inc. | 65376 | 3553186 |
|  Becton, Dickinson and Co. | 36343 | 8575858 |
|  Biogen, Inc.<sup>(b)</sup> | 47102 | 13350591 |
|  BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 11892 | 1030204 |
|  Bio-Rad Laboratories, Inc., Class A<sup>(b)</sup> | 3087 | 1085729 |
|  Boston Scientific Corp.<sup>(b)</sup> | 144340 | 6222497 |
|  Bristol-Myers Squibb Co. | 332194 | 25735069 |
|  Brookdale Senior Living, Inc.<sup>(b)(c)</sup> | 162399 | 725924 |
|  Cardinal Health, Inc. | 267672 | 20316305 |
|  Catalent, Inc.<sup>(b)</sup> | 14453 | 949996 |
|  Centene Corp.<sup>(b)</sup> | 213375 | 18164614 |
|  Charles River Laboratories International,<br>Inc.<sup>(b)</sup> | 4087 | 867466 |
|  Cigna Corp. | 97528 | 31507396 |
|  Community Health Systems, Inc.<sup>(b)(c)</sup> | 130182 | 373622 |
|  Cooper Cos., Inc. (The)<sup>(c)</sup> | 3355 | 917223 |
|  CVS Health Corp. | 512782 | 48560455 |
|  Danaher Corp. | 40136 | 10101027 |
|  DaVita, Inc.<sup>(b)</sup> | 24023 | 1753919 |
|  DENTSPLY SIRONA, Inc. | 25906 | 798423 |
|  Edwards Lifesciences Corp.<sup>(b)(c)</sup> | 22724 | 1645899 |
|  Elanco Animal Health, Inc.<sup>(b)</sup> | 84700 | 1117193 |
|  Elevance Health, Inc. | 53931 | 29487853 |
|  Eli Lilly and Co. | 57990 | 20997599 |
|  Embecta Corp.<sup>(c)</sup> | 7268 | 224727 |
|  Encompass Health Corp. | 24743 | 1347009 |
|  Enhabit, Inc.<sup>(b)(c)</sup> | 12369 | 153623 |
|  Enovis Corp.<sup>(b)(c)</sup> | 9156 | 452764 |
|  Envista Holdings Corp.<sup>(b)(c)</sup> | 31382 | 1035920 |
|  Gilead Sciences, Inc. | 391489 | 30716227 |
|  HCA Healthcare, Inc. | 40896 | 8893653 |
|  Henry Schein, Inc.<sup>(b)</sup> | 31893 | 2183395 |
|  Hologic, Inc.<sup>(b)</sup> | 27167 | 1841923 |
|  Horizon Therapeutics PLC<sup>(b)</sup> | 12761 | 795265 |
|  Humana, Inc. | 30358 | 16942193 |
|  ICON PLC<sup>(b)</sup> | 4787 | 947060 |
|  IDEXX Laboratories, Inc.<sup>(b)</sup> | 2145 | 771514 |
|  Illumina, Inc.<sup>(b)(c)</sup> | 6645 | 1520509 |
|  Incyte Corp.<sup>(b)</sup> | 10677 | 793728 |
|  Intuitive Surgical, Inc.<sup>(b)</sup> | 12774 | 3148408 |
|  IQVIA Holdings, Inc.<sup>(b)</sup> | 18461 | 3870718 |
|  Jazz Pharmaceuticals PLC<sup>(b)</sup> | 11967 | 1720735 |
|  Johnson & Johnson | 428629 | 74568587 |
|  Laboratory Corp. of America Holdings | 20824 | 4620013 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Health Care-(continued)** |  |  |
|  McKesson Corp. | 73671 | $28685277 |
|  Medtronic PLC | 261159 | 22809627 |
|  Merck & Co., Inc. | 460582 | 46610898 |
|  Mettler-Toledo International, Inc.<sup>(b)(c)</sup> | 860 | 1087840 |
|  Molina Healthcare, Inc.<sup>(b)</sup> | 12299 | 4413619 |
|  Organon & Co. | 140628 | 3681641 |
|  Owens & Minor, Inc.<sup>(c)</sup> | 35251 | 599267 |
|  Patterson Cos., Inc. | 36323 | 943308 |
|  Pediatrix Medical Group, Inc.<sup>(b)(c)</sup> | 31209 | 605455 |
|  PerkinElmer, Inc. | 7755 | 1035913 |
|  Perrigo Co. PLC<sup>(c)</sup> | 51975 | 2093553 |
|  Pfizer, Inc. | 1108426 | 51597230 |
|  Premier, Inc., Class A | 27831 | 970745 |
|  Quest Diagnostics, Inc. | 30146 | 4330473 |
|  Regeneron Pharmaceuticals, Inc.<sup>(b)</sup> | 8545 | 6398069 |
|  ResMed, Inc. | 7665 | 1714584 |
|  Royalty Pharma PLC, Class A | 29111 | 1231977 |
|  Select Medical Holdings Corp.<sup>(c)</sup> | 53292 | 1368539 |
|  STERIS PLC | 6616 | 1141789 |
|  Stryker Corp.<sup>(c)</sup> | 30023 | 6882472 |
|  Syneos Health, Inc.<sup>(b)</sup> | 18611 | 937622 |
|  Teladoc Health, Inc.<sup>(b)(c)</sup> | 45359 | 1344441 |
|  Teleflex, Inc. | 4244 | 910593 |
|  Tenet Healthcare Corp.<sup>(b)</sup> | 60287 | 2674331 |
|  Thermo Fisher Scientific, Inc. | 24683 | 12686321 |
|  United Therapeutics Corp.<sup>(b)</sup> | 7523 | 1734277 |
|  UnitedHealth Group, Inc. | 130403 | 72393225 |
|  Universal Health Services, Inc., Class B | 22810 | 2642995 |
|  Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 13915 | 4341480 |
|  Viatris, Inc. | 586318 | 5939401 |
|  Waters Corp.<sup>(b)</sup> | 3489 | 1043804 |
|  West Pharmaceutical Services, Inc. | 2493 | 573639 |
|  Zimmer Biomet Holdings, Inc. | 36574 | 4145663 |
|  Zoetis, Inc. | 19273 | 2905983 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;807121065 |
|  **Industrials-9.87%** |  |  |
|  3M Co. | 153023 | 19248763 |
|  A.O. Smith Corp. | 16540 | 906061 |
|  ABM Industries, Inc.<sup>(c)</sup> | 27367 | 1218105 |
|  Acuity Brands, Inc.<sup>(c)</sup> | 6406 | 1175949 |
|  AECOM | 50198 | 3778905 |
|  AerCap Holdings N.V. (Ireland)<sup>(b)</sup> | 37917 | 2025147 |
|  AGCO Corp. | 13513 | 1677909 |
|  Air Lease Corp. | 37480 | 1322669 |
|  Allegion PLC | 9647 | 1010716 |
|  Allison Transmission Holdings, Inc. | 30968 | 1308398 |
|  AMERCO<sup>(c)</sup> | 1769 | 1017511 |
|  American Airlines Group, Inc.<sup>(b)(c)</sup> | 100019 | 1418269 |
|  AMETEK, Inc. | 20354 | 2639100 |
|  Applied Industrial Technologies, Inc. | 7892 | 981607 |
|  ASGN, Inc.<sup>(b)(c)</sup> | 10185 | 863484 |
|  Atlas Air Worldwide Holdings, Inc.<sup>(b)(c)</sup> | 14983 | 1515381 |
|  Avis Budget Group, Inc.<sup>(b)(c)</sup> | 16959 | 4010125 |
|  Beacon Roofing Supply, Inc.<sup>(b)</sup> | 21946 | 1236657 |
|  Boeing Co. (The)<sup>(b)</sup> | 105423 | 15023832 |
|  Boise Cascade Co.<sup>(c)</sup> | 11755 | 784881 |
|  Booz Allen Hamilton Holding Corp. | 25096 | 2731700 |
|  Brink's Co. (The) | 11139 | 664219 |
|  Builders FirstSource, Inc.<sup>(b)(c)</sup> | 24820 | 1530401 |

---

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

---

| |
|:---|
| **10** |
| **10** |
| **10** |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Industrials-(continued)** |  |  |
|  BWX Technologies, Inc. | 17094 | $974016 |
|  C.H. Robinson Worldwide, Inc.<sup>(c)</sup> | 38487 | 3760950 |
|  CACI International, Inc., Class A<sup>(b)</sup> | 6361 | 1933935 |
|  Carlisle Cos., Inc. | 7167 | 1711480 |
|  Carrier Global Corp. | 139521 | 5547355 |
|  Caterpillar, Inc. | 106615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23077883 |
|  Cintas Corp. | 7289 | 3116412 |
|  Clarivate PLC<sup>(b)(c)</sup> | 85056 | 878628 |
|  Clean Harbors, Inc.<sup>(b)</sup> | 11503 | 1408657 |
|  Copart, Inc.<sup>(b)</sup> | 9988 | 1148820 |
|  CoStar Group, Inc.<sup>(b)</sup> | 23183 | 1917698 |
|  Crane Holdings Co. | 9826 | 985941 |
|  CSX Corp. | 279019 | 8108292 |
|  Cummins, Inc.<sup>(c)</sup> | 38402 | 9389673 |
|  Curtiss-Wright Corp. | 6848 | 1149300 |
|  Deere & Co. | 32372 | 12813485 |
|  Delta Air Lines, Inc.<sup>(b)</sup> | 59968 | 2034714 |
|  Donaldson Co., Inc. | 19878 | 1141991 |
|  Dover Corp. | 18019 | 2354903 |
|  Dycom Industries, Inc.<sup>(b)</sup> | 10001 | 1181918 |
|  Eaton Corp. PLC | 71516 | 10732406 |
|  EMCOR Group, Inc. | 13879 | 1958327 |
|  Emerson Electric Co. | 104589 | 9057407 |
|  EnerSys<sup>(c)</sup> | 11798 | 782089 |
|  Equifax, Inc.<sup>(c)</sup> | 9728 | 1649285 |
|  Esab Corp. | 9155 | 341482 |
|  Expeditors International of Washington, Inc. | 22750 | 2226088 |
|  Fastenal Co. | 67234 | 3249419 |
|  FedEx Corp. | 79375 | 12722225 |
|  Flowserve Corp.<sup>(c)</sup> | 40968 | 1174962 |
|  Fluor Corp.<sup>(b)(c)</sup> | 121726 | 3683429 |
|  Fortive Corp. | 37734 | 2411203 |
|  Fortune Brands Home & Security, Inc. | 22729 | 1371013 |
|  FTI Consulting, Inc.<sup>(b)(c)</sup> | 5789 | 900942 |
|  GATX Corp.<sup>(c)</sup> | 10596 | 1109507 |
|  Generac Holdings, Inc.<sup>(b)</sup> | 3229 | 374273 |
|  General Dynamics Corp. | 56420 | 14093716 |
|  General Electric Co. | 363236 | 28263393 |
|  GEO Group, Inc. (The)<sup>(b)(c)</sup> | 176264 | 1491193 |
|  GMS, Inc.<sup>(b)(c)</sup> | 15125 | 713900 |
|  Graco, Inc. | 13576 | 944618 |
|  Greenbrier Cos., Inc. (The) | 18643 | 658284 |
|  GXO Logistics, Inc.<sup>(b)(c)</sup> | 19465 | 711251 |
|  HEICO Corp.<sup>(c)</sup> | 2069 | 336502 |
|  HEICO Corp., Class A | 3753 | 477757 |
|  Herc Holdings, Inc.<sup>(c)</sup> | 5318 | 625450 |
|  Hexcel Corp. | 16080 | 895656 |
|  Honeywell International, Inc. | 109225 | 22284085 |
|  Howmet Aerospace, Inc. | 66098 | 2349784 |
|  Hub Group, Inc., Class A<sup>(b)(c)</sup> | 11324 | 878742 |
|  Hubbell, Inc. | 10271 | 2439157 |
|  Huntington Ingalls Industries, Inc. | 12652 | 3252450 |
|  IDEX Corp. | 7913 | 1759139 |
|  Illinois Tool Works, Inc. | 39688 | 8474579 |
|  Ingersoll Rand, Inc.<sup>(c)</sup> | 47326 | 2389963 |
|  ITT, Inc. | 12420 | 948764 |
|  J.B. Hunt Transport Services, Inc. | 10726 | 1834897 |
|  Jacobs Solutions, Inc. | 22451 | 2586804 |
|  JELD-WEN Holding, Inc.<sup>(b)</sup> | 47125 | 499996 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Industrials-(continued)** |  |  |
|  Johnson Controls International PLC | 145906 | $8439203 |
|  KAR Auction Services, Inc.<sup>(b)(c)</sup> | 66649 | 968410 |
|  KBR, Inc.<sup>(c)</sup> | 27123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349912 |
|  Kennametal, Inc.<sup>(c)</sup> | 24058 | 642589 |
|  Kirby Corp.<sup>(b)</sup> | 18049 | 1258918 |
|  Knight-Swift Transportation Holdings, Inc.<sup>(c)</sup> | 34231 | 1644115 |
|  L3Harris Technologies, Inc. | 30494 | 7515856 |
|  Landstar System, Inc. | 6574 | 1026990 |
|  Leidos Holdings, Inc. | 43100 | 4378529 |
|  Lennox International, Inc.<sup>(c)</sup> | 4185 | 977490 |
|  Lincoln Electric Holdings, Inc.<sup>(c)</sup> | 8146 | 1156732 |
|  Lockheed Martin Corp.<sup>(c)</sup> | 50327 | 24493144 |
|  ManpowerGroup, Inc. | 30596 | 2396891 |
|  Masco Corp. | 37502 | 1735218 |
|  MasTec, Inc.<sup>(b)(c)</sup> | 16142 | 1244225 |
|  MDU Resources Group, Inc. | 72794 | 2073173 |
|  Middleby Corp. (The)<sup>(b)(c)</sup> | 6951 | 972167 |
|  MSC Industrial Direct Co., Inc., Class A | 15331 | 1272166 |
|  Mueller Industries, Inc.<sup>(c)</sup> | 15514 | 971797 |
|  Nordson Corp. | 4803 | 1080675 |
|  Norfolk Southern Corp. | 35211 | 8030573 |
|  Northrop Grumman Corp. | 26577 | 14591039 |
|  nVent Electric PLC | 34863 | 1272500 |
|  Old Dominion Freight Line, Inc. | 5315 | 1459499 |
|  Oshkosh Corp. | 17554 | 1544752 |
|  Otis Worldwide Corp. | 49442 | 3492583 |
|  Owens Corning | 23974 | 2052414 |
|  PACCAR, Inc. | 89828 | 8698045 |
|  Parker-Hannifin Corp. | 17413 | 5060566 |
|  Pentair PLC | 27085 | 1163301 |
|  Pitney Bowes, Inc.<sup>(c)</sup> | 208887 | 649639 |
|  Quanta Services, Inc.<sup>(c)</sup> | 23112 | 3282829 |
|  Raytheon Technologies Corp. | 260870 | 24735693 |
|  Regal Rexnord Corp. | 8017 | 1014471 |
|  Republic Services, Inc. | 33605 | 4456695 |
|  Resideo Technologies, Inc.<sup>(b)(c)</sup> | 53475 | 1263080 |
|  Robert Half International, Inc.<sup>(c)</sup> | 13788 | 1054230 |
|  Rockwell Automation, Inc. | 12461 | 3181293 |
|  Rush Enterprises, Inc., Class A | 15294 | 763018 |
|  Ryder System, Inc.<sup>(c)</sup> | 36980 | 2977260 |
|  Science Applications International Corp. | 16321 | 1768217 |
|  Sensata Technologies Holding PLC | 30415 | 1222987 |
|  Snap-on, Inc. | 10919 | 2424564 |
|  Southwest Airlines Co.<sup>(b)</sup> | 35964 | 1307291 |
|  Spirit AeroSystems Holdings, Inc., Class A<sup>(c)</sup> | 27732 | 642273 |
|  Stanley Black & Decker, Inc.<sup>(c)</sup> | 34626 | 2717795 |
|  Stericycle, Inc.<sup>(b)(c)</sup> | 21124 | 941708 |
|  Sunrun, Inc.<sup>(b)(c)</sup> | 57509 | 1294528 |
|  Terex Corp. | 20326 | 824016 |
|  Textron, Inc. | 49907 | 3415635 |
|  Timken Co. (The) | 16653 | 1187192 |
|  Toro Co. (The)<sup>(c)</sup> | 11098 | 1170062 |
|  Trane Technologies PLC | 30560 | 4878293 |
|  TransDigm Group, Inc. | 8835 | 5086840 |
|  TransUnion | 13315 | 789180 |
|  Trinity Industries, Inc.<sup>(c)</sup> | 29254 | 834617 |
|  Triton International Ltd. (Bermuda)<sup>(c)</sup> | 20753 | 1259500 |
|  Uber Technologies, Inc.<sup>(b)(c)</sup> | 90417 | 2402380 |

---

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

---

| |
|:---|
| **11** |
| **11** |
| **11** |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Industrials-(continued)** |  |  |
|  UFP Industries, Inc. | 11352 | $808603 |
|  Union Pacific Corp. | 80541 | 15877853 |
|  United Airlines Holdings, Inc.<sup>(b)</sup> | 54218 | 2335711 |
|  United Parcel Service, Inc., Class B | 104752 | 17574243 |
|  United Rentals, Inc.<sup>(b)</sup> | 16893 | 5333289 |
|  Univar Solutions, Inc.<sup>(b)</sup> | 70480 | 1795830 |
|  Valmont Industries, Inc. | 3750 | 1197075 |
|  Verisk Analytics, Inc. | 8604 | 1573069 |
|  Veritiv Corp.<sup>(b)(c)</sup> | 7697 | 894853 |
|  W.W. Grainger, Inc. | 6776 | 3959556 |
|  Wabtec Corp. | 28169 | 2627604 |
|  Waste Management, Inc. | 59630 | 9443603 |
|  Watsco, Inc.<sup>(c)</sup> | 5307 | 1437985 |
|  Werner Enterprises, Inc. | 21023 | 824102 |
|  WESCO International, Inc.<sup>(b)</sup> | 17363 | 2392101 |
|  Woodward, Inc.<sup>(c)</sup> | 7104 | 651437 |
|  XPO Logistics, Inc.<sup>(b)(c)</sup> | 28947 | 1497718 |
|  Xylem, Inc. | 22036 | 2257148 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;568370515 |
|  **Information Technology-11.98%** |  |  |
|  Accenture PLC, Class A | 55208 | 15673551 |
|  Adobe, Inc.<sup>(b)</sup> | 16024 | 5103644 |
|  Advanced Micro Devices, Inc.<sup>(b)</sup> | 23709 | 1423963 |
|  Akamai Technologies, Inc.<sup>(b)</sup> | 20071 | 1772871 |
|  Amdocs Ltd. | 24499 | 2114509 |
|  Amkor Technology, Inc.<sup>(c)</sup> | 34070 | 708315 |
|  Amphenol Corp., Class A | 48441 | 3673281 |
|  Analog Devices, Inc. | 38796 | 5533086 |
|  ANSYS, Inc.<sup>(b)</sup> | 4829 | 1067982 |
|  Apple, Inc. | 774734 | 118797712 |
|  Applied Materials, Inc. | 61950 | 5469565 |
|  Arista Networks, Inc.<sup>(b)</sup> | 8957 | 1082543 |
|  Arrow Electronics, Inc.<sup>(b)</sup> | 36429 | 3688801 |
|  Automatic Data Processing, Inc. | 42978 | 10387783 |
|  Avnet, Inc. | 54241 | 2179946 |
|  Black Knight, Inc.<sup>(b)</sup> | 19591 | 1184668 |
|  Block, Inc., Class A<sup>(b)</sup> | 11437 | 687021 |
|  Broadcom, Inc. | 35542 | 16709005 |
|  Broadridge Financial Solutions, Inc. | 13185 | 1978541 |
|  Cadence Design Systems, Inc.<sup>(b)</sup> | 9745 | 1475296 |
|  CDW Corp. | 19069 | 3295314 |
|  Check Point Software Technologies Ltd. (Israel)<sup>(b)</sup> | 10974 | 1418170 |
|  Ciena Corp.<sup>(b)(c)</sup> | 19396 | 929068 |
|  Cirrus Logic, Inc.<sup>(b)(c)</sup> | 8610 | 577903 |
|  Cisco Systems, Inc. | 730665 | 33194111 |
|  Cognex Corp. | 11292 | 522029 |
|  Cognizant Technology Solutions Corp., Class A | 75679 | 4711018 |
|  Coherent Corp.<sup>(b)(c)</sup> | 11023 | 370483 |
|  CommScope Holding Co., Inc.<sup>(b)</sup> | 161082 | 2132726 |
|  Concentrix Corp. | 5820 | 711379 |
|  Conduent, Inc.<sup>(b)(c)</sup> | 155474 | 640553 |
|  Corning, Inc. | 144109 | 4635987 |
|  Dell Technologies, Inc., Class C | 61021 | 2343206 |
|  DXC Technology Co.<sup>(b)</sup> | 104833 | 3013949 |
|  Entegris, Inc. | 5710 | 453031 |
|  EPAM Systems, Inc.<sup>(b)</sup> | 2098 | 734300 |
|  Euronet Worldwide, Inc.<sup>(b)</sup> | 7158 | 601344 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Information Technology-(continued)** |  |  |
|  F5, Inc.<sup>(b)</sup> | 6541 | $934774 |
|  Fidelity National Information Services, Inc. | 131158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10884802 |
|  First Solar, Inc.<sup>(b)</sup> | 23418 | 3408958 |
|  Fiserv, Inc.<sup>(b)</sup> | 97830 | 10051054 |
|  FleetCor Technologies, Inc.<sup>(b)</sup> | 8602 | 1601004 |
|  Flex Ltd.<sup>(b)(c)</sup> | 325402 | 6371371 |
|  Gartner, Inc.<sup>(b)</sup> | 4236 | 1278933 |
|  Genpact Ltd.<sup>(c)</sup> | 25592 | 1241212 |
|  Global Payments, Inc.<sup>(c)</sup> | 41109 | 4697114 |
|  Hewlett Packard Enterprise Co. | 578457 | 8254581 |
|  HP, Inc. | 346680 | 9575302 |
|  Insight Enterprises, Inc.<sup>(b)(c)</sup> | 15567 | 1471237 |
|  Intel Corp. | 1320200 | 37533286 |
|  International Business Machines Corp. | 327582 | 45301315 |
|  Intuit, Inc. | 8191 | 3501652 |
|  IPG Photonics Corp.<sup>(b)(c)</sup> | 5396 | 462221 |
|  Jabil, Inc. | 64378 | 4136286 |
|  Jack Henry & Associates, Inc. | 6568 | 1307426 |
|  Juniper Networks, Inc. | 75068 | 2297081 |
|  Keysight Technologies, Inc.<sup>(b)</sup> | 11009 | 1917217 |
|  KLA Corp. | 9460 | 2993617 |
|  Kyndryl Holdings, Inc.<sup>(b)</sup> | 191217 | 1849068 |
|  Lam Research Corp. | 9064 | 3668926 |
|  Marvell Technology, Inc. | 33537 | 1330748 |
|  Mastercard, Inc., Class A | 27896 | 9154909 |
|  Maximus, Inc. | 11317 | 697919 |
|  Microchip Technology, Inc. | 49486 | 3055266 |
|  Micron Technology, Inc. | 230706 | 12481195 |
|  Microsoft Corp. | 382493 | 88788100 |
|  MKS Instruments, Inc. | 6710 | 551227 |
|  Motorola Solutions, Inc. | 14402 | 3596323 |
|  National Instruments Corp. | 22820 | 871268 |
|  NCR Corp.<sup>(b)(c)</sup> | 45079 | 958380 |
|  NetApp, Inc. | 30635 | 2122086 |
|  NortonLifeLock, Inc. | 126711 | 2854799 |
|  NVIDIA Corp. | 30592 | 4129002 |
|  NXP Semiconductors N.V. (China) | 28107 | 4105871 |
|  ON Semiconductor Corp.<sup>(b)</sup> | 40305 | 2475936 |
|  Oracle Corp. | 221617 | 17301639 |
|  Paychex, Inc. | 36495 | 4317723 |
|  PayPal Holdings, Inc.<sup>(b)</sup> | 89636 | 7491777 |
|  Paysafe Ltd.<sup>(b)(c)</sup> | 263239 | 384329 |
|  Qorvo, Inc.<sup>(b)</sup> | 17056 | 1468180 |
|  QUALCOMM, Inc. | 113432 | 13346409 |
|  Roper Technologies, Inc. | 8857 | 3671581 |
|  Sabre Corp.<sup>(b)(c)</sup> | 105989 | 615796 |
|  salesforce.com, inc.<sup>(b)</sup> | 57985 | 9427781 |
|  Sanmina Corp.<sup>(b)</sup> | 34005 | 1905980 |
|  Seagate Technology Holdings PLC<sup>(c)</sup> | 41806 | 2076086 |
|  ServiceNow, Inc.<sup>(b)</sup> | 2042 | 859151 |
|  Skyworks Solutions, Inc. | 20968 | 1803458 |
|  SS&C Technologies Holdings, Inc. | 26575 | 1366487 |
|  Synopsys, Inc.<sup>(b)</sup> | 7035 | 2058089 |
|  TD SYNNEX Corp. | 7773 | 711307 |
|  TE Connectivity Ltd. (Switzerland) | 44968 | 5496439 |
|  Teledyne Technologies, Inc.<sup>(b)</sup> | 3616 | 1439096 |
|  Teradyne, Inc. | 10562 | 859219 |
|  Texas Instruments, Inc. | 100643 | 16166285 |
|  Trimble, Inc.<sup>(b)</sup> | 23348 | 1404616 |

---

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

---

| |
|:---|
| **12** |
| **12** |
| **12** |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Information Technology-(continued)** |  |  |
|  TTM Technologies, Inc.<sup>(b)(c)</sup> | 77549 | $1187275 |
|  Twilio, Inc., Class A<sup>(b)(c)</sup> | 10349 | 769655 |
|  Viasat, Inc.<sup>(b)(c)</sup> | 22361 | 915907 |
|  Visa, Inc., Class A | 70503 | 14605401 |
|  Vishay Intertechnology, Inc. | 45950 | 960815 |
|  VMware, Inc., Class A | 23589 | 2654470 |
|  Vontier Corp. | 41115 | 785297 |
|  Western Digital Corp.<sup>(b)</sup> | 132538 | 4555331 |
|  Western Union Co. (The)<sup>(c)</sup> | 127232 | 1718904 |
|  WEX, Inc.<sup>(b)(c)</sup> | 6038 | 991077 |
|  Workday, Inc., Class A<sup>(b)(c)</sup> | 3792 | 590869 |
|  Xerox Holdings Corp.<sup>(c)</sup> | 121422 | 1776404 |
|  Zebra Technologies Corp., Class A<sup>(b)</sup> | 3949 | 1118436 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;689709389 |
|  **Materials-3.19%** |  |  |
|  Air Products and Chemicals, Inc. | 32536 | 8147014 |
|  Albemarle Corp.<sup>(c)</sup> | 10961 | 3067655 |
|  Alcoa Corp. | 34794 | 1358010 |
|  AptarGroup, Inc.<sup>(c)</sup> | 10353 | 1026500 |
|  Arconic Corp.<sup>(b)(c)</sup> | 53864 | 1118217 |
|  Ashland, Inc. | 10493 | 1100926 |
|  Avery Dennison Corp. | 12141 | 2058507 |
|  Avient Corp. | 18961 | 653965 |
|  Axalta Coating Systems Ltd.<sup>(b)</sup> | 50184 | 1170291 |
|  Ball Corp.<sup>(c)</sup> | 35249 | 1740948 |
|  Berry Global Group, Inc.<sup>(b)(c)</sup> | 48805 | 2309453 |
|  Cabot Corp.<sup>(c)</sup> | 12706 | 933637 |
|  Celanese Corp. | 20921 | 2010926 |
|  CF Industries Holdings, Inc. | 38722 | 4114600 |
|  Chemours Co. (The)<sup>(c)</sup> | 59150 | 1693464 |
|  Cleveland-Cliffs, Inc.<sup>(b)(c)</sup> | 48997 | 636471 |
|  Commercial Metals Co. | 34786 | 1582763 |
|  Compass Minerals International, Inc.<sup>(c)</sup> | 13662 | 540195 |
|  Constellium SE<sup>(b)</sup> | 57141 | 629694 |
|  Corteva, Inc. | 117558 | 7681240 |
|  Crown Holdings, Inc. | 26993 | 1851450 |
|  Dow, Inc. | 194110 | 9072701 |
|  DuPont de Nemours, Inc. | 187072 | 10700518 |
|  Eastman Chemical Co. | 35890 | 2756711 |
|  Ecolab, Inc. | 29197 | 4585973 |
|  Element Solutions, Inc.<sup>(c)</sup> | 32070 | 551604 |
|  FMC Corp. | 15229 | 1810728 |
|  Freeport-McMoRan, Inc. | 144317 | 4573406 |
|  Graphic Packaging Holding Co. | 78696 | 1806860 |
|  H.B. Fuller Co.<sup>(c)</sup> | 11733 | 817907 |
|  Huntsman Corp. | 57239 | 1531716 |
|  International Flavors & Fragrances, Inc. | 21320 | 2081045 |
|  International Paper Co. | 174688 | 5871264 |
|  Linde PLC (United Kingdom) | 62447 | 18568615 |
|  Louisiana-Pacific Corp.<sup>(c)</sup> | 15920 | 901868 |
|  LyondellBasell Industries N.V., Class A | 109055 | 8337255 |
|  Martin Marietta Materials, Inc. | 6668 | 2240315 |
|  Mosaic Co. (The) | 78337 | 4210614 |
|  Newmont Corp. | 122134 | 5168711 |
|  Nucor Corp. | 60953 | 8008005 |
|  O-I Glass, Inc.<sup>(b)(c)</sup> | 84116 | 1371932 |
|  Olin Corp. | 33696 | 1784203 |
|  Packaging Corp. of America<sup>(c)</sup> | 20192 | 2427280 |
|  PPG Industries, Inc. | 38547 | 4401296 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Materials-(continued)** |  |  |
|  Reliance Steel & Aluminum Co. | 17350 | $3495678 |
|  Royal Gold, Inc. | 6364 | 604325 |
|  RPM International, Inc. | 22278 | 2106830 |
|  Scotts Miracle-Gro Co. (The)<sup>(c)</sup> | 7687 | 352910 |
|  Sealed Air Corp. | 21682 | 1032497 |
|  Sherwin-Williams Co. (The) | 18752 | 4219763 |
|  Silgan Holdings, Inc. | 22172 | 1050066 |
|  Sonoco Products Co. | 32045 | 1989354 |
|  Southern Copper Corp. (Peru) | 11232 | 527567 |
|  Steel Dynamics, Inc. | 49679 | 4672310 |
|  Summit Materials, Inc., Class A<sup>(b)(c)</sup> | 28189 | 742780 |
|  Sylvamo Corp.<sup>(c)</sup> | 31289 | 1507191 |
|  Trinseo PLC | 17805 | 335090 |
|  United States Steel Corp.<sup>(c)</sup> | 100649 | 2049214 |
|  Valvoline, Inc. | 22975 | 674546 |
|  Vulcan Materials Co. | 14286 | 2338618 |
|  Warrior Met Coal, Inc. | 45162 | 1677317 |
|  Westlake Corp.<sup>(c)</sup> | 7821 | 755900 |
|  WestRock Co. | 132675 | 4518910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;183657319 |
|  **Real Estate-2.95%** |  |  |
|  Alexandria Real Estate Equities, Inc. | 19443 | 2825068 |
|  American Homes 4 Rent, Class A | 28793 | 919648 |
|  American Tower Corp. | 38894 | 8058448 |
|  Americold Realty Trust, Inc.<sup>(c)</sup> | 45075 | 1093069 |
|  Anywhere Real Estate, Inc.<sup>(b)(c)</sup> | 69175 | 513970 |
|  Apple Hospitality REIT, Inc. | 83507 | 1429640 |
|  AvalonBay Communities, Inc. | 21096 | 3694332 |
|  Boston Properties, Inc. | 32492 | 2362168 |
|  Brandywine Realty Trust | 69503 | 455940 |
|  Brixmor Property Group, Inc. | 76786 | 1636310 |
|  Camden Property Trust | 11684 | 1350086 |
|  CBRE Group, Inc., Class A<sup>(b)(c)</sup> | 58203 | 4128921 |
|  Corporate Office Properties Trust | 34811 | 927713 |
|  Cousins Properties, Inc. | 33765 | 802256 |
|  Crown Castle, Inc. | 55317 | 7371543 |
|  CubeSmart | 24448 | 1023638 |
|  Cushman & Wakefield PLC<sup>(b)(c)</sup> | 43021 | 496893 |
|  DiamondRock Hospitality Co. | 81497 | 761182 |
|  Digital Realty Trust, Inc. | 47299 | 4741725 |
|  DigitalBridge Group, Inc.<sup>(c)</sup> | 45501 | 582413 |
|  Douglas Emmett, Inc.<sup>(c)</sup> | 39453 | 693978 |
|  EPR Properties | 25620 | 988932 |
|  Equinix, Inc. | 8769 | 4967112 |
|  Equity LifeStyle Properties, Inc. | 16466 | 1053165 |
|  Equity Residential | 62791 | 3957089 |
|  Essex Property Trust, Inc. | 9664 | 2147727 |
|  Extra Space Storage, Inc. | 11543 | 2048190 |
|  Federal Realty Investment Trust | 13887 | 1374535 |
|  First Industrial Realty Trust, Inc. | 14806 | 705210 |
|  Gaming and Leisure Properties, Inc. | 41351 | 2072512 |
|  Healthcare Realty Trust, Inc.<sup>(c)</sup> | 77675 | 1579133 |
|  Healthpeak Properties, Inc. | 107521 | 2551473 |
|  Highwoods Properties, Inc.<sup>(c)</sup> | 31304 | 883712 |
|  Host Hotels & Resorts, Inc. | 211987 | 4002315 |
|  Howard Hughes Corp. (The)<sup>(b)(c)</sup> | 8579 | 526322 |
|  Hudson Pacific Properties, Inc.<sup>(c)</sup> | 47768 | 527359 |
|  Invitation Homes, Inc. | 69804 | 2212089 |
|  Iron Mountain, Inc.<sup>(c)</sup> | 87392 | 4375717 |

---

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

---

| |
|:---|
| **13** |
| **13** |
| **13** |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Real Estate-(continued)** |  |  |
|  JBG SMITH Properties | 35295 | $694606 |
|  Jones Lang LaSalle, Inc.<sup>(b)(c)</sup> | 12653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012966 |
|  Kilroy Realty Corp.<sup>(c)</sup> | 24383 | 1042129 |
|  Kimco Realty Corp. | 98383 | 2103429 |
|  Lamar Advertising Co., Class A | 15072 | 1390091 |
|  Life Storage, Inc. | 9458 | 1046149 |
|  LXP Industrial Trust<sup>(c)</sup> | 54243 | 525072 |
|  Macerich Co. (The)<sup>(c)</sup> | 111208 | 1237745 |
|  Medical Properties Trust, Inc.<sup>(c)</sup> | 111425 | 1275816 |
|  Mid-America Apartment Communities, Inc. | 14312 | 2253424 |
|  National Retail Properties, Inc. | 34568 | 1452893 |
|  Omega Healthcare Investors, Inc. | 67453 | 2143656 |
|  Outfront Media, Inc.<sup>(c)</sup> | 47494 | 857267 |
|  Paramount Group, Inc.<sup>(c)</sup> | 101862 | 659047 |
|  Park Hotels & Resorts, Inc.<sup>(c)</sup> | 114772 | 1501218 |
|  Pebblebrook Hotel Trust<sup>(c)</sup> | 38275 | 613931 |
|  Physicians Realty Trust<sup>(c)</sup> | 54521 | 821086 |
|  Piedmont Office Realty Trust, Inc., Class A | 53548 | 559577 |
|  Prologis, Inc. | 84084 | 9312303 |
|  Public Storage | 12093 | 3745807 |
|  Rayonier, Inc.<sup>(c)</sup> | 25429 | 856957 |
|  Realty Income Corp. | 52706 | 3282003 |
|  Regency Centers Corp. | 34760 | 2103328 |
|  Rexford Industrial Realty, Inc. | 10797 | 596858 |
|  RLJ Lodging Trust<sup>(c)</sup> | 84699 | 1030787 |
|  Ryman Hospitality Properties, Inc.<sup>(c)</sup> | 9147 | 813351 |
|  Sabra Health Care REIT, Inc.<sup>(c)</sup> | 92432 | 1262621 |
|  SBA Communications Corp., Class A | 3732 | 1007267 |
|  Service Properties Trust<sup>(c)</sup> | 120079 | 973841 |
|  Simon Property Group, Inc. | 60539 | 6597540 |
|  SITE Centers Corp. | 59782 | 740101 |
|  SL Green Realty Corp. | 28445 | 1128698 |
|  Spirit Realty Capital, Inc. | 23512 | 912971 |
|  STAG Industrial, Inc. | 23575 | 744734 |
|  STORE Capital Corp. | 45684 | 1452751 |
|  Sun Communities, Inc. | 11417 | 1539583 |
|  Sunstone Hotel Investors, Inc.<sup>(c)</sup> | 85109 | 948965 |
|  UDR, Inc. | 38426 | 1527818 |
|  Uniti Group, Inc.<sup>(c)</sup> | 103640 | 804246 |
|  Ventas, Inc. | 128887 | 5043348 |
|  VICI Properties, Inc. | 91850 | 2941037 |
|  Vornado Realty Trust | 70770 | 1669464 |
|  W.P. Carey, Inc.<sup>(c)</sup> | 32938 | 2513169 |
|  Welltower, Inc. | 103691 | 6329299 |
|  Weyerhaeuser Co. | 157364 | 4867269 |
|  Xenia Hotels & Resorts, Inc.<sup>(c)</sup> | 45193 | 771896 |
|  Zillow Group, Inc., Class A<sup>(b)(c)</sup> | 4613 | 142680 |
|  Zillow Group, Inc., Class C<sup>(b)(c)</sup> | 13560 | 418462 |
|  |  | 170110789 |
|  **Utilities-4.93%** |  |  |
|  AES Corp. (The) | 241975 | 6330066 |
|  ALLETE, Inc. | 18954 | 1066542 |
|  Alliant Energy Corp. | 55497 | 2895279 |
|  Ameren Corp. | 61237 | 4992040 |
|  American Electric Power Co., Inc. | 148507 | 13056735 |
|  American Water Works Co., Inc. | 24708 | 3591061 |
|  Atmos Energy Corp. | 26558 | 2829755 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Utilities-(continued)** |  |  |
|  Avangrid, Inc.<sup>(c)</sup> | 20257 | $824055 |
|  Avista Corp. | 25798 | 1058492 |
|  Black Hills Corp. | 19593 | 1280794 |
|  CenterPoint Energy, Inc. | 176754 | 5056932 |
|  CMS Energy Corp. | 72198 | 4118896 |
|  Consolidated Edison, Inc. | 121517 | 10688635 |
|  Dominion Energy, Inc. | 214127 | 14982466 |
|  DTE Energy Co. | 53524 | 6000576 |
|  Duke Energy Corp. | 255314 | 23790159 |
|  Edison International | 138838 | 8335834 |
|  Entergy Corp. | 69126 | 7406160 |
|  Essential Utilities, Inc. | 34440 | 1522937 |
|  Evergy, Inc. | 76086 | 4651137 |
|  Eversource Energy | 86812 | 6622019 |
|  Exelon Corp. | 483864 | 18672312 |
|  FirstEnergy Corp. | 183414 | 6916542 |
|  Hawaiian Electric Industries, Inc. | 32451 | 1234436 |
|  IDACORP, Inc. | 12357 | 1293778 |
|  National Fuel Gas Co. | 21280 | 1436187 |
|  New Jersey Resources Corp.<sup>(c)</sup> | 26054 | 1163051 |
|  NextEra Energy, Inc. | 283730 | 21989075 |
|  NiSource, Inc. | 109074 | 2802111 |
|  NorthWestern Corp. | 18811 | 993785 |
|  NRG Energy, Inc. | 67112 | 2979773 |
|  OGE Energy Corp. | 65110 | 2384979 |
|  ONE Gas, Inc. | 14786 | 1145619 |
|  PG&E Corp.<sup>(b)(c)</sup> | 417056 | 6226646 |
|  Pinnacle West Capital Corp. | 48506 | 3260088 |
|  PNM Resources, Inc. | 25190 | 1170579 |
|  Portland General Electric Co.<sup>(c)</sup> | 31309 | 1407026 |
|  PPL Corp. | 364783 | 9663102 |
|  Public Service Enterprise Group, Inc. | 139190 | 7804383 |
|  Sempra Energy | 73259 | 11057713 |
|  South Jersey Industries, Inc.<sup>(c)</sup> | 36866 | 1278144 |
|  Southern Co. (The) | 327518 | 21445879 |
|  Southwest Gas Holdings, Inc.<sup>(c)</sup> | 23364 | 1707207 |
|  Spire, Inc. | 19029 | 1328414 |
|  UGI Corp. | 78682 | 2779835 |
|  Vistra Corp. | 225911 | 5189176 |
|  WEC Energy Group, Inc. | 73121 | 6678141 |
|  Xcel Energy, Inc. | 135097 | 8796166 |
|  |  | 283904717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $4,960,714,994) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $4,960,714,994) | 5752981289 |
|  **Money Market Funds-0.15%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup><br>(Cost $8,481,711) | 8481711 | 8481711 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.03%<br>(Cost $4,969,196,705) | TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.03%<br>(Cost $4,969,196,705) | 5761463000 |

---

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

---

| |
|:---|
| **14** |
| **14** |
| **14** |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-6.21%** | **Money Market Funds-6.21%** | **Money Market Funds-6.21%** |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup> | 100804655 | $100804655 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup>  | 257274170 | 257274170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $358,082,080) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $358,082,080) | 358078825 |
|  TOTAL INVESTMENTS IN SECURITIES-106.24%<br>(Cost $5,327,278,785) | TOTAL INVESTMENTS IN SECURITIES-106.24%<br>(Cost $5,327,278,785) | 6119541825 |
|  OTHER ASSETS LESS LIABILITIES-(6.24)% | OTHER ASSETS LESS LIABILITIES-(6.24)% | (359629406) |
|  NET ASSETS-100.00% |  | $5759912419 |

---

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation**<br>**(Depreciation)** | **Realized<br>Gain**<br>**(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| Invesco Ltd. | $2923045 | $275233 | $(144533) | $(503951) | $(2066) | $2577728 | $61730 |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | 4450312 | 104098303 | (100066904) |  |  | 8481711 | 38533 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 72621826 | 341978371 | (313795542) |  |  | 100804655 | 834071 \* |
| Invesco Private Prime Fund | 165708735 | 752196164 | (660639103) | (24292) | 32666 | 257274170 | 2278902 \* |
| Total | $245703918 | $1198548071 | $(1074616082) | $(528243) | $30600 | $369138264 | $3213236 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

---

| |
|:---|
| **15** |
| **15** |
| **15** |

---

------

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

October 31, 2022

*(Unaudited)* 

 

**Portfolio Composition** 

**Sector Breakdown (% of the Fund's Net Assets)** 

**as of October 31, 2022** 

---

| | |
|:---|:---|
|  Financials | 18.81 |
|  Health Care | 14.01 |
|  Information Technology | 11.98 |
|  Energy | 9.90 |
|  Industrials | 9.87 |
|  Consumer Staples | 8.53 |
|  Consumer Discretionary | 8.35 |
|  Communication Services | 7.36 |
|  Utilities | 4.93 |
|  Materials | 3.19 |
|  Real Estate | 2.95 |
| Money Market Funds Plus Other Assets Less Liabilities | 0.12 |

---

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

---

| |
|:---|
| **16** |
| **16** |
| **16** |

---

------

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

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** |
|  **Communication Services-3.27%** |  |  |
|  Advantage Solutions, Inc.<sup>(b)(c)</sup> | 148010 | $500274 |
|  ATN International, Inc. | 19483 | 840107 |
|  Audacy, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295594 | 102157 |
|  Bandwidth, Inc., Class A<sup>(b)(c)</sup> | 12725 | 151046 |
|  Boston Omaha Corp., Class A<sup>(b)(c)</sup> | 12721 | 354534 |
|  Bumble, Inc., Class A<sup>(b)(c)</sup> | 83055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2109597 |
|  Cardlytics, Inc.<sup>(b)(c)</sup> | 5151 | 48574 |
|  Cargurus, Inc.<sup>(b)(c)</sup> | 23425 | 341068 |
|  Cars.com, Inc.<sup>(b)(c)</sup> | 58946 | 818170 |
|  Clear Channel Outdoor Holdings, Inc.<sup>(b)</sup> | 800225 | 1144322 |
|  Cogent Communications Holdings, Inc. | 42705 | 2242439 |
|  comScore, Inc.<sup>(b)</sup> | 148940 | 180217 |
|  Consolidated Communications Holdings, Inc.<sup>(b)(c)</sup> | 138518 | 716138 |
|  DHI Group, Inc.<sup>(b)</sup> | 58487 | 374317 |
|  E.W. Scripps Co. (The), Class A<sup>(b)(c)</sup> | 89564 | 1270913 |
|  EchoStar Corp., Class A<sup>(b)(c)</sup> | 139203 | 2626761 |
|  Entravision Communications Corp., Class A | 124072 | 580657 |
|  Eventbrite, Inc., Class A<sup>(b)(c)</sup> | 28759 | 188947 |
|  Gannett Co., Inc.<sup>(b)(c)</sup> | 508002 | 736603 |
|  Gogo, Inc.<sup>(b)</sup> | 40745 | 579394 |
|  IDT Corp., Class B<sup>(b)(c)</sup> | 25622 | 667709 |
|  IMAX Corp.<sup>(b)</sup> | 45794 | 582958 |
|  Iridium Communications, Inc.<sup>(b)</sup> | 82598 | 4256275 |
|  John Wiley & Sons, Inc., Class A<sup>(c)</sup> | 75547 | 3187328 |
|  Lee Enterprises, Inc.<sup>(b)(c)</sup> | 26668 | 506159 |
|  Liberty Media Corp.-Liberty Braves, Class A<sup>(b)(c)</sup> | 4684 | 149373 |
|  Liberty Media Corp.-Liberty Braves, Class C<sup>(b)(c)</sup> | 17036 | 530842 |
|  Liberty TripAdvisor Holdings, Inc., Class A<sup>(b)</sup> | 330691 | 367067 |
|  Loyalty Ventures, Inc.<sup>(b)</sup> | 42029 | 49594 |
|  Madison Square Garden Entertainment Corp.<sup>(b)(c)</sup> | 41187 | 2019399 |
|  Madison Square Garden Sports Corp., Class A | 4054 | 634897 |
|  Magnite, Inc.<sup>(b)(c)</sup> | 50895 | 371024 |
|  Marcus Corp. (The)<sup>(c)</sup> | 64523 | 970426 |
|  National CineMedia, Inc. | 265752 | 117197 |
|  New York Times Co. (The), Class A | 90645 | 2625079 |
|  Pinterest, Inc., Class A<sup>(b)</sup> | 118970 | 2926662 |
|  Playtika Holding Corp.<sup>(b)</sup> | 57351 | 541967 |
|  QuinStreet, Inc.<sup>(b)(c)</sup> | 57660 | 657901 |
|  Radius Global Infrastructure, Inc., Class A<sup>(b)(c)</sup> | 24464 | 228738 |
|  Roku, Inc., Class A<sup>(b)(c)</sup> | 18983 | 1054316 |
|  Scholastic Corp. | 48724 | 1858333 |
|  Shenandoah Telecommunications Co.<sup>(c)</sup> | 77561 | 1757532 |
|  Shutterstock, Inc.<sup>(c)</sup> | 8054 | 402942 |
|  Sinclair Broadcast Group, Inc., Class A<sup>(c)</sup> | 114757 | 2043822 |
|  Sirius XM Holdings, Inc.<sup>(c)</sup> | 566536 | 3421877 |
|  Skillz, Inc., (Acquired 03/18/2022 - 10/26/2022; Cost $224,157)<sup>(b)(c)(d)</sup> | 73826 | 76041 |
|  Spok Holdings, Inc. | 47162 | 414554 |
|  Stagwell, Inc.<sup>(b)(c)</sup> | 39877 | 302666 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Communication Services-(continued)** |  |  |
|  Taboola.com Ltd. (Israel)<sup>(b)</sup> | 76186 | $134087 |
|  TechTarget, Inc.<sup>(b)(c)</sup> | 5341 | 344762 |
|  Thryv Holdings, Inc.<sup>(b)(c)</sup> | 23261 | 475920 |
|  Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 25715 | 1369067 |
|  TripAdvisor, Inc.<sup>(b)(c)</sup> | 94516 | 2232468 |
|  TrueCar, Inc.<sup>(b)</sup> | 193721 | 348698 |
|  United States Cellular Corp.<sup>(b)</sup> | 50680 | 1579696 |
|  Urban One, Inc., Class A<sup>(b)</sup> | 41180 | 248315 |
|  Urban One, Inc., Class D<sup>(b)(c)</sup> | 89993 | 447265 |
|  Vimeo, Inc.<sup>(b)</sup> | 58759 | 223284 |
|  WideOpenWest, Inc.<sup>(b)(c)</sup> | 94403 | 1294265 |
|  World Wrestling Entertainment, Inc., Class A<sup>(c)</sup> | 22824 | 1800585 |
|  Yelp, Inc.<sup>(b)(c)</sup> | 61302 | 2354610 |
|  Ziff Davis, Inc.<sup>(b)(c)</sup> | 34604 | 2678004 |
|  ZipRecruiter, Inc., Class A<sup>(b)(c)</sup> | 20809 | 348967 |
|  ZoomInfo Technologies, Inc., Class A<sup>(b)</sup> | 5504 | 245093 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64753999 |
|  **Consumer Discretionary-12.69%** |  |  |
|  1-800-Flowers.com, Inc., Class A<sup>(b)(c)</sup> | 51566 | 375916 |
|  2U, Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141402 | 875278 |
|  Aaron's Co., Inc. (The) | 96886 | 1009552 |
|  Acushnet Holdings Corp.<sup>(c)</sup> | 37835 | 1761976 |
|  ADT, Inc.<sup>(c)</sup> | 482201 | 4079420 |
|  Adtalem Global Education, Inc.<sup>(b)(c)</sup> | 138601 | 5779662 |
|  Afya Ltd., Class A (Brazil)<sup>(b)(c)</sup> | 33153 | 488675 |
|  American Outdoor Brands, Inc.<sup>(b)</sup> | 29526 | 263372 |
|  American Public Education, Inc.<sup>(b)(c)</sup> | 37082 | 475020 |
|  America's Car-Mart, Inc.<sup>(b)(c)</sup> | 9532 | 651608 |
|  Arco Platform Ltd., Class A (Brazil)<sup>(b)(c)</sup> | 19415 | 220166 |
|  Arcos Dorados Holdings, Inc., Class A (Brazil) | 355914 | 2683592 |
|  Arko Corp.<sup>(c)</sup> | 220559 | 2260730 |
|  Bally's Corp.<sup>(b)(c)</sup> | 23385 | 527098 |
|  Barnes & Noble Education, Inc.<sup>(b)(c)</sup> | 215483 | 601198 |
|  Bassett Furniture Industries, Inc.<sup>(c)</sup> | 31756 | 577324 |
|  Beazer Homes USA, Inc.<sup>(b)(c)</sup> | 158801 | 1796039 |
|  Big 5 Sporting Goods Corp.<sup>(c)</sup> | 75019 | 966995 |
|  BJ's Restaurants, Inc.<sup>(b)(c)</sup> | 40389 | 1326779 |
|  Bluegreen Vacations Holding Corp. | 21851 | 378241 |
|  Boot Barn Holdings, Inc.<sup>(b)(c)</sup> | 19945 | 1132876 |
|  Boyd Gaming Corp. | 54807 | 3165652 |
|  Buckle, Inc. (The)<sup>(c)</sup> | 63193 | 2485381 |
|  Build-A-Bear Workshop, Inc.<sup>(c)</sup> | 18067 | 317799 |
|  Caleres, Inc.<sup>(c)</sup> | 103401 | 2825949 |
|  Camping World Holdings, Inc., Class A<sup>(c)</sup> | 65766 | 1830268 |
|  Canoo, Inc.<sup>(b)(c)</sup> | 48924 | 67026 |
|  CarParts.com, Inc.<sup>(b)(c)</sup> | 46817 | 219104 |
|  Carriage Services, Inc. | 13733 | 335223 |
|  Carrols Restaurant Group, Inc.<sup>(b)</sup> | 149379 | 261413 |
|  Carvana Co.<sup>(b)(c)</sup> | 10065 | 136179 |
|  Cato Corp. (The), Class A<sup>(c)</sup> | 45966 | 547455 |
|  Cavco Industries, Inc.<sup>(b)</sup> | 7258 | 1645171 |
|  Century Casinos, Inc.<sup>(b)(c)</sup> | 34909 | 277527 |
|  Century Communities, Inc.<sup>(c)</sup> | 57654 | 2566180 |
|  Cheesecake Factory, Inc. (The)<sup>(c)</sup> | 70690 | 2531409 |
|  Chegg, Inc.<sup>(b)(c)</sup> | 44473 | 959283 |

---

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

---

| |
|:---|
| **17** |
| **17** |
| **17** |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Consumer Discretionary-(continued)** |  |  |
|  Chico's FAS, Inc.<sup>(b)(c)</sup> | 528082 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3105122 |
|  Children's Place, Inc. (The)<sup>(b)(c)</sup> | 34090 | 1379963 |
|  Choice Hotels International, Inc.<sup>(c)</sup> | 12339 | 1602096 |
|  Churchill Downs, Inc. | 11061 | 2299693 |
|  Chuy's Holdings, Inc.<sup>(b)(c)</sup> | 23241 | 680961 |
|  Citi Trends, Inc.<sup>(b)(c)</sup> | 19268 | 435649 |
|  Columbia Sportswear Co.<sup>(c)</sup> | 37184 | 2770208 |
|  Conn's, Inc.<sup>(b)(c)</sup> | 74938 | 615241 |
|  Container Store Group, Inc. (The)<sup>(b)(c)</sup> | 120825 | 656080 |
|  ContextLogic, Inc., Class A<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678249 | 531069 |
|  Cooper-Standard Holdings, Inc.<sup>(b)(c)</sup> | 70454 | 669313 |
|  Coupang, Inc. (South Korea)<sup>(b)(c)</sup> | 69466 | 1199678 |
|  Crocs, Inc.<sup>(b)(c)</sup> | 25178 | 1781344 |
|  Dave & Buster's Entertainment, Inc.<sup>(b)(c)</sup> | 36809 | 1466839 |
|  Denny's Corp.<sup>(b)(c)</sup> | 57437 | 650761 |
|  Designer Brands, Inc., Class A<sup>(c)</sup> | 213780 | 3255869 |
|  Despegar.com Corp. (Argentina)<sup>(b)</sup> | 48571 | 308912 |
|  Destination XL Group, Inc.<sup>(b)(c)</sup> | 81103 | 541768 |
|  Dillard's, Inc., Class A<sup>(c)</sup> | 8964 | 2947274 |
|  Dine Brands Global, Inc.<sup>(c)</sup> | 21259 | 1532561 |
|  DoorDash, Inc., Class A<sup>(b)(c)</sup> | 28866 | 1256537 |
|  Dorman Products, Inc.<sup>(b)(c)</sup> | 24673 | 2013810 |
|  DraftKings, Inc., Class A<sup>(b)(c)</sup> | 151479 | 2393368 |
|  Drive Shack, Inc.<sup>(b)</sup> | 243388 | 154381 |
|  Duluth Holdings, Inc., Class B<sup>(b)(c)</sup> | 23238 | 202171 |
|  El Pollo Loco Holdings, Inc. | 33487 | 336209 |
|  Ethan Allen Interiors, Inc.<sup>(c)</sup> | 61136 | 1564470 |
|  Etsy, Inc.<sup>(b)(c)</sup> | 19112 | 1794808 |
|  Everi Holdings, Inc.<sup>(b)(c)</sup> | 62944 | 1194677 |
|  Express, Inc.<sup>(b)</sup> | 379227 | 462657 |
|  Farfetch Ltd., Class A (United<br>Kingdom)<sup>(b)(c)</sup> | 35451 | 300624 |
|  Fisker, Inc.<sup>(b)(c)</sup> | 52276 | 426049 |
|  Five Below, Inc.<sup>(b)(c)</sup> | 20754 | 3037348 |
|  Fiverr International Ltd.<sup>(b)</sup> | 5607 | 173537 |
|  Flexsteel Industries, Inc. | 13990 | 215026 |
|  Floor & Decor Holdings, Inc., Class A<sup>(b)(c)</sup> | 36531 | 2680279 |
|  Fossil Group, Inc.<sup>(b)</sup> | 166622 | 708144 |
|  Fox Factory Holding Corp.<sup>(b)(c)</sup> | 16122 | 1416318 |
|  Franchise Group, Inc.<sup>(c)</sup> | 19120 | 580292 |
|  frontdoor, inc.<sup>(b)(c)</sup> | 70234 | 1549362 |
|  Full House Resorts, Inc.<sup>(b)(c)</sup> | 30401 | 213111 |
|  Funko, Inc., Class A<sup>(b)(c)</sup> | 37579 | 776006 |
|  Garrett Motion, Inc. (Switzerland)<sup>(b)(c)</sup> | 101805 | 675985 |
|  Genesco, Inc.<sup>(b)(c)</sup> | 47877 | 2252134 |
|  Gentherm, Inc.<sup>(b)(c)</sup> | 25333 | 1479954 |
|  Golden Entertainment, Inc.<sup>(b)</sup> | 14359 | 606237 |
|  GoPro, Inc., Class A<sup>(b)(c)</sup> | 115144 | 627535 |
|  Grand Canyon Education, Inc.<sup>(b)</sup> | 49611 | 4992355 |
|  Green Brick Partners, Inc.<sup>(b)(c)</sup> | 49002 | 1133416 |
|  Groupon, Inc.<sup>(b)(c)</sup> | 87808 | 647145 |
|  GrowGeneration Corp.<sup>(b)(c)</sup> | 44395 | 158490 |
|  Guess?, Inc.<sup>(c)</sup> | 99364 | 1687201 |
|  Haverty Furniture Cos., Inc., (Acquired 05/02/2018 - 10/26/2022;<br>Cost $1,525,830)<sup>(c)(d)</sup> | 65157 | 1731873 |
|  Helen of Troy Ltd.<sup>(b)(c)</sup> | 20775 | 1965731 |
|  Hibbett, Inc.<sup>(c)</sup> | 39813 | 2485127 |
|  Hilton Grand Vacations, Inc.<sup>(b)</sup> | 46571 | 1827446 |
|  Hooker Furnishings Corp.<sup>(c)</sup> | 25122 | 379342 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Consumer Discretionary-(continued)** |  |  |
|  Hovnanian Enterprises, Inc., Class A<sup>(b)(c)</sup> | 23143 | $933357 |
|  Hyatt Hotels Corp., Class A<sup>(b)(c)</sup> | 35991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3390712 |
|  Installed Building Products, Inc. | 17805 | 1531230 |
|  iRobot Corp.<sup>(b)(c)</sup> | 42834 | 2420121 |
|  J Jill, Inc.<sup>(b)</sup> | 17817 | 367921 |
|  Jack in the Box, Inc.<sup>(c)</sup> | 29994 | 2646371 |
|  JAKKS Pacific, Inc.<sup>(b)</sup> | 29688 | 538540 |
|  JOANN, Inc.<sup>(c)</sup> | 61288 | 324214 |
|  Johnson Outdoors, Inc., Class A<sup>(c)</sup> | 6851 | 360500 |
|  Kirkland's, Inc.<sup>(b)(c)</sup> | 51641 | 195719 |
|  Kontoor Brands, Inc.<sup>(c)</sup> | 67300 | 2402610 |
|  Lakeland Industries, Inc.<sup>(b)(c)</sup> | 15440 | 182655 |
|  Lands' End, Inc.<sup>(b)(c)</sup> | 44703 | 468487 |
|  Laureate Education, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311339 | 3935325 |
|  La-Z-Boy, Inc.<sup>(c)</sup> | 97949 | 2426197 |
|  Lazydays Holdings, Inc.<sup>(b)(c)</sup> | 30478 | 378842 |
|  Leslie's, Inc.<sup>(b)(c)</sup> | 57639 | 809252 |
|  LGI Homes, Inc.<sup>(b)(c)</sup> | 27306 | 2513517 |
|  LL Flooring Holdings, Inc.<sup>(b)(c)</sup> | 80327 | 668321 |
|  Lordstown Motors Corp., Class A<sup>(b)(c)</sup> | 201791 | 365242 |
|  Lucid Group, Inc.<sup>(b)(c)</sup> | 21634 | 309150 |
|  MakeMyTrip Ltd. (India)<sup>(b)(c)</sup> | 23669 | 658708 |
|  Malibu Boats, Inc., Class A<sup>(b)(c)</sup> | 16166 | 855181 |
|  MarineMax, Inc.<sup>(b)(c)</sup> | 41340 | 1335695 |
|  MasterCraft Boat Holdings, Inc.<sup>(b)</sup> | 23848 | 518932 |
|  MercadoLibre, Inc. (Brazil)<sup>(b)</sup> | 3202 | 2886987 |
|  Modine Manufacturing Co.<sup>(b)</sup> | 125361 | 2246469 |
|  Monarch Casino & Resort, Inc.<sup>(b)(c)</sup> | 8113 | 644253 |
|  Monro, Inc.<sup>(c)</sup> | 53961 | 2576638 |
|  Motorcar Parts of America, Inc.<sup>(b)</sup> | 28864 | 548416 |
|  Movado Group, Inc.<sup>(c)</sup> | 19201 | 634977 |
|  National Vision Holdings, Inc.<sup>(b)(c)</sup> | 81537 | 3020131 |
|  Nautilus, Inc.<sup>(b)</sup> | 127388 | 211464 |
|  Noodles & Co.<sup>(b)</sup> | 40920 | 238154 |
|  Ollie's Bargain Outlet Holdings, Inc.<sup>(b)(c)</sup> | 87511 | 4900616 |
|  OneSpaWorld Holdings Ltd.<br>(Bahamas)<sup>(b)(c)</sup> | 31697 | 287492 |
|  OneWater Marine, Inc., Class A<sup>(b)(c)</sup> | 14623 | 482559 |
|  Overstock.com, Inc.<sup>(b)</sup> | 54243 | 1261150 |
|  Oxford Industries, Inc.<sup>(c)</sup> | 20117 | 2046502 |
|  Papa John's International, Inc.<sup>(c)</sup> | 18413 | 1337336 |
|  Party City Holdco, Inc.<sup>(b)(c)</sup> | 449532 | 759709 |
|  Patrick Industries, Inc. | 47655 | 2178310 |
|  Peloton Interactive, Inc., Class A<sup>(b)(c)</sup> | 58990 | 495516 |
|  Perdoceo Education Corp.<sup>(b)</sup> | 157194 | 1796727 |
|  Petco Health & Wellness Co., Inc.<sup>(b)(c)</sup> | 84310 | 887784 |
|  PetMed Express, Inc.<sup>(c)</sup> | 32192 | 686333 |
|  Planet Fitness, Inc., Class A<sup>(b)(c)</sup> | 16656 | 1090635 |
|  Playa Hotels & Resorts N.V.<sup>(b)</sup> | 75138 | 463601 |
|  PlayAGS, Inc.<sup>(b)</sup> | 68698 | 461651 |
|  Purple Innovation, Inc.<sup>(b)(c)</sup> | 61200 | 215424 |
|  QuantumScape Corp.<sup>(b)(c)</sup> | 42097 | 350668 |
|  Quotient Technology, Inc.<sup>(b)</sup> | 85424 | 210143 |
|  RCI Hospitality Holdings, Inc.<sup>(c)</sup> | 4998 | 421981 |
|  RealReal, Inc. (The)<sup>(b)(c)</sup> | 44589 | 75355 |
|  Red Robin Gourmet Burgers, Inc.<sup>(b)</sup> | 83650 | 687603 |
|  Red Rock Resorts, Inc., Class A | 37279 | 1552670 |
|  Regis Corp.<sup>(b)(c)</sup> | 629090 | 736035 |
|  Rent-A-Center, Inc.<sup>(c)</sup> | 87459 | 1823520 |
|  Revolve Group, Inc.<sup>(b)(c)</sup> | 7539 | 180936 |

---

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

---

| |
|:---|
| **18** |
| **18** |
| **18** |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Consumer Discretionary-(continued)** |  |  |
|  RH<sup>(b)(c)</sup> | 9390 | $2384403 |
|  Rocky Brands, Inc.<sup>(c)</sup> | 10981 | 216161 |
|  Ruth's Hospitality Group, Inc. | 31115 | 646570 |
|  SeaWorld Entertainment, Inc.<sup>(b)(c)</sup> | 17034 | 990697 |
|  Shake Shack, Inc., Class A<sup>(b)(c)</sup> | 13187 | 732802 |
|  Shift Technologies, Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171038 | 90650 |
|  Shoe Carnival, Inc. | 25303 | 606766 |
|  Skyline Champion Corp.<sup>(b)</sup> | 23970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395294 |
|  Sleep Number Corp.<sup>(b)(c)</sup> | 33484 | 928846 |
|  Smith & Wesson Brands, Inc. | 100247 | 1131789 |
|  Snap One Holdings Corp.<sup>(b)</sup> | 14327 | 170778 |
|  Sonos, Inc.<sup>(b)(c)</sup> | 50663 | 816688 |
|  Sportsman's Warehouse Holdings,<br>Inc.<sup>(b)(c)</sup> | 146327 | 1314016 |
|  Standard Motor Products, Inc. | 40467 | 1534913 |
|  Steven Madden Ltd. | 63737 | 1903824 |
|  Stitch Fix, Inc., Class A<sup>(b)(c)</sup> | 99443 | 397772 |
|  Stoneridge, Inc.<sup>(b)(c)</sup> | 87824 | 1832887 |
|  Strategic Education, Inc.<sup>(c)</sup> | 56777 | 3917613 |
|  Stride, Inc.<sup>(b)(c)</sup> | 60472 | 2026417 |
|  Sturm Ruger & Co., Inc.<sup>(c)</sup> | 27985 | 1570798 |
|  Superior Group of Cos., Inc. | 14170 | 140566 |
|  Superior Industries International, Inc.<sup>(b)</sup> | 79519 | 364197 |
|  Tenneco, Inc., Class A<sup>(b)(c)</sup> | 377783 | 7442325 |
|  Tile Shop Holdings, Inc. | 46864 | 184644 |
|  Tilly's, Inc., Class A | 63054 | 558658 |
|  Topgolf Callaway Brands Corp.<sup>(b)(c)</sup> | 47826 | 895303 |
|  Traeger, Inc.<sup>(b)(c)</sup> | 28532 | 118408 |
|  TravelCenters of America, Inc.<sup>(b)</sup> | 83678 | 5320247 |
|  Tuesday Morning Corp.<sup>(b)</sup> | 218079 | 28895 |
|  Unifi, Inc.<sup>(b)</sup> | 30260 | 275971 |
|  Universal Electronics, Inc.<sup>(b)</sup> | 30085 | 614035 |
|  Vera Bradley, Inc.<sup>(b)</sup> | 97440 | 316680 |
|  Vista Outdoor, Inc.<sup>(b)(c)</sup> | 78302 | 2273890 |
|  VOXX International Corp.<sup>(b)(c)</sup> | 48479 | 448431 |
|  Vroom, Inc.<sup>(b)(c)</sup> | 311340 | 323794 |
|  Wendy's Co. (The) | 165192 | 3432690 |
|  Wingstop, Inc. | 9076 | 1437548 |
|  Winnebago Industries, Inc.<sup>(c)</sup> | 41643 | 2485671 |
|  Wolverine World Wide, Inc.<sup>(c)</sup> | 117261 | 2008681 |
|  Workhorse Group, Inc.<sup>(b)(c)</sup> | 108587 | 293185 |
|  WW International, Inc.<sup>(b)(c)</sup> | 203978 | 921981 |
|  Wyndham Hotels & Resorts, Inc. | 46485 | 3529606 |
|  YETI Holdings, Inc.<sup>(b)(c)</sup> | 30150 | 967212 |
|  Zumiez, Inc.<sup>(b)(c)</sup> | 37029 | 830560 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;251689498 |
|  **Consumer Staples-3.99%** |  |  |
|  Adecoagro S.A. (Brazil) | 337755 | 2924958 |
|  Alico, Inc.<sup>(c)</sup> | 8929 | 273406 |
|  Andersons, Inc. (The) | 76678 | 2704433 |
|  Beauty Health Co. (The)<sup>(b)(c)</sup> | 21107 | 241253 |
|  BellRing Brands, Inc.<sup>(b)</sup> | 51245 | 1241154 |
|  Beyond Meat, Inc.<sup>(b)(c)</sup> | 9528 | 149590 |
|  Blue Apron Holdings, Inc., Class A<sup>(b)(c)</sup> | 52760 | 127152 |
|  Boston Beer Co., Inc. (The), Class A<sup>(b)(c)</sup> | 6512 | 2430865 |
|  Calavo Growers, Inc. | 37206 | 1286956 |
|  Cal-Maine Foods, Inc.<sup>(c)</sup> | 39662 | 2241300 |
|  Central Garden & Pet Co., Class A<sup>(b)</sup> | 70941 | 2776631 |
|  Chefs' Warehouse, Inc. (The)<sup>(b)(c)</sup> | 45369 | 1661866 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Consumer Staples-(continued)** |  |  |
|  Coca-Cola Consolidated, Inc. | 4246 | $2067844 |
|  Dole PLC<sup>(c)</sup> | 252280 | 2156994 |
|  elf Beauty, Inc.<sup>(b)(c)</sup> | 28128 | 1216817 |
|  Farmer Brothers Co.<sup>(b)</sup> | 57217 | 343302 |
|  Fresh Del Monte Produce, Inc. | 55660 | 1451613 |
|  Freshpet, Inc.<sup>(b)</sup> | 7291 | 429804 |
|  Grocery Outlet Holding Corp.<sup>(b)(c)</sup> | 134474 | 4648766 |
|  Hostess Brands, Inc.<sup>(b)</sup> | 172659 | 4572010 |
|  Ingles Markets, Inc., Class A | 41999 | 3963446 |
|  Inter Parfums, Inc. | 9931 | 803219 |
|  J&J Snack Foods Corp. | 12297 | 1815160 |
|  John B. Sanfilippo & Son, Inc. | 14185 | 1183171 |
|  Lancaster Colony Corp.<sup>(c)</sup> | 17894 | 3225930 |
|  Landec Corp.<sup>(b)(c)</sup> | 56485 | 562026 |
|  Limoneira Co.<sup>(c)</sup> | 21459 | 256006 |
|  Medifast, Inc.<sup>(c)</sup> | 7455 | 872160 |
|  MGP Ingredients, Inc.<sup>(c)</sup> | 6916 | 774938 |
|  Mission Produce, Inc.<sup>(b)(c)</sup> | 61508 | 1023493 |
|  National Beverage Corp.<sup>(c)</sup> | 27345 | 1296700 |
|  Natural Grocers by Vitamin Cottage, Inc. | 23168 | 266432 |
|  Nature's Sunshine Products, Inc.<sup>(b)</sup> | 15701 | 132516 |
|  Oil-Dri Corp.of America | 11513 | 339979 |
|  Pilgrim's Pride Corp.<sup>(b)(c)</sup> | 133253 | 3071482 |
|  PriceSmart, Inc. | 42940 | 2746872 |
|  Reynolds Consumer Products, Inc.<sup>(c)</sup> | 53206 | 1624911 |
|  Seneca Foods Corp., Class A<sup>(b)</sup> | 11452 | 722736 |
|  Simply Good Foods Co. (The)<sup>(b)</sup> | 40325 | 1544448 |
|  Sovos Brands, Inc.<sup>(b)(c)</sup> | 30014 | 415994 |
|  SpartanNash Co. | 107406 | 3835468 |
|  Tootsie Roll Industries, Inc. | 12637 | 510408 |
|  Turning Point Brands, Inc. | 15174 | 357499 |
|  Universal Corp. | 60393 | 3056490 |
|  USANA Health Sciences, Inc.<sup>(b)</sup> | 15983 | 839267 |
|  Utz Brands, Inc.<sup>(c)</sup> | 36783 | 596252 |
|  Vector Group Ltd. | 358430 | 3806527 |
|  Village Farms International, Inc.<br>(Canada)<sup>(b)(c)</sup> | 53063 | 114616 |
|  Village Super Market, Inc., Class A | 14494 | 322347 |
|  WD-40 Co. | 6473 | 1036716 |
|  Weis Markets, Inc.<sup>(c)</sup> | 30048 | 2814596 |
|  Whole Earth Brands, Inc.<sup>(b)</sup> | 47980 | 165531 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79044050 |
|  **Energy-8.68%** |  |  |
|  Alto Ingredients, Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313104 | 1293120 |
|  Antero Midstream Corp. | 320786 | 3416371 |
|  Arch Resources, Inc. | 24550 | 3738719 |
|  Archrock, Inc. | 378866 | 2845284 |
|  Ardmore Shipping Corp. (Ireland)<sup>(b)</sup> | 74885 | 1013194 |
|  Berry Corp. | 106343 | 943262 |
|  BP Prudhoe Bay Royalty Trust | 54194 | 705606 |
|  Brigham Minerals, Inc., Class A | 37738 | 1169878 |
|  Bristow Group, Inc.<sup>(b)</sup> | 40371 | 1208708 |
|  Cactus, Inc., Class A<sup>(c)</sup> | 18468 | 955165 |
|  Callon Petroleum Co.<sup>(b)(c)</sup> | 19134 | 841131 |
|  ChampionX Corp.<sup>(c)</sup> | 157857 | 4517867 |
|  Civitas Resources, Inc. | 21824 | 1525716 |
|  Clean Energy Fuels Corp.<sup>(b)(c)</sup> | 111185 | 746051 |
|  Comstock Resources, Inc.<sup>(b)(c)</sup> | 169140 | 3176449 |
|  CONSOL Energy, Inc. | 127174 | 8014505 |

---

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

---

| |
|:---|
| **19** |
| **19** |
| **19** |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Energy-(continued)** |  |  |
|  Continental Resources, Inc. | 49241 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3642357 |
|  Core Laboratories N.V. | 94516 | 1839281 |
|  CVR Energy, Inc. | 136443 | 5329464 |
|  DHT Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544131 | 4848207 |
|  DMC Global, Inc.<sup>(b)</sup> | 13303 | 287877 |
|  Dorian LPG Ltd. | 116149 | 2098812 |
|  Dril-Quip, Inc.<sup>(b)(c)</sup> | 64515 | 1605133 |
|  Enerflex Ltd. (Canada) | 4 | 23 |
|  Evolution Petroleum Corp. | 47101 | 371627 |
|  Expro Group Holdings N.V.<sup>(b)</sup> | 39251 | 743021 |
|  Forum Energy Technologies, Inc.<sup>(b)(c)</sup> | 14858 | 392103 |
|  Geopark Ltd. (Colombia) | 55601 | 821783 |
|  Golar LNG Ltd. (Cameroon)<sup>(b)(c)</sup> | 144000 | 4006080 |
|  Green Plains, Inc.<sup>(b)(c)</sup> | 101098 | 2920721 |
|  Hallador Energy Co.<sup>(b)(c)</sup> | 77246 | 601746 |
|  Helix Energy Solutions Group, Inc.<sup>(b)(c)</sup> | 620448 | 4343136 |
|  International Seaways, Inc.<sup>(c)</sup> | 121767 | 5164138 |
|  Kosmos Energy Ltd. (Ghana)<sup>(b)</sup> | 574015 | 3725357 |
|  Laredo Petroleum, Inc.<sup>(b)(c)</sup> | 13073 | 845169 |
|  Liberty Energy, Inc., Class A<sup>(b)</sup> | 122890 | 2078070 |
|  Magnolia Oil & Gas Corp., Class A | 39147 | 1005295 |
|  Matador Resources Co. | 75488 | 5016178 |
|  National Energy Services Reunited<br>Corp.<sup>(b)(c)</sup> | 91109 | 688784 |
|  Navigator Holdings Ltd.<sup>(b)</sup> | 27537 | 345589 |
|  Newpark Resources, Inc.<sup>(b)</sup> | 243959 | 892890 |
|  NexTier Oilfield Solutions, Inc.<sup>(b)(c)</sup> | 259075 | 2611476 |
|  Nordic American Tankers Ltd. | 1278265 | 3949839 |
|  Northern Oil and Gas, Inc.<sup>(c)</sup> | 15538 | 530467 |
|  Oceaneering International, Inc.<sup>(b)</sup> | 204910 | 2866691 |
|  Oil States International, Inc.<sup>(b)(c)</sup> | 291849 | 1888263 |
|  Par Pacific Holdings, Inc.<sup>(b)</sup> | 177141 | 4052986 |
|  Patterson-UTI Energy, Inc.<sup>(c)</sup> | 324405 | 5725748 |
|  Permian Resources Corp.<sup>(b)(c)</sup> | 366141 | 3577198 |
|  ProPetro Holding Corp.<sup>(b)</sup> | 198476 | 2349956 |
|  Range Resources Corp. | 149851 | 4267756 |
|  Ranger Oil Corp., Class A<sup>(c)</sup> | 18504 | 756814 |
|  REX American Resources Corp.<sup>(b)(c)</sup> | 30757 | 922402 |
|  Ring Energy, Inc.<sup>(b)(c)</sup> | 121060 | 386181 |
|  RPC, Inc. | 99361 | 1105888 |
|  SandRidge Energy, Inc.<sup>(b)(c)</sup> | 29031 | 548396 |
|  Scorpio Tankers, Inc. (Monaco)<sup>(c)</sup> | 203540 | 9757708 |
|  Select Energy Services, Inc., Class A<sup>(b)</sup> | 111650 | 1077423 |
|  SFL Corp. Ltd. (Norway) | 351321 | 3583474 |
|  SilverBow Resources, Inc.<sup>(b)(c)</sup> | 15455 | 548189 |
|  Solaris Oilfield Infrastructure, Inc., Class A | 45216 | 615842 |
|  Southwestern Energy Co.<sup>(b)</sup> | 702239 | 4866516 |
|  Talos Energy, Inc.<sup>(b)</sup> | 104977 | 2233911 |
|  Teekay Corp. (Bermuda)<sup>(b)</sup> | 357436 | 1397575 |
|  Teekay Tankers Ltd., Class A<br>(Bermuda)<sup>(b)</sup> | 124437 | 3918521 |
|  TETRA Technologies, Inc.<sup>(b)(c)</sup> | 351054 | 1734207 |
|  Texas Pacific Land Corp.<sup>(c)</sup> | 1955 | 4504066 |
|  Tidewater, Inc.<sup>(b)(c)</sup> | 77510 | 2627589 |
|  Tsakos Energy Navigation Ltd. (Greece) | 89822 | 1553921 |
|  US Silica Holdings, Inc.<sup>(b)</sup> | 144799 | 2083658 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Energy-(continued)** |  |  |
|  W&T Offshore, Inc.<sup>(b)(c)</sup> | 214475 | $1627865 |
|  Weatherford International PLC<sup>(b)</sup> | 115928 | 4831879 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;172226272 |
|  **Financials-18.33%** |  |  |
|  1st Source Corp. | 21308 | 1239273 |
|  Acacia Research Corp.<sup>(b)(c)</sup> | 87700 | 349923 |
|  AG Mortgage Investment Trust, Inc.<sup>(c)</sup> | 32981 | 161937 |
|  Alerus Financial Corp. | 11396 | 254131 |
|  Amalgamated Financial Corp. | 23205 | 533483 |
|  A-Mark Precious Metals, Inc.<sup>(c)</sup> | 70946 | 2157468 |
|  Ambac Financial Group, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189727 | 2665664 |
|  Amerant Bancorp, Inc.<sup>(c)</sup> | 35527 | 1069363 |
|  American National Bankshares, Inc.<sup>(c)</sup> | 7392 | 270325 |
|  Ameris Bancorp | 79362 | 4087937 |
|  AMERISAFE, Inc. | 37823 | 2209241 |
|  Arbor Realty Trust, Inc.<sup>(c)</sup> | 175408 | 2415368 |
|  Ares Commercial Real Estate Corp.<sup>(c)</sup> | 85309 | 1052713 |
|  Ares Management Corp., Class A | 37491 | 2842943 |
|  Argo Group International Holdings Ltd. | 89285 | 2220518 |
|  ARMOUR Residential REIT, Inc. | 137426 | 731106 |
|  Arrow Financial Corp.<sup>(c)</sup> | 12365 | 430559 |
|  Artisan Partners Asset Management, Inc., Class A<sup>(c)</sup> | 100944 | 2877913 |
|  AssetMark Financial Holdings, Inc.<sup>(b)</sup> | 16588 | 343537 |
|  Atlanticus Holdings Corp.<sup>(b)(c)</sup> | 6321 | 180528 |
|  Axos Financial, Inc.<sup>(b)</sup> | 58574 | 2282043 |
| B. Riley Financial, Inc.<sup>(c)</sup> | 25067 | 1019726 |
|  Banc of California, Inc. | 77179 | 1287346 |
|  BancFirst Corp. | 17357 | 1663148 |
|  Banco Latinoamericano de Comercio Exterior S.A., Class E (Panama) | 68815 | 1079707 |
|  Bancorp, Inc. (The)<sup>(b)(c)</sup> | 39680 | 1094374 |
|  Bank First Corp.<sup>(c)</sup> | 4154 | 357867 |
|  Bank of Marin Bancorp | 17715 | 639512 |
|  Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 68587 | 2368995 |
|  Banner Corp. | 60768 | 4542408 |
|  Bar Harbor Bankshares | 11566 | 347096 |
|  Berkshire Hills Bancorp, Inc.<sup>(c)</sup> | 70425 | 2059931 |
|  BGC Partners, Inc., Class A<sup>(c)</sup> | 699965 | 2771861 |
|  Blucora, Inc.<sup>(b)(c)</sup> | 52492 | 1156399 |
|  Blue Foundry Bancorp<sup>(b)(c)</sup> | 19177 | 236069 |
|  Bridgewater Bancshares, Inc.<sup>(b)(c)</sup> | 18738 | 358271 |
|  Brightsphere Investment Group, Inc. | 75203 | 1415320 |
|  BrightSpire Capital, Inc.<sup>(c)</sup> | 225258 | 1729981 |
|  Broadmark Realty Capital, Inc. | 225227 | 1310821 |
|  Brookline Bancorp, Inc. | 122667 | 1686671 |
|  Business First Bancshares, Inc. | 14391 | 356609 |
|  Byline Bancorp, Inc. | 27703 | 640493 |
|  Cambridge Bancorp | 4683 | 411402 |
|  Camden National Corp.<sup>(c)</sup> | 20458 | 890332 |
|  Capital City Bank Group, Inc. | 12752 | 451676 |
|  Capitol Federal Financial, Inc. | 325870 | 2665617 |
|  Capstar Financial Holdings, Inc. | 20489 | 362246 |
|  Carter Bankshares, Inc.<sup>(b)</sup> | 24044 | 430388 |
|  Central Pacific Financial Corp. | 49594 | 1017669 |
|  Central Valley Community Bancorp | 14732 | 274015 |
|  Cherry Hill Mortgage Investment Corp.<sup>(c)</sup> | 56452 | 306534 |
|  Citizens & Northern Corp. | 11383 | 270688 |

---

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

---

| |
|:---|
| **20** |
| **20** |
| **20** |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Financials-(continued)** |  |  |
|  City Holding Co. | 22484 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267511 |
|  Civista Bancshares, Inc.<sup>(c)</sup> | 14459 | 342678 |
|  CNA Financial Corp. | 57331 | 2390703 |
|  CNB Financial Corp. | 14215 | 361345 |
|  Cohen & Steers, Inc. | 22469 | 1351735 |
|  Columbia Financial, Inc.<sup>(b)(c)</sup> | 28666 | 588800 |
|  Community Trust Bancorp, Inc. | 18587 | 878979 |
|  Compass Diversified Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167971 | 3574423 |
|  ConnectOne Bancorp, Inc. | 44845 | 1123367 |
|  Cowen, Inc., Class A<sup>(c)</sup> | 77093 | 2977332 |
|  Credit Acceptance Corp.<sup>(b)(c)</sup> | 7665 | 3568977 |
|  CrossFirst Bankshares, Inc.<sup>(b)</sup> | 40525 | 563703 |
|  Curo Group Holdings Corp.<sup>(c)</sup> | 59907 | 309719 |
|  Customers Bancorp, Inc.<sup>(b)</sup> | 36418 | 1226922 |
|  CVB Financial Corp. | 163629 | 4699425 |
|  Diamond Hill Investment Group, Inc. | 3674 | 661136 |
|  Dime Community Bancshares, Inc. | 29641 | 1023504 |
|  Donnelley Financial Solutions, Inc.<sup>(b)(c)</sup> | 49831 | 2014667 |
|  Dynex Capital, Inc. | 86344 | 1030947 |
|  Eagle Bancorp, Inc. | 38299 | 1734179 |
|  Eastern Bankshares, Inc.<sup>(c)</sup> | 165635 | 3175223 |
|  eHealth, Inc.<sup>(b)</sup> | 87633 | 234856 |
|  Elevate Credit, Inc.<sup>(b)</sup> | 91145 | 92968 |
|  Ellington Financial, Inc. | 45769 | 612389 |
|  Ellington Residential Mortgage REIT<sup>(c)</sup> | 40183 | 268824 |
|  Employers Holdings, Inc. | 46738 | 2038244 |
|  Encore Capital Group, Inc.<sup>(b)(c)</sup> | 50324 | 2562498 |
|  Enova International, Inc.<sup>(b)</sup> | 74229 | 2782845 |
|  Enterprise Bancorp, Inc. | 6678 | 208888 |
|  Enterprise Financial Services Corp.<sup>(c)</sup> | 33918 | 1813595 |
|  Equity Bancshares, Inc., Class A | 18073 | 645568 |
|  Farmers National Banc Corp. | 35486 | 487578 |
|  FB Financial Corp. | 35492 | 1489244 |
|  Federal Agricultural Mortgage Corp., Class C<sup>(c)</sup> | 12822 | 1477094 |
|  Financial Institutions, Inc.<sup>(c)</sup> | 24298 | 579021 |
|  First Bancorp | 263997 | 4168513 |
|  First Bancorp/Southern Pines NC | 36153 | 1611339 |
|  First Bancshares, Inc. (The)<sup>(c)</sup> | 23046 | 754526 |
|  First Busey Corp. | 81709 | 2157935 |
|  First Commonwealth Financial Corp. | 145676 | 2088994 |
|  First Community Bankshares, Inc. | 14120 | 525829 |
|  First Financial Bancorp | 137038 | 3572581 |
|  First Financial Bankshares, Inc. | 70039 | 2695801 |
|  First Financial Corp. | 27039 | 1311121 |
|  First Foundation, Inc. | 29598 | 472384 |
|  First Internet Bancorp | 10142 | 260548 |
|  First Interstate BancSystem, Inc.,<br>Class A | 75113 | 3425904 |
|  First Merchants Corp.<sup>(c)</sup> | 77834 | 3494747 |
|  First Mid Bancshares, Inc.<sup>(c)</sup> | 11282 | 404008 |
|  First of Long Island Corp. (The) | 24427 | 429427 |
|  FirstCash Holdings, Inc.<sup>(c)</sup> | 45278 | 4457619 |
|  Five Star Bancorp | 9813 | 284675 |
|  Flushing Financial Corp.<sup>(c)</sup> | 45468 | 895720 |
|  Focus Financial Partners, Inc.,<br>Class A<sup>(b)(c)</sup> | 35980 | 1251744 |
|  Fresh Market, Inc.<sup>(b)(e)</sup> | 8153 | 0 |
|  German American Bancorp, Inc.<sup>(c)</sup> | 17527 | 688636 |
|  Granite Point Mortgage Trust, Inc. | 158150 | 1243059 |
|  Great Ajax Corp.<sup>(c)</sup> | 37184 | 315692 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Financials-(continued)** |  |  |
|  Great Southern Bancorp, Inc. | 19522 | $1209974 |
|  Green Dot Corp., Class A<sup>(b)</sup> | 87943 | 1673555 |
|  Greenhill & Co., Inc. | 38969 | 276290 |
|  Greenlight Capital Re Ltd., Class A<sup>(b)(c)</sup> | 46672 | 393912 |
|  Hamilton Lane, Inc., Class A<sup>(c)</sup> | 10898 | 651918 |
|  Hanmi Financial Corp. | 57985 | 1552838 |
|  Hannon Armstrong Sustainable Infrastructure Capital, Inc.<sup>(c)</sup> | 44312 | 1204400 |
|  HarborOne Bancorp, Inc. | 65235 | 993529 |
|  HCI Group, Inc.<sup>(c)</sup> | 6729 | 246551 |
|  Heartland Financial USA, Inc.<sup>(c)</sup> | 58425 | 2881521 |
|  Heritage Commerce Corp. | 71156 | 1017531 |
|  Heritage Financial Corp. | 64903 | 2186582 |
|  Heritage Insurance Holdings, Inc. | 91684 | 137526 |
|  Hilltop Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3548315 |
|  Hingham Institution for Savings (The) | 1102 | 272470 |
|  Home Bancorp, Inc. | 7379 | 315452 |
|  HomeStreet, Inc. | 34064 | 884301 |
|  HomeTrust Bancshares, Inc. | 22289 | 535605 |
|  Horace Mann Educators Corp. | 95897 | 3784096 |
|  Horizon Bancorp, Inc. | 66109 | 985685 |
|  Houlihan Lokey, Inc. | 29356 | 2622078 |
|  Independent Bank Corp. | 38958 | 3389736 |
|  Independent Bank Corporation | 35091 | 811655 |
|  Independent Bank Group, Inc. | 42830 | 2702145 |
|  Interactive Brokers Group, Inc., Class A | 22555 | 1807783 |
|  International Bancshares Corp. | 91434 | 4535126 |
|  Invesco Mortgage Capital, Inc.<sup>(f)</sup> | 64898 | 759956 |
|  Investors Title Co. | 1892 | 278029 |
|  James River Group Holdings Ltd.<sup>(c)</sup> | 100583 | 2541732 |
|  Kearny Financial Corp.<sup>(c)</sup> | 115618 | 1172367 |
|  Kinsale Capital Group, Inc. | 4894 | 1542442 |
|  KKR Real Estate Finance Trust, Inc.<sup>(c)</sup> | 69340 | 1207903 |
|  Ladder Capital Corp. | 301389 | 3215821 |
|  Lakeland Bancorp, Inc. | 84225 | 1570796 |
|  Lakeland Financial Corp. | 20530 | 1696805 |
|  Lemonade, Inc.<sup>(b)(c)</sup> | 15177 | 367283 |
|  LendingClub Corp.<sup>(b)</sup> | 100409 | 1068352 |
|  LendingTree, Inc.<sup>(b)</sup> | 11530 | 290902 |
|  Live Oak Bancshares, Inc.<sup>(c)</sup> | 12025 | 390452 |
|  Macatawa Bank Corp. | 35546 | 381409 |
|  MarketAxess Holdings, Inc. | 8976 | 2190503 |
|  MBIA, Inc.<sup>(b)(c)</sup> | 23947 | 257670 |
|  Medallion Financial Corp.<sup>(c)</sup> | 47735 | 354194 |
|  Mercantile Bank Corp. | 19138 | 668873 |
|  Merchants Bancorp | 13631 | 326462 |
|  Mercury General Corp. | 72516 | 2102964 |
|  Metrocity Bankshares, Inc. | 13819 | 307473 |
|  Metropolitan Bank Holding Corp.<sup>(b)(c)</sup> | 6170 | 407220 |
|  Mid Penn Bancorp, Inc. | 11535 | 394266 |
|  Midland States Bancorp, Inc.<sup>(c)</sup> | 37760 | 1058790 |
|  MidWestOne Financial Group, Inc. | 12357 | 415195 |
|  Moelis & Co., Class A<sup>(c)</sup> | 80048 | 3398838 |
|  Morningstar, Inc.<sup>(c)</sup> | 7863 | 1825631 |
|  Mr. Cooper Group, Inc.<sup>(b)(c)</sup> | 83196 | 3285410 |
|  MVB Financial Corp. | 9435 | 233611 |
|  National Bank Holdings Corp., Class A | 34342 | 1504866 |
|  National Western Life Group, Inc., Class A | 2626 | 520001 |
|  NBT Bancorp, Inc.<sup>(c)</sup> | 57724 | 2735540 |
|  Nelnet, Inc., Class A<sup>(c)</sup> | 31489 | 2805355 |

---

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

---

| |
|:---|
| **21** |
| **21** |
| **21** |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Financials-(continued)** |  |  |
|  New York Mortgage Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168427 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3143069 |
|  Nicolet Bankshares, Inc.<sup>(b)(c)</sup> | 9910 | 756034 |
|  NMI Holdings, Inc., Class A<sup>(b)</sup> | 102992 | 2258615 |
|  Northfield Bancorp, Inc. | 62936 | 1009493 |
|  Northrim BanCorp, Inc. | 8279 | 403436 |
|  Northwest Bancshares, Inc. | 254485 | 3832544 |
|  OceanFirst Financial Corp.<sup>(c)</sup> | 103798 | 2343759 |
|  Ocwen Financial Corp.<sup>(b)(c)</sup> | 22835 | 713365 |
|  OFG Bancorp | 77156 | 2151109 |
|  Old Second Bancorp, Inc. | 22489 | 359824 |
|  Oportun Financial Corp.<sup>(b)</sup> | 51394 | 282667 |
|  Orchid Island Capital, Inc.<sup>(c)</sup> | 29676 | 298837 |
|  Origin Bancorp, Inc. | 20819 | 860449 |
|  Oscar Health, Inc., Class A<sup>(b)(c)</sup> | 37830 | 141106 |
|  Pacific Premier Bancorp, Inc. | 100904 | 3673915 |
|  Palomar Holdings, Inc.<sup>(b)(c)</sup> | 9487 | 843964 |
|  Park National Corp.<sup>(c)</sup> | 13799 | 2035353 |
|  Pathward Financial, Inc. | 30815 | 1295154 |
|  PCB Bancorp<sup>(c)</sup> | 15335 | 283698 |
|  Peapack-Gladstone Financial Corp. | 17931 | 709530 |
|  PennyMac Financial Services, Inc. | 67510 | 3599633 |
|  Peoples Bancorp, Inc. | 39203 | 1186675 |
|  Peoples Financial Services Corp. | 5948 | 327081 |
|  Piper Sandler Cos.<sup>(c)</sup> | 13631 | 1744359 |
|  PJT Partners, Inc., Class A<sup>(c)</sup> | 9359 | 696310 |
|  PRA Group, Inc.<sup>(b)(c)</sup> | 70074 | 2347479 |
|  Preferred Bank | 15028 | 1155202 |
|  Premier Financial Corp. | 52622 | 1518145 |
|  Primis Financial Corp.<sup>(c)</sup> | 19476 | 251046 |
|  ProAssurance Corp. | 86806 | 1927961 |
|  PROG Holdings, Inc.<sup>(b)</sup> | 107825 | 1781269 |
|  Provident Financial Services, Inc.<sup>(c)</sup> | 126785 | 2842520 |
|  QCR Holdings, Inc.<sup>(c)</sup> | 17076 | 865924 |
|  RBB Bancorp | 13611 | 306384 |
|  Ready Capital Corp.<sup>(c)</sup> | 113939 | 1380941 |
|  Redwood Trust, Inc.<sup>(c)</sup> | 308333 | 2198414 |
|  Regional Management Corp. | 19185 | 651523 |
|  Renasant Corp. | 103295 | 4170019 |
|  Republic Bancorp, Inc., Class A | 9295 | 430823 |
|  Republic First Bancorp, Inc.<sup>(b)(c)</sup> | 57290 | 162131 |
|  RLI Corp. | 35833 | 4660798 |
|  Robinhood Markets, Inc., Class A<sup>(b)(c)</sup> | 37533 | 438385 |
|  Root, Inc., Class A<sup>(b)(c)</sup> | 15481 | 132053 |
|  S&T Bancorp, Inc. | 58324 | 2205230 |
|  Safety Insurance Group, Inc.<sup>(c)</sup> | 30811 | 2679016 |
|  Sandy Spring Bancorp, Inc.<sup>(c)</sup> | 57154 | 2025538 |
|  Sculptor Capital Management, Inc.<sup>(c)</sup> | 25534 | 270916 |
|  Seacoast Banking Corp. of Florida<sup>(c)</sup> | 51058 | 1577692 |
|  Selectquote, Inc.<sup>(b)(c)</sup> | 386085 | 260221 |
|  ServisFirst Bancshares, Inc.<sup>(c)</sup> | 23980 | 1806413 |
|  Shore Bancshares, Inc.<sup>(c)</sup> | 15176 | 302609 |
|  Sierra Bancorp | 15284 | 337012 |
|  Silvergate Capital Corp., Class A<sup>(b)</sup> | 4199 | 238335 |
|  SiriusPoint Ltd. (Bermuda)<sup>(b)</sup> | 168076 | 1079048 |
|  SmartFinancial, Inc. | 11941 | 349155 |
|  South Plains Financial, Inc. | 10154 | 317516 |
|  Southern First Bancshares, Inc.<sup>(b)</sup> | 8760 | 391397 |
|  Southern Missouri Bancorp, Inc. | 7892 | 404465 |
|  Southside Bancshares, Inc.<sup>(c)</sup> | 40880 | 1399731 |
|  Stellar Bancorp, Inc.<sup>(c)</sup> | 55038 | 1807448 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Financials-(continued)** |  |  |
|  StepStone Group, Inc., Class A<sup>(c)</sup> | 16356 | $482829 |
|  Stewart Information Services Corp. | 50599 | 1971337 |
|  Stock Yards Bancorp, Inc.<sup>(c)</sup> | 20807 | 1626899 |
|  StoneX Group, Inc.<sup>(b)</sup> | 19448 | 1814887 |
|  TFS Financial Corp.<sup>(c)</sup> | 51063 | 717435 |
|  Tiptree, Inc.<sup>(c)</sup> | 42806 | 521377 |
|  Tompkins Financial Corp. | 14598 | 1209298 |
|  Towne Bank | 107303 | 3534561 |
|  TPG RE Finance Trust, Inc. | 151303 | 1281536 |
|  Tradeweb Markets, Inc., Class A | 34678 | 1910064 |
|  Trean Insurance Group, Inc.<sup>(b)</sup> | 47845 | 175591 |
|  TriCo Bancshares<sup>(c)</sup> | 37760 | 2186682 |
|  Triumph Bancorp, Inc.<sup>(b)(c)</sup> | 14704 | 757256 |
|  Trupanion, Inc.<sup>(b)(c)</sup> | 8085 | 408050 |
|  TrustCo Bank Corp. | 32891 | 1227492 |
|  Trustmark Corp.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125565 | 4591912 |
|  United Community Banks, Inc.<sup>(c)</sup> | 103112 | 3969812 |
|  United Fire Group, Inc. | 33166 | 898799 |
|  United Insurance Holdings Corp. | 78308 | 31957 |
|  Universal Insurance Holdings, Inc. | 136367 | 1369125 |
|  Univest Financial Corp. | 35718 | 1005105 |
|  Veritex Holdings, Inc. | 43344 | 1368804 |
|  Vinci Partners Investments Ltd., Class A (Brazil)<sup>(c)</sup> | 38679 | 406903 |
|  Virtu Financial, Inc., Class A | 87205 | 1951648 |
|  Virtus Investment Partners, Inc. | 7154 | 1226839 |
|  Walker & Dunlop, Inc. | 23703 | 2132322 |
|  Washington Trust Bancorp, Inc. | 27309 | 1324487 |
|  Waterstone Financial, Inc. | 50653 | 860088 |
|  West Bancorporation, Inc. | 12988 | 291840 |
|  Westamerica Bancorporation | 34369 | 2155967 |
|  Western Asset Mortgage Capital Corp. | 18486 | 199464 |
|  WisdomTree Investments, Inc.<sup>(c)</sup> | 203182 | 1103278 |
|  World Acceptance Corp.<sup>(b)(c)</sup> | 6587 | 534996 |
|  WSFS Financial Corp. | 56452 | 2628405 |
|  XP, Inc., Class A (Brazil)<sup>(b)(c)</sup> | 47896 | 877934 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;363524236 |
|  **Health Care-10.41%** |  |  |
|  10X Genomics, Inc., Class A<sup>(b)(c)</sup> | 9058 | 246196 |
|  1Life Healthcare, Inc.<sup>(b)</sup> | 51716 | 884344 |
|  2seventy bio, Inc.<sup>(b)(c)</sup> | 20619 | 327430 |
|  ABIOMED, Inc.<sup>(b)</sup> | 10724 | 2703306 |
|  Acadia Pharmaceuticals, Inc.<sup>(b)</sup> | 25002 | 400782 |
|  Accolade, Inc.<sup>(b)(c)</sup> | 22362 | 241062 |
|  Accuray, Inc.<sup>(b)</sup> | 130942 | 267122 |
|  AdaptHealth Corp.<sup>(b)(c)</sup> | 55002 | 1254046 |
|  Adaptive Biotechnologies Corp.<sup>(b)(c)</sup> | 50128 | 389996 |
|  Addus HomeCare Corp.<sup>(b)(c)</sup> | 17400 | 1782108 |
|  Adverum Biotechnologies, Inc.<sup>(b)</sup> | 305539 | 264291 |
|  agilon health, inc.<sup>(b)(c)</sup> | 19874 | 394499 |
|  Agios Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 17855 | 491727 |
|  Akebia Therapeutics, Inc.<sup>(b)</sup> | 246549 | 62747 |
|  Alignment Healthcare, Inc.<sup>(b)(c)</sup> | 41877 | 554451 |
|  Alkermes PLC<sup>(b)</sup> | 82329 | 1868868 |
|  Allakos, Inc.<sup>(b)</sup> | 80479 | 469193 |
|  Allogene Therapeutics, Inc.<sup>(b)(c)</sup> | 60471 | 622851 |
|  Allscripts Healthcare Solutions, Inc.<sup>(b)(c)</sup> | 193175 | 2839672 |
|  Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 9083 | 1882543 |
|  Amedisys, Inc.<sup>(b)</sup> | 23057 | 2250133 |

---

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

---

| |
|:---|
| **22** |
| **22** |
| **22** |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Health Care-(continued)** |  |  |
|  American Well Corp., Class A<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283605 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159944 |
|  Amicus Therapeutics, Inc.<sup>(b)</sup> | 43893 | 438930 |
|  AMN Healthcare Services, Inc.<sup>(b)</sup> | 39647 | 4975698 |
|  Amneal Pharmaceuticals, Inc.<sup>(b)</sup> | 191177 | 420589 |
|  Amphastar Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 23702 | 732392 |
|  AnaptysBio, Inc.<sup>(b)(c)</sup> | 10560 | 304656 |
|  AngioDynamics, Inc.<sup>(b)</sup> | 33370 | 470183 |
|  ANI Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 11268 | 434832 |
|  Anika Therapeutics, Inc.<sup>(b)</sup> | 18824 | 534978 |
|  Annexon, Inc.<sup>(b)(c)</sup> | 49571 | 236949 |
|  Arcturus Therapeutics Holdings, Inc.<sup>(b)(c)</sup> | 15803 | 279713 |
|  Arcus Biosciences, Inc.<sup>(b)(c)</sup> | 11760 | 299645 |
|  Arrowhead Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 12192 | 424404 |
|  Artivion, Inc.<sup>(b)(c)</sup> | 38361 | 428109 |
|  Arvinas, Inc.<sup>(b)(c)</sup> | 9183 | 456487 |
|  Assertio Holdings, Inc.<sup>(b)(c)</sup> | 214971 | 554625 |
|  Atara Biotherapeutics, Inc.<sup>(b)(c)</sup> | 37559 | 175025 |
|  Atea Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 83927 | 503562 |
|  AtriCure, Inc.<sup>(b)</sup> | 9804 | 412944 |
|  Atrion Corp.<sup>(c)</sup> | 826 | 495856 |
|  Aurinia Pharmaceuticals, Inc. (Canada)<sup>(b)</sup>  | 25077 | 203876 |
|  Avanos Medical, Inc.<sup>(b)</sup> | 69312 | 1535261 |
|  Aveanna Healthcare Holdings, Inc.<sup>(b)(c)</sup> | 73984 | 102838 |
|  Avidity Biosciences, Inc.<sup>(b)(c)</sup> | 18040 | 257611 |
|  Axonics, Inc.<sup>(b)</sup> | 6766 | 494865 |
|  Azenta, Inc.<sup>(c)</sup> | 26061 | 1157108 |
|  Bio-Techne Corp. | 8459 | 2506063 |
|  Bluebird Bio, Inc.<sup>(b)(c)</sup> | 166562 | 1044344 |
|  Blueprint Medicines Corp.<sup>(b)(c)</sup> | 27451 | 1423060 |
|  Bruker Corp. | 37619 | 2326359 |
|  Butterfly Network, Inc.<sup>(b)(c)</sup> | 52152 | 255545 |
|  Cardiovascular Systems, Inc.<sup>(b)</sup> | 24973 | 360610 |
|  CareDx, Inc.<sup>(b)(c)</sup> | 9724 | 193605 |
|  Castle Biosciences, Inc.<sup>(b)(c)</sup> | 10318 | 263315 |
|  Certara, Inc.<sup>(b)(c)</sup> | 35921 | 439314 |
|  Chemed Corp. | 7545 | 3522534 |
|  Chinook Therapeutics, Inc.<sup>(b)(c)</sup> | 21628 | 470409 |
|  Clover Health Investments Corp.<sup>(b)(c)</sup> | 245268 | 387523 |
|  Coherus Biosciences, Inc.<sup>(b)(c)</sup> | 33223 | 289040 |
|  Collegium Pharmaceutical, Inc.<sup>(b)(c)</sup> | 18129 | 325234 |
|  Computer Programs & Systems, Inc.<sup>(b)</sup> | 21383 | 690671 |
|  CONMED Corp.<sup>(c)</sup> | 15533 | 1238446 |
|  Corcept Therapeutics, Inc.<sup>(b)</sup> | 46552 | 1331387 |
|  CorVel Corp.<sup>(b)</sup> | 3458 | 567838 |
|  CRISPR Therapeutics AG<br>(Switzerland)<sup>(b)(c)</sup> | 29545 | 1546385 |
|  Cross Country Healthcare, Inc.<sup>(b)(c)</sup> | 44702 | 1657997 |
|  CryoPort, Inc.<sup>(b)(c)</sup> | 10379 | 288121 |
|  CureVac N.V. (Germany)<sup>(b)</sup> | 17024 | 123935 |
|  Deciphera Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 50964 | 826636 |
|  Denali Therapeutics, Inc.<sup>(b)</sup> | 32956 | 945178 |
|  DexCom, Inc.<sup>(b)</sup> | 36208 | 4373202 |
|  Eagle Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 12063 | 379623 |
|  Editas Medicine, Inc.<sup>(b)(c)</sup> | 30193 | 378922 |
|  Emergent BioSolutions, Inc.<sup>(b)</sup> | 81647 | 1703156 |
|  Enanta Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 11565 | 521697 |
|  Ensign Group, Inc. (The) | 32562 | 2923416 |
|  Evolent Health, Inc., Class A<sup>(b)(c)</sup> | 48782 | 1551755 |
|  Exact Sciences Corp.<sup>(b)(c)</sup> | 50142 | 1743939 |
|  Exelixis, Inc.<sup>(b)</sup> | 198583 | 3292506 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Health Care-(continued)** |  |  |
|  Fate Therapeutics, Inc.<sup>(b)(c)</sup> | 10977 | $229639 |
|  FibroGen, Inc.<sup>(b)(c)</sup> | 39928 | 650028 |
|  Fulgent Genetics, Inc.<sup>(b)(c)</sup> | 10701 | 424081 |
|  Glaukos Corp.<sup>(b)(c)</sup> | 18481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036230 |
|  Globus Medical, Inc., Class A<sup>(b)(c)</sup> | 39741 | 2662647 |
|  Gossamer Bio., Inc.<sup>(b)(c)</sup> | 30673 | 340470 |
|  Guardant Health, Inc.<sup>(b)(c)</sup> | 23478 | 1162161 |
|  Haemonetics Corp.<sup>(b)(c)</sup> | 45144 | 3834983 |
|  Halozyme Therapeutics, Inc.<sup>(b)</sup> | 11205 | 535711 |
|  Health Catalyst, Inc.<sup>(b)(c)</sup> | 15322 | 135140 |
|  HealthEquity, Inc.<sup>(b)(c)</sup> | 46748 | 3642137 |
|  HealthStream, Inc.<sup>(b)</sup> | 25819 | 637729 |
|  Heron Therapeutics, Inc.<sup>(b)(c)</sup> | 38854 | 149588 |
|  Heska Corp.<sup>(b)(c)</sup> | 3625 | 260130 |
|  ICU Medical, Inc.<sup>(b)(c)</sup> | 12860 | 1908553 |
|  Inmode Ltd.<sup>(b)</sup> | 9008 | 309155 |
|  Innoviva, Inc.<sup>(b)(c)</sup> | 44784 | 607271 |
|  Inogen, Inc.<sup>(b)</sup> | 24360 | 551998 |
|  Inovio Pharmaceuticals, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162595 | 351205 |
|  Insmed, Inc.<sup>(b)(c)</sup> | 15480 | 268114 |
|  Inspire Medical Systems, Inc.<sup>(b)</sup> | 1365 | 266107 |
|  Insulet Corp.<sup>(b)(c)</sup> | 6155 | 1592976 |
|  Integer Holdings Corp.<sup>(b)</sup> | 43986 | 2741647 |
|  Integra LifeSciences Holdings Corp.<sup>(b)</sup> | 51966 | 2611291 |
|  Intellia Therapeutics, Inc.<sup>(b)</sup> | 6538 | 345076 |
|  Intra-Cellular Therapies, Inc.<sup>(b)</sup> | 11014 | 503009 |
|  Invacare Corp.<sup>(b)(c)</sup> | 384305 | 285270 |
|  Invitae Corp.<sup>(b)(c)</sup> | 215331 | 555554 |
|  Ionis Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 53662 | 2371860 |
|  Iovance Biotherapeutics, Inc.<sup>(b)</sup> | 41447 | 387115 |
|  iRhythm Technologies, Inc.<sup>(b)</sup> | 4520 | 576255 |
|  Ironwood Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 28835 | 315455 |
|  Karuna Therapeutics, Inc.<sup>(b)(c)</sup> | 2511 | 550763 |
|  Kodiak Sciences, Inc.<sup>(b)(c)</sup> | 11578 | 83130 |
|  Kronos Bio, Inc.<sup>(b)(c)</sup> | 50946 | 150800 |
|  Kura Oncology, Inc.<sup>(b)(c)</sup> | 45253 | 702327 |
|  Lannett Co., Inc.<sup>(b)(c)</sup> | 390411 | 171781 |
|  Lantheus Holdings, Inc.<sup>(b)</sup> | 41667 | 3082941 |
|  LeMaitre Vascular, Inc. | 8924 | 387302 |
|  LHC Group, Inc.<sup>(b)</sup> | 29947 | 5004144 |
|  Ligand Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 12536 | 1098780 |
|  LivaNova PLC<sup>(b)(c)</sup> | 30894 | 1455107 |
|  MacroGenics, Inc.<sup>(b)(c)</sup> | 39197 | 200689 |
|  Maravai LifeSciences Holdings, Inc.,<br>Class A<sup>(b)</sup> | 8403 | 139490 |
|  Masimo Corp.<sup>(b)</sup> | 23227 | 3056673 |
|  Medpace Holdings, Inc.<sup>(b)(c)</sup> | 12764 | 2833353 |
|  Meridian Bioscience, Inc.<sup>(b)(c)</sup> | 38619 | 1234649 |
|  Merit Medical Systems, Inc.<sup>(b)(c)</sup> | 38074 | 2618349 |
|  Mesa Laboratories, Inc.<sup>(c)</sup> | 2007 | 265345 |
|  Mirati Therapeutics, Inc.<sup>(b)(c)</sup> | 12466 | 839211 |
|  Moderna, Inc.<sup>(b)</sup> | 17922 | 2694214 |
|  ModivCare, Inc.<sup>(b)(c)</sup> | 18694 | 1817805 |
|  Multiplan Corp.<sup>(b)(c)</sup> | 888498 | 2549989 |
|  Myriad Genetics, Inc.<sup>(b)</sup> | 77321 | 1603638 |
|  NanoString Technologies, Inc.<sup>(b)(c)</sup> | 13578 | 142026 |
|  Natera, Inc.<sup>(b)</sup> | 10757 | 505149 |
|  National HealthCare Corp. | 14446 | 880050 |
|  National Research Corp. | 14190 | 577959 |
|  Nektar Therapeutics<sup>(b)(c)</sup> | 143049 | 537864 |

---

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

---

| |
|:---|
| **23** |
| **23** |
| **23** |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Health Care-(continued)** |  |  |
|  Neogen Corp.<sup>(b)</sup> | 49355 | $651486 |
|  NeoGenomics, Inc.<sup>(b)(c)</sup> | 50747 | 385931 |
|  Neurocrine Biosciences, Inc.<sup>(b)</sup> | 20172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322201 |
|  Nevro Corp.<sup>(b)(c)</sup> | 10978 | 420897 |
|  NextGen Healthcare, Inc.<sup>(b)(c)</sup> | 50725 | 1016529 |
|  Novavax, Inc.<sup>(b)(c)</sup> | 9561 | 212923 |
|  Novocure Ltd.<sup>(b)(c)</sup> | 9878 | 697979 |
|  NuVasive, Inc.<sup>(b)</sup> | 63224 | 2790075 |
|  Oak Street Health, Inc.<sup>(b)(c)</sup> | 26475 | 535589 |
|  Omnicell, Inc.<sup>(b)</sup> | 18101 | 1399569 |
|  OPKO Health, Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554504 | 1053558 |
|  Option Care Health, Inc.<sup>(b)</sup> | 119092 | 3603724 |
|  OraSure Technologies, Inc.<sup>(b)(c)</sup> | 89505 | 390242 |
|  Orthofix Medical, Inc.<sup>(b)</sup> | 29462 | 473160 |
|  Outset Medical, Inc.<sup>(b)(c)</sup> | 9095 | 141336 |
|  Pacific Biosciences of California, Inc.<sup>(b)(c)</sup> | 33753 | 284875 |
|  Pacira BioSciences, Inc.<sup>(b)(c)</sup> | 16827 | 870966 |
|  PDL BioPharma, Inc.<sup>(b)(e)</sup> | 527611 | 1201898 |
|  Pennant Group, Inc. (The)<sup>(b)(c)</sup> | 29849 | 367441 |
|  Penumbra, Inc.<sup>(b)(c)</sup> | 4918 | 843289 |
|  PetIQ, Inc.<sup>(b)(c)</sup> | 41367 | 340037 |
|  Phibro Animal Health Corp., Class A | 32169 | 472563 |
|  Phreesia, Inc.<sup>(b)(c)</sup> | 13644 | 372754 |
|  Prestige Consumer Healthcare, Inc.<sup>(b)</sup> | 63406 | 3454359 |
|  Protagonist Therapeutics, Inc.<sup>(b)</sup> | 12001 | 97208 |
|  PTC Therapeutics, Inc.<sup>(b)(c)</sup> | 20006 | 756627 |
|  QuidelOrtho Corp.<sup>(b)</sup> | 45410 | 4078726 |
|  R1 RCM, Inc.<sup>(b)(c)</sup> | 22755 | 401853 |
|  RadNet, Inc.<sup>(b)</sup> | 67655 | 1293564 |
|  Reata Pharmaceuticals, Inc., Class A<sup>(b)(c)</sup> | 14188 | 456854 |
|  REGENXBIO, Inc.<sup>(b)(c)</sup> | 18266 | 432356 |
|  Relay Therapeutics, Inc.<sup>(b)(c)</sup> | 27633 | 614005 |
|  Repligen Corp.<sup>(b)(c)</sup> | 12006 | 2190975 |
|  Replimune Group, Inc.<sup>(b)(c)</sup> | 21472 | 394226 |
|  Revance Therapeutics, Inc.<sup>(b)(c)</sup> | 30961 | 690740 |
|  Rocket Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 19419 | 362359 |
|  Sage Therapeutics, Inc.<sup>(b)(c)</sup> | 65240 | 2456938 |
|  Sangamo Therapeutics, Inc.<sup>(b)(c)</sup> | 86791 | 381012 |
|  Sarepta Therapeutics, Inc.<sup>(b)(c)</sup> | 14090 | 1606542 |
|  Schrodinger, Inc.<sup>(b)(c)</sup> | 18527 | 444092 |
|  Seagen, Inc.<sup>(b)</sup> | 29148 | 3706460 |
|  SeaSpine Holdings Corp.<sup>(b)</sup> | 23676 | 152237 |
|  Seer, Inc.<sup>(b)(c)</sup> | 24685 | 193284 |
|  SIGA Technologies, Inc.<sup>(c)</sup> | 63458 | 583179 |
|  SNDL, Inc. (Canada)<sup>(b)(c)</sup> | 47426 | 116668 |
|  Sotera Health Co.<sup>(b)</sup> | 45910 | 315861 |
|  SpringWorks Therapeutics, Inc.<sup>(b)(c)</sup> | 6593 | 158298 |
|  STAAR Surgical Co.<sup>(b)(c)</sup> | 5255 | 372422 |
|  Supernus Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 53373 | 1829093 |
|  Surgery Partners, Inc.<sup>(b)(c)</sup> | 22019 | 598697 |
|  Sutro Biopharma, Inc.<sup>(b)(c)</sup> | 44517 | 326310 |
|  Tabula Rasa HealthCare, Inc.<sup>(b)(c)</sup> | 47403 | 185820 |
|  Tactile Systems Technology, Inc.<sup>(b)</sup> | 19150 | 142476 |
|  Tandem Diabetes Care, Inc.<sup>(b)(c)</sup> | 5742 | 322413 |
|  Taro Pharmaceutical Industries Ltd.<sup>(b)</sup> | 8146 | 243810 |
|  TG Therapeutics, Inc.<sup>(b)(c)</sup> | 48424 | 281828 |
|  Tilray Brands, Inc., Class 2 (Canada)<sup>(b)(c)</sup> | 74576 | 303524 |
|  Travere Therapeutics, Inc.<sup>(b)</sup> | 12781 | 277092 |
|  Twist Bioscience Corp.<sup>(b)(c)</sup> | 7194 | 236179 |
|  UFP Technologies, Inc.<sup>(b)(c)</sup> | 5844 | 548459 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Health Care-(continued)** |  |  |
|  Ultragenyx Pharmaceutical, Inc.<sup>(b)</sup> | 19102 | $772867 |
|  uniQure N.V. (Netherlands)<sup>(b)</sup> | 16670 | 310395 |
|  US Physical Therapy, Inc.<sup>(c)</sup> | 9699 | 861271 |
|  Vanda Pharmaceuticals, Inc.<sup>(b)</sup> | 53360 | 558679 |
|  Varex Imaging Corp.<sup>(b)(c)</sup> | 65888 | 1456784 |
|  Vaxcyte, Inc.<sup>(b)(c)</sup> | 13449 | 586511 |
|  Veeva Systems, Inc., Class A<sup>(b)</sup> | 19539 | 3281380 |
|  Veracyte, Inc.<sup>(b)(c)</sup> | 20219 | 406604 |
|  Vir Biotechnology, Inc.<sup>(b)(c)</sup> | 12359 | 271651 |
|  Xencor, Inc.<sup>(b)(c)</sup> | 21202 | 593656 |
|  Zentalis Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 5636 | 141407 |
|  Zogenix, Inc.<sup>(b)(c)(e)</sup> | 11278 | 7669 |
|  Zymeworks, Inc.<sup>(b)(c)</sup> | 51396 | 381872 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;206498639 |
|  **Industrials-17.34%** |  |  |
|  3D Systems Corp.<sup>(b)(c)</sup> | 56225 | 496467 |
|  AAON, Inc.<sup>(c)</sup> | 18014 | 1161723 |
|  AAR Corp.<sup>(b)</sup> | 59865 | 2653217 |
|  ACCO Brands Corp.<sup>(c)</sup> | 194502 | 894709 |
|  Advanced Drainage Systems, Inc. | 20775 | 2407407 |
|  Aerojet Rocketdyne Holdings, Inc.<sup>(b)</sup> | 91332 | 4425035 |
|  AeroVironment, Inc.<sup>(b)(c)</sup> | 18968 | 1735572 |
|  Air Transport Services Group, Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112420 | 3282664 |
|  Alamo Group, Inc. | 10700 | 1627256 |
|  Alaska Air Group, Inc.<sup>(b)</sup> | 57511 | 2556939 |
|  Albany International Corp., Class A<sup>(c)</sup> | 27845 | 2551159 |
|  Alight, Inc., Class A<sup>(b)(c)</sup> | 40408 | 334982 |
|  Allegiant Travel Co.<sup>(b)(c)</sup> | 5230 | 392512 |
|  Allied Motion Technologies, Inc. | 10830 | 366271 |
|  Alta Equipment Group, Inc. | 27969 | 342061 |
|  Altra Industrial Motion Corp. | 83612 | 5028426 |
|  Ameresco, Inc., Class A<sup>(b)(c)</sup> | 19863 | 1201314 |
|  American Woodmark Corp.<sup>(b)</sup> | 58762 | 2664857 |
|  API Group Corp.<sup>(b)(c)</sup> | 186267 | 3071543 |
|  Apogee Enterprises, Inc. | 47199 | 2165490 |
|  ARC Document Solutions, Inc. | 87705 | 212246 |
|  ArcBest Corp.<sup>(c)</sup> | 40135 | 3187923 |
|  Arcosa, Inc. | 78996 | 5071543 |
|  Argan, Inc. | 32629 | 1131247 |
|  Armstrong World Industries, Inc. | 28465 | 2151100 |
|  Array Technologies, Inc.<sup>(b)(c)</sup> | 88396 | 1599968 |
|  Astec Industries, Inc. | 34129 | 1489731 |
|  Astronics Corp.<sup>(b)(c)</sup> | 63352 | 586640 |
|  Atkore, Inc.<sup>(b)</sup> | 31335 | 2986225 |
|  Atlas Corp. (Canada)<sup>(c)</sup> | 136857 | 2024115 |
|  Axon Enterprise, Inc.<sup>(b)</sup> | 12501 | 1818145 |
|  AZEK Co., Inc. (The)<sup>(b)(c)</sup> | 69223 | 1212095 |
|  AZZ, Inc. | 40964 | 1646753 |
|  Babcock & Wilcox Enterprises, Inc.<sup>(b)(c)</sup> | 82071 | 374244 |
|  Barnes Group, Inc.<sup>(c)</sup> | 75258 | 2661875 |
|  Barrett Business Services, Inc. | 17791 | 1551731 |
|  Bloom Energy Corp., Class A<sup>(b)(c)</sup> | 25323 | 473793 |
|  Blue Bird Corp.<sup>(b)(c)</sup> | 26110 | 239429 |
|  BlueLinx Holdings, Inc.<sup>(b)(c)</sup> | 29097 | 2050175 |
|  Brady Corp., Class A | 63806 | 2919124 |
|  BrightView Holdings, Inc.<sup>(b)</sup> | 116740 | 1041321 |
|  Caesarstone Ltd. | 49318 | 437944 |
|  Casella Waste Systems, Inc., Class A<sup>(b)</sup> | 21945 | 1795320 |
|  CBIZ, Inc.<sup>(b)</sup> | 54286 | 2694757 |

---

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

---

| |
|:---|
| **24** |
| **24** |
| **24** |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Industrials-(continued)** |  |  |
|  Chart Industries, Inc.<sup>(b)(c)</sup> | 29229 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6514560 |
|  Cimpress PLC (Ireland)<sup>(b)(c)</sup> | 34910 | 812705 |
|  CIRCOR International, Inc.<sup>(b)(c)</sup> | 30692 | 634404 |
|  Civeo Corp.<sup>(b)</sup> | 15166 | 470146 |
|  Columbus McKinnon Corp. | 30684 | 875108 |
|  Comfort Systems USA, Inc. | 34521 | 4255749 |
|  Commercial Vehicle Group, Inc.<sup>(b)(c)</sup> | 74998 | 377990 |
|  Construction Partners, Inc., Class A<sup>(b)(c)</sup> | 30425 | 947434 |
|  Copa Holdings S.A., Class A<br>(Panama)<sup>(b)(c)</sup> | 12845 | 966329 |
|  Core & Main, Inc., Class A<sup>(b)(c)</sup> | 58996 | 1391126 |
|  CoreCivic, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350326 | 3667913 |
|  Costamare, Inc. (Monaco) | 106822 | 1008400 |
|  Covenant Logistics Group, Inc.,<br>Class A<sup>(c)</sup> | 50043 | 1893627 |
|  CRA International, Inc. | 7059 | 725242 |
|  CSW Industrials, Inc. | 8116 | 1046315 |
|  Danaos Corp. (Greece) | 14850 | 841995 |
|  Daseke, Inc.<sup>(b)(c)</sup> | 193798 | 1155036 |
|  Deluxe Corp.<sup>(c)</sup> | 79995 | 1470308 |
|  Desktop Metal, Inc., Class A<sup>(b)(c)</sup> | 103865 | 262778 |
|  Diana Shipping, Inc. (Greece) | 84369 | 364474 |
|  Distribution Solutions Group, Inc.<sup>(b)(c)</sup> | 6071 | 182616 |
|  Douglas Dynamics, Inc. | 34880 | 1184176 |
|  Driven Brands Holdings, Inc.<sup>(b)(c)</sup> | 26416 | 844784 |
|  Ducommun, Inc., (Acquired 05/16/2017 - 10/26/2022; Cost $516,536)<sup>(b)(d)</sup> | 13149 | 620764 |
|  Dun & Bradstreet Holdings, Inc.<sup>(c)</sup> | 156883 | 2015947 |
|  DXP Enterprises, Inc.<sup>(b)</sup> | 36564 | 1046096 |
|  Eagle Bulk Shipping, Inc.<sup>(c)</sup> | 9453 | 457336 |
|  Encore Wire Corp.<sup>(c)</sup> | 16855 | 2319079 |
|  Enerpac Tool Group Corp. | 58758 | 1493041 |
|  Ennis, Inc. | 51235 | 1155862 |
|  EnPro Industries, Inc. | 23634 | 2517021 |
|  ESCO Technologies, Inc. | 26886 | 2316767 |
|  Evoqua Water Technologies Corp.<sup>(b)</sup> | 59087 | 2315029 |
|  Exponent, Inc. | 16889 | 1608846 |
|  Federal Signal Corp.<sup>(c)</sup> | 58370 | 2722960 |
|  Forrester Research, Inc.<sup>(b)</sup> | 7924 | 335344 |
|  Forward Air Corp. | 21840 | 2312201 |
|  Franklin Covey Co.<sup>(b)</sup> | 5650 | 285890 |
|  Franklin Electric Co., Inc. | 31018 | 2541615 |
|  FuelCell Energy, Inc.<sup>(b)(c)</sup> | 56465 | 176171 |
|  Gates Industrial Corp. PLC<sup>(b)(c)</sup> | 190494 | 2124008 |
|  Genco Shipping & Trading Ltd.<sup>(c)</sup> | 36458 | 488537 |
|  Gibraltar Industries, Inc.<sup>(b)</sup> | 45872 | 2343142 |
|  Global Industrial Co. | 21812 | 692313 |
|  Global Ship Lease, Inc., Class A (United Kingdom)<sup>(c)</sup> | 16256 | 277978 |
|  Golden Ocean Group Ltd. (Norway)<sup>(c)</sup> | 129945 | 1082442 |
|  Gorman-Rupp Co. (The) | 23559 | 639391 |
|  GrafTech International Ltd.<sup>(c)</sup> | 298158 | 1517624 |
|  Granite Construction, Inc. | 107498 | 3625908 |
|  Great Lakes Dredge & Dock Corp.<sup>(b)(c)</sup> | 78930 | 596711 |
|  Griffon Corp. | 94552 | 3038901 |
|  H&E Equipment Services, Inc.<sup>(c)</sup> | 75014 | 2832529 |
|  Harsco Corp.<sup>(b)(c)</sup> | 152395 | 806170 |
|  Hawaiian Holdings, Inc.<sup>(b)(c)</sup> | 45187 | 652048 |
|  Hayward Holdings, Inc.<sup>(b)(c)</sup> | 32144 | 297332 |
|  Healthcare Services Group, Inc. | 195700 | 2731972 |
|  Heartland Express, Inc.<sup>(c)</sup> | 82121 | 1221960 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Industrials-(continued)** |  |  |
|  Heidrick & Struggles International, Inc. | 22990 | $647398 |
|  Helios Technologies, Inc. | 19330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095818 |
|  Heritage-Crystal Clean, Inc.<sup>(b)</sup> | 19638 | 539456 |
|  Hillenbrand, Inc. | 88872 | 3926365 |
|  Hillman Solutions Corp.<sup>(b)(c)</sup> | 28325 | 221218 |
|  HNI Corp.<sup>(c)</sup> | 79288 | 2298559 |
|  Huron Consulting Group, Inc.<sup>(b)</sup> | 33071 | 2435018 |
|  Hydrofarm Holdings Group, Inc.<sup>(b)(c)</sup> | 21975 | 56696 |
|  Hyliion Holdings Corp.<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119654 | 341014 |
|  Hyster-Yale Materials Handling, Inc.<sup>(c)</sup> | 38718 | 1129017 |
|  IAA, Inc.<sup>(b)(c)</sup> | 91539 | 3472074 |
|  ICF International, Inc.<sup>(c)</sup> | 23413 | 2800897 |
|  Ideanomics, Inc.<sup>(b)(c)</sup> | 285743 | 87152 |
|  IES Holdings, Inc.<sup>(b)</sup> | 12815 | 423408 |
|  INNOVATE Corp.<sup>(b)(c)</sup> | 113512 | 83749 |
|  Insperity, Inc. | 44264 | 5224037 |
|  Insteel Industries, Inc. | 24425 | 643599 |
|  Interface, Inc. | 106591 | 1205544 |
|  JetBlue Airways Corp.<sup>(b)</sup> | 236988 | 1905384 |
|  John Bean Technologies Corp.<sup>(c)</sup> | 20843 | 1900882 |
|  Kadant, Inc. | 6950 | 1236752 |
|  Kaman Corp. | 52106 | 1672603 |
|  Kelly Services, Inc., Class A | 50456 | 824451 |
|  Kforce, Inc.<sup>(c)</sup> | 23345 | 1477038 |
|  Kimball International, Inc., Class B | 84359 | 623413 |
|  Korn Ferry | 55617 | 3091749 |
|  Kornit Digital Ltd. (Israel)<sup>(b)</sup> | 7714 | 206118 |
|  Kratos Defense & Security Solutions,<br>Inc.<sup>(b)(c)</sup> | 111111 | 1231110 |
|  Lindsay Corp. | 8302 | 1405529 |
|  Luxfer Holdings PLC (United Kingdom) | 36522 | 528473 |
|  Lyft, Inc., Class A<sup>(b)</sup> | 80010 | 1171346 |
|  Manitowoc Co., Inc. (The)<sup>(b)</sup> | 112257 | 1023784 |
|  Marten Transport Ltd. | 92903 | 1743789 |
|  Masonite International Corp.<sup>(b)</sup> | 40921 | 2927079 |
|  Matrix Service Co.<sup>(b)(c)</sup> | 227392 | 1114221 |
|  Matson, Inc. | 9340 | 687237 |
|  Matthews International Corp., Class A<sup>(c)</sup> | 56212 | 1510979 |
|  Maxar Technologies, Inc. | 127029 | 2837828 |
|  Mayville Engineering Co., Inc.<sup>(b)</sup> | 28716 | 190961 |
|  McGrath RentCorp | 31564 | 2968594 |
|  Mercury Systems, Inc.<sup>(b)(c)</sup> | 48629 | 2353644 |
|  Mesa Air Group, Inc.<sup>(b)</sup> | 98875 | 146335 |
|  Miller Industries, Inc. | 15331 | 389867 |
|  MillerKnoll, Inc. | 98740 | 2091313 |
|  Mistras Group, Inc.<sup>(b)</sup> | 41077 | 188954 |
|  Montrose Environmental Group, Inc.<sup>(b)(c)</sup> | 9714 | 425279 |
|  Moog, Inc., Class A | 49271 | 4175717 |
|  MRC Global, Inc.<sup>(b)(c)</sup> | 256329 | 2570980 |
|  MSA Safety, Inc. | 23324 | 3131014 |
|  Mueller Water Products, Inc., Class A | 182939 | 2140386 |
|  MYR Group, Inc.<sup>(b)</sup> | 25607 | 2240869 |
|  National Presto Industries, Inc. | 15408 | 1086110 |
|  Navios Maritime Holdings, Inc. (Greece)<sup>(b)</sup> | 106198 | 204962 |
|  Nikola Corp.<sup>(b)(c)</sup> | 76402 | 289564 |
|  NN, Inc.<sup>(b)</sup> | 111952 | 278760 |
|  Northwest Pipe Co.<sup>(b)(c)</sup> | 18876 | 641595 |
|  NOW, Inc.<sup>(b)</sup> | 313455 | 3990282 |
|  NV5 Global, Inc.<sup>(b)(c)</sup> | 9451 | 1369922 |
|  PAM Transportation Services, Inc.<sup>(b)</sup> | 8297 | 231071 |

---

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

---

| |
|:---|
| **25** |
| **25** |
| **25** |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Industrials-(continued)** |  |  |
|  Park Aerospace Corp. | 40372 | $502228 |
|  Park-Ohio Holdings Corp. | 20758 | 236018 |
|  Parsons Corp.<sup>(b)(c)</sup> | 49103 | 2301949 |
|  PGT Innovations, Inc.<sup>(b)</sup> | 85096 | 1813396 |
|  Plug Power, Inc.<sup>(b)(c)</sup> | 71930 | 1149441 |
|  Powell Industries, Inc. | 23702 | 584728 |
|  Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2661648 |
|  Proto Labs, Inc.<sup>(b)(c)</sup> | 29816 | 1138673 |
|  Quad/Graphics, Inc.<sup>(b)(c)</sup> | 56877 | 158118 |
|  Quanex Building Products Corp.<sup>(c)</sup> | 59838 | 1326010 |
|  Radiant Logistics, Inc.<sup>(b)</sup> | 61284 | 371994 |
|  RBC Bearings, Inc.<sup>(b)(c)</sup> | 15529 | 3937067 |
|  Resources Connection, Inc. | 70364 | 1285550 |
|  REV Group, Inc. | 80764 | 1109697 |
|  Rollins, Inc. | 97297 | 4094258 |
|  Safe Bulkers, Inc. (Greece) | 183497 | 464247 |
|  Saia, Inc.<sup>(b)(c)</sup> | 14018 | 2787619 |
|  Schneider National, Inc., Class B<sup>(c)</sup> | 103302 | 2297436 |
|  Shyft Group, Inc. (The) | 18796 | 431932 |
|  Simpson Manufacturing Co., Inc. | 27201 | 2325141 |
|  SiteOne Landscape Supply, Inc.<sup>(b)(c)</sup> | 22250 | 2578107 |
|  Skillsoft Corp.<sup>(b)(c)</sup> | 48399 | 86634 |
|  SkyWest, Inc.<sup>(b)</sup> | 57754 | 1021091 |
|  SP Plus Corp.<sup>(b)</sup> | 36418 | 1348559 |
|  Spirit Airlines, Inc.<sup>(b)</sup> | 74886 | 1647492 |
|  SPX Technologies, Inc.<sup>(b)(c)</sup> | 50827 | 3346450 |
|  Standex International Corp. | 13802 | 1367088 |
|  Star Bulk Carriers Corp. (Greece) | 37040 | 645237 |
|  Steelcase, Inc., Class A | 320636 | 2491342 |
|  Stem, Inc.<sup>(b)(c)</sup> | 29629 | 402954 |
|  Sterling Infrastructure, Inc.<sup>(b)</sup> | 52902 | 1427825 |
|  Sun Country Airlines Holdings, Inc.<sup>(b)(c)</sup> | 10939 | 178087 |
|  SunPower Corp.<sup>(b)(c)</sup> | 45538 | 841998 |
|  Tecnoglass, Inc. | 16344 | 335542 |
|  Tennant Co. | 18850 | 1098012 |
|  Tetra Tech, Inc. | 25539 | 3608150 |
|  Textainer Group Holdings Ltd. (China)<sup>(c)</sup> | 71604 | 2142392 |
|  Thermon Group Holdings, Inc.<sup>(b)</sup> | 56450 | 1002552 |
|  Titan International, Inc.<sup>(b)</sup> | 98088 | 1467396 |
|  Titan Machinery, Inc.<sup>(b)</sup> | 50056 | 1720925 |
|  TPI Composites, Inc.<sup>(b)(c)</sup> | 151759 | 1511520 |
|  Transcat, Inc.<sup>(b)(c)</sup> | 3855 | 319040 |
|  Trex Co., Inc.<sup>(b)(c)</sup> | 27373 | 1316368 |
|  TriNet Group, Inc.<sup>(b)(c)</sup> | 38270 | 2486785 |
|  Triumph Group, Inc.<sup>(b)</sup> | 86187 | 779992 |
|  TrueBlue, Inc.<sup>(b)</sup> | 88794 | 1745690 |
|  Tutor Perini Corp.<sup>(b)</sup> | 157529 | 1168865 |
|  UniFirst Corp.<sup>(c)</sup> | 17913 | 3296171 |
|  Universal Logistics Holdings, Inc. | 16550 | 529600 |
|  Upwork, Inc.<sup>(b)(c)</sup> | 20786 | 279572 |
|  US Xpress Enterprises, Inc., Class A<sup>(b)(c)</sup> | 140385 | 327097 |
|  V2X, Inc.<sup>(b)</sup> | 19729 | 808692 |
|  Vertiv Holdings Co.<sup>(c)</sup> | 163577 | 2340787 |
|  Viad Corp.<sup>(b)</sup> | 33126 | 1234937 |
|  Vicor Corp.<sup>(b)(c)</sup> | 3610 | 172450 |
|  Virgin Galactic Holdings, Inc.<sup>(b)(c)</sup> | 59976 | 277089 |
|  VSE Corp. | 15180 | 702682 |
|  Wabash National Corp. | 146300 | 3167395 |
|  Watts Water Technologies, Inc., Class A | 18834 | 2756544 |
|  Willdan Group, Inc.<sup>(b)(c)</sup> | 15382 | 212579 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Industrials-(continued)** |  |  |
|  WillScot Mobile Mini Holdings Corp.<sup>(b)</sup> | 107432 | $4569083 |
|  Yellow Corp.<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419841 | 1859896 |
|  ZIM Integrated Shipping Services Ltd. (Israel)<sup>(c)</sup> | 13514 | 317444 |
|  Zurn Elkay Water Solutions Corp. | 56070 | 1317084 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;343908506 |
|  **Information Technology-12.62%** |  |  |
|  8x8, Inc.<sup>(b)(c)</sup> | 37948 | 160520 |
|  ACI Worldwide, Inc.<sup>(b)</sup> | 111762 | 2719169 |
|  Adeia, Inc. | 177423 | 1983589 |
|  ADTRAN Holdings, Inc.<sup>(c)</sup> | 55234 | 1240556 |
|  Advanced Energy Industries, Inc.<sup>(c)</sup> | 29461 | 2317108 |
|  Alarm.com Holdings, Inc.<sup>(b)(c)</sup> | 17223 | 1013401 |
|  Allegro MicroSystems, Inc. (Japan)<sup>(b)(c)</sup> | 13775 | 350023 |
|  Alpha & Omega Semiconductor Ltd.<sup>(b)(c)</sup> | 12977 | 424997 |
|  Altair Engineering, Inc., Class A<sup>(b)(c)</sup> | 8701 | 426784 |
|  Alteryx, Inc., Class A<sup>(b)</sup> | 13202 | 643333 |
|  Ambarella, Inc.<sup>(b)</sup> | 5304 | 290288 |
|  American Software, Inc., Class A | 22991 | 393836 |
|  AppFolio, Inc., Class A<sup>(b)(c)</sup> | 3006 | 376862 |
|  Appian Corp., Class A<sup>(b)(c)</sup> | 5111 | 249519 |
|  Applied Optoelectronics, Inc.<sup>(b)(c)</sup> | 145574 | 400328 |
|  Arlo Technologies, Inc.<sup>(b)</sup> | 51967 | 267630 |
|  Aspen Technology, Inc.<sup>(b)(c)</sup> | 7082 | 1709949 |
|  Atlassian Corp., Class A<sup>(b)</sup> | 3030 | 614272 |
|  Autodesk, Inc.<sup>(b)</sup> | 19213 | 4117346 |
|  Avaya Holdings Corp.<sup>(b)(c)</sup> | 217310 | 343350 |
|  Aviat Networks, Inc.<sup>(b)(c)</sup> | 9985 | 326110 |
|  Avid Technology, Inc.<sup>(b)(c)</sup> | 16222 | 445943 |
|  Axcelis Technologies, Inc.<sup>(b)</sup> | 16355 | 948590 |
|  AXT, Inc.<sup>(b)(c)</sup> | 43632 | 198089 |
|  Badger Meter, Inc. | 12872 | 1447843 |
|  Bel Fuse, Inc., Class B | 31531 | 1021920 |
|  Belden, Inc. | 68375 | 4760951 |
|  Benchmark Electronics, Inc. | 76624 | 2175355 |
|  Bentley Systems, Inc., Class B<sup>(c)</sup> | 59421 | 2096373 |
|  Bill.com Holdings, Inc.<sup>(b)</sup> | 3505 | 467427 |
|  Blackbaud, Inc.<sup>(b)(c)</sup> | 31049 | 1698380 |
|  Blackline, Inc.<sup>(b)(c)</sup> | 8475 | 474600 |
|  Box, Inc., Class A<sup>(b)</sup> | 24882 | 722822 |
|  C3.ai, Inc., Class A<sup>(b)(c)</sup> | 34252 | 449044 |
|  CalAmp Corp.<sup>(b)</sup> | 76942 | 292380 |
|  Calix, Inc.<sup>(b)</sup> | 11645 | 857538 |
|  Casa Systems, Inc.<sup>(b)(c)</sup> | 70709 | 222733 |
|  Cass Information Systems, Inc.<sup>(c)</sup> | 17539 | 750318 |
|  Ceragon Networks Ltd. (Israel)<sup>(b)</sup> | 251491 | 452684 |
|  Cerence, Inc.<sup>(b)(c)</sup> | 41730 | 717756 |
|  Ceridian HCM Holding, Inc.<sup>(b)</sup> | 45526 | 3013366 |
|  CEVA, Inc.<sup>(b)(c)</sup> | 10029 | 277402 |
|  ChannelAdvisor Corp.<sup>(b)</sup> | 15959 | 367695 |
|  Cloudflare, Inc., Class A<sup>(b)(c)</sup> | 9115 | 513357 |
|  Cognyte Software Ltd. (Israel)<sup>(b)</sup> | 85207 | 231763 |
|  Cohu, Inc.<sup>(b)(c)</sup> | 32016 | 1053967 |
|  CommVault Systems, Inc.<sup>(b)</sup> | 18159 | 1105702 |
|  Comtech Telecommunications Corp. | 61735 | 682172 |
|  Consensus Cloud Solutions, Inc.<sup>(b)(c)</sup> | 35341 | 1984044 |
|  Corsair Gaming, Inc.<sup>(b)(c)</sup> | 27383 | 377885 |
|  Coupa Software, Inc.<sup>(b)(c)</sup> | 12046 | 641209 |
|  Crowdstrike Holdings, Inc., Class A<sup>(b)</sup> | 6846 | 1103575 |

---

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

---

| |
|:---|
| **26** |
| **26** |
| **26** |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Information Technology-(continued)** |  |  |
|  CSG Systems International, Inc. | 37025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2394407 |
|  CTS Corp.<sup>(c)</sup> | 30579 | 1208482 |
|  CyberArk Software Ltd.<sup>(b)</sup> | 9437 | 1480760 |
|  Daktronics, Inc.<sup>(b)</sup> | 132411 | 452846 |
|  Datadog, Inc., Class A<sup>(b)</sup> | 6666 | 536680 |
|  Diebold Nixdorf, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315419 | 785393 |
|  Digi International, Inc.<sup>(b)(c)</sup> | 37611 | 1516852 |
|  Digital Turbine, Inc.<sup>(b)(c)</sup> | 7252 | 105879 |
|  Diodes, Inc.<sup>(b)</sup> | 35986 | 2579117 |
|  DocuSign, Inc.<sup>(b)</sup> | 9444 | 456145 |
|  Dolby Laboratories, Inc., Class A | 46833 | 3130318 |
|  Dropbox, Inc., Class A<sup>(b)</sup> | 55174 | 1200034 |
|  Duck Creek Technologies, Inc.<sup>(b)</sup> | 23832 | 284554 |
|  Dynatrace, Inc.<sup>(b)</sup> | 33446 | 1178637 |
|  Eastman Kodak Co.<sup>(b)(c)</sup> | 140783 | 753189 |
|  Ebix, Inc.<sup>(c)</sup> | 44392 | 878518 |
|  Edgio, Inc.<sup>(b)(c)</sup> | 84640 | 227682 |
|  Elastic N.V.<sup>(b)</sup> | 7590 | 485380 |
|  EMCORE Corp.<sup>(b)</sup> | 69281 | 106000 |
|  Enphase Energy, Inc.<sup>(b)</sup> | 8625 | 2647875 |
|  Envestnet, Inc.<sup>(b)(c)</sup> | 34583 | 1705288 |
|  ePlus, Inc.<sup>(b)(c)</sup> | 46430 | 2262070 |
|  Everbridge, Inc.<sup>(b)(c)</sup> | 9104 | 285228 |
|  EVERTEC, Inc. | 34479 | 1234693 |
|  Evo Payments, Inc., Class A<sup>(b)</sup> | 22586 | 760922 |
|  Exela Technologies, Inc.<sup>(b)(c)</sup> | 67903 | 16127 |
|  ExlService Holdings, Inc.<sup>(b)(c)</sup> | 19299 | 3509523 |
|  Extreme Networks, Inc.<sup>(b)</sup> | 69211 | 1241645 |
|  Fabrinet (Thailand)<sup>(b)</sup> | 29752 | 3403629 |
|  Fair Isaac Corp.<sup>(b)</sup> | 3973 | 1902431 |
|  FARO Technologies, Inc.<sup>(b)</sup> | 13400 | 391414 |
|  Fastly, Inc., Class A<sup>(b)(c)</sup> | 58769 | 498949 |
|  Five9, Inc.<sup>(b)</sup> | 5332 | 321306 |
|  FormFactor, Inc.<sup>(b)(c)</sup> | 43575 | 880651 |
|  Fortinet, Inc.<sup>(b)</sup> | 58946 | 3369353 |
|  Globant S.A.<sup>(b)</sup> | 7471 | 1409628 |
|  GoDaddy, Inc., Class A<sup>(b)</sup> | 51647 | 4152419 |
|  Guidewire Software, Inc.<sup>(b)(c)</sup> | 29434 | 1748674 |
|  Hackett Group, Inc. (The) | 28205 | 615997 |
|  Harmonic, Inc.<sup>(b)(c)</sup> | 63994 | 988707 |
|  HubSpot, Inc.<sup>(b)(c)</sup> | 2514 | 745552 |
|  I3 Verticals, Inc., Class A<sup>(b)(c)</sup> | 12177 | 264972 |
|  Ichor Holdings Ltd.<sup>(b)(c)</sup> | 34631 | 881013 |
|  Infinera Corp.<sup>(b)(c)</sup> | 131491 | 737665 |
|  Information Services Group, Inc. | 41606 | 225921 |
|  InterDigital, Inc. | 41061 | 2047712 |
|  International Money Express, Inc.<sup>(b)</sup> | 22007 | 594849 |
|  IonQ, Inc.<sup>(b)(c)</sup> | 20901 | 123107 |
|  Itron, Inc.<sup>(b)(c)</sup> | 69584 | 3401962 |
|  Ituran Location and Control Ltd. (Israel) | 22965 | 550701 |
|  Jamf Holding Corp.<sup>(b)(c)</sup> | 16038 | 379619 |
|  JFrog Ltd. (Israel)<sup>(b)</sup> | 16252 | 412801 |
|  Kimball Electronics, Inc.<sup>(b)(c)</sup> | 54573 | 1128024 |
|  Knowles Corp.<sup>(b)</sup> | 122122 | 1679177 |
|  Kulicke & Soffa Industries, Inc. (Singapore)<sup>(c)</sup> | 34824 | 1460519 |
|  Lattice Semiconductor Corp.<sup>(b)</sup> | 16946 | 822050 |
|  Littelfuse, Inc.<sup>(c)</sup> | 15435 | 3399559 |
|  LivePerson, Inc.<sup>(b)(c)</sup> | 18876 | 199519 |
|  LiveRamp Holdings, Inc.<sup>(b)</sup> | 37786 | 693751 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Information Technology-(continued)** |  |  |
|  Lumentum Holdings, Inc.<sup>(b)(c)</sup> | 42086 | $3133303 |
|  MACOM Technology Solutions Holdings, Inc.<sup>(b)(c)</sup> | 9940 | 575228 |
|  MagnaChip Semiconductor Corp. (South Korea)<sup>(b)</sup> | 67093 | 667575 |
|  Manhattan Associates, Inc.<sup>(b)</sup> | 13111 | 1595215 |
|  Marathon Digital Holdings, Inc.<sup>(b)(c)</sup> | 13964 | 183068 |
|  Maxeon Solar Technologies Ltd.<sup>(b)(c)</sup> | 82311 | 1422334 |
|  MaxLinear, Inc.<sup>(b)</sup> | 15197 | 469283 |
|  Methode Electronics, Inc. | 51030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103967 |
|  MicroStrategy, Inc., Class A<sup>(b)(c)</sup> | 2483 | 664227 |
|  Mirion Technologies, Inc.<sup>(b)(c)</sup> | 67075 | 541966 |
|  Momentive Global, Inc.<sup>(b)</sup> | 33788 | 262195 |
|  MoneyGram International, Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182531 | 1933003 |
|  Monolithic Power Systems, Inc. | 6020 | 2043489 |
|  N-able, Inc.<sup>(b)(c)</sup> | 27490 | 297717 |
|  NETGEAR, Inc.<sup>(b)</sup> | 68590 | 1347793 |
|  NetScout Systems, Inc.<sup>(b)(c)</sup> | 119409 | 4289171 |
|  New Relic, Inc.<sup>(b)</sup> | 10604 | 628181 |
|  nLight, Inc.<sup>(b)</sup> | 27238 | 293353 |
|  Novanta, Inc.<sup>(b)(c)</sup> | 11392 | 1610829 |
|  Nutanix, Inc., Class A<sup>(b)</sup> | 36695 | 1005443 |
|  NVE Corp. | 4899 | 303787 |
|  Okta, Inc.<sup>(b)</sup> | 5649 | 317022 |
|  OneSpan, Inc.<sup>(b)</sup> | 30106 | 330865 |
|  Onto Innovation, Inc.<sup>(b)</sup> | 23417 | 1565192 |
|  OSI Systems, Inc.<sup>(b)</sup> | 26405 | 2169963 |
|  PagerDuty, Inc.<sup>(b)(c)</sup> | 15939 | 397519 |
|  Pagseguro Digital Ltd., Class A (Brazil)<sup>(b)(c)</sup> | 182372 | 2494849 |
|  Palantir Technologies, Inc., Class A<sup>(b)(c)</sup> | 185712 | 1632408 |
|  Palo Alto Networks, Inc.<sup>(b)</sup> | 20538 | 3524115 |
|  PAR Technology Corp.<sup>(b)(c)</sup> | 8881 | 255595 |
|  Paya Holdings, Inc., Class A<sup>(b)(c)</sup> | 50982 | 409895 |
|  Paycom Software, Inc.<sup>(b)</sup> | 6206 | 2147276 |
|  Paylocity Holding Corp.<sup>(b)(c)</sup> | 4010 | 929478 |
|  PC Connection, Inc. | 16396 | 871283 |
|  PDF Solutions, Inc.<sup>(b)(c)</sup> | 10737 | 253178 |
|  Pegasystems, Inc. | 7441 | 276880 |
|  Perficient, Inc.<sup>(b)(c)</sup> | 11901 | 797010 |
|  PFSweb, Inc.<sup>(b)</sup> | 28198 | 269855 |
|  Photronics, Inc.<sup>(b)(c)</sup> | 112096 | 1818197 |
|  Plexus Corp.<sup>(b)</sup> | 47384 | 4662586 |
|  Power Integrations, Inc.<sup>(c)</sup> | 20221 | 1348943 |
|  Progress Software Corp.<sup>(c)</sup> | 32624 | 1664803 |
|  PROS Holdings, Inc.<sup>(b)(c)</sup> | 8972 | 223851 |
|  PTC, Inc.<sup>(b)</sup> | 29946 | 3528537 |
|  Pure Storage, Inc., Class A<sup>(b)(c)</sup> | 73496 | 2268087 |
|  Q2 Holdings, Inc.<sup>(b)</sup> | 14396 | 446852 |
|  Qualys, Inc.<sup>(b)</sup> | 9005 | 1283753 |
|  Quantum Corp.<sup>(b)</sup> | 144828 | 204207 |
|  Radware Ltd. (Israel)<sup>(b)</sup> | 19921 | 458581 |
|  Rambus, Inc.<sup>(b)(c)</sup> | 52326 | 1578152 |
|  Rapid7, Inc.<sup>(b)(c)</sup> | 3392 | 153556 |
|  Repay Holdings Corp.<sup>(b)(c)</sup> | 41683 | 253849 |
|  Ribbon Communications, Inc.<sup>(b)(c)</sup> | 163312 | 432777 |
|  RingCentral, Inc., Class A<sup>(b)</sup> | 5915 | 210101 |
|  Rogers Corp.<sup>(b)</sup> | 9805 | 2307411 |
|  ScanSource, Inc.<sup>(b)</sup> | 47688 | 1477374 |
|  Semtech Corp.<sup>(b)</sup> | 27113 | 750759 |

---

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

---

| |
|:---|
| **27** |
| **27** |
| **27** |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Information Technology-(continued)** |  |  |
|  Shift4 Payments, Inc., Class A<sup>(b)(c)</sup> | 13710 | $630249 |
|  Silicom Ltd. (Israel)<sup>(b)</sup> | 7483 | 334191 |
|  Silicon Laboratories, Inc.<sup>(b)(c)</sup> | 17707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2034888 |
|  SMART Global Holdings, Inc.<sup>(b)(c)</sup> | 44285 | 599176 |
|  Smartsheet, Inc., Class A<sup>(b)(c)</sup> | 13093 | 457208 |
|  Snowflake, Inc., Class A<sup>(b)</sup> | 14078 | 2256703 |
|  SolarEdge Technologies, Inc.<sup>(b)</sup> | 11038 | 2539071 |
|  SolarWinds Corp.<sup>(b)(c)</sup> | 47462 | 442820 |
|  Splunk, Inc.<sup>(b)</sup> | 29054 | 2414678 |
|  SPS Commerce, Inc.<sup>(b)(c)</sup> | 7744 | 979771 |
|  StoneCo Ltd., Class A (Brazil)<sup>(b)(c)</sup> | 315090 | 3308445 |
|  Stratasys Ltd.<sup>(b)</sup> | 53289 | 771092 |
|  Super Micro Computer, Inc.<sup>(b)(c)</sup> | 99681 | 6936801 |
|  Switch, Inc., Class A | 24095 | 820435 |
|  Synaptics, Inc.<sup>(b)(c)</sup> | 13966 | 1237388 |
|  Tenable Holdings, Inc.<sup>(b)</sup> | 7632 | 310164 |
|  Teradata Corp.<sup>(b)(c)</sup> | 70793 | 2236351 |
|  TTEC Holdings, Inc. | 14164 | 629873 |
|  Tucows,Inc.,Class A<sup>(b)(c)</sup> | 7303 | 328270 |
|  Turtle Beach Corp.<sup>(b)(c)</sup> | 17992 | 140338 |
|  Tyler Technologies, Inc.<sup>(b)</sup> | 10365 | 3351315 |
|  Ubiquiti, Inc.<sup>(c)</sup> | 1152 | 399456 |
|  Ultra Clean Holdings, Inc.<sup>(b)</sup> | 42327 | 1316793 |
|  Unisys Corp.<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141890 | 1206065 |
|  Unity Software, Inc.<sup>(b)(c)</sup> | 14459 | 426540 |
|  Universal Display Corp. | 12303 | 1171492 |
|  Upland Software, Inc.<sup>(b)</sup> | 29289 | 235484 |
|  Varonis Systems, Inc.<sup>(b)(c)</sup> | 7882 | 211001 |
|  Veeco Instruments, Inc.<sup>(b)(c)</sup> | 30646 | 558677 |
|  Verint Systems, Inc.<sup>(b)(c)</sup> | 34417 | 1219394 |
|  VeriSign, Inc.<sup>(b)</sup> | 18661 | 3740784 |
|  Verra Mobility Corp.<sup>(b)(c)</sup> | 79254 | 1352866 |
|  Viavi Solutions, Inc.<sup>(b)</sup> | 137276 | 2072868 |
|  VirnetX Holding Corp.<sup>(b)(c)</sup> | 185319 | 233502 |
|  Vishay Precision Group, Inc.<sup>(b)(c)</sup> | 17005 | 573919 |
|  Wix.com Ltd. (Israel)<sup>(b)</sup> | 9524 | 800968 |
|  Wolfspeed, Inc.<sup>(b)(c)</sup> | 36203 | 2850986 |
|  Xperi, Inc.<sup>(b)</sup> | 70969 | 991437 |
|  Yext, Inc.<sup>(b)(c)</sup> | 51249 | 272645 |
|  Zendesk, Inc.<sup>(b)(c)</sup> | 8900 | 682541 |
|  Zoom Video Communications, Inc.,<br>Class A<sup>(b)</sup> | 33901 | 2828699 |
|  Zscaler, Inc.<sup>(b)(c)</sup> | 1637 | 252262 |
|  Zuora, Inc., Class A<sup>(b)(c)</sup> | 22767 | 175078 |
|  |  | 250196298 |
|  **Materials-5.04%** |  |  |
|  Advanced Emissions Solutions, Inc.<sup>(b)(c)</sup> | 46875 | 134531 |
|  AdvanSix, Inc. | 68796 | 2502798 |
|  Alpha Metallurgical Resources, Inc. | 28823 | 4866764 |
|  American Vanguard Corp. | 54784 | 1274824 |
|  Ardagh Metal Packaging S.A. | 24888 | 110503 |
|  ATI, Inc.<sup>(b)(c)</sup> | 123405 | 3672533 |
|  Balchem Corp. | 14722 | 2058136 |
|  Carpenter Technology Corp. | 113568 | 4247443 |
|  Century Aluminum Co.<sup>(b)(c)</sup> | 56450 | 407004 |
|  Chase Corp.<sup>(c)</sup> | 6951 | 654854 |
|  Clearwater Paper Corp.<sup>(b)</sup> | 51596 | 2294990 |
|  Coeur Mining, Inc.<sup>(b)(c)</sup> | 464198 | 1754668 |
|  Danimer Scientific, Inc.<sup>(b)(c)</sup> | 125619 | 329122 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Materials-(continued)** |  |  |
|  Eagle Materials, Inc. | 26916 | $3292096 |
|  Ecovyst, Inc.<sup>(b)</sup> | 145140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444143 |
|  Ferroglobe PLC<sup>(b)(c)</sup> | 108044 | 629896 |
|  FutureFuel Corp. | 98172 | 671496 |
|  Glatfelter Corp.<sup>(c)</sup> | 87164 | 246674 |
|  Greif, Inc., Class A | 69501 | 4601661 |
|  Hawkins, Inc. | 15653 | 704855 |
|  Haynes International, Inc. | 20909 | 1022659 |
|  Hecla Mining Co.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520001 | 2376405 |
|  Ingevity Corp.<sup>(b)</sup> | 49465 | 3327511 |
|  Innospec, Inc. | 27557 | 2755424 |
|  Intrepid Potash, Inc.<sup>(b)(c)</sup> | 12124 | 548611 |
|  Kaiser Aluminum Corp. | 29366 | 2372479 |
|  Koppers Holdings, Inc. | 44868 | 1119905 |
|  Kronos Worldwide, Inc.<sup>(c)</sup> | 56965 | 541167 |
|  Livent Corp.<sup>(b)(c)</sup> | 64462 | 2035065 |
|  LSB Industries, Inc.<sup>(b)</sup> | 35451 | 625001 |
|  Materion Corp.<sup>(c)</sup> | 21194 | 1816538 |
|  Mativ Holdings, Inc., Class A<sup>(c)</sup> | 126032 | 2992000 |
|  McEwen Mining, Inc. (Canada)<sup>(b)(c)</sup> | 37209 | 135813 |
|  Mercer International, Inc. (Germany)<sup>(c)</sup> | 121790 | 1634422 |
|  Mesabi Trust<sup>(c)</sup> | 11908 | 265310 |
|  Minerals Technologies, Inc. | 54755 | 3012073 |
|  MP Materials Corp.<sup>(b)(c)</sup> | 10772 | 323591 |
|  Myers Industries, Inc. | 40889 | 829638 |
|  NewMarket Corp. | 10437 | 3176397 |
|  Nexa Resources S.A. (Brazil) | 68585 | 344297 |
|  Olympic Steel, Inc. | 29748 | 809443 |
|  Orion Engineered Carbons S.A. (Germany) | 113235 | 1807231 |
|  Pactiv Evergreen, Inc. | 76863 | 838575 |
|  Quaker Chemical Corp.<sup>(c)</sup> | 9861 | 1603793 |
|  Ranpak Holdings Corp.<sup>(b)(c)</sup> | 15834 | 60169 |
|  Rayonier Advanced Materials, Inc.<sup>(b)(c)</sup> | 155564 | 707816 |
|  Resolute Forest Products, Inc.<sup>(b)</sup> | 292210 | 6080890 |
|  Ryerson Holding Corp. | 58043 | 1947343 |
|  Schnitzer Steel Industries, Inc., Class A | 60596 | 1635486 |
|  Sensient Technologies Corp. | 46787 | 3343399 |
|  Stepan Co.<sup>(c)</sup> | 30788 | 3215499 |
|  SunCoke Energy, Inc. | 282254 | 2049164 |
|  TimkenSteel Corp.<sup>(b)(c)</sup> | 108710 | 1895902 |
|  Tredegar Corp.<sup>(c)</sup> | 69723 | 759283 |
|  TriMas Corp. | 49299 | 1126482 |
|  Tronox Holdings PLC, Class A<sup>(c)</sup> | 167316 | 2007792 |
|  Worthington Industries, Inc.<sup>(c)</sup> | 61794 | 2938923 |
|  |  | 99980487 |
|  **Real Estate-5.82%** |  |  |
|  Acadia Realty Trust<sup>(c)</sup> | 154515 | 2158575 |
|  Agree Realty Corp. | 54732 | 3760088 |
|  Alexander & Baldwin, Inc. | 135358 | 2636774 |
|  Alexander's, Inc.<sup>(c)</sup> | 3380 | 793928 |
|  American Assets Trust, Inc. | 68731 | 1888728 |
|  Apartment Income REIT Corp. | 84687 | 3254521 |
|  Apartment Investment & Management Co., Class A | 233885 | 1857047 |
|  Armada Hoffler Properties, Inc. | 76552 | 894893 |
|  Ashford Hospitality Trust, Inc.<sup>(b)(c)</sup> | 141800 | 1151416 |
|  Bluerock Homes Trust, Inc.<sup>(b)</sup> | 3749 | 94850 |
|  Braemar Hotels & Resorts, Inc.<sup>(c)</sup> | 166000 | 818380 |

---

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

---

| |
|:---|
| **28** |
| **28** |
| **28** |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Real Estate-(continued)** |  |  |
|  Broadstone Net Lease, Inc.<sup>(c)</sup> | 158196 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2711479 |
|  BRT Apartments Corp. | 11520 | 255283 |
|  CareTrust REIT, Inc. | 114288 | 2134900 |
|  Centerspace | 19224 | 1332223 |
|  Chatham Lodging Trust<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132254 | 1715334 |
|  City Office REIT, Inc. | 64049 | 680200 |
|  Community Healthcare Trust, Inc. | 16930 | 585778 |
|  CorEnergy Infrastructure Trust, Inc. | 88394 | 163529 |
|  CTO Realty Growth, Inc.<sup>(c)</sup> | 36064 | 724886 |
|  Diversified Healthcare Trust | 842314 | 1145547 |
|  Easterly Government Properties, Inc.<sup>(c)</sup> | 120801 | 2100729 |
|  EastGroup Properties, Inc. | 20196 | 3164511 |
|  Elme Communities<sup>(c)</sup> | 164167 | 3133948 |
|  Empire State Realty Trust, Inc., Class A, (Acquired 08/11/2014 - 10/26/2022; Cost $3,994,543)<sup>(c)(d)</sup> | 338672 | 2496013 |
|  Equity Commonwealth | 145446 | 3804867 |
|  Essential Properties Realty Trust, Inc. | 92357 | 1987523 |
|  eXp World Holdings, Inc.<sup>(c)</sup> | 13226 | 174715 |
|  Farmland Partners, Inc.<sup>(c)</sup> | 28518 | 399537 |
|  Forestar Group, Inc.<sup>(b)(c)</sup> | 30420 | 352264 |
|  Four Corners Property Trust, Inc. | 75968 | 1946300 |
|  Franklin Street Properties Corp. | 225382 | 649100 |
|  Getty Realty Corp.<sup>(c)</sup> | 55620 | 1751474 |
|  Gladstone Commercial Corp. | 44312 | 779448 |
|  Gladstone Land Corp.<sup>(c)</sup> | 13338 | 271428 |
|  Global Medical REIT, Inc. | 42487 | 388331 |
|  Global Net Lease, Inc. | 247932 | 3037167 |
|  Hersha Hospitality Trust, Class A | 152148 | 1392154 |
|  Independence Realty Trust, Inc.<sup>(c)</sup> | 41173 | 690060 |
|  Industrial Logistics Properties Trust | 109160 | 510869 |
|  Innovative Industrial Properties, Inc.<sup>(c)</sup> | 8340 | 901554 |
|  iStar, Inc. | 73149 | 766602 |
|  Kennedy-Wilson Holdings, Inc. | 178154 | 2959138 |
|  Kite Realty Group Trust<sup>(c)</sup> | 173754 | 3412529 |
|  LTC Properties, Inc. | 61804 | 2389961 |
|  Marcus & Millichap, Inc.<sup>(c)</sup> | 22464 | 827574 |
|  National Health Investors, Inc.<sup>(c)</sup> | 69105 | 3918254 |
|  National Storage Affiliates Trust | 31820 | 1357441 |
|  Necessity Retail REIT, Inc. (The) | 349459 | 2390300 |
|  NETSTREIT Corp.<sup>(c)</sup> | 15953 | 300235 |
|  New York City REIT, Inc., Class A | 41904 | 129902 |
|  Newmark Group, Inc., Class A<sup>(c)</sup> | 129822 | 1063242 |
|  NexPoint Residential Trust, Inc. | 12510 | 570456 |
|  Offerpad Solutions, Inc.<sup>(b)(c)</sup> | 77938 | 75951 |
|  Office Properties Income Trust | 147284 | 2253445 |
|  One Liberty Properties, Inc. | 23945 | 539720 |
|  Opendoor Technologies, Inc.<sup>(b)(c)</sup> | 245890 | 636855 |
|  Pennsylvania Real Estate Investment Trust<sup>(b)(c)</sup> | 20931 | 83724 |
|  Phillips Edison & Co., Inc.<sup>(c)</sup> | 23689 | 713986 |
|  Plymouth Industrial REIT, Inc. | 14593 | 269095 |
|  PotlatchDeltic Corp.<sup>(c)</sup> | 102296 | 4551149 |
|  RE/MAX Holdings, Inc., Class A | 24030 | 467624 |
|  Redfin Corp.<sup>(b)(c)</sup> | 48223 | 231953 |
|  Retail Opportunity Investments Corp. | 174204 | 2522474 |
|  RMR Group, Inc. (The), Class A | 25566 | 699741 |
|  RPT Realty, (Acquired 03/13/2017 - 10/26/2022; Cost $2,308,784)<sup>(c)(d)</sup> | 189599 | 1763271 |
|  Safehold, Inc.<sup>(c)</sup> | 9816 | 287118 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Real Estate-(continued)** |  |  |  |
|  Saul Centers, Inc. | 17198 | $| 704258 |
|  St. Joe Co. (The) | 10677 |  | 379354 |
|  Summit Hotel Properties, Inc.<sup>(c)</sup> | 274289 |  | 2369857 |
|  Tanger Factory Outlet Centers, Inc. | 232159 |  | 4181184 |
|  Tejon Ranch Co.<sup>(b)(c)</sup> | 23670 |  | 400970 |
|  Terreno Realty Corp. | 38237 |  | 2184862 |
|  UMH Properties, Inc.<sup>(c)</sup> | 31683 |  | 555720 |
|  Universal Health Realty Income Trust | 12391 |  | 603070 |
|  Urban Edge Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204419 |  | 2886396 |
|  Urstadt Biddle Properties, Inc.<sup>(c)</sup> | 4258 |  | 80732 |
|  Urstadt Biddle Properties, Inc., Class A | 58409 |  | 1094585 |
|  Veris Residential, Inc.<sup>(b)</sup> | 199618 |  | 3159953 |
|  Whitestone REIT | 106866 |  | 1005609 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;115478641 |
|  **Utilities-1.81%** |  |  |  |
|  American States Water Co. | 26651 |  | 2410849 |
|  Artesian Resources Corp., Class A | 10036 |  | 524682 |
|  Atlantica Sustainable Infrastructure PLC (Spain) | 119157 |  | 3301841 |
|  California Water Service Group | 48346 |  | 3000353 |
|  Chesapeake Utilities Corp. | 15388 |  | 1913959 |
|  Clearway Energy, Inc., Class A<sup>(c)</sup> | 38536 |  | 1245869 |
|  Clearway Energy, Inc., Class C<sup>(c)</sup> | 90106 |  | 3130282 |
|  Consolidated Water Co. Ltd. (Cayman Islands) | 32032 |  | 588108 |
|  MGE Energy, Inc. | 36010 |  | 2451921 |
|  Middlesex Water Co. | 9106 |  | 814714 |
|  Northwest Natural Holding Co. | 68411 |  | 3289885 |
|  Ormat Technologies, Inc.<sup>(c)</sup> | 47604 |  | 4305782 |
|  Otter Tail Corp.<sup>(c)</sup> | 53895 |  | 3633601 |
|  SJW Group | 31596 |  | 2233205 |
|  Sunnova Energy International, Inc.<sup>(b)(c)</sup> | 62919 |  | 1166518 |
|  Unitil Corp. | 24996 |  | 1317539 |
|  Via Renewables, Inc.<sup>(c)</sup> | 33425 |  | 233641 |
|  York Water Co. (The) | 9690 |  | 422096 |
|  |  |  | 35984845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $2,052,059,891) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $2,052,059,891) |  | 1983285471 |
|  **Money Market Funds-0.09%** | **Money Market Funds-0.09%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(f)(g)</sup><br>(Cost $1,888,416) | 1888416 |  | 1888416 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.09%<br>(Cost $2,053,948,307) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.09%<br>(Cost $2,053,948,307) |  | 1985173887 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-27.97%** | **Money Market Funds-27.97%** | **Money Market Funds-27.97%** | **Money Market Funds-27.97%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(f)(g)(h)</sup> | 156071126 |  | 156071126 |

---

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

---

| |
|:---|
| **29** |
| **29** |
| **29** |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
|  Invesco Private Prime Fund,<br>3.28%<sup>(f)(g)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;398619468 | $398619468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $554,697,125) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $554,697,125) | 554690594 |
|  TOTAL INVESTMENTS IN SECURITIES-128.06%<br>(Cost $2,608,645,432) | TOTAL INVESTMENTS IN SECURITIES-128.06%<br>(Cost $2,608,645,432) | 2539864481 |
|  OTHER ASSETS LESS LIABILITIES-(28.06)% | OTHER ASSETS LESS LIABILITIES-(28.06)% | (556598623) |
|  NET ASSETS-100.00% |  | $1983265858 |

---

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

---

| | |
|:---|:---|
| <sup>(d</sup><sup>)</sup> | Restricted security. The aggregate value of these securities at October 31, 2022 was $6,687,962, which represented less than 1% of the Fund's Net Assets.  |

---

<sup>(e)</sup> Security valued using significant unobservable inputs (Level 3). See Note 4.

<sup>(f)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2022** | **Purchases**<br>**at Cost** | **Proceeds**<br>**from Sales** | **Change in<br>Unrealized<br>Appreciation**<br>**(Depreciation)** | **Realized<br>Gain** | **Value**<br> **October 31, 2022** | **Dividend<br>Income** |
| Invesco Mortgage Capital, Inc. | $979998 | $233096 | $(130447) | $(346148) | $23457 | $759956 | $103870 |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| <br> Invesco Government & Agency Portfolio, Institutional Class | 615203 | 77151216 | (75878003) |  |  | 1888416 | 50558 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 129773116 | 283272137 | (256974127) |  |  | 156071126 | 1429270 \* |
| Invesco Private Prime Fund | 301916900 | 671847552 | (575147507) | (38926) | 41449 | 398619468 | 3905010 \* |
|  Total | $433285217 | $1032504001 | $(908130084) | $(385074) | $64906 | $557338966 | $5488708 |

---

\* 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.

<sup>(g)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(h</sup><sup>)</sup> 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** |
| **30** |
| **30** |

---

------

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

October 31, 2022

*(Unaudited)* 

**Portfolio Composition** 

**Sector Breakdown (% of the Fund's Net Assets)** 

**as of October 31, 2022** 

---

| | |
|:---|:---|
|  Financials | 18.33 |
|  Industrials | 17.34 |
|  Consumer Discretionary | 12.69 |
|  Information Technology | 12.62 |
|  Health Care | 10.41 |
|  Energy | 8.68 |
|  Real Estate | 5.82 |
|  Materials | 5.04 |
|  Consumer Staples | 3.99 |
|  Communication Services | 3.27 |
|  Utilities | 1.81 |
| Money Market Funds Plus Other Assets Less Liabilities | (0.00) |

---

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

---

| |
|:---|
| **31** |
| **31** |
| **31** |

---

------

**Statements of Assets and Liabilities** 

October 31, 2022

*(Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco Dynamic<br>Market ETF (PWC)** | **Invesco FTSE RAFI<br>US 1000 ETF (PRF)** | **Invesco FTSE RAFI<br>US 1500 Small-Mid**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ETF (PRFZ)**  |
|  **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments in securities, at value<sup>(a)</sup> | $97132975 | $5750403561 | $1982525515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments in securities, at value | 12848749 | 369138264 | 557338966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash |  | 5149 | 966337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 86362 | 7288909 | 784623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending | 23231 | 43049 | 200691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 1067227 | 3870 | 4139298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 26185 | 1788 | 1855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | 111184729 | 6126884590 | 2545957285 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 3885649 | 2147467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 12797388 | 358082080 | 554697125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares repurchased | 1067371 | 3870 | 4145563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued advisory fees | 70777 | 1372326 | 447098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officer's fees | 74842 | 350620 | 135051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 43733 | 3277626 | 1119123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | 14054111 | 366972171 | 562691427 |
|  **Net Assets** | $97130618 | $5759912419 | $1983265858 |
|  **Net assets consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest | $263663433 | $5247528035 | $2376900757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (166532815) | 512384384 | (393634899) |
|  **Net Assets** | $97130618 | $5759912419 | $1983265858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited amount authorized, $0.01 par value) | 910000 | 37270000 | 12140000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $106.74 | $154.55 | $163.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price | $106.77 | $154.62 | $163.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments in securities, at cost | $95251398 | $4956369439 | $2050727148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments in securities, at cost | $12848856 | $370909346 | $557918284 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(a)</sup> Includes securities on loan with an aggregate value of: | $12398274 | $348642617 | $540016126 |

---

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

---

| |
|:---|
| **32** |
| **32** |
| **32** |

---

------

**Statements of Operations** 

For the six months ended October 31, 2022

*(Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco Dynamic<br>Market ETF (PWC)** | **Invesco FTSE RAFI<br>US 1000 ETF (PRF)** | **Invesco FTSE RAFI<br>US 1500 Small-Mid<br> ETF (PRFZ)** |
|  **Investment income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | $884538 | $70730148 | $17506575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 862 | 100263 | 154428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 109574 | 330480 | 1121755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax | (9820) | (9675) | (4655) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 985154 | 71151216 | 18778103 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 250519 | 8319253 | 2838579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-licensing fees | 15031 | 2581888 | 880956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting & administration fees | 10533 | 195508 | 74199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian & transfer agent fees | 1275 | 20650 | 23285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officer's fees | (11405) | (39871) | (14336) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 27700 | 115021 | 69260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 293653 | 11192449 | 3871943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waivers | (997) | (6654) | (57849) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 292656 | 11185795 | 3814094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 692498 | 59965421 | 14964009 |
|  **Realized and unrealized gain (loss) from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (9610909) | (3196987) | 2293805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 19 | 30600 | 64906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated in-kind redemptions | 4278906 | 88707926 | 55460129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated in-kind redemptions |  | (2066) | 23455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies |  |  | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (5331984) | 85539473 | 57842257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 5648725 | (294307505) | (83903916) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (132) | (528243) | (385074) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 5648593 | (294835748) | (84288990) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 316609 | (209296275) | (26446733) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $1009107 | $(149330854) | $(11482724) |

---

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

---

| |
|:---|
| **33** |
| **33** |
| **33** |

---

------

**Statements of Changes in Net Assets** 

For the six months ended October 31, 2022 and the year ended April 30, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco Dynamic**<br> **Market ETF (PWC)** | **Invesco Dynamic**<br> **Market ETF (PWC)** | **Invesco FTSE RAFI US**<br> **1000 ETF (PRF)** | **Invesco FTSE RAFI US**<br> **1000 ETF (PRF)** |
|  | **Six Months Ended<br>October 31,**<br> **2022** | **Year Ended**<br>**April 30,**<br> **2022** | **Six Months Ended<br>October 31,**<br> **2022** | **Year Ended**<br>**April 30,**<br> **2022** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $692498 | $810135 | $59965421 | $97822609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (5331984) | (1568793) | 85539473 | 227317774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 5648593 | (16445589) | (294835748) | (154982707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1009107 | (17204247) | (149330854) | 170157676 |
|  **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (573916) | (923364) | (59018548) | (93773617) |
|  **Shareholder Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 23458532 | 132946783 | 557985236 | 963003179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares repurchased | (32164090) | (145228068) | (238698465) | (501081108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (8705558) | (12281285) | 319286771 | 461922071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (8270367) | (30408896) | 110937369 | 538306130 |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 105400985 | 135809881 | 5648975050 | 5110668920 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $97130618 | $105400985 | $5759912419 | $5648975050 |
|  **Changes in Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 220000 | 1070000 | 3660000 | 5770000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (310000) | (1180000) | (1610000) | (2960000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | 1000000 | 1110000 | 35220000 | 32410000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of period | 910000 | 1000000 | 37270000 | 35220000 |

---

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

---

| |
|:---|
| **34** |
| **34** |
| **34** |

---

------

 

---

| | |
|:---|:---|
| **Invesco FTSE RAFI US**<br> **1500 Small-Mid ETF (PRFZ)** | **Invesco FTSE RAFI US**<br> **1500 Small-Mid ETF (PRFZ)** |
| **Six Months Ended**<br>**October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** |
| $&nbsp;&nbsp;&nbsp;&nbsp;14964009 | $19557050 |
| 57842257 | 220230506 |
| <br> (84288990)  | (350991411) |
| <br> (11482724)  | (111203855) |
| (13377255) | (20080760) |
| 400752804 | 584200712 |
| (187919610) | (607192187) |
| <br> 212833194 | (22991475) |
| 187973215 | (154276090) |
| 1795292643 | 1949568733 |
| $1983265858 | $1795292643 |
| 2550000 | 3230000 |
| (1160000) | (3270000) |
| 10750000 | 10790000 |
| 12140000 | 10750000 |

---

---

| |
|:---|
| **35** |
| **35** |
| **35** |

---

------

**Financial Highlights** 

Invesco Dynamic Market ETF (PWC)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br>**2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $105.40 | $122.35 | $82.74 | $98.73 | $96.96 | $84.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.71 | 0.77 | 0.75 | 1.15 | 0.90 | 2.11 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.22 | (16.84) | 39.76 | (15.99) | 1.99 | 12.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.93 | (16.07) | 40.51 | (14.84) | 2.89 | 14.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.59) | (0.88) | (0.90) | (1.15) | (1.12) | (1.94) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $106.74 | $105.40 | $122.35 | $82.74 | $98.73 | $96.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup> | $106.77 | $105.30 | $122.40 | $81.40 | $98.63 | $96.98 |
|  **Net Asset Value Total Return<sup>(d)</sup>** | 1.92% | (13.20)% | 49.27% | (15.04)% | 3.00% | 17.67% |
|  **Market Price Total Return<sup>(d)</sup>** | 2.03% | (13.32)% | 51.78% | (16.32)% | 2.89% | 17.68% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $97131 | $105401 | $135810 | $115831 | $157975 | $155134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.58 %<sup>(e)</sup> | 0.60% | 0.60% | 0.58% | 0.59% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.59 %<sup>(e)</sup> | 0.60% | 0.62% | 0.58% | 0.59% | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.38 %<sup>(e)</sup> | 0.64% | 0.75% | 1.22% | 0.91% | 2.30 %<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 130% | 228% | 321% | 313% | 240% | 215% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Annualized.

<sup>(f)</sup> 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.

---

| |
|:---|
| **36** |
| **36** |
| **36** |

---

------

**Financial Highlights–(continued)** 

Invesco FTSE RAFI US 1000 ETF (PRF)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br>**2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $160.39 | $157.69 | $104.17 | $117.81 | $111.04 | $102.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 1.62 | 2.91 | 2.43 | 2.60 | 2.40 | 2.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (5.89) | 2.58 | 53.64 | (13.40) | 6.72 | 8.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (4.27) | 5.49 | 56.07 | (10.80) | 9.12 | 10.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.57) | (2.79) | (2.55) | (2.84) | (2.35) | (2.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $154.55 | $160.39 | $157.69 | $104.17 | $117.81 | $111.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup> | $154.62 | $160.32 | $157.68 | $104.31 | $117.82 | $111.12 |
|  **Net Asset Value Total Return<sup>(c)</sup>** | (2.62)% | 3.45% | 54.54% | (9.18)% | 8.40% | 10.26% |
|  **Market Price Total Return<sup>(c)</sup>** | (2.53)% | 3.41% | 54.32% | (9.06)% | 8.32% | 10.33% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $5759912 | $5648975 | $5110669 | $4010580 | $5590025 | $5124420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.39 %<sup>(d)</sup> | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.39 %<sup>(d)</sup> | 0.39% | 0.40% | 0.39% | 0.40% | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.09 %<sup>(d)</sup> | 1.76% | 1.94% | 2.24% | 2.13% | 2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 1% | 10% | 11% | 8% | 10% | 9% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| **37** |
| **37** |
| **37** |

---

------

**Financial Highlights–(continued)** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br>**2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $167.00 | $180.68 | $103.08 | $132.17 | $130.30 | $117.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 1.24 | 1.86 | 1.18 | 1.48 | 1.76 | 1.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (3.80) | (13.62) | 77.79 | (28.58) | 1.75 | 12.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.56) | (11.76) | 78.97 | (27.10) | 3.51 | 13.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.07) | (1.92) | (1.37) | (1.99) | (1.64) | (1.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $163.37 | $167.00 | $180.68 | $103.08 | $132.17 | $130.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup> | $163.52 | $166.99 | $180.64 | $103.16 | $132.22 | $130.51 |
|  **Net Asset Value Total Return<sup>(c)</sup>** | (1.50)% | (6.60)% | 77.05% | (20.65)% | 2.75% | 11.73% |
|  **Market Price Total Return<sup>(c)</sup>** | (1.41)% | (6.59)% | 76.88% | (20.62)% | 2.60% | 11.96% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $1983266 | $1795293 | $1949569 | $1437974 | $2094831 | $1889333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.39 %<sup>(d)</sup> | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.40 %<sup>(d)</sup> | 0.40% | 0.40% | 0.40% | 0.40% | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.53 %<sup>(d)</sup> | 1.01% | 0.87% | 1.20% | 1.33% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 5% | 28% | 25% | 21% | 24% | 26% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| **38** |
| **38** |
| **38** |

---

------

**Notes to Financial Statements** 

Invesco Exchange-Traded Fund Trust

October 31, 2022

*(Unaudited)* 

**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 ("APs"), 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<sup>®</sup> 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 trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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,

---

| |
|:---|
| **39** |
| **39** |
| **39** |

---

------

odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. 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. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

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 are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price a Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**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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| **40** |
| **40** |

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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, the country that has the primary market for the issuer's securities and
its "country of risk" as determined by a third party service provider, 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

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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.

Invesco Advisers, Inc. ("Invesco"), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon ("BNYM") also serves as a lending agent. 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 six months ended October 31, 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 Market ETF | $8981 |
| FTSE RAFI US 1000 ETF | 16081 |
| FTSE RAFI US 1500 Small-Mid ETF | 66582 |

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**J.** **Other Risks** 

*AP Concentration Risk*. Only 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

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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 the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

*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 each 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 an 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 can a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase 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.

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

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the "Expense Agreement") with the Adviser on behalf of each Fund. For the FTSE RAFI US 1000 ETF and the FTSE RAFI US 1500 Small-Mid ETF, the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, brokerage commissions and other trading expenses, offering costs, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, 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 (an "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 (an "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 a Fund's 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 six months ended October 31, 2022, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

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| | |
|:---|:---|
| Dynamic Market ETF | $997 |
| FTSE RAFI US 1000 ETF | 6654 |
| FTSE RAFI US 1500 Small-Mid ETF | 57849 |

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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 October 31, 2022 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** |
|  | **Total<br>Potential<br>Recapture**<br>**Amounts** | **4/30/23** | **4/30/24** | **4/30/25** | **10/31/25** |
| <br> FTSE RAFI US 1000 ETF | <br> $543617 | $84696 | $389323 | $65117 | $4481 |
| FTSE RAFI US 1500 Small-Mid ETF | 414941 | 58230 | 181732 | 120438 | 54541 |

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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"):

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| | |
|:---|:---|
| **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 |

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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 six months ended October 31, 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:

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| | |
|:---|:---|
| Dynamic Market ETF | $28482 |
| FTSE RAFI US 1000 ETF | 6588 |
| FTSE RAFI US 1500 Small-Mid ETF | 41028 |

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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. 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:

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| | |
|:---|:---|
| 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 the Adviser's 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 October 31, 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.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Dynamic Market ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $97132975 | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $97132975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 51468 | 12797281 | &nbsp;&nbsp;&nbsp;&nbsp;- | 12848749 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97184443 | $&nbsp;&nbsp;&nbsp;&nbsp;12797281 | $- | $&nbsp;&nbsp;&nbsp;&nbsp;109981724 |

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|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  FTSE RAFI US 1000 ETF |  |  |  |  |
|  <br> **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $5752981289 | $- | $- | $5752981289 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Money Market Funds | <br> 8481711 | <br> 358078825 | <br> - | <br> 366560536 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $5761463000 | $358078825 | $- | $6119541825 |
|  <br> FTSE RAFI US 1500 Small-Mid ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> Common Stocks & Other Equity Interests | $1982075904 | $ - | $1209567 | $1983285471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1888416 | 554690594 |  | 556579010 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Total Investments** | $1983964320 | $554690594 | $1209567 | $2539864481 |

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**NOTE 5–Tax Information** 

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds' capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds' fiscal year-end.

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 had capital loss carryforwards as of April 30, 2022, as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** | |
|  | **Short-Term** | **Long-Term** |<br>**Total\*** |
| <br> Dynamic Market ETF | $160755020 | $2199879 | $162954899 |
| FTSE RAFI US 1000 ETF | 16877224 | 250050794 | 266928018 |
| <br> FTSE RAFI US 1500 Small-Mid ETF | <br> 60211485 | <br> 250997289 | <br> 311208774 |

---

\* 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 six months ended October 31, 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** |
| <br> Dynamic Market ETF | $134347669 | $133504044 |
| FTSE RAFI US 1000 ETF | 63666568 | 60061022 |
| <br> FTSE RAFI US 1500 Small-Mid ETF | <br> 93523127 | <br> 90820117 |

---

For the six months ended October 31, 2022, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind<br>Purchases** | **In-kind**<br>**Sales** |
| <br> Dynamic Market ETF | $23457536 | $32818050 |
| FTSE RAFI US 1000 ETF | 552754021 | 236324163 |
| <br> FTSE RAFI US 1500 Small-Mid ETF | <br> 399974469 | <br> 187658357 |

---

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

---

| |
|:---|
| **46** |
| **46** |
| **46** |

---

------

As of October 31, 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**<br>**Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>(Depreciation)** | **Net**<br>**Unrealized<br>Appreciation<br>(Depreciation)** | **Cost** |
| <br> Dynamic Market ETF | $6838051 | $(5287161)  | $1550890 | $108430834 |
| FTSE RAFI US 1000 ETF | 1216851111 | (529814659) | 687036452 | 5432505373 |
| <br> FTSE RAFI US 1500 Small-Mid ETF | <br> 253317520 | <br> (395025418)  | <br> (141707898)  | <br> 2681572379 |

---

**NOTE 7–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 8–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 APs 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 AP 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 AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP'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.

---

| |
|:---|
| **47** |
| **47** |
| **47** |

---

------

**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 May 1, 2022 through October 31, 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<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Annualized<br>Expense Ratio<br>Based on the<br>Six-Month Period** | **Expenses Paid<br>During the**<br> **Six-Month Period<sup>(1)</sup>** |
|  Invesco Dynamic Market ETF (PWC) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1019.20 | 0.58% | $2.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.28 | 0.58 | 2.96 |
|  Invesco FTSE RAFI US 1000 ETF (PRF) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 973.80 | 0.39 | 1.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.24 | 0.39 | 1.99 |
|  Invesco FTSE RAFI US 1500 Small-Mid ETF (PRFZ) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 985.00 | 0.39 | 1.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.24 | 0.39 | 1.99 |

---

<sup>(1)</sup> 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 October 31, 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 184/365. 

---

| |
|:---|
| **48** |
| **48** |
| **48** |

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(This Page Intentionally Left Blank)

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(This Page Intentionally Left Blank)

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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 ***<u>www.sec.gov</u>.***

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 ***<u>www.sec.gov.</u>***

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 ***<u>www.sec.gov</u>.***

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 ***<u>www.invesco.com/ETFs</u>.***

------

---

| | | |
|:---|:---|:---|
| **©2022 Invesco Capital Management LLC** |  |  |
| **3500 Lacey Road, Suite 700** |  |  |
| **Downers Grove, IL 60515** | P-PS-SAR-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;invesco.com/ETFs |

---

------

---

| | | |
|:---|:---|:---|
| ![LOGO](g399207dsp01a1.jpg) | <br> **Invesco Semi-Annual Report to Shareholders** | <br> **Invesco Semi-Annual Report to Shareholders** |
| ![LOGO](g399207dsp01a1.jpg) | October 31, 2022 | October 31, 2022 |
|  | **PYZ**<br>| Invesco DWA Basic Materials Momentum ETF<br>|
|  | **PEZ**<br>| Invesco DWA Consumer Cyclicals Momentum ETF<br>|
|  | **PSL**<br>| Invesco DWA Consumer Staples Momentum ETF<br>|
|  | **PXI**<br>| Invesco DWA Energy Momentum ETF<br>|
|  | **PFI**<br>| Invesco DWA Financial Momentum ETF<br>|
|  | **PTH**<br>| Invesco DWA Healthcare Momentum ETF<br>|
|  | **PRN**<br>| Invesco DWA Industrials Momentum ETF<br>|
|  | **PTF**<br>| Invesco DWA Technology Momentum ETF<br>|
|  | **PUI**<br>| Invesco DWA Utilities Momentum ETF<br>|
|  | **PNQI**<br>| Invesco NASDAQ Internet ETF<br>|

---

------

---

| | |
|:---|:---|
| [Schedules of Investments](#edg399207_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco DWA Basic Materials Momentum ETF (PYZ)](#edg399207_2) | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)](#edg399207_3) | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco DWA Consumer Staples Momentum ETF (PSL)](#edg399207_4) | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco DWA Energy Momentum ETF (PXI)](#edg399207_5) | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco DWA Financial Momentum ETF (PFI)](#edg399207_6) | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco DWA Healthcare Momentum ETF (PTH)](#edg399207_7) | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco DWA Industrials Momentum ETF (PRN)](#edg399207_8) | **15** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco DWA Technology Momentum ETF (PTF)](#edg399207_9) | **17** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco DWA Utilities Momentum ETF (PUI)](#edg399207_10) | **19** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco NASDAQ Internet ETF (PNQI)](#edg399207_11) | **21** |
| [Statements of Assets and Liabilities](#edg399207_12) | **24** |
| [Statements of Operations](#edg399207_13) | **26** |
| [Statements of Changes in Net Assets](#edg399207_14) | **28** |
| [Financial Highlights](#edg399207_15) | **32** |
| [Notes to Financial Statements](#edg399207_16) | **42** |
| [Fund Expenses](#edg399207_17) | **53** |

---

---

| |
|:---|
| **2** |
| **2** |
| **2** |

---

------

**Invesco DWA Basic Materials Momentum ETF (PYZ)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.99%** | **Common Stocks & Other Equity Interests-99.99%** | **Common Stocks & Other Equity Interests-99.99%** |
|  **Aluminum-2.86%** |  |  |
|  Alcoa Corp. | 81104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3165489 |
|  **Commodity Chemicals-18.90%** |  |  |
|  AdvanSix, Inc. | 43476 | 1581657 |
|  Cabot Corp. | 30475 | 2239303 |
|  Dow, Inc. | 40187 | 1878340 |
|  LyondellBasell Industries N.V., Class A | 34124 | 2608780 |
|  Mativ Holdings, Inc., Class A | 52817 | 1253876 |
|  Olin Corp. | 77946 | 4127241 |
|  Orion Engineered Carbons S.A. (Germany) | 85740 | 1368410 |
|  PureCycle Technologies, Inc.<sup>(b)(c)</sup> | 183688 | 1519100 |
|  Valvoline, Inc. | 71001 | 2084589 |
|  Westlake Corp.<sup>(c)</sup> | 23333 | 2255134 |
|  |  | 20916430 |
|  **Construction Materials-1.83%** |  |  |
|  Summit Materials, Inc., Class A<sup>(b)(c)</sup> | 77004 | 2029055 |
|  **Diversified Chemicals-4.09%** |  |  |
|  Chemours Co. (The)<sup>(c)</sup> | 52833 | 1512609 |
|  LSB Industries, Inc.<sup>(b)</sup> | 170684 | 3009159 |
|  |  | 4521768 |
|  **Diversified Metals & Mining-3.46%** |  |  |
|  Materion Corp.<sup>(c)</sup> | 19874 | 1703400 |
|  Piedmont Lithium, Inc.<sup>(b)(c)</sup> | 34176 | 2126431 |
|  |  | 3829831 |
|  **Fertilizers & Agricultural Chemicals-11.73%** | **Fertilizers & Agricultural Chemicals-11.73%** |  |
|  CF Industries Holdings, Inc. | 33946 | 3607102 |
|  Corteva, Inc. | 55018 | 3594876 |
|  FMC Corp. | 17753 | 2110832 |
|  Mosaic Co. (The) | 68359 | 3674296 |
|  |  | 12987106 |
|  **Forest Products-2.21%** |  |  |
|  Louisiana-Pacific Corp.<sup>(c)</sup> | 43254 | 2450339 |
|  **Industrial Gases-3.12%** |  |  |
|  Air Products and Chemicals, Inc. | 13804 | 3456522 |
|  **Metal & Glass Containers-1.71%** |  |  |
|  O-I Glass, Inc.<sup>(b)(c)</sup> | 116029 | 1892433 |
|  **Paper Packaging-2.85%** |  |  |
|  Avery Dennison Corp. | 18616 | 3156343 |
|  **Paper Products-2.43%** |  |  |
|  Sylvamo Corp. | 55940 | 2694630 |
|  **Specialty Chemicals-19.09%** |  |  |
|  Albemarle Corp. | 11940 | 3341648 |
|  Ashland, Inc. | 19131 | 2007225 |
|  Avient Corp. | 46990 | 1620685 |
|  Celanese Corp. | 19137 | 1839448 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Specialty Chemicals-(continued)** |  |  |
|  Element Solutions, Inc. | 87770 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509644 |
|  H.B. Fuller Co.<sup>(c)</sup> | 24837 | 1731387 |
|  Innospec, Inc.<sup>(c)</sup> | 14553 | 1455154 |
|  Livent Corp.<sup>(b)(c)</sup> | 112990 | 3567094 |
|  Quaker Chemical Corp.<sup>(c)</sup> | 8257 | 1342919 |
|  RPM International, Inc. | 28673 | 2711606 |
|  |  | 21126810 |
|  **Steel-25.71%** |  |  |
|  ATI, Inc.<sup>(b)(c)</sup> | 81526 | 2426214 |
|  Carpenter Technology Corp. | 45987 | 1719914 |
|  Cleveland-Cliffs, Inc.<sup>(b)(c)</sup> | 177826 | 2309960 |
|  Commercial Metals Co. | 58423 | 2658246 |
|  Nucor Corp. | 31719 | 4167242 |
|  Reliance Steel & Aluminum Co. | 20318 | 4093671 |
|  Ryerson Holding Corp.<sup>(c)</sup> | 64451 | 2162331 |
|  Steel Dynamics, Inc. | 41938 | 3944269 |
|  United States Steel Corp. | 183456 | 3735164 |
|  Worthington Industries, Inc.<sup>(c)</sup> | 26146 | 1243504 |
|  |  | 28460515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $104,719,981) |  | 110687271 |
|  **Money Market Funds-0.09%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup><br>(Cost $99,228) | 99228 | 99228 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.08%<br>(Cost $104,819,209) |  | 110786499 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-17.35%** | **Money Market Funds-17.35%** |  |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup> | 5379068 | 5379068 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup> | 13827846 | 13827846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $19,206,305) |  | 19206914 |
|  TOTAL INVESTMENTS IN SECURITIES-117.43%<br>(Cost $124,025,514) | TOTAL INVESTMENTS IN SECURITIES-117.43%<br>(Cost $124,025,514) | 129993413 |
|  OTHER ASSETS LESS LIABILITIES-(17.43)% | OTHER ASSETS LESS LIABILITIES-(17.43)% | (19297766) |
|  NET ASSETS-100.00%. |  | $110695647 |

---

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

---

| |
|:---|
| **3** |
| **3** |
| **3** |

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------

**Invesco DWA Basic Materials Momentum ETF (PYZ)–(continued)** 

October 31, 2022

*(Unaudited)* 

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br>**April 30, 2022** | **Purchases**<br>**at Cost** | **Proceeds**<br>**from Sales** | **Change in**<br>**Unrealized**<br>**Appreciation** | **Realized<br>Gain**<br>**(Loss)** | **Value**<br>**October 31, 2022** | **Dividend**<br>**Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $273111 | $2155640 | $(2329523) | $- | $- | $99228 | $1802 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 9705723 | 41709752 | (46036407) |  |  | 5379068 | 61143 \* |
| Invesco Private Prime Fund | 22636353 | 92384137 | (101193114) | 609 | (139) | 13827846 | 167463 \* |
| Total | $32615187 | $136249529 | $(149559044) | $609 | $(139) | $19306142 | $230408 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

**Portfolio Composition** 

**Sub-Industry Breakdown (% of the Fund's Net Assets)** 

**as of October 31, 2022** 

---

| | |
|:---|:---|
|  Steel | 25.71 |
|  Specialty Chemicals | 19.09 |
|  Commodity Chemicals | 18.90 |
|  Fertilizers & Agricultural Chemicals | 11.73 |
|  Diversified Chemicals | 4.09 |
|  Diversified Metals & Mining | 3.46 |
|  Industrial Gases | 3.12 |
|  Sub-Industry Types Each Less Than 3% | 13.89 |
|  Money Market Funds Plus Other Assets Less Liabilities | 0.01 |

---

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

---

| |
|:---|
| **4** |
| **4** |
| **4** |

---

------

**Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.99%** | **Common Stocks & Other Equity Interests-99.99%** | **Common Stocks & Other Equity Interests-99.99%** |
|  **Advertising-2.56%** |  |  |
|  Interpublic Group of Cos., Inc. (The) | 21427 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638310 |
|  **Apparel Retail-4.01%** |  |  |
|  Designer Brands, Inc., Class A<sup>(b)</sup> | 34845 | 530689 |
|  Foot Locker, Inc.<sup>(b)</sup> | 14771 | 468241 |
|  |  | 998930 |
|  **Apparel, Accessories & Luxury Goods-2.94%** | **Apparel, Accessories & Luxury Goods-2.94%** |  |
|  Tapestry, Inc. | 23093 | 731586 |
|  **Auto Parts & Equipment-1.40%** |  |  |
|  Visteon Corp.<sup>(c)</sup> | 2665 | 347703 |
|  **Automobile Manufacturers-2.85%** |  |  |
|  Ford Motor Co. | 52966 | 708155 |
|  **Automotive Retail-23.19%** |  |  |
|  AutoNation, Inc.<sup>(b)(c)</sup> | 8206 | 872380 |
|  AutoZone, Inc.<sup>(c)</sup> | 323 | 818120 |
|  Murphy USA, Inc. | 3022 | 950449 |
|  O'Reilly Automotive, Inc.<sup>(c)</sup> | 2240 | 1875261 |
|  Penske Automotive Group, Inc. | 4867 | 543255 |
|  Sonic Automotive, Inc., Class A<sup>(b)</sup> | 6690 | 312758 |
|  TravelCenters of America, Inc.<sup>(c)</sup> | 6285 | 399600 |
|  |  | 5771823 |
|  **Broadcasting-3.04%** |  |  |
|  Nexstar Media Group, Inc., Class A<sup>(b)</sup> | 4411 | 755604 |
|  **Casinos & Gaming-1.56%** |  |  |
|  Churchill Downs, Inc. | 1868 | 388376 |
|  **Consumer Electronics-0.99%** |  |  |
|  Vizio Holding Corp., Class A<sup>(b)(c)</sup> | 22084 | 247341 |
|  **Distributors-3.16%** |  |  |
|  LKQ Corp | 14144 | 786972 |
|  **Footwear-2.84%** |  |  |
|  Deckers Outdoor Corp.<sup>(c)</sup> | 2018 | 706159 |
|  **General Merchandise Stores-2.83%** |  |  |
|  Dollar General Corp. | 2765 | 705213 |
|  **Health Care Distributors-3.49%** |  |  |
|  McKesson Corp. | 2230 | 868295 |
|  **Health Care Services-2.29%** |  |  |
|  CVS Health Corp. | 6011 | 569242 |
|  **Hotels, Resorts & Cruise Lines-4.63%** |  |  |
|  Hyatt Hotels Corp., Class A<sup>(b)(c)</sup> | 6515 | 613778 |
|  Target Hospitality Corp.<sup>(b)(c)</sup> | 44154 | 537354 |
|  |  | 1151132 |
|  **Hypermarkets & Super Centers-3.93%** |  |  |
|  BJ's Wholesale Club Holdings, Inc.<sup>(c)</sup> | 12622 | 976943 |
|  **Internet & Direct Marketing Retail-3.19%** |  |  |
|  Poshmark, Inc., Class A<sup>(c)</sup> | 22138 | 395385 |
|  Xometry, Inc., Class A<sup>(c)</sup> | 6651 | 399459 |
|  |  | 794844 |
|  **Leisure Facilities-1.17%** |  |  |
|  Bowlero Corp.<sup>(b)(c)</sup> | 19930 | 290181 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Leisure Products-2.48%** |  |  |
|  Acushnet Holdings Corp.<sup>(b)</sup> | 5057 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235505 |
|  Topgolf Callaway Brands Corp.<sup>(b)(c)</sup> | 20352 | 380989 |
|  |  | 616494 |
|  **Movies & Entertainment-2.62%** |  |  |
|  Liberty Media Corp.-Liberty Formula One, Class A<sup>(c)</sup> | 4294 | 223374 |
|  World Wrestling Entertainment, Inc., Class A<sup>(b)</sup> | 5424 | 427899 |
|  |  | 651273 |
|  **Publishing-0.94%** |  |  |
|  Scholastic Corp. | 6149 | 234523 |
|  **Restaurants-12.27%** |  |  |
|  Chipotle Mexican Grill, Inc.<sup>(c)</sup> | 766 | 1147721 |
|  Jack in the Box, Inc.<sup>(b)</sup> | 5658 | 499205 |
|  Kura Sushi USA, Inc., Class A<sup>(b)(c)</sup> | 3545 | 280161 |
|  Texas Roadhouse, Inc. | 6455 | 638722 |
|  Yum! Brands, Inc. | 4126 | 487900 |
|  |  | 3053709 |
|  **Specialized REITs-1.42%** |  |  |
|  Lamar Advertising Co., Class A | 3836 | 353794 |
|  **Specialty Stores-10.19%** |  |  |
|  Academy Sports & Outdoors, Inc.<sup>(b)</sup> | 12843 | 565478 |
|  Dick's Sporting Goods, Inc.<sup>(b)</sup> | 11512 | 1309605 |
|  Ulta Beauty, Inc.<sup>(c)</sup> | 1576 | 660927 |
|  |  | 2536010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $22,776,924) |  | 24882612 |
|  **Money Market Funds-0.43%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup><br>(Cost $105,560) | 105560 | 105560 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.42%<br>(Cost $22,882,484) |  | 24988172 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-27.35%** | **Money Market Funds-27.35%** |  |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup> | 1901458 | 1901458 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup> | 4905452 | 4905452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $6,806,878) |  | 6806910 |
|  TOTAL INVESTMENTS IN SECURITIES-127.77%<br>(Cost $29,689,362) | TOTAL INVESTMENTS IN SECURITIES-127.77%<br>(Cost $29,689,362) | 31795082 |
|  OTHER ASSETS LESS LIABILITIES-(27.77)% | OTHER ASSETS LESS LIABILITIES-(27.77)% | (6910666) |
|  NET ASSETS-100.00% |  | $24884416 |

---

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

---

| |
|:---|
| **5** |
| **5** |
| **5** |

---

------

**Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)–(continued)** 

October 31, 2022

*(Unaudited)* 

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br>**April 30, 2022** | **Purchases**<br>**at Cost** | **Proceeds**<br>**from Sales** | **Change in**<br>**Unrealized**<br>**Appreciation** | **Realized**<br>**Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class | $140012 | $707969 | $(742421) | $- | $- | $105560 | $1366 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 1359112 | 13990711 | (13448365) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 1901458 | 13,109\* |
| Invesco Private Prime Fund | 3168189 | 29112867 | (27375864) | 32 | 228 | 4905452 | 35,044\* |
| Total | $4667313 | $43811547 | $(41566650) | $32 | $228 | $6912470 | $49519 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

**Portfolio Composition** 

**Sub-Industry Breakdown (% of the Fund's Net Assets)** 

**as of October 31, 2022** 

---

| | |
|:---|:---|
|  Automotive Retail | 23.19 |
|  Restaurants | 12.27 |
|  Specialty Stores | 10.19 |
|  Hotels, Resorts & Cruise Lines | 4.63 |
|  Apparel Retail | 4.01 |
|  Hypermarkets & Super Centers | 3.93 |
|  Health Care Distributors | 3.49 |
|  Internet & Direct Marketing Retail | 3.19 |
|  Distributors | 3.16 |
|  Broadcasting | 3.04 |
|  Sub-Industry Types Each Less Than 3% | 28.89 |
|  Money Market Funds Plus Other Assets Less Liabilities | 0.01 |

---

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

---

| |
|:---|
| **6** |
| **6** |
| **6** |

---

------

**Invesco DWA Consumer Staples Momentum ETF (PSL)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.59%** | **Common Stocks & Other Equity Interests-99.59%** | **Common Stocks & Other Equity Interests-99.59%** |
|  **Agricultural Products-6.26%** |  |  |
|  Archer-Daniels-Midland Co. | 45727 | $4434604 |
|  Bunge Ltd. | 30935 | 3053285 |
|  |  | 7487889 |
|  **Distillers & Vintners-5.09%** |  |  |
|  Brown-Forman Corp., Class B | 47162 | 3207016 |
|  MGP Ingredients, Inc.<sup>(b)</sup> | 25734 | 2883495 |
|  |  | 6090511 |
|  **Education Services-5.20%** |  |  |
|  Adtalem Global Education, Inc.<sup>(c)</sup> | 52011 | 2168859 |
|  Laureate Education, Inc., Class A | 168394 | 2128500 |
|  Stride, Inc.<sup>(b)(c)</sup> | 57322 | 1920860 |
|  |  | 6218219 |
|  **Food Distributors-14.48%** |  |  |
|  Andersons, Inc. (The) | 62725 | 2212311 |
|  Chefs' Warehouse, Inc. (The)<sup>(b)(c)</sup> | 62038 | 2272452 |
|  Performance Food Group Co.<sup>(c)</sup> | 74239 | 3863398 |
|  SpartanNash Co. | 73879 | 2638219 |
|  Sysco Corp. | 49179 | 4256934 |
|  US Foods Holding Corp.<sup>(c)</sup> | 69524 | 2069034 |
|  |  | 17312348 |
|  **Food Retail-10.65%** |  |  |
|  Albertsons Cos., Inc., Class A | 94442 | 1937005 |
|  Casey's General Stores, Inc. | 14825 | 3449926 |
|  Ingles Markets, Inc., Class A | 24053 | 2269882 |
|  Kroger Co. (The) | 54320 | 2568793 |
|  Sprouts Farmers Market, Inc.<sup>(b)(c)</sup> | 85181 | 2512839 |
|  |  | 12738445 |
|  **Household Products-6.22%** |  |  |
|  Church & Dwight Co., Inc. | 51364 | 3807613 |
|  Procter & Gamble Co. (The) | 26962 | 3630973 |
|  |  | 7438586 |
|  **Hypermarkets & Super Centers-3.60%** |  |  |
|  Costco Wholesale Corp. | 8583 | 4304374 |
|  **Packaged Foods & Meats-19.34%** |  |  |
|  Cal-Maine Foods, Inc.<sup>(b)</sup> | 30884 | 1745255 |
|  General Mills, Inc. | 43346 | 3536167 |
|  Hershey Co. (The) | 15976 | 3814589 |
|  Kraft Heinz Co. (The) | 85556 | 3291339 |
|  Lamb Weston Holdings, Inc. | 42091 | 3629086 |
|  Mondelez International, Inc., Class A | 48888 | 3005634 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Packaged Foods & Meats-(continued)** |  |  |
|  Post Holdings, Inc.<sup>(c)</sup> | 25724 | $2325964 |
|  Utz Brands, Inc.<sup>(b)</sup> | 109522 | 1775352 |
|  |  | 23123386 |
|  **Personal Products-6.45%** |  |  |
|  elf Beauty, Inc.<sup>(c)</sup> | 63540 | 2748741 |
|  Estee Lauder Cos., Inc. (The), Class A | 14998 | 3006949 |
|  Inter Parfums, Inc. | 24273 | 1963200 |
|  |  | 7718890 |
|  **Soft Drinks-13.66%** |  |  |
|  Celsius Holdings, Inc.<sup>(b)(c)</sup> | 36263 | 3302834 |
|  Keurig Dr Pepper, Inc. | 107002 | 4155958 |
|  Monster Beverage Corp.<sup>(c)</sup> | 33530 | 3142431 |
|  National Beverage Corp.<sup>(b)</sup> | 39666 | 1880962 |
|  PepsiCo, Inc. | 21236 | 3856033 |
|  |  | 16338218 |
|  **Specialized Consumer Services-6.26%** |  |  |
|  H&R Block, Inc.<sup>(b)</sup> | 78885 | 3246118 |
|  Service Corp. International | 69996 | 4242457 |
|  |  | 7488575 |
|  **Tobacco-2.38%** |  |  |
|  Philip Morris International, Inc. | 30933 | 2841196 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.59%<br>(Cost $109,268,713) |  | 119100637 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-13.84%** | **Money Market Funds-13.84%** |  |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup> | 4633372 | 4633372 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup> | 11911172 | 11911172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $16,544,568) |  | 16544544 |
|  TOTAL INVESTMENTS IN SECURITIES-113.43%<br>(Cost $125,813,281) | TOTAL INVESTMENTS IN SECURITIES-113.43%<br>(Cost $125,813,281) | 135645181 |
|  OTHER ASSETS LESS LIABILITIES-(13.43)% | OTHER ASSETS LESS LIABILITIES-(13.43)% | (16056919) |
|  NET ASSETS-100.00%. |  | $119588262 |

---

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

---

| |
|:---|
| **7** |
| **7** |
| **7** |

---

------

**Invesco DWA Consumer Staples Momentum ETF (PSL)–(continued)** 

October 31, 2022

*(Unaudited)* 

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br>**April 30, 2022** | **Purchases**<br>**at Cost** | **Proceeds**<br>**from Sales** | **Change in<br>Unrealized<br>Appreciation**<br>**(Depreciation)** | **Realized<br>Gain** | **Value**<br>**October 31, 2022** | **Dividend**<br>**Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class | $24532 | $4221293 | $(4245825) | $- | $- | $- | $3029 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 5383930 | 31176401 | (31926959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 4633372 | 46339 \* |
| Invesco Private Prime Fund | 12091655 | 71986650 | (72168469) | (1507) | 2843 | 11911172 | 126317 \* |
| Total | $17500117 | $107384344 | $(108341253) | $(1507) | $2843 | $16544544 | $175685 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

**Portfolio Composition** 

**Sub-Industry Breakdown (% of the Fund's Net Assets)** 

**as of October 31, 2022** 

---

| | |
|:---|:---|
|  Packaged Foods & Meats | 19.34 |
|  Food Distributors | 14.48 |
|  Soft Drinks | 13.66 |
|  Food Retail | 10.65 |
|  Personal Products | 6.45 |
|  Specialized Consumer Services | 6.26 |
|  Agricultural Products | 6.26 |
|  Household Products | 6.22 |
|  Education Services | 5.20 |
|  Distillers & Vintners | 5.09 |
|  Hypermarkets & Super Centers | 3.60 |
|  Tobacco | 2.38 |
|  Money Market Funds Plus Other Assets Less Liabilities | 0.41 |

---

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

---

| |
|:---|
| **8** |
| **8** |
| **8** |

---

------

**Invesco DWA Energy Momentum ETF (PXI)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** |
|  **Coal & Consumable Fuels-5.20%** |  |  |
|  Centrus Energy Corp., Class A<sup>(b)(c)</sup> | 124899 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5908972 |
|  CONSOL Energy, Inc. | 104260 | 6570465 |
|  |  | 12479437 |
|  **Integrated Oil & Gas-5.90%** |  |  |
|  Exxon Mobil Corp. | 61887 | 6857699 |
|  Occidental Petroleum Corp. | 100704 | 7311110 |
|  |  | 14168809 |
|  **Oil & Gas Drilling-2.90%** |  |  |
|  Valaris Ltd.<sup>(b)(c)</sup> | 104021 | 6962126 |
|  **Oil & Gas Equipment & Services-7.60%** |  |  |
|  RPC, Inc. | 714478 | 7952140 |
|  Weatherford International PLC<sup>(b)</sup> | 247300 | 10307464 |
|  |  | 18259604 |
|  **Oil & Gas Exploration & Production-64.12%** | **Oil & Gas Exploration & Production-64.12%** |  |
|  Antero Resources Corp.<sup>(b)</sup> | 221277 | 8112015 |
|  Berry Corp. | 626693 | 5558767 |
|  California Resources Corp.<sup>(c)</sup> | 126222 | 5693874 |
|  Chesapeake Energy Corp.<sup>(c)</sup> | 56054 | 5732643 |
|  Chord Energy Corp.<sup>(c)</sup> | 47038 | 7201047 |
|  Civitas Resources, Inc. | 103338 | 7224360 |
|  Comstock Resources, Inc.<sup>(b)(c)</sup> | 307567 | 5776108 |
|  ConocoPhillips | 60664 | 7649124 |
|  Devon Energy Corp. | 113726 | 8796706 |
|  EOG Resources, Inc. | 51981 | 7096446 |
|  Hess Corp. | 52445 | 7398941 |
|  Marathon Oil Corp. | 260587 | 7934874 |
|  Matador Resources Co. | 148387 | 9860316 |
|  Murphy Oil Corp. | 166767 | 8089867 |
|  Pioneer Natural Resources Co. | 25289 | 6484352 |
|  Range Resources Corp.<sup>(c)</sup> | 239340 | 6816403 |
|  SandRidge Energy, Inc.<sup>(b)(c)</sup> | 313889 | 5929363 |
|  Sitio Royalties Corp.<sup>(c)</sup> | 213419 | 6052563 |
|  SM Energy Co. | 187068 | 8414319 |
|  Texas Pacific Land Corp.<sup>(c)</sup> | 4937 | 11374206 |
|  W&T Offshore, Inc.<sup>(b)</sup> | 890537 | 6759176 |
|  |  | 153955470 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Oil & Gas Refining & Marketing-6.08%** |  |  |
|  CVR Energy, Inc.<sup>(c)</sup> | 188383 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7358240 |
|  Marathon Petroleum Corp. | 63678 | 7235094 |
|  |  | 14593334 |
|  **Oil & Gas Storage & Transportation-3.78%** | **Oil & Gas Storage & Transportation-3.78%** |  |
|  Cheniere Energy, Inc. | 51453 | 9076824 |
|  **Steel-4.36%** |  |  |
|  Alpha Metallurgical Resources, Inc. | 62072 | 10480857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $178,306,080) |  | 239976461 |
|  **Money Market Funds-0.16%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup><br>(Cost $384,276) | 384276 | 384276 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10%<br>(Cost $178,690,356) |  | 240360737 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |  |
|  **Money Market Funds-19.05%** |  |  |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup> | 12808217 | 12808217 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup> | 32927101 | 32927101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $45,736,027) |  | 45735318 |
|  TOTAL INVESTMENTS IN SECURITIES-119.15%<br>(Cost $224,426,383) | TOTAL INVESTMENTS IN SECURITIES-119.15%<br>(Cost $224,426,383) | 286096055 |
|  OTHER ASSETS LESS LIABILITIES-(19.15)% | OTHER ASSETS LESS LIABILITIES-(19.15)% | (45978133) |
|  NET ASSETS-100.00%. |  | $240117922 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br>**April 30, 2022** | **Purchases**<br>**at Cost** | **Proceeds**<br>**from Sales** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Realized<br>Gain**<br>**(Loss)** | **Value<br>October 31, 2022** | **Dividend**<br>**Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $249928 | $8924159 | $(8789811) | $- | $- | $384276 | $3452 |

---

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

---

| |
|:---|
| **9** |
| **9** |
| **9** |

---

------

**Invesco DWA Energy Momentum ETF (PXI)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br>**April 30, 2022** | **Purchases**<br>**at Cost** | **Proceeds**<br>**from Sales** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Realized**<br>**Gain**<br>**(Loss)** | **Value<br>October 31, 2022** | **Dividend**<br>**Income** |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | $13426783 | $75768067 | $(76386633) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $12808217 | $110570 \* |
| Invesco Private Prime Fund | 31312864 | 161569705 | (159954080) | (1114) | (274) | 32927101 | 301895 \* |
| Total | $44989575 | $246261931 | $(245130524) | $(1114) | $(274) | $46119594 | $415917 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

**Portfolio Composition** 

**Sub-Industry Breakdown (% of the Fund's Net Assets)** 

**as of October 31, 2022** 

---

| | |
|:---|:---|
|  Oil & Gas Exploration & Production | 64.12 |
|  Oil & Gas Equipment & Services | 7.60 |
|  Oil & Gas Refining & Marketing | 6.08 |
|  Integrated Oil & Gas | 5.90 |
|  Coal & Consumable Fuels | 5.20 |
|  Steel | 4.36 |
|  Oil & Gas Storage & Transportation | 3.78 |
|  Oil & Gas Drilling | 2.90 |
|  Money Market Funds Plus Other Assets Less Liabilities | 0.06 |

---

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

---

| |
|:---|
| **10** |
| **10** |
| **10** |

---

------

**Invesco DWA Financial Momentum ETF (PFI)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.91%** | **Common Stocks & Other Equity Interests-99.91%** | **Common Stocks & Other Equity Interests-99.91%** |
|  **Asset Management & Custody Banks-7.32%** | **Asset Management & Custody Banks-7.32%** | **Asset Management & Custody Banks-7.32%** |
|  Ameriprise Financial, Inc. | 8107 | $&nbsp;&nbsp;&nbsp;&nbsp;2506036 |
|  Ares Management Corp., Class A | 28050 | 2127031 |
|  |  | 4633067 |
|  **Consumer Finance-2.10%** | **Consumer Finance-2.10%** | **Consumer Finance-2.10%** |
|  American Express Co. | 8952 | 1328924 |
|  **Data Processing & Outsourced Services-9.50%** | **Data Processing & Outsourced Services-9.50%** | **Data Processing & Outsourced Services-9.50%** |
|  International Money Express, Inc.<sup>(b)(c)</sup> | 28198 | 762192 |
|  Mastercard, Inc., Class A | 9757 | 3202052 |
|  Visa, Inc., Class A | 9878 | 2046327 |
|  |  | 6010571 |
|  **Financial Exchanges & Data-6.49%** | **Financial Exchanges & Data-6.49%** | **Financial Exchanges & Data-6.49%** |
|  Donnelley Financial Solutions, Inc.<sup>(b)(c)</sup> | 26111 | 1055668 |
|  FactSet Research Systems, Inc. | 2850 | 1212646 |
|  Nasdaq, Inc. | 29550 | 1839192 |
|  |  | 4107506 |
|  **Hotel & Resort REITs-1.86%** | **Hotel & Resort REITs-1.86%** | **Hotel & Resort REITs-1.86%** |
|  Ryman Hospitality Properties, Inc. | 13251 | 1178279 |
|  **Industrial REITs-2.00%** | **Industrial REITs-2.00%** | **Industrial REITs-2.00%** |
|  First Industrial Realty Trust, Inc. | 26568 | 1265434 |
|  **Insurance Brokers-9.81%** | **Insurance Brokers-9.81%** | **Insurance Brokers-9.81%** |
|  Aon PLC, Class A | 5212 | 1467126 |
|  Arthur J. Gallagher & Co. | 9630 | 1801581 |
|  Brown & Brown, Inc. | 23599 | 1387385 |
|  Marsh & McLennan Cos., Inc. | 9598 | 1549981 |
|  |  | 6206073 |
|  **Investment Banking & Brokerage-9.11%** | **Investment Banking & Brokerage-9.11%** | **Investment Banking & Brokerage-9.11%** |
|  LPL Financial Holdings, Inc. | 10799 | 2760765 |
|  Morgan Stanley | 15641 | 1285221 |
|  Raymond James Financial, Inc. | 14537 | 1717401 |
|  |  | 5763387 |
|  **Life & Health Insurance-4.78%** | **Life & Health Insurance-4.78%** | **Life & Health Insurance-4.78%** |
|  Globe Life, Inc. | 12972 | 1498525 |
|  Unum Group | 33500 | 1527265 |
|  |  | 3025790 |
|  **Mortgage REITs-4.00%** | **Mortgage REITs-4.00%** | **Mortgage REITs-4.00%** |
|  Arbor Realty Trust, Inc.<sup>(c)</sup> | 67916 | 935203 |
|  Ellington Financial, Inc. | 51546 | 689686 |
|  Ready Capital Corp.<sup>(c)</sup> | 75101 | 910224 |
|  |  | 2535113 |
|  **Property & Casualty Insurance-13.26%** | **Property & Casualty Insurance-13.26%** | **Property & Casualty Insurance-13.26%** |
|  American Financial Group, Inc. | 8307 | 1205429 |
|  Kinsale Capital Group, Inc. | 6183 | 1948696 |
|  Palomar Holdings, Inc.<sup>(b)(c)</sup> | 7985 | 710346 |
|  Progressive Corp. (The) | 23445 | 3010338 |
|  W.R. Berkley Corp. | 20361 | 1514451 |
|  |  | 8389260 |
|  **Regional Banks-17.54%** | **Regional Banks-17.54%** | **Regional Banks-17.54%** |
|  Ameris Bancorp | 21452 | 1104992 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Regional Banks-(continued)** | **Regional Banks-(continued)** | **Regional Banks-(continued)** |
|  BancFirst Corp.<sup>(c)</sup> | 9114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873303 |
|  First Bancorp | 76176 | 1202819 |
|  First Citizens BancShares, Inc., Class A | 1439 | 1183031 |
|  First Merchants Corp.<sup>(c)</sup> | 18249 | 819380 |
|  Hancock Whitney Corp. | 17151 | 958226 |
|  Lakeland Financial Corp.<sup>(c)</sup> | 9445 | 780629 |
|  OFG Bancorp | 27344 | 762351 |
|  Popular, Inc. | 11083 | 783790 |
|  ServisFirst Bancshares, Inc.<sup>(c)</sup> | 11796 | 888593 |
|  Stock Yards Bancorp, Inc.<sup>(c)</sup> | 10124 | 791596 |
|  Wintrust Financial Corp. | 10150 | 950243 |
|  |  | 11098953 |
|  **Residential REITs-3.44%** | **Residential REITs-3.44%** | **Residential REITs-3.44%** |
|  Equity LifeStyle Properties, Inc. | 34088 | 2180268 |
|  **Retail REITs-1.30%** | **Retail REITs-1.30%** | **Retail REITs-1.30%** |
|  Tanger Factory Outlet Centers, Inc. | 45732 | 823633 |
|  **Specialized REITs-5.45%** | **Specialized REITs-5.45%** | **Specialized REITs-5.45%** |
|  CubeSmart | 36462 | 1526664 |
|  Farmland Partners, Inc.<sup>(c)</sup> | 49335 | 691183 |
|  Life Storage, Inc. | 11135 | 1231643 |
|  |  | 3449490 |
|  **Thrifts & Mortgage Finance-1.95%** | **Thrifts & Mortgage Finance-1.95%** | **Thrifts & Mortgage Finance-1.95%** |
|  Mr. Cooper Group, Inc.<sup>(b)</sup> | 31258 | 1234378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $58,429,984) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $58,429,984) | 63230126 |
|  **Money Market Funds-0.19%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup><br>(Cost $121,537) | 121537 | 121537 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10%<br>(Cost $58,551,521) | TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.10%<br>(Cost $58,551,521) | 63351663 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-11.51%** | **Money Market Funds-11.51%** | **Money Market Funds-11.51%** |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup> | 2040090 | 2040090 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup> | 5244435 | 5244435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $7,284,343) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $7,284,343) | 7284525 |
|  TOTAL INVESTMENTS IN SECURITIES-111.61%<br>(Cost $65,835,864) | TOTAL INVESTMENTS IN SECURITIES-111.61%<br>(Cost $65,835,864) | 70636188 |
|  OTHER ASSETS LESS LIABILITIES-(11.61)% | OTHER ASSETS LESS LIABILITIES-(11.61)% | (7349030) |
|  NET ASSETS-100.00% | NET ASSETS-100.00% | $63287158 |

---

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

---

| |
|:---|
| **11** |
| **11** |
| **11** |

---

------

**Invesco DWA Financial Momentum ETF (PFI)–(continued)** 

October 31, 2022

*(Unaudited)* 

 

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $196176 | $1344936 | $(1419575) | $- | $- | $121537 | $1296 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 949782 | 11333371 | (10243063) |  |  | 2040090 | 10953 \* |
| Invesco Private Prime Fund | 2214095 | 28049172 | (25019107) | 182 | 93 | 5244435 | 29631 \* |
| Total | $3360053 | $40727479 | $(36681745) | $182 | $93 | $7406062 | $41880 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Composition** 

&nbsp;&nbsp;&nbsp;&nbsp;**Sub-Industry Breakdown (% of the Fund's Net Assets)** 

&nbsp;&nbsp;&nbsp;&nbsp;**as of October 31, 2022** 

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;Regional Banks | 17.54 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Property & Casualty Insurance | 13.26 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Insurance Brokers | 9.81 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Data Processing & Outsourced Services | 9.50 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investment Banking & Brokerage | 9.11 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Asset Management & Custody Banks | 7.32 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Financial Exchanges & Data | 6.49 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Specialized REITs | 5.45 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Life & Health Insurance | 4.78 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Mortgage REITs | 4.00 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Residential REITs | 3.44 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Sub-Industry Types Each Less Than 3% | 9.21 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds Plus Other Assets<br> &nbsp;&nbsp;&nbsp;&nbsp;Less Liabilities | 0.09 |

---

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

---

| |
|:---|
| **12** |
| **12** |
| **12** |

---

------

**Invesco DWA Healthcare Momentum ETF (PTH)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.97%** | **Common Stocks & Other Equity Interests-99.97%** | **Common Stocks & Other Equity Interests-99.97%** |
|  **Biotechnology-39.48%** | **Biotechnology-39.48%** | **Biotechnology-39.48%** |
|  Akero Therapeutics, Inc.<sup>(b)(c)</sup> | 154108 | $6512604 |
|  Allakos, Inc.<sup>(b)(c)</sup> | 379831 | 2214415 |
|  Apellis Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 107363 | 6494388 |
|  Avidity Biosciences, Inc.<sup>(b)(c)</sup> | 81969 | 1170517 |
|  Bluebird Bio, Inc.<sup>(b)(c)</sup> | 1102463 | 6912443 |
|  Bridgebio Pharma, Inc.<sup>(b)(c)</sup> | 267600 | 2791068 |
|  Caribou Biosciences, Inc.<sup>(b)(c)</sup> | 169864 | 1654475 |
|  Catalyst Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 340825 | 4727243 |
|  Chinook Therapeutics, Inc.<sup>(b)(c)</sup> | 88192 | 1918176 |
|  Cogent Biosciences, Inc.<sup>(b)</sup> | 309337 | 4222450 |
|  Cytokinetics, Inc.<sup>(b)(c)</sup> | 162563 | 7097501 |
|  Deciphera Pharmaceuticals, Inc.<sup>(b)</sup> | 196003 | 3179169 |
|  Gossamer Bio., Inc.<sup>(b)(c)</sup> | 219983 | 2441811 |
|  IVERIC bio, Inc.<sup>(b)(c)</sup> | 342225 | 8186022 |
|  Karuna Therapeutics, Inc.<sup>(b)(c)</sup> | 33910 | 7437819 |
|  Krystal Biotech, Inc.<sup>(b)(c)</sup> | 23450 | 1793925 |
|  Lyell Immunopharma, Inc.<sup>(b)(c)</sup> | 249728 | 1468401 |
|  Mersana Therapeutics, Inc.<sup>(b)</sup> | 330563 | 2598225 |
|  Prometheus Biosciences, Inc.<sup>(b)(c)</sup> | 65913 | 3461751 |
|  PTC Therapeutics, Inc.<sup>(b)</sup> | 49292 | 1864223 |
|  RAPT Therapeutics, Inc.<sup>(b)(c)</sup> | 86597 | 1889547 |
|  Sarepta Therapeutics, Inc.<sup>(b)(c)</sup> | 51726 | 5897799 |
|  Seres Therapeutics, Inc.<sup>(b)(c)</sup> | 313062 | 2773729 |
|  Verve Therapeutics, Inc.<sup>(b)(c)</sup> | 105562 | 3979687 |
|  Viridian Therapeutics, Inc.<sup>(b)(c)</sup> | 143415 | 2853958 |
|  |  | 95541346 |
|  **Health Care Equipment-11.61%** | **Health Care Equipment-11.61%** | **Health Care Equipment-11.61%** |
|  Axonics, Inc.<sup>(b)</sup> | 33416 | 2444046 |
|  Cutera, Inc.<sup>(b)(c)</sup> | 88309 | 4059565 |
|  PROCEPT BioRobotics Corp.<sup>(b)(c)</sup> | 82965 | 3769100 |
|  Shockwave Medical, Inc.<sup>(b)</sup> | 26488 | 7764957 |
|  STERIS PLC<sup>(c)</sup> | 31371 | 5414007 |
|  TransMedics Group, Inc.<sup>(b)(c)</sup> | 96340 | 4645515 |
|  |  | 28097190 |
|  **Health Care Facilities-4.78%** | **Health Care Facilities-4.78%** | **Health Care Facilities-4.78%** |
|  Acadia Healthcare Co., Inc.<sup>(b)</sup> | 65632 | 5335882 |
|  Ensign Group, Inc. (The)<sup>(c)</sup> | 69405 | 6231181 |
|  |  | 11567063 |
|  **Health Care Services-4.18%** | **Health Care Services-4.18%** | **Health Care Services-4.18%** |
|  Accolade, Inc.<sup>(b)(c)</sup> | 176923 | 1907230 |
|  Cross Country Healthcare, Inc.<sup>(b)</sup> | 88574 | 3285210 |
|  Oak Street Health, Inc.<sup>(b)(c)</sup> | 89205 | 1804617 |
|  Option Care Health, Inc.<sup>(b)</sup> | 102976 | 3116054 |
|  |  | 10113111 |
|  **Health Care Supplies-5.01%** | **Health Care Supplies-5.01%** | **Health Care Supplies-5.01%** |
|  Lantheus Holdings, Inc.<sup>(b)</sup> | 163944 | 12130217 |
|  **Health Care Technology-3.15%** | **Health Care Technology-3.15%** | **Health Care Technology-3.15%** |
|  Evolent Health, Inc., Class A<sup>(b)(c)</sup> | 152757 | 4859200 |
|  Phreesia, Inc.<sup>(b)(c)</sup> | 101297 | 2767434 |
|  |  | 7626634 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Life Sciences Tools & Services-2.84%** | **Life Sciences Tools & Services-2.84%** | **Life Sciences Tools & Services-2.84%** |
|  Medpace Holdings, Inc.<sup>(b)(c)</sup> | 30935 | $6866951 |
|  **Managed Health Care-11.88%** | **Managed Health Care-11.88%** | **Managed Health Care-11.88%** |
|  Elevance Health, Inc. | 16955 | 9270485 |
|  Molina Healthcare, Inc.<sup>(b)</sup> | 19695 | 7067748 |
|  UnitedHealth Group, Inc. | 22343 | 12403717 |
|  |  | 28741950 |
|  **Pharmaceuticals-17.04%** | **Pharmaceuticals-17.04%** | **Pharmaceuticals-17.04%** |
|  Amylyx Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 172270 | 6144871 |
|  Axsome Therapeutics, Inc.<sup>(b)(c)</sup> | 129262 | 5836179 |
|  Cassava Sciences, Inc.<sup>(b)(c)</sup> | 198895 | 7247734 |
|  Eli Lilly and Co. | 27915 | 10107742 |
|  Esperion Therapeutics, Inc.<sup>(b)(c)</sup> | 278152 | 2261376 |
|  Pliant Therapeutics, Inc.<sup>(b)</sup> | 266084 | 6617509 |
|  Relmada Therapeutics, Inc.<sup>(b)(c)</sup> | 57314 | 366236 |
|  Revance Therapeutics, Inc.<sup>(b)</sup> | 119712 | 2670775 |
|  |  | 41252422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $217,918,856) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $217,918,856) | 241936884 |
|  **Money Market Funds-0.08%** | **Money Market Funds-0.08%** | **Money Market Funds-0.08%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup><br>(Cost $207,819) | 207819 | 207819 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05%<br>(Cost $218,126,675) | TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05%<br>(Cost $218,126,675) | 242144703 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-30.71%** | **Money Market Funds-30.71%** | **Money Market Funds-30.71%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup> | 21146715 | 21146715 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup> | 53178141 | 53178141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $74,323,928) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $74,323,928) | 74324856 |
|  TOTAL INVESTMENTS IN SECURITIES-130.76%<br>(Cost $292,450,603) | TOTAL INVESTMENTS IN SECURITIES-130.76%<br>(Cost $292,450,603) | 316469559 |
|  OTHER ASSETS LESS LIABILITIES-(30.76)% | OTHER ASSETS LESS LIABILITIES-(30.76)% | (74451155) |
|  NET ASSETS-100.00%. | NET ASSETS-100.00%. | $242018404 |

---

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

---

| |
|:---|
| **13** |
| **13** |
| **13** |

---

------

**Invesco DWA Healthcare Momentum ETF (PTH)–(continued)** 

October 31, 2022

*(Unaudited)* 

 

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2022** | **Purchases**<br>**at Cost** | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $481376 | $9459954 | $(9733511) | $- | $- | $207819 | $5521 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 13055110 | 100400800 | (92309195) |  |  | 21146715 | 139651 \* |
| Invesco Private Prime Fund | 30443565 | 204999755 | (182264184) | 502 | (1497) | 53178141 | 380515 \* |
| Total | $43980051 | $314860509 | $(284306890) | $502 | $(1497) | $74532675 | $525687 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Composition** 

&nbsp;&nbsp;&nbsp;&nbsp;**Sub-Industry Breakdown (% of the Fund's Net Assets)** 

&nbsp;&nbsp;&nbsp;&nbsp;**as of October 31, 2022** 

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;Biotechnology | 39.48 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals | 17.04 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Managed Health Care | 11.88 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Health Care Equipment | 11.61 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Health Care Supplies | 5.01 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Health Care Facilities | 4.78 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Health Care Services | 4.18 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Health Care Technology | 3.15 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | 2.84 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds Plus Other Assets<br>&nbsp;&nbsp;&nbsp;&nbsp;Less Liabilities | 0.03 |

---

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

---

| |
|:---|
| **14** |
| **14** |
| **14** |

---

------

**Invesco DWA Industrials Momentum ETF (PRN)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-100.05%** | **Common Stocks & Other Equity Interests-100.05%** | **Common Stocks & Other Equity Interests-100.05%** |
|  **Aerospace & Defense-2.21%** | **Aerospace & Defense-2.21%** | **Aerospace & Defense-2.21%** |
|  TransDigm Group, Inc. | 4247 | $2445253 |
|  **Building Products-10.44%** | **Building Products-10.44%** | **Building Products-10.44%** |
|  Advanced Drainage Systems, Inc. | 28485 | 3300842 |
|  Carlisle Cos., Inc. | 10821 | 2584055 |
|  CSW Industrials, Inc. | 10909 | 1406388 |
|  Trane Technologies PLC | 26723 | 4265792 |
|  |  | 11557077 |
|  **Construction & Engineering-10.62%** | **Construction & Engineering-10.62%** | **Construction & Engineering-10.62%** |
|  Comfort Systems USA, Inc.<sup>(b)</sup> | 16753 | 2065310 |
|  MYR Group, Inc.<sup>(c)</sup> | 16585 | 1451353 |
|  NV5 Global, Inc.<sup>(b)(c)</sup> | 10245 | 1485013 |
|  Quanta Services, Inc. | 25021 | 3553983 |
|  WillScot Mobile Mini Holdings Corp.<sup>(c)</sup> | 75280 | 3201658 |
|  |  | 11757317 |
|  **Data Processing & Outsourced Services-7.91%** | **Data Processing & Outsourced Services-7.91%** | **Data Processing & Outsourced Services-7.91%** |
|  Automatic Data Processing, Inc. | 12614 | 3048804 |
|  Broadridge Financial Solutions, Inc. | 19133 | 2871098 |
|  Fiserv, Inc.<sup>(c)</sup> | 27626 | 2838295 |
|  |  | 8758197 |
|  **Diversified Support Services-3.56%** | **Diversified Support Services-3.56%** | **Diversified Support Services-3.56%** |
|  Cintas Corp. | 9209 | 3937308 |
|  **Electrical Components & Equipment-13.73%** | **Electrical Components & Equipment-13.73%** | **Electrical Components & Equipment-13.73%** |
|  AMETEK, Inc. | 38340 | 4971164 |
|  Enovix Corp.<sup>(b)(c)</sup> | 130719 | 2466668 |
|  Fluence Energy, Inc.<sup>(b)(c)</sup> | 107125 | 1599376 |
|  Hubbell, Inc. | 16554 | 3931244 |
|  Stem, Inc.<sup>(b)(c)</sup> | 164632 | 2238995 |
|  |  | 15207447 |
|  **Environmental & Facilities Services-7.25%** | **Environmental & Facilities Services-7.25%** | **Environmental & Facilities Services-7.25%** |
|  Republic Services, Inc. | 18278 | 2424028 |
|  Rollins, Inc. | 73280 | 3083623 |
|  Waste Management, Inc. | 15890 | 2516499 |
|  |  | 8024150 |
|  **Human Resource & Employment Services-1.75%** | **Human Resource & Employment Services-1.75%** | **Human Resource & Employment Services-1.75%** |
|  Insperity, Inc. | 16402 | 1935764 |
|  **Industrial Machinery-3.98%** | **Industrial Machinery-3.98%** | **Industrial Machinery-3.98%** |
|  Energy Recovery, Inc.<sup>(b)(c)</sup> | 57894 | 1489613 |
|  IDEX Corp. | 13147 | 2922709 |
|  |  | 4412322 |
|  **Oil & Gas Storage & Transportation-2.05%** | **Oil & Gas Storage & Transportation-2.05%** | **Oil & Gas Storage & Transportation-2.05%** |
|  International Seaways, Inc.<sup>(b)</sup> | 53498 | 2268850 |
|  **Paper Packaging-4.13%** | **Paper Packaging-4.13%** | **Paper Packaging-4.13%** |
|  Graphic Packaging Holding Co. | 199183 | 4573242 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Railroads-3.53%** | **Railroads-3.53%** | **Railroads-3.53%** |
|  Union Pacific Corp. | 19855 | $3914215 |
|  **Research & Consulting Services-6.53%** | **Research & Consulting Services-6.53%** | **Research & Consulting Services-6.53%** |
|  Booz Allen Hamilton Holding Corp. | 25955 | 2825202 |
|  CBIZ, Inc.<sup>(c)</sup> | 32178 | 1597316 |
|  KBR, Inc. | 56365 | 2805286 |
|  |  | 7227804 |
|  **Trading Companies & Distributors-20.41%** | **Trading Companies & Distributors-20.41%** | **Trading Companies & Distributors-20.41%** |
|  Herc Holdings, Inc.<sup>(b)</sup> | 21905 | 2576247 |
|  Rush Enterprises, Inc., Class A | 29656 | 1479538 |
|  Triton International Ltd. (Bermuda)<sup>(b)</sup> | 40019 | 2428753 |
|  Veritiv Corp.<sup>(b)(c)</sup> | 23586 | 2742108 |
|  W.W. Grainger, Inc. | 7427 | 4339968 |
|  Watsco, Inc.<sup>(b)</sup> | 17693 | 4794095 |
|  WESCO International, Inc.<sup>(c)</sup> | 30808 | 4244418 |
|  |  | 22605127 |
|  **Trucking-1.95%** | **Trucking-1.95%** | **Trucking-1.95%** |
|  ArcBest Corp.<sup>(b)</sup> | 27143 | 2155969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $102,996,691) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $102,996,691) | 110780042 |
|  **Money Market Funds-0.09%** | **Money Market Funds-0.09%** | **Money Market Funds-0.09%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup><br>(Cost $103,875) | 103875 | 103875 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.14%<br>(Cost $103,100,566) | TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.14%<br>(Cost $103,100,566) | 110883917 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-12.67%** | **Money Market Funds-12.67%** | **Money Market Funds-12.67%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup> | 3927055 | 3927055 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup> | 10095862 | 10095862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $14,022,194) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $14,022,194) | 14022917 |
|  TOTAL INVESTMENTS IN SECURITIES-112.81%<br>(Cost $117,122,760) | TOTAL INVESTMENTS IN SECURITIES-112.81%<br>(Cost $117,122,760) | 124906834 |
|  OTHER ASSETS LESS LIABILITIES-(12.81)% | OTHER ASSETS LESS LIABILITIES-(12.81)% | (14183020) |
|  NET ASSETS-100.00%. | NET ASSETS-100.00%. | $110723814 |

---

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

---

| |
|:---|
| **15** |
| **15** |
| **15** |

---

------

**Invesco DWA Industrials Momentum ETF (PRN)–(continued)** 

October 31, 2022

*(Unaudited)* 

 

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $253005 | $4282695 | $(4431825) | $- | $- | $103875 | $2184 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 2482930 | 21927544 | (20483419) |  |  | 3927055 | 31332 \* |
| Invesco Private Prime Fund | 5791524 | 48611357 | (44307098) | 723 | (644) | 10095862 | 85624 \* |
| Total | $8527459 | $74821596 | $(69222342) | $723 | $(644) | $14126792 | $119140 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Composition** 

&nbsp;&nbsp;&nbsp;&nbsp;**Sub-Industry Breakdown (% of the Fund's Net Assets)** 

&nbsp;&nbsp;&nbsp;&nbsp;**as of October 31, 2022** 

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;Trading Companies & Distributors | 20.41 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Electrical Components & Equipment | 13.73 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Construction & Engineering | 10.62 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Building Products | 10.44 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Data Processing & Outsourced Services | 7.91 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Environmental & Facilities Services | 7.25 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Research & Consulting Services | 6.53 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Paper Packaging | 4.13 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Industrial Machinery | 3.98 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Diversified Support Services | 3.56 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Railroads | 3.53 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Sub-Industry Types Each Less Than 3% | 7.96 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds Plus Other Assets<br>&nbsp;&nbsp;&nbsp;&nbsp;Less Liabilities | (0.05) |

---

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

---

| |
|:---|
| **16** |
| **16** |
| **16** |

---

------

**Invesco DWA Technology Momentum ETF (PTF)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** |
|  **Advertising-1.77%** | **Advertising-1.77%** | **Advertising-1.77%** |
|  Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 67148 | $3574960 |
|  **Alternative Carriers-1.95%** | **Alternative Carriers-1.95%** | **Alternative Carriers-1.95%** |
|  Iridium Communications, Inc.<sup>(b)</sup> | 76309 | 3932203 |
|  **Application Software-20.20%** | **Application Software-20.20%** | **Application Software-20.20%** |
|  Box,Inc.,Class A<sup>(b)</sup> | 131326 | 3815020 |
|  Cadence Design Systems, Inc.<sup>(b)</sup> | 45161 | 6836924 |
|  Intuit, Inc. | 24883 | 10637483 |
|  Manhattan Associates, Inc.<sup>(b)</sup> | 26567 | 3232407 |
|  Paylocity Holding Corp.<sup>(b)</sup> | 18679 | 4329605 |
|  PowerSchool Holdings, Inc., Class A<sup>(b)</sup> | 158934 | 3178680 |
|  SPS Commerce, Inc.<sup>(b)(c)</sup> | 31348 | 3966149 |
|  Synopsys, Inc.<sup>(b)</sup> | 16139 | 4721464 |
|  |  | 40717732 |
|  **Communications Equipment-10.90%** | **Communications Equipment-10.90%** | **Communications Equipment-10.90%** |
|  Calix, Inc.<sup>(b)</sup> | 58521 | 4309487 |
|  CommScope Holding Co., Inc.<sup>(b)</sup> | 318545 | 4217536 |
|  Digi International, Inc.<sup>(b)(c)</sup> | 96074 | 3874664 |
|  Extreme Networks, Inc.<sup>(b)</sup> | 313363 | 5621732 |
|  Harmonic, Inc.<sup>(b)(c)</sup> | 255286 | 3944169 |
|  |  | 21967588 |
|  **Data Processing & Outsourced Services-2.01%** | **Data Processing & Outsourced Services-2.01%** | **Data Processing & Outsourced Services-2.01%** |
|  ExlService Holdings, Inc.<sup>(b)</sup> | 22350 | 4064348 |
|  **Electrical Components & Equipment-4.78%** | **Electrical Components & Equipment-4.78%** | **Electrical Components & Equipment-4.78%** |
|  Array Technologies, Inc.<sup>(b)</sup> | 317341 | 5743872 |
|  Shoals Technologies Group, Inc., Class A<sup>(b)(c)</sup> . | 168175 | 3886524 |
|  |  | 9630396 |
|  **Electronic Components-1.88%** | **Electronic Components-1.88%** | **Electronic Components-1.88%** |
|  Belden, Inc. | 54325 | 3782650 |
|  **Electronic Equipment & Instruments-2.22%** | **Electronic Equipment & Instruments-2.22%** | **Electronic Equipment & Instruments-2.22%** |
|  Keysight Technologies, Inc.<sup>(b)</sup> | 25769 | 4487671 |
|  **Interactive Home Entertainment-2.66%** | **Interactive Home Entertainment-2.66%** | **Interactive Home Entertainment-2.66%** |
|  ROBLOX Corp., Class A<sup>(b)(c)</sup> | 119888 | 5363789 |
|  **Semiconductor Equipment-7.43%** | **Semiconductor Equipment-7.43%** | **Semiconductor Equipment-7.43%** |
|  Axcelis Technologies, Inc.<sup>(b)</sup> | 62693 | 3636194 |
|  Enphase Energy, Inc.<sup>(b)</sup> | 18761 | 5759627 |
|  KLA Corp. | 17654 | 5586608 |
|  |  | 14982429 |
|  **Semiconductors-21.15%** | **Semiconductors-21.15%** | **Semiconductors-21.15%** |
|  Broadcom, Inc. | 9235 | 4341558 |
|  First Solar, Inc.<sup>(b)</sup> | 38164 | 5555534 |
|  Impinj, Inc.<sup>(b)(c)</sup> | 50705 | 5812314 |
|  Lattice Semiconductor Corp.<sup>(b)</sup> | 124467 | 6037894 |
|  MACOM Technology Solutions Holdings, Inc.<sup>(b)(c)</sup> | 70682 | 4090367 |
|  Monolithic Power Systems, Inc. | 20472 | 6949220 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Semiconductors-(continued)** | **Semiconductors-(continued)** | **Semiconductors-(continued)** |
|  ON Semiconductor Corp.<sup>(b)</sup> | 111547 | $6852332 |
|  Wolfspeed, Inc.<sup>(b)(c)</sup> | 38074 | 2998328 |
|  |  | 42637547 |
|  **Systems Software-8.75%** | **Systems Software-8.75%** | **Systems Software-8.75%** |
|  A10 Networks, Inc. | 233048 | 3915206 |
|  Microsoft Corp. | 20293 | 4710614 |
|  Palo Alto Networks, Inc.<sup>(b)</sup> | 28066 | 4815845 |
|  Qualys, Inc.<sup>(b)</sup> | 29421 | 4194258 |
|  |  | 17635923 |
|  **Technology Distributors-4.33%** | **Technology Distributors-4.33%** | **Technology Distributors-4.33%** |
|  CDW Corp. | 29459 | 5090810 |
|  Insight Enterprises, Inc.<sup>(b)(c)</sup> | 38539 | 3642321 |
|  |  | 8733131 |
|  **Technology Hardware, Storage & Peripherals-9.95%** | **Technology Hardware, Storage & Peripherals-9.95%** | **Technology Hardware, Storage & Peripherals-9.95%** |
|  Apple, Inc. | 68925 | 10568959 |
|  Pure Storage, Inc., Class A<sup>(b)</sup> | 159431 | 4920041 |
|  Super Micro Computer, Inc.<sup>(b)(c)</sup> | 65673 | 4570184 |
|  |  | 20059184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $187,177,058) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $187,177,058) | 201569551 |
|  **Money Market Funds-0.14%** | **Money Market Funds-0.14%** | **Money Market Funds-0.14%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup><br>(Cost $283,280) | 283280 | 283280 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.12%<br>(Cost $187,460,338) | TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.12%<br>(Cost $187,460,338) | 201852831 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-15.37%** | **Money Market Funds-15.37%** | **Money Market Funds-15.37%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup> | 8676535 | 8676535 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup> | 22300737 | 22300737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $30,977,736) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $30,977,736) | 30977272 |
|  TOTAL INVESTMENTS IN SECURITIES-115.49%<br>(Cost $218,438,074) | TOTAL INVESTMENTS IN SECURITIES-115.49%<br>(Cost $218,438,074) | 232830103 |
|  OTHER ASSETS LESS LIABILITIES-(15.49)% | OTHER ASSETS LESS LIABILITIES-(15.49)% | (31220608) |
|  NET ASSETS-100.00%. | NET ASSETS-100.00%. | $201609495 |

---

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

---

| |
|:---|
| **17** |
| **17** |
| **17** |

---

------

**Invesco DWA Technology Momentum ETF (PTF)–(continued)** 

October 31, 2022

*(Unaudited)* 

 

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2022** | **Purchases**<br> &nbsp;&nbsp;&nbsp;&nbsp;**at Cost**  | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Appreciation**<br> **(Depreciation)** | **Realized<br> Gain**  | **Value**<br> **October 31, 2022** | **Dividend<br> Income**  |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $357742 | $1073411 | $(1147873) | $- | $- | $283280 | $2177 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 9721813 | 58626352 | (59671630) |  |  | 8676535 | 88102 \* |
| Invesco Private Prime Fund | 22682210 | 124656385 | (125039670) | (553) | 2365 | 22300737 | 240141 \* |
| Total | $32761765 | $184356148 | $(185859173) | $(553) | $2365 | $31260552 | $330420 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Composition** 

&nbsp;&nbsp;&nbsp;&nbsp;**Sub-Industry Breakdown (% of the Fund's Net Assets)** 

&nbsp;&nbsp;&nbsp;&nbsp;**as of October 31, 2022** 

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;Semiconductors | 21.15 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Application Software | 20.20 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Communications Equipment | 10.90 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Technology Hardware, Storage & Peripherals | 9.95 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Systems Software | 8.75 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Semiconductor Equipment | 7.43 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Electrical Components & Equipment | 4.78 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Technology Distributors | 4.33 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Sub-Industry Types Each Less Than 3% | 12.49 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds Plus Other Assets<br>&nbsp;&nbsp;&nbsp;&nbsp;Less Liabilities | 0.02 |

---

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

---

| |
|:---|
| **18** |
| **18** |
| **18** |

---

------

**Invesco DWA Utilities Momentum ETF (PUI)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.82%** | **Common Stocks & Other Equity Interests-99.82%** | **Common Stocks & Other Equity Interests-99.82%** |
|  **Construction & Engineering-1.41%** |  |  |
|  MDU Resources Group, Inc. | 37781 | $&nbsp;&nbsp;&nbsp;&nbsp;1076003 |
|  **Electric Utilities-37.28%** |  |  |
|  Alliant Energy Corp. | 53470 | 2789530 |
|  American Electric Power Co., Inc. | 15999 | 1406632 |
|  Constellation Energy Corp. | 36703 | 3469902 |
|  Duke Energy Corp. | 28962 | 2698679 |
|  Evergy, Inc. | 31191 | 1906706 |
|  Eversource Energy | 22018 | 1679533 |
|  Exelon Corp. | 58117 | 2242735 |
|  IDACORP, Inc. | 11679 | 1222791 |
|  MGE Energy, Inc. | 14343 | 976615 |
|  NextEra Energy, Inc. | 33114 | 2566335 |
|  NRG Energy, Inc. | 53016 | 2353910 |
|  Otter Tail Corp.<sup>(b)</sup> | 16826 | 1134409 |
|  Pinnacle West Capital Corp. | 21024 | 1413023 |
|  Xcel Energy, Inc. | 40107 | 2611367 |
|  |  | 28472167 |
|  **Gas Utilities-12.61%** |  |  |
|  Atmos Energy Corp. | 24590 | 2620065 |
|  Chesapeake Utilities Corp. | 11218 | 1395295 |
|  National Fuel Gas Co. | 25102 | 1694134 |
|  New Jersey Resources Corp.<sup>(b)</sup> | 24796 | 1106893 |
|  ONE Gas, Inc. | 18245 | 1413623 |
|  UGI Corp. | 39619 | 1399739 |
|  |  | 9629749 |
|  **Independent Power Producers & Energy Traders-4.19%** | **Independent Power Producers & Energy Traders-4.19%** | **Independent Power Producers & Energy Traders-4.19%** |
|  AES Corp. (The) | 122391 | 3201749 |
|  **Multi-Utilities-24.00%** |  |  |
|  Ameren Corp. | 17847 | 1454887 |
|  CenterPoint Energy, Inc. | 57936 | 1657549 |
|  CMS Energy Corp. | 42534 | 2426565 |
|  Dominion Energy, Inc. | 20327 | 1422280 |
|  DTE Energy Co. | 23374 | 2620459 |
|  NiSource, Inc. | 112797 | 2897755 |
|  Sempra Energy | 20170 | 3044460 |
|  WEC Energy Group, Inc. | 30716 | 2805292 |
|  |  | 18329247 |
|  **Oil & Gas Exploration & Production-3.40%** | **Oil & Gas Exploration & Production-3.40%** | **Oil & Gas Exploration & Production-3.40%** |
|  EQT Corp. | 61995 | 2593871 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Oil & Gas Storage & Transportation-3.61%** | **Oil & Gas Storage & Transportation-3.61%** | **Oil & Gas Storage & Transportation-3.61%** |
|  ONEOK, Inc. | 46442 | $&nbsp;&nbsp;&nbsp;&nbsp;2754939 |
|  **Renewable Electricity-6.55%** | **Renewable Electricity-6.55%** | **Renewable Electricity-6.55%** |
|  Clearway Energy, Inc., Class C<sup>(b)</sup> | 50395 | 1750722 |
|  Montauk Renewables, Inc.<sup>(c)</sup> | 69586 | 1041703 |
|  Ormat Technologies, Inc.<sup>(b)</sup> | 24443 | 2210869 |
|  |  | 5003294 |
|  **Water Utilities-6.77%** | **Water Utilities-6.77%** | **Water Utilities-6.77%** |
|  American Water Works Co., Inc. | 20085 | 2919154 |
|  Essential Utilities, Inc. | 27203 | 1202916 |
|  Middlesex Water Co.<sup>(b)</sup> | 11768 | 1052883 |
|  |  | 5174953 |
|  Total Common Stocks & Other Equity Interests (Cost $77,340,659) |  | 76235972 |
|  **Money Market Funds-0.20%** | **Money Market Funds-0.20%** | **Money Market Funds-0.20%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup><br>(Cost $148,065) | 148065 | 148065 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $77,488,724) |  | 76384037 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-7.92%** | **Money Market Funds-7.92%** | **Money Market Funds-7.92%** |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup> | 1694579 | 1694579 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup> | 4356777 | 4356777 |
|  Total Investments Purchased with Cash<br>Collateral from Securities on Loan<br>(Cost $6,051,188) |  | 6051356 |
|  TOTAL INVESTMENTS IN SECURITIES-107.94% (Cost $83,539,912) |  | 82435393 |
|  OTHER ASSETS LESS LIABILITIES-(7.94)% |  | (6061549) |
|  NET ASSETS-100.00% |  | $76373844 |

---

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

---

| |
|:---|
| **19** |
| **19** |
| **19** |

---

------

**Invesco DWA Utilities Momentum ETF (PUI)—(continued)** 

October 31, 2022

*(Unaudited)* 

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $141321 | $1428756 | $(1422012) | $- | $- | $148065 | $1182 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 935498 | 13492135 | (12733054) |  |  | 1694579 | 11,943\* |
| Invesco Private Prime Fund | 2182493 | 30629355 | (28455078) | 168 | (161) | 4356777 | 32,896\* |
| Total | $3259312 | $45550246 | $(42610144) | $168 | $(161) | $6199421 | $46021 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

**Portfolio Composition** 

**Sub-Industry Breakdown (% of the Fund's Net Assets)** 

**as of October 31, 2022** 

---

| | |
|:---|:---|
|  Electric Utilities | 37.28 |
|  Multi-Utilities | 24.00 |
|  Gas Utilities | 12.61 |
|  Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;6.77 |
|  Renewable Electricity | &nbsp;&nbsp;&nbsp;&nbsp;6.55 |
|  Independent Power Producers & Energy |  |
|  Traders | &nbsp;&nbsp;&nbsp;&nbsp;4.19 |
|  Oil & Gas Storage & Transportation | &nbsp;&nbsp;&nbsp;&nbsp;3.61 |
|  Oil & Gas Exploration & Production | &nbsp;&nbsp;&nbsp;&nbsp;3.40 |
|  Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;1.41 |
|  Money Market Funds Plus Other Assets |  |
|  Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |

---

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

---

| |
|:---|
| **20** |
| **20** |
| **20** |

---

------

**Invesco NASDAQ Internet ETF (PNQI)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** |
|  **Advertising-0.10%** |  |  |
|  Criteo S.A., ADR (France)<sup>(b)</sup> | 15844 | $404022 |
|  **Application Software-13.73%** |  |  |
|  Adobe, Inc.<sup>(b)</sup> | 52232 | 16635892 |
|  Alarm.com Holdings, Inc.<sup>(b)(c)</sup> | 12878 | 757742 |
|  Box,Inc.,Class A<sup>(b)</sup> | 36848 | 1070434 |
|  Coupa Software, Inc.<sup>(b)</sup> | 19561 | 1041232 |
|  DocuSign, Inc.<sup>(b)</sup> | 51768 | 2500394 |
|  Dropbox, Inc., Class A<sup>(b)</sup> | 74099 | 1611653 |
|  eGain Corp.<sup>(b)(c)</sup> | 8239 | 66324 |
|  Envestnet, Inc.<sup>(b)(c)</sup> | 14291 | 704689 |
|  LivePerson, Inc.<sup>(b)(c)</sup> | 19421 | 205280 |
|  New Relic, Inc.<sup>(b)</sup> | 17429 | 1032494 |
|  Open Text Corp. (Canada) | 69859 | 2022418 |
|  Paylocity Holding Corp.<sup>(b)(c)</sup> | 14312 | 3317379 |
|  PROS Holdings, Inc.<sup>(b)(c)</sup> | 11730 | 292664 |
|  salesforce.com, inc.<sup>(b)</sup> | 124939 | 20313832 |
|  SPS Commerce, Inc.<sup>(b)(c)</sup> | 9325 | 1179799 |
|  Zoom Video Communications, Inc., Class A(b) | 64980 | 5421931 |
|  |  | 58174157 |
|  **Automotive Retail-0.09%** |  |  |
|  Carvana Co.<sup>(b)(c)</sup> | 27393 | 370627 |
|  **Casinos & Gaming-0.43%** |  |  |
|  DraftKings, Inc., Class A<sup>(b)(c)</sup> | 116133 | 1834901 |
|  **Data Processing & Outsourced Services-4.34%** | **Data Processing & Outsourced Services-4.34%** |  |
|  Dlocal Ltd. (Uruguay)<sup>(b)(c)</sup> | 41678 | 929419 |
|  PayPal Holdings, Inc.<sup>(b)</sup> | 208749 | 17447242 |
|  |  | 18376661 |
|  **Education Services-0.20%** |  |  |
|  2U, Inc.<sup>(b)(c)</sup> | 20062 | 124184 |
|  Chegg, Inc.<sup>(b)(c)</sup> | 32726 | 705900 |
|  |  | 830084 |
|  **Financial Exchanges & Data-0.72%** |  |  |
|  Coinbase Global, Inc., Class A<sup>(b)(c)</sup> | 45784 | 3033190 |
|  **Health Care Technology-0.32%** |  |  |
|  GoodRx Holdings, Inc., Class A<sup>(b)(c)</sup> | 21851 | 117340 |
|  Teladoc Health, Inc.<sup>(b)(c)</sup> | 41855 | 1240582 |
|  |  | 1357922 |
|  **Hotels, Resorts & Cruise Lines-8.76%** |  |  |
|  Airbnb, Inc., Class A<sup>(b)</sup> | 103348 | 11048935 |
|  Booking Holdings, Inc.<sup>(b)</sup> | 10280 | 19218254 |
|  Expedia Group, Inc.<sup>(b)</sup> | 39363 | 3679260 |
|  MakeMyTrip Ltd. (India)<sup>(b)(c)</sup> | 16986 | 472720 |
|  Trip.com Group Ltd., ADR (China)<sup>(b)</sup> | 120129 | 2718519 |
|  |  | 37137688 |
|  **Interactive Home Entertainment-1.75%** |  |  |
|  Bilibili, Inc., ADR (China)<sup>(b)(c)</sup> | 33566 | 299409 |
|  NetEase, Inc., ADR (China)<sup>(c)</sup> | 42046 | 2338599 |
|  Sea Ltd., ADR (Singapore)<sup>(b)(c)</sup> | 96202 | 4779315 |
|  |  | 7417323 |
|  **Interactive Media & Services-15.96%** |  |  |
|  Alphabet, Inc., Class C<sup>(b)</sup> | 357407 | 33832147 |
|  Autohome, Inc., ADR (China)<sup>(c)</sup> | 17327 | 452581 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Interactive Media & Services-(continued)** |  |  |
|  Baidu, Inc., ADR (China)<sup>(b)(c)</sup> | 47127 | $3608514 |
|  Cars.com, Inc.<sup>(b)(c)</sup> | 17571 | 243886 |
|  Eventbrite, Inc., Class A<sup>(b)(c)</sup> | 20870 | 137116 |
|  Hello Group, Inc., ADR (China)<sup>(c)</sup> | 43866 | 206170 |
|  JOYY, Inc., ADR (China)<sup>(c)</sup> | 15014 | 378803 |
|  Meta Platforms, Inc., Class A<sup>(b)</sup> | 239434 | 22305671 |
|  Shutterstock, Inc.<sup>(c)</sup> | 9313 | 465929 |
|  Snap, Inc., Class A<sup>(b)(c)</sup> | 361102 | 3578521 |
|  TripAdvisor, Inc.<sup>(b)(c)</sup> | 32893 | 776933 |
|  Yelp, Inc.<sup>(b)(c)</sup> | 18195 | 698870 |
|  Ziff Davis, Inc.<sup>(b)(c)</sup> | 12218 | 945551 |
|  |  | 67630692 |
|  **Internet & Direct Marketing Retail-16.83%** |  |  |
|  1-800-Flowers.com, Inc., Class A<sup>(b)(c)</sup> | 9655 | 70385 |
|  Alibaba Group Holding Ltd., ADR (China)<sup>(b)(c)</sup> . | 204439 | 12998232 |
|  Amazon.com, Inc.<sup>(b)</sup> | 307730 | 31523861 |
|  Chewy, Inc., Class A<sup>(b)(c)</sup> | 28876 | 1118368 |
|  eBay, Inc. | 142237 | 5666722 |
|  Global-e Online Ltd. (Israel)<sup>(b)</sup> | 40512 | 1024548 |
|  JD.com, Inc., ADR (China) | 130654 | 4872088 |
|  Lands' End, Inc.<sup>(b)(c)</sup> | 8651 | 90662 |
|  MercadoLibre, Inc. (Brazil)<sup>(b)</sup> | 13033 | 11750813 |
|  Overstock.com, Inc.<sup>(b)(c)</sup> | 11831 | 275071 |
|  PetMed Express, Inc.<sup>(c)</sup> | 5441 | 116002 |
|  Stitch Fix, Inc., Class A<sup>(b)(c)</sup> | 21429 | 85716 |
|  Vipshop Holdings Ltd., ADR (China)<sup>(b)(c)</sup> | 134829 | 939758 |
|  Wayfair, Inc., Class A<sup>(b)(c)</sup> | 20881 | 791808 |
|  |  | 71324034 |
|  **Internet Services & Infrastructure-6.32%** |  |  |
|  Akamai Technologies, Inc.<sup>(b)</sup> | 41156 | 3635310 |
|  Brightcove, Inc.<sup>(b)</sup> | 10848 | 72682 |
|  Fastly, Inc., Class A<sup>(b)(c)</sup> | 31587 | 268174 |
|  GoDaddy, Inc., Class A<sup>(b)</sup> | 40485 | 3254994 |
|  Okta, Inc.<sup>(b)</sup> | 39044 | 2191149 |
|  Shopify, Inc., Class A (Canada)<sup>(b)(c)</sup> | 307184 | 10514908 |
|  VeriSign, Inc.<sup>(b)</sup> | 27777 | 5568177 |
|  Wix.com Ltd. (Israel)<sup>(b)</sup> | 14878 | 1251240 |
|  |  | 26756634 |
|  **Movies & Entertainment-16.12%** |  |  |
|  Netflix, Inc.<sup>(b)</sup> | 87249 | 25466238 |
|  Roku, Inc., Class A<sup>(b)(c)</sup> | 31259 | 1736125 |
|  Spotify Technology S.A.<sup>(b)</sup> | 49881 | 4019411 |
|  Walt Disney Co. (The)<sup>(b)</sup> | 348064 | 37082739 |
|  |  | 68304513 |
|  **Real Estate Services-0.36%** |  |  |
|  Redfin Corp.<sup>(b)(c)</sup> | 28080 | 135065 |
|  Zillow Group, Inc., Class C<sup>(b)(c)</sup> | 45562 | 1406043 |
|  |  | 1541108 |
|  **Research & Consulting Services-2.00%** |  |  |
|  CoStar Group, Inc.<sup>(b)</sup> | 102515 | 8480041 |
|  **Systems Software-8.43%** |  |  |
|  Gitlab, Inc., Class A<sup>(b)(c)</sup> | 22525 | 1091561 |
|  Microsoft Corp. | 149199 | 34633564 |
|  |  | 35725125 |

---

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

---

| |
|:---|
| **21** |
| **21** |
| **21** |

---

------

**Invesco NASDAQ Internet ETF (PNQI)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Trucking-3.52%** |  |  |
|  Lyft,Inc.,Class A<sup>(b)(c)</sup> | 89102 | $1304453 |
|  Uber Technologies, Inc.<sup>(b)</sup> | 512621 | 13620340 |
|  |  | 14924793 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98%<br>(Cost $609,046,668) | TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.98%<br>(Cost $609,046,668) | 423623515 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |  |
|  **Money Market Funds-14.07%** |  |  |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup> | 16701715 | 16701715 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds-(continued)** |  |  |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup> | 42931344 | $42931344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $59,634,224) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $59,634,224) | 59633059 |
|  TOTAL INVESTMENTS IN SECURITIES-114.05%<br>(Cost $668,680,892) | TOTAL INVESTMENTS IN SECURITIES-114.05%<br>(Cost $668,680,892) | 483256574 |
|  OTHER ASSETS LESS LIABILITIES-(14.05)% | OTHER ASSETS LESS LIABILITIES-(14.05)% | (59526073) |
|  NET ASSETS-100.00%. |  | $423730501 |

---

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $376768 | $922201 | $(1298969) | $- | $- | $- | $989 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 14297896 | 124713371 | (122309552) |  |  | 16701715 | 133945 \* |
| Invesco Private Prime Fund | 33326145 | 251139543 | (241531812) | (2481) | (51) | 42931344 | 359068 \* |
| Total | $48000809 | $376775115 | $(365140333) | $(2481) | $(51) | $59633059 | $494002 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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** |
| **22** |
| **22** |

---

------

**Invesco NASDAQ Internet ETF (PNQI)–(continued)** 

October 31, 2022

*(Unaudited)* 

**Portfolio Composition** 

**Sub-Industry Breakdown (% of the Fund's Net Assets)** 

**as of October 31, 2022** 

------

---

| | |
|:---|:---|
| Internet & Direct Marketing Retail | 16.83 |
| Movies & Entertainment | 16.12 |
| Interactive Media & Services | 15.96 |
| Application Software | 13.73 |
| Hotels, Resorts & Cruise Lines | 8.76 |
| Systems Software | 8.43 |
| Internet Services & Infrastructure | 6.32 |
| Data Processing & Outsourced Services | 4.34 |
| Trucking | 3.52 |
| Sub-Industry Types Each Less Than 3% | 5.97 |
| Money Market Funds Plus Other Assets Less Liabilities | 0.02 |

---

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

---

| |
|:---|
| **23** |
| **23** |
| **23** |

---

------

**Statements of Assets and Liabilities** 

October 31, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco DWA**<br> **Basic Materials**<br> **Momentum**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>ETF (PYZ)</u>**  | **Invesco DWA**<br> **Consumer Cyclicals**<br> **Momentum**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>ETF (PEZ)</u>**  | **Invesco DWA**<br> **Consumer Staples**<br> **Momentum**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>ETF (PSL)</u>**  | **Invesco DWA**<br> **Energy**<br> **Momentum**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>ETF (PXI)</u>**  |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments in securities, at value<sup>(a)</sup> | $110687271 | $24882612 | $119100637 | $239976461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments in securities, at value | 19306142 | 6912470 | 16544544 | 46119594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 80017 | 5216 | 746478 | 28961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending | 3170 | 982 | 1533 | 8648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets |  | 12620 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | 130076600 | 31813900 | 136393192 | 286133664 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian |  |  | 56512 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 19206305 | 6806878 | 16544568 | 45736027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares repurchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued unitary management fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued advisory fees | 31694 | 80 | 37967 | 78438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officer's fees | 47810 | 43237 | 48738 | 53151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 95144 | 79289 | 117145 | 148126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | 19380953 | 6929484 | 16804930 | 46015742 |
|  **Net Assets** | $110695647 | $24884416 | $119588262 | $240117922 |
|  **Net assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest | $196874393 | $110831455 | $224457679 | $366395147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (86178746) | (85947039) | (104869417) | (126277225) |
|  **Net Assets** | $110695647 | $24884416 | $119588262 | $240117922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited amount authorized, $0.01 par value) | 1390000 | 380000 | 1460000 | 4990000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $79.64 | $65.49 | $81.91 | $48.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price | $79.68 | $65.52 | $81.93 | $48.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments in securities, at cost | $104719981 | $22776924 | $109268713 | $178306080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments in securities, at cost | $19305533 | $6912438 | $16544568 | $46120303 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(a)</sup> Includes securities on loan with an aggregate value of: | $18671553 | $6624983 | $16176074 | $45563405 |

---

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

---

| |
|:---|
| **24** |
| **24** |
| **24** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco DWA**<br>**Financial**<br>**Momentum**<br>**ETF (PFI)** | **Invesco DWA**<br>**Healthcare**<br>**Momentum**<br>**ETF (PTH)** | **Invesco DWA**<br>**Industrials**<br>**Momentum**<br>**ETF (PRN)** | **Invesco DWA**<br>**Technology**<br>**Momentum**<br>**ETF (PTF)** | **Invesco DWA**<br>**Utilities**<br>**Momentum**<br>**ETF (PUI)** | **Invesco**<br>**NASDAQ**<br>**Internet**<br>**ETF (PNQI)** |
| $63230126 | $241936884 | $110780042 | $201569551 | $76235972 | $423623515 |
| 7406062 | 74532675 | 14126792 | 31260552 | 6199421 | 59633059 |
| 67527 | 3102 | 2993 | 808 | 151193 | 330 |
| 586 | 189532 | 1829 | 2399 | 893 | 6487 |
|  |  |  | 2303259 | 1007449 | 10414337 |
|  |  |  | 10778 |  |  |
| 4156 |  | 986 | 465 | 394 |  |
| 70708457 | 316662193 | 124912642 | 235147812 | 83595322 | 493677728 |
|  |  |  |  |  | 9336401 |
|  |  |  |  |  | 729191 |
| 7284343 | 74323928 | 14022194 | 30977736 | 6051188 | 59634224 |
| 261 |  |  | 2304114 | 1009344 | 27395 |
|  |  |  |  |  | 220016 |
| 19914 | 82935 | 44814 | 61248 | 25613 |  |
| 42955 | 53787 | 48867 | 48600 | 45768 |  |
| 73826 | 183139 | 72953 | 146619 | 89565 |  |
| 7421299 | 74643789 | 14188828 | 33538317 | 7221478 | 69947227 |
| $63287158 | $242018404 | $110723814 | $201609495 | $76373844 | $423730501 |
| $108039126 | $544451835 | $223739883 | $383252820 | $105484729 | $768544336 |
| (44751968) | (302433431) | (113016069) | (181643325) | (29110885) | (344813835) |
| $63287158 | $242018404 | $110723814 | $201609495 | $76373844 | $423730501 |
| 1480000 | 1920000 | 1240000 | 1750000 | 2270000 | 3710000 |
| $42.76 | $126.05 | $89.29 | $115.21 | $33.64 | $114.21 |
| $42.79 | $126.04 | $89.32 | $115.18 | $33.66 | $114.23 |
| $58429984 | $217918856 | $102996691 | $187177058 | $77340659 | $609046668 |
| $7405880 | $74531747 | $14126069 | $31261016 | $6199253 | $59634224 |
| $7021258 | $72350178 | $13813143 | $29862526 | $5863882 | $57944141 |

---

---

| |
|:---|
| **25** |
| **25** |
| **25** |

---

------

**Statements of Operations** 

For the six months ended October 31, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco DWA**<br>**Basic Materials**<br>**Momentum**<br> **ETF (PYZ)** | **Invesco DWA**<br>**Consumer Cyclicals**<br>**Momentum**<br> **ETF (PEZ)** | **Invesco DWA**<br>**Consumer Staples**<br>**Momentum**<br> **ETF (PSL)** | **Invesco DWA**<br>**Energy**<br>**Momentum**<br> **ETF (PXI)** |
|  **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | $1383876 | $142889 | $1970636 | $4300963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 1802 | 1366 | 3029 | 3452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 166836 | 39340 | 13276 | 212259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 1552514 | 183595 | 1986941 | 4516674 |
|  **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unitary management fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 336027 | 71767 | 301200 | 573552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-licensing fees | 100808 | 21530 | 90361 | 172066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting & administration fees | 11320 | 9926 | 9817 | 10770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 13426 | 16937 | 13301 | 13326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian & transfer agent fees | 4262 | 1484 | 1435 | 2085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officer's fees | (5133) | (5109) | (5617) | (5949) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 11729 | 13259 | 12789 | 12569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 472439 | 129794 | 423286 | 778419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waivers | (69307) | (43742) | (61977) | (90340) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 403132 | 86052 | 361309 | 688079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1149382 | 97543 | 1625632 | 3828595 |
|  **Realized and unrealized gain (loss) from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities. | (25425900) | (8101004) | (15661947) | (7769368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities. | (139) | 228 | 2843 | (274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | (117430) | (1053572) | 1030208 | 12031053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (25543469) | (9154348) | (14628896) | 4261411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities. | (4007303) | 6345392 | 10496672 | 22866250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities. | 609 | 32 | (1507) | (1114) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (4006694) | 6345424 | 10495165 | 22865136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (29550163) | (2808924) | (4133731) | 27126547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $(28400781) | $(2711381) | $(2508099) | $30955142 |

---

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

---

| |
|:---|
| **26** |
| **26** |
| **26** |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco DWA**<br>**Financial**<br>**Momentum**<br>**ETF (PFI)** | **Invesco DWA<br>Healthcare<br>Momentum<br>ETF (PTH)** | **Invesco DWA<br>Industrials<br>Momentum<br>ETF (PRN)** | **Invesco DWA<br>Technology<br>Momentum<br>ETF (PTF)** | **Invesco DWA<br>Utilities<br>Momentum<br>ETF (PUI)** | **Invesco<br>NASDAQ<br>Internet<br>ETF (PNQI)** |
| $816848 | $379129 | $1035061 | $491503 | $1118697 | $549973 |
| 1296 | 5521 | 2184 | 2177 | 1182 | 989 |
| 1829 | 323768 | 6185 | 28250 | 2456 | 57279 |
| (3514) |  |  | (4212) |  | (2869) |
| 816459 | 708418 | 1043430 | 517718 | 1122335 | 605372 |
|  |  |  |  |  | 1502714 |
| 159116 | 623024 | 302709 | 496575 | 188272 |  |
| 32379 | 186908 | 30656 | 148973 | 56482 |  |
| 9704 | 19713 | 14546 | 17294 | 3564 |  |
| 13222 | 14268 | 13771 | 14111 | 13066 |  |
| 1998 | 2426 | 1761 | 3997 | 703 |  |
| (4452) | (6062) | (5396) | (5034) | (5187) |  |
| 13957 | 19811 | 16934 | 18003 | 10275 |  |
| 225924 | 860088 | 374981 | 693919 | 267175 | 1502714 |
| (35061) | (112710) | (11826) | (98144) | (41310) | (67) |
| 190863 | 747378 | 363155 | 595775 | 225865 | 1502647 |
| 625596 | (38960) | 680275 | (78057) | 896470 | (897275) |
| (10550104) | (41334656) | (21898911) | (49144310) | (3041607) | (16231018) |
| 93 | (1497) | (644) | 2365 | (161) | (51) |
| (3020029) | (1093730) | (184487) | 802531 | 2113962 | 11665864 |
| (13570040) | (42429883) | (22084042) | (48339414) | (927806) | (4565205) |
| 10167660 | 50080698 | 19720685 | 44535840 | (5163045) | (93342073) |
| 182 | 502 | 723 | (553) | 168 | (2481) |
| 10167842 | 50081200 | 19721408 | 44535287 | (5162877) | (93344554) |
| (3402198) | 7651317 | (2362634) | (3804127) | (6090683) | (97909759) |
| $(2776602) | $7612357 | $(1682359) | $(3882184) | $(5194213) | $(98807034) |

---

---

| |
|:---|
| **27** |
| **27** |
| **27** |

---

------

**Statements of Changes in Net Assets** 

For the six months ended October 31, 2022 and the year ended April 30, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco DWA Basic Materials<br>Momentum ETF (PYZ)** | **Invesco DWA Basic Materials<br>Momentum ETF (PYZ)** | **Invesco DWA Consumer Cyclicals<br>Momentum ETF (PEZ)** | **Invesco DWA Consumer Cyclicals<br>Momentum ETF (PEZ)** |
|  | **Six Months Ended**<br>**October 31,**<br>**2022** | **Year Ended**<br>**April 30,**<br>**2022** | **Six Months Ended**<br>**October 31,**<br>**2022** | **Year Ended**<br>**April 30,**<br>**2022** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1149382 | $681094 | $97543 | $256531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (25543469) | 8809809 | (9154348) | (3638383) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (4006694) | (4279541) | 6345424 | (19881708) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (28400781) | 5211362 | (2711381) | (23263560) |
|  **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (978327) | (713538) | (62937) | (274022) |
|  **Shareholder Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 2544217 | 194398106 |  | 108859338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares repurchased | (49757248) | (126409880) | (11058897) | (173596534) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (47213031) | 67988226 | (11058897) | (64737196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets. | (76592139) | 72486050 | (13833215) | (88274778) |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 187287786 | 114801736 | 38717631 | 126992409 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $110695647 | $187287786 | $24884416 | $38717631 |
|  **Changes in Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 30000 | 2100000 |  | 1190000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (680000) | (1400000) | (170000) | (2060000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | 2040000 | 1340000 | 550000 | 1420000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of period | 1390000 | 2040000 | 380000 | 550000 |

---

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

---

| |
|:---|
| **28** |
| **28** |
| **28** |

---

------

 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco DWA Consumer Staples**<br>**Momentum ETF (PSL)** | **Invesco DWA Consumer Staples**<br>**Momentum ETF (PSL)** | **Invesco DWA Energy**<br>**Momentum ETF (PXI)** | **Invesco DWA Energy**<br>**Momentum ETF (PXI)** | **Invesco DWA Financial**<br>**Momentum ETF (PFI)** | **Invesco DWA Financial**<br>**Momentum ETF (PFI)** | **Invesco DWA Healthcare**<br>**Momentum ETF (PTH)** | **Invesco DWA Healthcare**<br>**Momentum ETF (PTH)** |
| **Six Months Ended**<br>**October 31,**<br>**2022** | **Year Ended**<br>**April 30,**<br>**2022** | **Six Months Ended**<br>**October 31,**<br>**2022** | **Year Ended**<br>**April 30,**<br>**2022** | **Six Months Ended**<br>**October 31,**<br>**2022** | **Year Ended**<br>**April 30,**<br>**2022** | **Six Months Ended**<br>**October 31,**<br>**2022** | **Year Ended**<br>**April 30,**<br>**2022** |
| $1625632 | $1470236 | $3828595 | $1580112 | $625596 | $1287670 | $(38960) | $(2069621) |
| (14628896) | 6343307 | 4261411 | 32581657 | (13570040) | (624663) | (42429883) | (41069263) |
| <br> 10495165 | (19410012) | 22865136 | 32988858 | 10167842 | (14529598) | 50081200 | (51286438) |
| <br> (2508099)  | (11596469) | 30955142 | 67150627 | (2776602) | (13866591) | 7612357 | (94425322) |
| (911892) | (1442905) | (3416024) | (1335094) | (522115) | (1320002) |  |  |
| 31603905 | 118293134 | 24645284 | 288217685 | 22720237 | 154026851 | 4965922 | 359960194 |
| (8135864) | (116934578) | (52769087) | (252911675) | (40304035) | (110378841) | (44144300) | (550184148) |
| <br> 23468041 | 1358556 | (28123803) | 35306010 | (17583798) | 43648010 | (39178378) | (190223954) |
| 20048050 | (11680818) | (584685) | 101121543 | (20882515) | 28461417 | (31566021) | (284649276) |
| 99540212 | 111221030 | 240702607 | 139581064 | 84169673 | 55708256 | 273584425 | 558233701 |
| $119588262 | $99540212 | $240117922 | $240702607 | $63287158 | $84169673 | $242018404 | $273584425 |
| 380000 | 1330000 | 540000 | 8510000 | 570000 | 2890000 | 40000 | 2170000 |
| (100000) | (1330000) | (1280000) | (8480000) | (940000) | (2130000) | (370000) | (3490000) |
| 1180000 | 1180000 | 5730000 | 5700000 | 1850000 | 1090000 | 2250000 | 3570000 |
| 1460000 | 1180000 | 4990000 | 5730000 | 1480000 | 1850000 | 1920000 | 2250000 |

---

---

| |
|:---|
| **29** |
| **29** |
| **29** |

---

------

**Statements of Changes in Net Assets–(continued)** 

For the six months ended October 31, 2022 and the year ended April 30, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco DWA Industrials<br>Momentum ETF (PRN)** | **Invesco DWA Industrials<br>Momentum ETF (PRN)** | **Invesco DWA Technology<br>Momentum ETF (PTF)** | **Invesco DWA Technology<br>Momentum ETF (PTF)** |
|  | **Six Months Ended<br>October 31, 2022** | **Year Ended<br>April 30, 2022** | **Six Months Ended<br>October 31, 2022** | **Year Ended<br>April 30, 2022** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $680275 | $342575 | $(78057) | $(923523) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (22084042) | 10839783 | (48339414) | 4544435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 19721408 | (37772934) | 44535287 | (61071017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (1682359) | (26590576) | (3882184) | (57450105) |
|  **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings. | (509691) | (391888) |  |  |
|  **Shareholder Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 2386928 | 225521096 | 29578752 | 400259524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares repurchased | (63379499) | (339515702) | (29526300) | (434606833) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions. | (60992571) | (113994606) | 52452 | (34347309) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets. | (63184621) | (140977070) | (3829732) | (91797414) |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 173908435 | 314885505 | 205439227 | 297236641 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period. | $110723814 | $173908435 | $201609495 | $205439227 |
|  **Changes in Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 30000 | 2110000 | 260000 | 2540000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (710000) | (3260000) | (250000) | (2880000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | 1920000 | 3070000 | 1740000 | 2080000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of period | 1240000 | 1920000 | 1750000 | 1740000 |

---

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

---

| |
|:---|
| **30** |
| **30** |
| **30** |

---

------

 

 

---

| | | | |
|:---|:---|:---|:---|
| **Invesco DWA Utilities<br>Momentum ETF (PUI)** | **Invesco DWA Utilities<br>Momentum ETF (PUI)** | **Invesco NASDAQ**<br>**Internet ETF (PNQI)** | **Invesco NASDAQ**<br>**Internet ETF (PNQI)** |
| **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,<br>2022** | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** |
| $896470 | $992395 | $(897275) | $(5131630) |
| (927806) | 618594 | (4565205) | 27108254 |
| (5162877) | 363406 | (93344554) | (453536469) |
| (5194213) | <br> 1974395 | (98807034) | (431559845) |
| (873979) | (978385) |  |  |
| 45625309 | 12709138 | 55843623 | 155935644 |
| (18945126) | (7671363) | (90223629) | (236899762) |
| <br> 26680183 | 5037775 | (34380006) | (80964118) |
| 20611991 | 6033785 | (133187040) | (512523963) |
| 55761853 | 49728068 | 556917541 | 1069441504 |
| $76373844 | $55761853 | $423730501 | $556917541 |
| 1240000 | 350000 | 460000 | 720000 |
| (550000) | (220000) | (730000) | (1120000) |
| 1580000 | 1450000 | 3980000 | 4380000 |
| 2270000 | 1580000 | 3710000 | 3980000 |

---

---

| |
|:---|
| **31** |
| **31** |
| **31** |

---

------

**Financial Highlights** 

Invesco DWA Basic Materials Momentum ETF (PYZ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br> **2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $91.81 | $85.67 | $47.51 | $60.49 | $66.74 | $61.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.69 | 0.35 | 0.47 | 0.79 | 0.72 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (12.28) | 6.16 | 38.31 | (12.77) | (6.30) | 5.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (11.59) | 6.51 | 38.78 | (11.98) | (5.58) | 5.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.58) | (0.37) | (0.62) | (1.00) | (0.67) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period. | $79.64 | $91.81 | $85.67 | $47.51 | $60.49 | $66.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup> | $79.68 | $91.90 | $85.68 | $47.63 | $60.48 | $66.79 |
|  **Net Asset Value Total Return<sup>(c)</sup>** | (12.61)% | 7.61% | 82.25% | (19.95)% | (8.36)% | 9.40% |
|  **Market Price Total Return<sup>(c)</sup>** | (12.65)% | 7.70% | 81.80% | (19.74)% | (8.46)% | 9.48% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $110696 | $187288 | $114802 | $35634 | $63518 | $100114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.60 %<sup>(d)</sup> | 0.60% | 0.60% | 0.61 %<sup>(e)</sup> | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.70 %<sup>(d)</sup> | 0.70% | 0.82% | 0.79 %<sup>(e)</sup> | 0.76% | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.71 %<sup>(d)</sup> | 0.38% | 0.70% | 1.40 %<sup>(e)</sup> | 1.12% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 52% | 125% | 132% | 90% | 89% | 75% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Ratios include non-recurring costs associated with a proxy statement of 0.01%. 

<sup>(f)</sup> 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.

---

| |
|:---|
| **32** |
| **32** |
| **32** |

---

------

**Financial Highlights–(continued)** 

Invesco DWA Consumer Cyclicals Momentum ETF (PEZ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br> **2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period. | $70.40 | $89.43 | $41.64 | $56.86 | $50.42 | $44.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.22 | 0.22 | (0.00)<sup>(b)</sup> | 0.06 | 0.08 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (4.98) | (19.05) | 47.98 | (15.17) | 6.53 | 6.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (4.76) | (18.83) | 47.98 | (15.11) | 6.61 | 6.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.15) | (0.20) | (0.19) | (0.11) | (0.17) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $65.49 | $70.40 | $89.43 | $41.64 | $56.86 | $50.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup> | $65.52 | $70.54 | $89.37 | $41.67 | $56.87 | $50.48 |
|  **Net Asset Value Total Return<sup>(d)</sup>** | (6.75)% | (21.10)% | 115.43% | (26.51)% | 13.15% | 14.20% |
|  **Market Price Total Return<sup>(d)</sup>** | (6.90)% | (20.90)% | 115.13% | (26.47)% | 13.03% | 14.31% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $24884 | $38718 | $126992 | $16657 | $31271 | $55464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers. | 0.60 %<sup>(e)</sup> | 0.60% | 0.60% | 0.61 %<sup>(f)</sup> | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.90 %<sup>(e)</sup> | 0.73% | 0.80% | 0.82 %<sup>(f)</sup> | 0.80% | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.68 %<sup>(e)</sup> | 0.25% | (0.00)%<sup>(g)</sup> | 0.12 %<sup>(f)</sup> | 0.15% | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup> | 95% | 227% | 163% | 176% | 136% | 185% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Amount represents less than $(0.005). 

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Ratios include non-recurring costs associated with a proxy statement of 0.01%. 

<sup>(g)</sup> Amount represents less than 0.005%. 

<sup>(h)</sup> 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.

---

| |
|:---|
| **33** |
| **33** |
| **33** |

---

------

**Financial Highlights–(continued)** 

Invesco DWA Consumer Staples Momentum ETF (PSL)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br> **2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $84.36 | $94.26 | $60.84 | $72.67 | $67.39 | $59.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 1.09 | 1.21 | 0.73 | 0.46 | 0.45 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (2.93) | (9.89) | 33.35 | (11.78) | 5.25 | 7.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.84) | (8.68) | 34.08 | (11.32) | 5.70 | 8.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.61) | (1.22) | (0.66) | (0.51) | (0.42) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $81.91 | $84.36 | $94.26 | $60.84 | $72.67 | $67.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup> | $81.93 | $84.28 | $94.31 | $60.81 | $72.65 | $67.61 |
|  **Net Asset Value Total Return<sup>(c)</sup>** | (2.15)% | (9.27)% | 56.25% | (15.61)% | 8.50% | 14.03% |
|  **Market Price Total Return<sup>(c)</sup>** | (2.03)% | (9.41)% | 56.42% | (15.63)% | 8.12% | 14.40% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $119588 | $99540 | $111221 | $109513 | $174401 | $90977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.60 %<sup>(d)</sup> | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.70 %<sup>(d)</sup> | 0.73% | 0.75% | 0.71% | 0.71% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.70 %<sup>(d)</sup> | 1.34% | 0.93% | 0.65% | 0.64% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 84% | 94% | 97% | 119% | 118% | 80% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| **34** |
| **34** |
| **34** |

---

------

**Financial Highlights–(continued)** 

Invesco DWA Energy Momentum ETF (PXI)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br> **2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $42.01 | $24.49 | $15.20 | $31.95 | $42.26 | $36.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.73 | 0.32 | 0.17 | 0.74 <sup>(b)</sup> | 0.28 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 6.04 | 17.47 | 9.33 | (16.70) | (10.24) | 5.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 6.77 | 17.79 | 9.50 | (15.96) | (9.96) | 6.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.66) | (0.27) | (0.21) | (0.79) | (0.35) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period. | $48.12 | $42.01 | $24.49 | $15.20 | $31.95 | $42.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup> | $48.16 | $42.02 | $24.51 | $15.24 | $31.95 | $42.32 |
|  **Net Asset Value Total Return<sup>(d)</sup>** | 16.33% | 72.99% | 63.39% | (50.75)% | (23.63)% | 17.28% |
|  **Market Price Total Return<sup>(d)</sup>** | 16.39% | 72.89% | 63.10% | (50.62)% | (23.74)% | 17.47% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $240118 | $240703 | $139581 | $17479 | $51127 | $88738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.60 %<sup>(e)</sup> | 0.60% | 0.60% | 0.62 %<sup>(f)</sup> | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.68 %<sup>(e)</sup> | 0.70% | 0.85% | 0.86 %<sup>(f)</sup> | 0.75% | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.34 %<sup>(e)</sup> | 1.00% | 0.86% | 2.98 %<sup>(b)(f)</sup> | 0.72% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 74% | 115% | 196% | 92% | 113% | 95% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Ratios include non-recurring costs associated with a proxy statement of 0.02%. 

<sup>(g)</sup> 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.

---

| |
|:---|
| **35** |
| **35** |
| **35** |

---

------

**Financial Highlights–(continued)** 

Invesco DWA Financial Momentum ETF (PFI)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br> **2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $45.50 | $51.11 | $31.88 | $35.52 | $35.16 | $30.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.41 | 0.75 | 0.47 | 0.52 | 0.41 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (2.74) | (5.61) | 19.34 | (3.54) | 0.39 | 4.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations. | (2.33) | (4.86) | 19.81 | (3.02) | 0.80 | 4.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.41) | (0.75) | (0.58) | (0.62) | (0.44) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $42.76 | $45.50 | $51.11 | $31.88 | $35.52 | $35.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup> | $42.79 | $45.43 | $51.16 | $31.86 | $35.49 | $35.22 |
|  **Net Asset Value Total Return<sup>(c)</sup>** | (5.06)% | (9.63)% | 62.64% | (8.33)% | 2.44% | 15.64% |
|  **Market Price Total Return<sup>(c)</sup>** | (4.85)% | (9.85)% | 62.90% | (8.31)% | 2.18% | 15.91% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $63287 | $84170 | $55708 | $28695 | $24861 | $70330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.60 %<sup>(d)</sup> | 0.60% | 0.60% | 0.61 %<sup>(e)</sup> | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.71 %<sup>(d)</sup> | 0.70% | 0.82% | 0.71 %<sup>(e)</sup> | 0.79% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.97 %<sup>(d)</sup> | 1.44% | 1.16% | 1.40 %<sup>(e)</sup> | 1.22% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 63% | 153% | 167% | 158% | 132% | 105% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Ratios include non-recurring costs associated with a proxy statement of 0.01%. 

<sup>(f)</sup> 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.

---

| |
|:---|
| **36** |
| **36** |
| **36** |

---

------

**Financial Highlights–(continued)** 

Invesco DWA Healthcare Momentum ETF (PTH)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br> **2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $121.59 | $156.37 | $98.32 | $77.79 | $77.65 | $55.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | (0.02) | (0.72) | (0.47) | (0.30) | (0.33) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 4.48 | (34.06) | 58.52 | 20.83 | 0.47 | 22.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations. | 4.46 | (34.78) | 58.05 | 20.53 | 0.14 | 22.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $126.05 | $121.59 | $156.37 | $98.32 | $77.79 | $77.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup> | $126.04 | $121.51 | $156.15 | $98.49 | $77.69 | $77.80 |
|  **Net Asset Value Total Return<sup>(c)</sup>** | 3.66% | (22.24)% | 59.04% | 26.39% | 0.18% | 41.11% |
|  **Market Price Total Return<sup>(c)</sup>** | 3.73% | (22.18)% | 58.54% | 26.78% | (0.15)% | 41.40% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $242018 | $273584 | $558234 | $265463 | $163351 | $155292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.60 %<sup>(d)</sup> | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers. | 0.69 %<sup>(d)</sup> | 0.68% | 0.67% | 0.73% | 0.69% | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.03)%<sup>(d)</sup> | (0.47)% | (0.32)% | (0.34)% | (0.39)% | (0.31)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 104% | 204% | 217% | 175% | 166% | 130% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| **37** |
| **37** |
| **37** |

---

------

**Financial Highlights–(continued)** 

Invesco DWA Industrials Momentum ETF (PRN)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br> **2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $90.58 | $102.57 | $61.51 | $63.65 | $57.87 | $52.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.49 | 0.14 | 0.05 | 0.30 | 0.17 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.40) | (11.97) | 41.11 | (2.16) | 5.76 | 5.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.91) | (11.83) | 41.16 | (1.86) | 5.93 | 5.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income. | (0.38) | (0.16) | (0.10) | (0.28) | (0.15) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.38) | (0.16) | (0.10) | (0.28) | (0.15) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $89.29 | $90.58 | $102.57 | $61.51 | $63.65 | $57.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup> | $89.32 | $90.42 | $102.49 | $61.72 | $63.64 | $57.91 |
|  **Net Asset Value Total Return<sup>(c)</sup>** | (0.99)% | (11.56)% | 66.98% | (2.95)% | 10.28% | 11.43% |
|  **Market Price Total Return<sup>(c)</sup>** | (0.77)% | (11.64)% | 66.28% | (2.61)% | 10.19% | 11.53% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $110724 | $173908 | $314886 | $58431 | $101839 | $107053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.60 %<sup>(d)</sup> | 0.60% | 0.60% | 0.61 %<sup>(e)</sup> | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.62 %<sup>(d)</sup> | 0.63% | 0.64% | 0.62 %<sup>(e)</sup> | 0.64% | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income. | 1.12 %<sup>(d)</sup> | 0.13% | 0.06% | 0.46 %<sup>(e)</sup> | 0.29% | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 73% | 152% | 169% | 111% | 104% | 106% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Ratios include non-recurring costs associated with a proxy statement of 0.01%. 

<sup>(f)</sup> 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.

---

| |
|:---|
| **38** |
| **38** |
| **38** |

---

------

**Financial Highlights–(continued)** 

Invesco DWA Technology Momentum ETF (PTF)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br> **2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $118.07 | $142.90 | $76.63 | $71.82 | $56.19 | $45.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | (0.05) | (0.46) | (0.46) | (0.12) | (0.09) | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (2.81) | (24.37) | 66.73 | 4.93 | 15.76 | 10.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations. | (2.86) | (24.83) | 66.27 | 4.81 | 15.67 | 10.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  |  |  | (0.04) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $115.21 | $118.07 | $142.90 | $76.63 | $71.82 | $56.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup> | $115.18 | $118.10 | $142.85 | $76.69 | $71.91 | $56.21 |
|  **Net Asset Value Total Return<sup>(c)</sup>** | (2.42)% | (17.37)% | 86.48% | 6.70% | 27.90% | 24.22% |
|  **Market Price Total Return<sup>(c)</sup>** | (2.48)% | (17.33)% | 86.28% | 6.65% | 28.01% | 24.35% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $201609 | $205439 | $297237 | $157096 | $175966 | $117996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.60 %<sup>(d)</sup> | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers. | 0.70 %<sup>(d)</sup> | 0.69% | 0.69% | 0.69% | 0.72% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.08)%<sup>(d)</sup> | (0.31)% | (0.37)% | (0.17)% | (0.15)% | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 91% | 207% | 172% | 159% | 133% | 107% |

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<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

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

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

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**Financial Highlights–(continued)** 

Invesco DWA Utilities Momentum ETF (PUI)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br> **2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period. | $35.29 | $34.30 | $30.19 | $32.18 | $27.11 | $27.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.42 | 0.73 | 0.64 | 0.65 | 0.63 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.69) | 0.98 | 4.27 | (1.87) | 4.98 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.27) | 1.71 | 4.91 | (1.22) | 5.61 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.38) | (0.72) | (0.80) | (0.77) | (0.54) | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $33.64 | $35.29 | $34.30 | $30.19 | $32.18 | $27.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup> | $33.66 | $35.27 | $34.24 | $30.29 | $32.18 | $27.13 |
|  **Net Asset Value Total Return<sup>(c)</sup>** | (3.62)% | 5.08% | 16.63% | (3.84)% | 20.98% | 1.16% |
|  **Market Price Total Return<sup>(c)</sup>** | (3.51)% | 5.20% | 16.05% | (3.53)% | 20.89% | 1.19% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $76374 | $55762 | $49728 | $81526 | $223637 | $44730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers. | 0.60 %<sup>(d)</sup> | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.71 %<sup>(d)</sup> | 0.81% | 0.81% | 0.69% | 0.73% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.38 %<sup>(d)</sup> | 2.12% | 2.06% | 1.93% | 2.08% | 2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 31% | 61% | 64% | 69% | 49% | 41% |

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<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

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

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

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**Financial Highlights–(continued)** 

Invesco NASDAQ Internet ETF (PNQI)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br> **2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $139.93 | $244.16 | $146.82 | $142.44 | $129.15 | $99.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup> | (0.23) | (1.21) | (1.15) | (0.44) | (0.44) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (25.49) | (103.02) | 98.49 | 4.82 | 13.73 | 30.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (25.72) | (104.23) | 97.34 | 4.38 | 13.29 | 30.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  |  |  |  | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $114.21 | $139.93 | $244.16 | $146.82 | $142.44 | $129.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup> | $114.23 | $139.77 | $244.35 | $146.75 | $142.41 | $129.29 |
|  **Net Asset Value Total Return<sup>(c)</sup>** | (18.39)% | (42.68)% | 66.30% | 3.07% | 10.29% | 30.30% |
|  **Market Price Total Return<sup>(c)</sup>** | (18.27)% | (42.81)% | 66.50% | 3.05% | 10.15% | 30.40% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $423731 | $556918 | $1069442 | $557897 | $598232 | $600535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses. | 0.60 %<sup>(d)</sup> | 0.60% | 0.60% | 0.60 %<sup>(e)</sup> | 0.60% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.36)%<sup>(d)</sup> | (0.55)% | (0.54)% | (0.32)% | (0.34)% | (0.31)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 10% | 29% | 27% | 41% | 20% | 20% |

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<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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. 

<sup>(f)</sup> 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

October 31, 2022

*(Unaudited)* 

**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:

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| | |
|:---|:---|
| **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" |

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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 ("APs"), 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"):

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| | |
|:---|:---|
| **Fund** | **Underlying Index** |
| DWA Basic Materials Momentum ETF | Dorsey Wright<sup>®</sup> Basic Materials Technical Leaders Index |
| DWA Consumer Cyclicals Momentum ETF | Dorsey Wright<sup>®</sup> Consumer Cyclicals Technical Leaders Index |
| DWA Consumer Staples Momentum ETF | Dorsey Wright<sup>®</sup> Consumer Staples Technical Leaders Index |
| DWA Energy Momentum ETF | Dorsey Wright<sup>®</sup> Energy Technical Leaders Index |
| DWA Financial Momentum ETF | Dorsey Wright<sup>®</sup> Financials Technical Leaders Index |
| DWA Healthcare Momentum ETF | Dorsey Wright<sup>®</sup> Healthcare Technical Leaders Index |
| DWA Industrials Momentum ETF | Dorsey Wright<sup>®</sup> Industrials Technical Leaders Index |
| DWA Technology Momentum ETF | Dorsey Wright<sup>®</sup> Technology Technical Leaders Index |
| DWA Utilities Momentum ETF | Dorsey Wright<sup>®</sup> Utilities Technical Leaders Index |
| NASDAQ Internet ETF | NASDAQ CTA Internet Index<sup>SM</sup> |

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**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 trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily

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settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

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 are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price a Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the

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Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**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.

**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, the country that has the primary market for the issuer's securities and
its "country of risk" as determined by a third party service provider, 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

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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).

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.

Invesco Advisers, Inc. ("Invesco"), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon ("BNYM") also serves as a lending agent. 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 six months ended October 31, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to

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| **45** |
| **45** |

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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** |
| DWA Basic Materials Momentum ETF | $14592 |
| DWA Consumer Cyclicals Momentum ETF | 3241 |
| DWA Consumer Staples Momentum ETF | 753 |
| DWA Energy Momentum ETF | 17521 |
| DWA Financial Momentum ETF | 176 |
| DWA Healthcare Momentum ETF | 18529 |
| DWA Industrials Momentum ETF | 403 |
| DWA Technology Momentum ETF | 1174 |
| DWA Utilities Momentum ETF | 198 |
| NASDAQ Internet ETF | 2491 |

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**J.** **Other Risks** 

*AP Concentration Risk*. Only 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 the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

*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 each 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 an Underlying Index.

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| **46** |
| **46** |
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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.

*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 NASDAQ Internet ETF is non-diversified and can invest a greater portion of its assets in securities of individual issuers than can 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

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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. This waiver does 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 six months ended October 31, 2022, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

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| | |
|:---|:---|
| DWA Basic Materials Momentum ETF | $69307 |
| DWA Consumer Cyclicals Momentum ETF | 43742 |
| DWA Consumer Staples Momentum ETF | 61977 |
| DWA Energy Momentum ETF | 90340 |
| DWA Financial Momentum ETF | 35061 |
| DWA Healthcare Momentum ETF | 112710 |
| DWA Industrials Momentum ETF | 11826 |
| DWA Technology Momentum ETF | 98144 |
| DWA Utilities Momentum ETF | 41310 |
| NASDAQ Internet ETF | 67 |

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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 at October 31, 2022 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** |
| | **Total<br>Potential<br>Recapture**<br>**Amounts** | **4/30/23** | **4/30/24** | **4/30/25** | **10/31/25** |
| DWA Basic Materials Momentum ETF | $394763 | $37540 | $120236 | $167780 | $69207 |
| DWA Consumer Cyclicals Momentum ETF | 318966 | 29370 | 113510 | 132414 | 43672 |
| DWA Consumer Staples Momentum ETF | 443755 | 79386 | 163949 | 138574 | 61846 |
| DWA Energy Momentum ETF | 398822 | 35305 | 117061 | 156302 | 90154 |
| DWA Financial Momentum ETF | 225508 | 25565 | 75623 | 89336 | 34984 |
| DWA Healthcare Momentum ETF | 996456 | 95536 | 426000 | 362462 | 112458 |
| DWA Industrials Momentum ETF | 166683 | 11295 | 60753 | 82905 | 11730 |
| DWA Technology Momentum ETF | 685675 | 72851 | 255670 | 259127 | 98027 |
| DWA Utilities Momentum ETF | 331948 | 60064 | 131512 | 99123 | 41249 |

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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"):

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| | |
|:---|:---|
| **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. |

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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.

For the six months ended October 31, 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:

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| | |
|:---|:---|
| DWA Basic Materials Momentum ETF | $17964 |
| DWA Consumer Cyclicals Momentum ETF | 5562 |
| DWA Consumer Staples Momentum ETF | 11027 |
| DWA Energy Momentum ETF | 59360 |
| DWA Financial Momentum ETF | 14981 |
| DWA Healthcare Momentum ETF | 64771 |
| DWA Industrials Momentum ETF | 17360 |
| DWA Technology Momentum ETF | 24601 |
| DWA Utilities Momentum ETF | 3234 |
| NASDAQ Internet ETF | 1649 |

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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. 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:

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| | |
|:---|:---|
| 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 the Adviser's 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 October 31, 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.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  DWA Basic Materials Momentum ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $110687271 | $- | $- | $110687271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 99228 | 19206914 | &nbsp;&nbsp;&nbsp;&nbsp;- | 19306142 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $110786499 | $19206914 | $- | $129993413 |
|  DWA Consumer Cyclicals Momentum ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $24882612 | $- | $- | $24882612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 105560 | 6806910 |  | 6912470 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $24988172 | $6806910 | $- | $31795082 |

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|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  DWA Consumer Staples Momentum ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $119100637 | $- | $- | $119100637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds |  | 16544544 | &nbsp;&nbsp;&nbsp;&nbsp;- | 16544544 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $119100637 | $16544544 | $- | $135645181 |
|  DWA Energy Momentum ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $239976461 | $- | $- | $239976461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 384276 | 45735318 | &nbsp;&nbsp;&nbsp;&nbsp;- | 46119594 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $240360737 | $45735318 | $- | $286096055 |
|  DWA Financial Momentum ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $63230126 | $- | $- | $63230126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 121537 | 7284525 | &nbsp;&nbsp;&nbsp;&nbsp;- | 7406062 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $63351663 | $7284525 | $- | $70636188 |
|  DWA Healthcare Momentum ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $241936884 | $- | $- | $241936884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 207819 | 74324856 | &nbsp;&nbsp;&nbsp;&nbsp;- | 74532675 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $242144703 | $74324856 | $- | $316469559 |
|  DWA Industrials Momentum ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $110780042 | $- | $- | $110780042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 103875 | 14022917 | &nbsp;&nbsp;&nbsp;&nbsp;- | 14126792 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $110883917 | $14022917 | $- | $124906834 |
|  DWA Technology Momentum ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $201569551 | $- | $- | $201569551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 283280 | 30977272 | &nbsp;&nbsp;&nbsp;&nbsp;- | 31260552 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $201852831 | $30977272 | $- | $232830103 |
|  DWA Utilities Momentum ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $76235972 | $- | $- | $76235972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 148065 | 6051356 | &nbsp;&nbsp;&nbsp;&nbsp;- | 6199421 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $76384037 | $6051356 | $- | $82435393 |
|  NASDAQ Internet ETF |  |  |  |  |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $423623515 | $- | $- | $423623515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds |  | 59633059 | &nbsp;&nbsp;&nbsp;&nbsp;- | 59633059 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $423623515 | $59633059 | $- | $483256574 |

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**NOTE 5–Tax Information** 

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds' capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds' fiscal year-end.

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.

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| **50** |
| **50** |
| **50** |

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

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| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** | **No expiration** |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| DWA Basic Materials Momentum ETF | $53745128 | $12738184 | $66483312 |
| DWA Consumer Cyclicals Momentum ETF | 78866192 |  | 78866192 |
| DWA Consumer Staples Momentum ETF | 94614870 | 5417904 | 100032774 |
| DWA Energy Momentum ETF | 160559808 | 31635453 | 192195261 |
| DWA Financial Momentum ETF | 35741932 |  | 35741932 |
| DWA Healthcare Momentum ETF | 283466503 |  | 283466503 |
| DWA Industrials Momentum ETF | 98465984 |  | 98465984 |
| DWA Technology Momentum ETF | 146998007 |  | 146998007 |
| DWA Utilities Momentum ETF | 23047531 | 3921442 | 26968973 |
| NASDAQ Internet ETF | 73466804 | 63383716 | 136850520 |

---

\* 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 six months ended October 31, 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 | $71341088 | $71064867 |
| DWA Consumer Cyclicals Momentum ETF | 27492192 | 27504434 |
| DWA Consumer Staples Momentum ETF | 97848526 | 97625438 |
| DWA Energy Momentum ETF | 169106452 | 168900119 |
| DWA Financial Momentum ETF | 41051740 | 40975147 |
| DWA Healthcare Momentum ETF | 257739772 | 257864887 |
| DWA Industrials Momentum ETF | 91321990 | 103118387 |
| DWA Technology Momentum ETF | 180200561 | 180376305 |
| DWA Utilities Momentum ETF | 22562284 | 22634715 |
| NASDAQ Internet ETF | 47242152 | 48158410 |

---

For the six months ended October 31, 2022, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind**<br>**Purchases** | **In-kind**<br>**Sales** |
| DWA Basic Materials Momentum ETF | $2542409 | $49767969 |
| DWA Consumer Cyclicals Momentum ETF |  | 11051195 |
| DWA Consumer Staples Momentum ETF | 31610448 | 8134020 |
| DWA Energy Momentum ETF | 24612106 | 52690342 |
| DWA Financial Momentum ETF | 22703268 | 40304367 |
| DWA Healthcare Momentum ETF | 4966232 | 44137414 |
| DWA Industrials Momentum ETF | 1767382 | 50690349 |
| DWA Technology Momentum ETF | 29577795 | 29539477 |
| DWA Utilities Momentum ETF | 45596857 | 18927486 |
| NASDAQ Internet ETF | 55837445 | 90197202 |

---

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

---

| |
|:---|
| **51** |
| **51** |
| **51** |

---

------

As of October 31, 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<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>(Depreciation)** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Cost** |
| DWA Basic Materials Momentum ETF | $14133869 | $(8403625) | $5730244 | $124263169 |
| DWA Consumer Cyclicals Momentum ETF | 2461868 | (361326) | 2100542 | 29694540 |
| DWA Consumer Staples Momentum ETF | 12433458 | (3594140) | 8839318 | 126805863 |
| DWA Energy Momentum ETF | 61670381 | (645431) | 61024950 | 225071105 |
| DWA Financial Momentum ETF | 6201662 | (1697590) | 4504072 | 66132116 |
| DWA Healthcare Momentum ETF | 32496312 | (8569086) | 23927226 | 292542333 |
| DWA Industrials Momentum ETF | 10162361 | (2744384) | 7417977 | 117488857 |
| DWA Technology Momentum ETF | 23363923 | (9194523) | 14169400 | 218660703 |
| DWA Utilities Momentum ETF | 3269553 | (4474135) | (1204582) | 83639975 |
| NASDAQ Internet ETF | 18945083 | (220233901) | (201288818) | 684545392 |

---

**NOTE 7–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 8–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 APs 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 AP 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 AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP'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.

---

| |
|:---|
| **52** |
| **52** |
| **52** |

---

------

**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 May 1, 2022 through October 31, 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<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Annualized<br>Expense Ratio<br>Based on the<br>Six-Month Period** | **Expenses Paid<br>During the Six-<br>Month Period<sup>(1)</sup>** |
|  Invesco DWA Basic Materials Momentum ETF (PYZ) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $873.90 | 0.60% | $2.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.18 | 0.60 | 3.06 |
|  Invesco DWA Consumer Cyclicals Momentum ETF (PEZ) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 932.50 | 0.60 | 2.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.18 | 0.60 | 3.06 |
|  Invesco DWA Consumer Staples Momentum ETF (PSL) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 978.50 | 0.60 | 2.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.18 | 0.60 | 3.06 |
|  Invesco DWA Energy Momentum ETF (PXI) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1163.30 | 0.60 | 3.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.18 | 0.60 | 3.06 |
|  Invesco DWA Financial Momentum ETF (PFI) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 949.40 | 0.60 | 2.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.18 | 0.60 | 3.06 |

---

---

| |
|:---|
| **53** |
| **53** |
| **53** |

---

------

**Calculating your ongoing Fund expenses–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Annualized<br>Expense Ratio<br>Based on the<br>Six-Month Period** | **Expenses Paid<br>During the**<br> **Six-Month Period<sup>(1)</sup>** |
|  Invesco DWA Healthcare Momentum ETF (PTH) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1036.60 | 0.60% | $3.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.18 | 0.60 | 3.06 |
|  Invesco DWA Industrials Momentum ETF (PRN) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 990.10 | 0.60 | 3.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.18 | 0.60 | 3.06 |
|  Invesco DWA Technology Momentum ETF (PTF) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 975.80 | 0.60 | 2.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.18 | 0.60 | 3.06 |
|  Invesco DWA Utilities Momentum ETF (PUI) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 963.80 | 0.60 | 2.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.18 | 0.60 | 3.06 |
|  Invesco NASDAQ Internet ETF (PNQI) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 816.10 | 0.60 | 2.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.18 | 0.60 | 3.06 |

---

<sup>(1)</sup> 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 October 31, 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 184/365. 

---

| |
|:---|
| **54** |
| **54** |
| **54** |

---

------

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 ***<u>www.sec.gov</u>.***

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 ***<u>www.sec.gov.</u>***

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 ***<u>www.sec.gov</u>.***

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 ***<u>www.invesco.com/ETFs</u>.***

------

---

| | | |
|:---|:---|:---|
| **©2022 Invesco Capital Management LLC** |  |  |
| **3500 Lacey Road, Suite 700** |  |  |
| **Downers Grove, IL 60515** | P-PS-SAR-3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;invesco.com/ETFs |

---

------

---

| | | |
|:---|:---|:---|
| ![LOGO](g416117gra001.jpg) | **Invesco Semi-Annual Report to Shareholders** | **Invesco Semi-Annual Report to Shareholders** |
|  | October 31, 2022 | October 31, 2022 |
|  | <br> **PPA** | <br> 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<sup>®</sup> Quality ETF |
|  | **CSD** | Invesco S&P Spin-Off ETF |
|  | **PHO** | Invesco Water Resources ETF |
|  | **PBW** | Invesco WilderHill Clean Energy ETF |

---

------

---

| | |
|:---|:---|
|  Schedules of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco Aerospace & Defense ETF (PPA)](#edg416117_1) | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco DWA Momentum ETF (PDP)](#edg416117_2) | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco Global Listed Private Equity ETF (PSP)](#edg416117_3) | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco Golden Dragon China ETF (PGJ)](#edg416117_4) | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco MSCI Sustainable Future ETF (ERTH)](#edg416117_5) | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco Raymond James SB-1 Equity ETF (RYJ)](#edg416117_6) | **19** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P 500 BuyWrite ETF (PBP)](#edg416117_7) | **23** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P 500<sup>®</sup> Quality ETF (SPHQ)](#edg416117_8) | **29** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P Spin-Off ETF (CSD)](#edg416117_9) | **32** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco Water Resources ETF (PHO)](#edg416117_10) | **34** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco WilderHill Clean Energy ETF (PBW)](#edg416117_11) | **36** |
|  [Statements of Assets and Liabilities](#edg416117_12) | **39** |
|  [Statements of Operations](#edg416117_13) | **41** |
|  [Statements of Changes in Net Assets](#edg416117_14) | **43** |
|  [Financial Highlights](#edg416117_15) | **47** |
|  [Notes to Financial Statements](#edg416117_16) | **58** |
|  [Fund Expenses](#edg416117_17) | **74** |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**2**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**2**  |

---

------

**Invesco Aerospace & Defense ETF (PPA)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-100.03%** | **Common Stocks & Other Equity Interests-100.03%** | **Common Stocks & Other Equity Interests-100.03%** |
|  **Aerospace & Defense-70.57%** | **Aerospace & Defense-70.57%** | **Aerospace & Defense-70.57%** |
|  AAR Corp.<sup>(b)</sup>  | 158813 | $7038592 |
|  Aerojet Rocketdyne Holdings,<br>Inc.<sup>(b)(c)</sup> | 342556 | 16596838 |
|  AeroVironment, Inc.<sup>(b)(c)</sup>  | 111989 | 10246994 |
|  Axon Enterprise, Inc.<sup>(b)(c)</sup>  | 302693 | 44023670 |
|  Boeing Co. (The)<sup>(b)</sup>  | 716869 | 102161001 |
|  BWX Technologies, Inc.<sup>(c)</sup>  | 322600 | 18381748 |
|  CAE, Inc. (Canada)<sup>(b)(c)</sup>  | 1364316 | 26044792 |
|  Curtiss-Wright Corp. | 113590 | 19063810 |
|  Ducommun, Inc., (Acquired 03/14/2019 - 10/31/2022; Cost $2,468,375)<sup>(b)(d)</sup>  | 50851 | 2400676 |
|  Elbit Systems Ltd. (Israel)<sup>(c)</sup>  | 192822 | 39092732 |
|  General Dynamics Corp. | 429179 | 107208914 |
|  HEICO Corp.<sup>(c)</sup>  | 201693 | 32803350 |
|  Hexcel Corp. | 320516 | 17852741 |
|  Howmet Aerospace, Inc. | 1135974 | 40383876 |
|  Huntington Ingalls Industries, Inc. | 153984 | 39584667 |
|  Kaman Corp. | 99173 | 3183453 |
|  Kratos Defense & Security Solutions, Inc.<sup>(b)(c)</sup>  | 564617 | 6255956 |
|  L3Harris Technologies, Inc. | 338666 | 83471009 |
|  Lockheed Martin Corp.<sup>(c)</sup>  | 235547 | 114636014 |
|  Maxar Technologies, Inc. | 332723 | 7433032 |
|  Mercury Systems, Inc.<sup>(b)(c)</sup>  | 258550 | 12513820 |
|  Moog, Inc., Class A<sup>(c)</sup>  | 89621 | 7595380 |
|  Northrop Grumman Corp. | 200234 | 109930468 |
|  Parsons Corp.<sup>(b)(c)</sup>  | 247560 | 11605613 |
|  RADA Electronic Industries Ltd. (Israel)<sup>(b)</sup> | 222905 | 2563408 |
|  Raytheon Technologies Corp.<sup>(c)</sup>  | 1191526 | 112980495 |
|  Spirit AeroSystems Holdings, Inc., Class A<sup>(c)</sup> | 470928 | 10906692 |
|  Textron, Inc. | 701719 | 48025648 |
|  TransDigm Group, Inc. | 80141 | 46141982 |
|  Triumph Group, Inc.<sup>(b)</sup>  | 282571 | 2557268 |
|  V2X, Inc.<sup>(b)</sup>  | 111878 | 4585879 |
|  Woodward, Inc.<sup>(c)</sup>  | 178025 | 16324893 |
|  |  | 1123595411 |
|  **Communications Equipment-0.52%** | **Communications Equipment-0.52%** | **Communications Equipment-0.52%** |
|  Comtech Telecommunications Corp. | 123357 | 1363095 |
|  Viasat, Inc.<sup>(b)(c)</sup>  | 168157 | 6887711 |
|  |  | 8250806 |
|  **Containers & Packaging-0.55%** | **Containers & Packaging-0.55%** | **Containers & Packaging-0.55%** |
|  Ball Corp.<sup>(c)</sup>  | 178422 | 8812263 |
|  **Diversified Telecommunication Services-0.38%** | **Diversified Telecommunication Services-0.38%** | **Diversified Telecommunication Services-0.38%** |
|  Iridium Communications, Inc.<sup>(b)(c)</sup>  | 116550 | 6005821 |
|  **Electronic Equipment, Instruments & Components-2.83%** | **Electronic Equipment, Instruments & Components-2.83%** | **Electronic Equipment, Instruments & Components-2.83%** |
|  Keysight Technologies, Inc.<sup>(b)</sup>  | 80136 | 13955684 |
|  OSI Systems, Inc.<sup>(b)(c)</sup>  | 47617 | 3913165 |
|  Teledyne Technologies, Inc.<sup>(b)</sup>  | 60926 | 24247330 |
|  TTM Technologies, Inc.<sup>(b)(c)</sup>  | 192080 | 2940745 |
|  |  | 45056924 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Industrial Conglomerates-9.70%** | **Industrial Conglomerates-9.70%** | **Industrial Conglomerates-9.70%** |
|  General Electric Co.<sup>(c)</sup>  | 877603 | $68286289 |
|  Honeywell International, Inc. | 422275 | 86152546 |
|  |  | 154438835 |
|  **Machinery-3.35%** | **Machinery-3.35%** | **Machinery-3.35%** |
|  Oshkosh Corp. | 115592 | 10172096 |
|  Parker-Hannifin Corp. | 148775 | 43236990 |
|  |  | 53409086 |
|  **Metals & Mining-0.66%** | **Metals & Mining-0.66%** | **Metals & Mining-0.66%** |
|  ATI, Inc.<sup>(b)(c)</sup>  | 350540 | 10432070 |
|  **Professional Services-10.67%** |  |  |
|  Booz Allen Hamilton Holding Corp. | 450882 | 49078506 |
|  CACI International, Inc., Class A<sup>(b)</sup>  | 77397 | 23531010 |
|  Jacobs Solutions, Inc. | 106018 | 12215394 |
|  KBR, Inc. | 506071 | 25187154 |
|  Leidos Holdings, Inc. | 399613 | 40596685 |
|  Planet Labs PBC<sup>(b)(c)</sup>  | 145546 | 764116 |
|  Science Applications International Corp. | 170504 | 18472403 |
|  |  | 169845268 |
|  **Software-0.80%** | **Software-0.80%** | **Software-0.80%** |
|  Palantir Technologies, Inc., Class A<sup>(b)(c)</sup>  | 1185271 | 10418532 |
|  Telos Corp.<sup>(b)(c)</sup>  | 224260 | 2377156 |
|  |  | 12795688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $1,512,950,702) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $1,512,950,702) | 1592642172 |
|  **Money Market Funds-0.01%** | **Money Market Funds-0.01%** | **Money Market Funds-0.01%** |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>3.07%<sup>(e)(f)</sup>(Cost $177,740) | 177740 | 177740 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.04%<br>(Cost $1,513,128,442) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.04%<br>(Cost $1,513,128,442) | 1592819912 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |  |
|  **Money Market Funds-12.44%** | **Money Market Funds-12.44%** | **Money Market Funds-12.44%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(e)(f)(g)</sup>  | 55510825 | 55510825 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(e)(f)(g)</sup>  | 142542526 | 142542526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $198,039,710) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $198,039,710) | 198053351 |
|  TOTAL INVESTMENTS IN SECURITIES-112.48%<br>(Cost $1,711,168,152) | TOTAL INVESTMENTS IN SECURITIES-112.48%<br>(Cost $1,711,168,152) | 1790873263 |
|  OTHER ASSETS LESS LIABILITIES-(12.48)% | OTHER ASSETS LESS LIABILITIES-(12.48)% | (198710888) |
|  NET ASSETS-100.00% | NET ASSETS-100.00% | $1592162375 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**3**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**3**  |

---

------

**Invesco Aerospace & Defense ETF (PPA)–(continued)** 

October 31, 2022

*(Unaudited)* 

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> Restricted security. The value of this security at October 31, 2022 represented less than 1% of the Fund's Net Assets. 

<sup>(e)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br> at Cost**  | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br> Gain**  | **Value<br> October 31, 2022**  | **Dividend<br> Income**  |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $337190 | $15546093 | $(15705543) | $- | $- | $177740 | $6296 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 25045121 | 207883036 | (177417332) |  |  | 55510825 | 296891 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 59781622 | 429322389 | (346575974) | 11360 | 3129 | 142542526 | 820975 \* |
| &nbsp;&nbsp; Total | $85163933 | $652751518 | $(539698849) | $11360 | $3129 | $198231091 | $1124162 |

---

\* 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.

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(g)</sup> 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.

**Portfolio Composition** 

**Industry Breakdown (% of the Fund's Net Assets)** 

**as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Aerospace & Defense | 70.57 |
| &nbsp;&nbsp; Professional Services | 10.67 |
| &nbsp;&nbsp; Industrial Conglomerates | 9.70 |
| &nbsp;&nbsp; Machinery | 3.35 |
| &nbsp;&nbsp; Industry Types Each Less Than 3% | 5.74 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets |  |
| &nbsp;&nbsp; Less Liabilities | (0.03) |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**4**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**4**  |

---

------

**Invesco DWA Momentum ETF (PDP)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** |
|  **Communication Services-1.24%** | **Communication Services-1.24%** | **Communication Services-1.24%** |
|  Alphabet, Inc., Class A<sup>(b)</sup>  | 59068 | $5582517 |
|  T-Mobile US, Inc.<sup>(b)</sup>  | 54351 | 8237437 |
|  |  | 13819954 |
|  **Consumer Discretionary-7.44%** | **Consumer Discretionary-7.44%** | **Consumer Discretionary-7.44%** |
|  AutoNation, Inc.<sup>(b)(c)</sup>  | 54621 | 5806759 |
|  Chipotle Mexican Grill, Inc.<sup>(b)</sup>  | 4848 | 7263904 |
|  Dick's Sporting Goods, Inc.<sup>(c)</sup>  | 66246 | 7536145 |
|  H&R Block, Inc.<sup>(c)</sup>  | 131425 | 5408139 |
|  MGM Resorts International | 180950 | 6436391 |
|  O'Reilly Automotive, Inc.<sup>(b)</sup>  | 42587 | 35652559 |
|  Penske Automotive Group, Inc. | 57570 | 6425963 |
|  TJX Cos., Inc. (The) | 115344 | 8316302 |
|  |  | 82846162 |
|  **Consumer Staples-2.10%** | **Consumer Staples-2.10%** | **Consumer Staples-2.10%** |
|  BJ's Wholesale Club Holdings, Inc.<sup>(b)</sup>  | 79843 | 6179848 |
|  Costco Wholesale Corp. | 21434 | 10749151 |
|  Darling Ingredients, Inc.<sup>(b)</sup>  | 82677 | 6488491 |
|  |  | 23417490 |
|  **Energy-18.77%** | **Energy-18.77%** | **Energy-18.77%** |
|  Antero Midstream Corp.<sup>(c)</sup>  | 603428 | 6426508 |
|  Antero Resources Corp.<sup>(b)</sup>  | 555469 | 20363493 |
|  APA Corp. | 152158 | 6917103 |
|  Cheniere Energy, Inc. | 37764 | 6661947 |
|  Chord Energy Corp.<sup>(c)</sup>  | 55600 | 8511804 |
|  ConocoPhillips | 55758 | 7030526 |
|  Devon Energy Corp.<sup>(c)</sup>  | 208248 | 16107983 |
|  Diamondback Energy, Inc.<sup>(c)</sup>  | 65675 | 10318199 |
|  Enviva, Inc.<sup>(c)</sup>  | 84917 | 5081433 |
|  EOG Resources, Inc. | 51411 | 7018630 |
|  EQT Corp. | 139725 | 5846094 |
|  Hess Corp. | 50964 | 7190001 |
|  Marathon Oil Corp. | 400631 | 12199214 |
|  Marathon Petroleum Corp. | 66327 | 7536074 |
|  Matador Resources Co. | 268868 | 17866279 |
|  Murphy Oil Corp. | 235753 | 11436378 |
|  Occidental Petroleum Corp. | 98397 | 7143622 |
|  Ovintiv, Inc. | 215138 | 10896740 |
|  PDC Energy, Inc. | 161534 | 11653063 |
|  Range Resources Corp.<sup>(c)</sup>  | 269554 | 7676898 |
|  SM Energy Co.<sup>(c)</sup>  | 146157 | 6574142 |
|  Texas Pacific Land Corp.<sup>(c)</sup>  | 3730 | 8593435 |
|  |  | 209049566 |
|  **Financials-8.38%** | **Financials-8.38%** | **Financials-8.38%** |
|  Aon PLC, Class A | 26905 | 7573488 |
|  Ares Management Corp., Class A | 85118 | 6454498 |
|  Arthur J. Gallagher & Co. | 33582 | 6282521 |
|  Kinsale Capital Group, Inc.<sup>(c)</sup>  | 60922 | 19200787 |
|  LPL Financial Holdings, Inc. | 29444 | 7527359 |
|  MSCI, Inc. | 34839 | 16334613 |
|  W.R. Berkley Corp. | 403162 | 29987189 |
|  |  | 93360455 |
|  **Health Care-9.62%** | **Health Care-9.62%** | **Health Care-9.62%** |
|  Acadia Healthcare Co., Inc.<sup>(b)</sup>  | 94019 | 7643745 |
|  Chemed Corp. | 13266 | 6193497 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
|  Danaher Corp. | 81179 | $| 20430319 |
|  Eli Lilly and Co. | 19894 |  | 7203419 |
|  iRhythm Technologies, Inc.<sup>(b)</sup>  | 48163 |  | 6140301 |
|  Lantheus Holdings, Inc.<sup>(b)</sup>  | 151517 |  | 11210743 |
|  Medpace Holdings, Inc.<sup>(b)(c)</sup>  | 49584 |  | 11006656 |
|  Option Care Health, Inc.<sup>(b)(c)</sup>  | 193227 |  | 5847049 |
|  R1 RCM, Inc.<sup>(b)(c)</sup>  | 738750 |  | 13046325 |
|  Thermo Fisher Scientific, Inc. | 13125 |  | 6745856 |
|  UnitedHealth Group, Inc. | 21135 |  | 11733095 |
|  |  |  | 107201005 |
|  **Industrials-16.67%** | **Industrials-16.67%** | **Industrials-16.67%** | **Industrials-16.67%** |
|  Advanced Drainage Systems, Inc.<sup>(c)</sup>  | 66857 |  | 7747389 |
|  Booz Allen Hamilton Holding Corp. | 74748 |  | 8136320 |
|  Carlisle Cos., Inc. | 22804 |  | 5445595 |
|  Cintas Corp. | 24159 |  | 10329181 |
|  CoStar Group, Inc.<sup>(b)</sup>  | 176922 |  | 14634988 |
|  IDEX Corp. | 68938 |  | 15325607 |
|  Old Dominion Freight Line, Inc.<sup>(c)</sup>  | 69237 |  | 19012480 |
|  Quanta Services, Inc. | 51046 |  | 7250574 |
|  Rollins, Inc. | 768707 |  | 32347191 |
|  Snap-on, Inc. | 31445 |  | 6982362 |
|  Trane Technologies PLC<sup>(c)</sup>  | 52287 |  | 8346574 |
|  TransDigm Group, Inc. | 29321 |  | 16881859 |
|  W.W. Grainger, Inc.<sup>(c)</sup>  | 28018 |  | 16372318 |
|  WESCO International, Inc.<sup>(b)</sup>  | 72535 |  | 9993147 |
|  WillScot Mobile Mini Holdings Corp.<sup>(b)</sup>  | 162544 |  | 6912996 |
|  |  |  | 185718581 |
|  **Information Technology-23.89%** | **Information Technology-23.89%** | **Information Technology-23.89%** | **Information Technology-23.89%** |
|  Amphenol Corp., Class A | 265541 |  | 20135974 |
|  Apple, Inc. | 209532 |  | 32129637 |
|  Cadence Design Systems, Inc.<sup>(b)</sup>  | 139980 |  | 21191572 |
|  CDW Corp. | 42529 |  | 7349437 |
|  EPAM Systems, Inc.<sup>(b)</sup>  | 30307 |  | 10607450 |
|  Fiserv, Inc.<sup>(b)</sup>  | 156358 |  | 16064221 |
|  Intuit, Inc. | 31004 |  | 13254210 |
|  Keysight Technologies, Inc.<sup>(b)</sup>  | 40910 |  | 7124477 |
|  KLA Corp. | 19995 |  | 6327418 |
|  Lattice Semiconductor Corp.<sup>(b)</sup>  | 253663 |  | 12305192 |
|  Marvell Technology, Inc. | 130753 |  | 5188279 |
|  Mastercard, Inc., Class A | 93345 |  | 30633962 |
|  Microsoft Corp. | 26042 |  | 6045129 |
|  Monolithic Power Systems, Inc. | 50314 |  | 17079087 |
|  ON Semiconductor Corp.<sup>(b)</sup>  | 138415 |  | 8502833 |
|  Paylocity Holding Corp.<sup>(b)</sup>  | 61420 |  | 14236542 |
|  Synopsys, Inc.<sup>(b)</sup>  | 36341 |  | 10631560 |
|  Teledyne Technologies, Inc.<sup>(b)</sup>  | 45461 |  | 18092569 |
|  Visa, Inc., Class A<sup>(c)</sup>  | 44483 |  | 9215098 |
|  |  |  | 266114647 |
|  **Materials-4.83%** | **Materials-4.83%** | **Materials-4.83%** | **Materials-4.83%** |
|  Albemarle Corp.<sup>(c)</sup>  | 22937 |  | 6419378 |
|  CF Industries Holdings, Inc. | 62030 |  | 6591308 |
|  Graphic Packaging Holding Co. | 695482 |  | 15968267 |
|  Livent Corp.<sup>(b)(c)</sup>  | 276081 |  | 8715877 |
|  Mosaic Co. (The) | 160838 |  | 8645042 |
|  Steel Dynamics, Inc. | 79618 |  | 7488073 |
|  |  |  | 53827945 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**5**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**5**  |

---

------

**Invesco DWA Momentum ETF (PDP)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Real Estate-6.07%** | **Real Estate-6.07%** | **Real Estate-6.07%** |
|  American Tower Corp. | 131908 | $27330018 |
|  Crown Castle, Inc.<sup>(c)</sup>  | 38786 | 5168622 |
|  Equity LifeStyle Properties, Inc. | 121278 | 7756941 |
|  Extra Space Storage, Inc. | 78061 | 13851144 |
|  First Industrial Realty Trust, Inc. | 131874 | 6281159 |
|  Ryman Hospitality Properties,<br>Inc.<sup>(c)</sup>  | 81227 | 7222705 |
|  |  | 67610589 |
|  **Utilities-0.99%** |  |  |
|  NextEra Energy, Inc. | 142797 | 11066768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $1,030,767,154) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $1,030,767,154) | 1114033162 |
|  **Money Market Funds-0.01%** | **Money Market Funds-0.01%** | **Money Market Funds-0.01%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup>(Cost $141,171) | 141171 | 141171 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.01%<br>(Cost $1,030,908,325) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.01%<br>(Cost $1,030,908,325) | 1114174333 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-10.49%** | **Money Market Funds-10.49%** | **Money Market Funds-10.49%** |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup>  | 32811278 | $32811278 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup>  | 84064797 | 84064797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $116,874,215) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $116,874,215) | 116876075 |
|  TOTAL INVESTMENTS IN SECURITIES-110.50%<br>(Cost $1,147,782,540) | TOTAL INVESTMENTS IN SECURITIES-110.50%<br>(Cost $1,147,782,540) | 1231050408 |
|  OTHER ASSETS LESS LIABILITIES-(10.50)% | OTHER ASSETS LESS LIABILITIES-(10.50)% | (116974440) |
|  NET ASSETS-100.00% | NET ASSETS-100.00% | $1114075968 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br> at Cost**  | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br> Gain**  | **Value<br>October 31, 2022** | **Dividend<br> Income**  |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $932748 | $7628204 | $(8419781) | $- | $- | $141171 | $5086 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 18147289 | 169414043 | (154750054) |  |  | 32811278 | 189542 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 41729944 | 394417132 | (352085153) | 1651 | 1223 | 84064797 | 526239 \* |
| &nbsp;&nbsp; Total | $60809981 | $571459379 | $(515254988) | $1651 | $1223 | $117017246 | $720867 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**6**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**6**  |

---

------

**Invesco DWA Momentum ETF (PDP)–(continued)** 

October 31, 2022

*(Unaudited)* 

 **Portfolio Composition** 

 **Sector Breakdown (% of the Fund's Net Assets)** 

 **as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Information Technology | 23.89 |
| &nbsp;&nbsp; Energy | 18.77 |
| &nbsp;&nbsp; Industrials | 16.67 |
| &nbsp;&nbsp; Health Care | 9.62 |
| &nbsp;&nbsp; Financials | 8.38 |
| &nbsp;&nbsp; Consumer Discretionary | 7.44 |
| &nbsp;&nbsp; Real Estate | 6.07 |
| &nbsp;&nbsp; Materials | 4.83 |
| &nbsp;&nbsp; Sector Types Each Less Than 3% | 4.33 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less<br> Liabilities | 0.00 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**7**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**7**  |

---

------

**Invesco Global Listed Private Equity ETF (PSP)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-82.75%** | **Common Stocks & Other Equity Interests-82.75%** | **Common Stocks & Other Equity Interests-82.75%** |
|  **Biotechnology-0.50%** | **Biotechnology-0.50%** | **Biotechnology-0.50%** |
|  PureTech Health PLC<sup>(b)</sup>  | 311160 | $834732 |
|  **Capital Markets-55.77%** | **Capital Markets-55.77%** | **Capital Markets-55.77%** |
|  3i Group PLC (United Kingdom) | 655274 | 8755390 |
|  Alaris Equity Partners Income<br>(Canada)<sup>(c)</sup>  | 68769 | 796562 |
|  AURELIUS Equity Opportunities SE & Co. KGaA (Germany) | 57833 | 1224352 |
|  Blackstone Secured Lending Fund<sup>(c)</sup>  | 56464 | 1315047 |
|  Blackstone, Inc., Class A | 89956 | 8198590 |
|  Blue Owl Capital, Inc.<sup>(c)</sup>  | 739689 | 7411684 |
|  Bridgepoint Group PLC (United Kingdom)<sup>(c)(d)</sup>  | 1107581 | 2541501 |
|  Carlyle Group, Inc. (The) | 220325 | 6230791 |
|  Chrysalis Investments Ltd.<br>(Guernsey)<sup>(b)</sup>  | 1025401 | 663495 |
|  EQT AB (Sweden)<sup>(c)</sup>  | 377662 | 7436733 |
|  Gimv N.V. (Belgium) | 26065 | 1114179 |
|  Hamilton Lane, Inc., Class A<sup>(c)</sup>  | 39729 | 2376589 |
|  Intermediate Capital Group PLC (United Kingdom) | 320313 | 3916576 |
|  IP Group PLC (United Kingdom) | 1637723 | 1112500 |
|  JAFCO Group Co. Ltd. (Japan) | 118834 | 1825263 |
|  KKR & Co., Inc., Class A<sup>(c)</sup>  | 171372 | 8333820 |
|  Molten Ventures PLC<br>(United Kingdom)<sup>(b)</sup> | 224791 | 828202 |
|  Mutares SE & Co. KGaA (Germany)<sup>(c)</sup>  | 27215 | 478784 |
|  Onex Corp. (Canada) | 109079 | 5483338 |
|  Partners Group Holding AG (Switzerland)<sup>(c)</sup>  | 8789 | 7898902 |
|  Patria Investments Ltd., Class A (Cayman Islands) | 97352 | 1384345 |
|  Petershill Partners PLC (United Kingdom)<sup>(d)</sup>  | 1041170 | 2375925 |
|  Ratos AB, Class B (Sweden)<sup>(c)</sup>  | 434911 | 1628193 |
|  StepStone Group, Inc., Class A<sup>(c)</sup>  | 83282 | 2458485 |
|  TPG, Inc.<sup>(c)</sup>  | 228746 | 7033939 |
|  |  | 92823185 |
|  **Diversified Consumer Services-1.51%** | **Diversified Consumer Services-1.51%** | **Diversified Consumer Services-1.51%** |
|  Graham Holdings Co., Class B | 4015 | 2504838 |
|  **Diversified Financial Services-13.62%** | **Diversified Financial Services-13.62%** | **Diversified Financial Services-13.62%** |
|  Cannae Holdings, Inc.<sup>(b)(c)</sup>  | 61922 | 1434114 |
|  Compass Diversified Holdings | 65425 | 1392244 |
|  Eurazeo SE (France) | 105204 | 6009955 |
|  Kinnevik AB, Class B (Sweden)<sup>(b)</sup>  | 306909 | 3791074 |
|  Sofina S.A. (Belgium)<sup>(c)</sup>  | 35467 | 6923133 |
|  Wendel SE (France) | 39800 | 3119373 |
|  |  | 22669893 |
|  **Industrial Conglomerates-6.81%** | **Industrial Conglomerates-6.81%** | **Industrial Conglomerates-6.81%** |
|  Brookfield Business Partners L.P., Class U (Canada) | 94139 | 2084233 |
|  Fosun International Ltd. (China) | 4382288 | 2679667 |
|  Melrose Industries PLC (United Kingdom) | 4885348 | 6575328 |
|  |  | 11339228 |
|  **Interactive Media & Services-1.63%** | **Interactive Media & Services-1.63%** | **Interactive Media & Services-1.63%** |
|  IAC, Inc.<sup>(b)(c)</sup>  | 55825 | 2717561 |
|  **IT Services-0.71%** | **IT Services-0.71%** | **IT Services-0.71%** |
|  Digital Garage, Inc. (Japan) | 49485 | 1188559 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Trading Companies & Distributors-2.20%** | **Trading Companies & Distributors-2.20%** | **Trading Companies & Distributors-2.20%** |
|  Seven Group Holdings Ltd. (Australia)<sup>(c)</sup>  | 312846 | $3668907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $188,269,015) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $188,269,015) | 137746903 |
|  **Closed-End Funds-16.27%** | **Closed-End Funds-16.27%** | **Closed-End Funds-16.27%** |
|  Apax Global Alpha Ltd. (Guernsey)<sup>(d)</sup>  | 693071 | 1324626 |
|  Ares Capital Corp.<sup>(c)</sup>  | 253181 | 4919307 |
|  Barings BDC, Inc.<sup>(c)</sup>  | 45230 | 402999 |
|  FS KKR Capital Corp.<sup>(c)</sup>  | 125076 | 2401459 |
|  Goldman Sachs BDC, Inc.<sup>(c)</sup>  | 26387 | 407943 |
|  Golub Capital BDC, Inc. <sup>(c)</sup>  | 66456 | 861934 |
|  HBM Healthcare Investments AG (Switzerland),Class A<sup>(b)(c)</sup>  | 8413 | 1866286 |
|  Hercules Capital, Inc.<sup>(c)</sup>  | 33031 | 479940 |
|  HgCapital Trust PLC (United Kingdom)<sup>(c)</sup>  | 728497 | 2918868 |
|  Main Street Capital Corp. | 32992 | 1218725 |
|  NB Private Equity Partners Ltd. (Guernsey) | 70375 | 1292369 |
|  New Mountain Finance Corp. (Acquired 03/28/2019 - 10/19/2022;<br>Cost $833,825)<sup>(c)(e)</sup>  | 68713 | 834863 |
|  Oakley Capital Investments Ltd. (Bermuda)<sup>(c)</sup> . | 283719 | 1273974 |
|  Oaktree Specialty Lending Corp.<sup>(c)</sup>  | 65134 | 429884 |
|  Owl Rock Capital Corp.<sup>(c)</sup>  | 172589 | 2048632 |
|  Princess Private Equity Holding Ltd. (Guernsey)<sup>(c)</sup>  | 120816 | 1140352 |
|  Prospect Capital Corp.<sup>(c)</sup>  | 120558 | 875251 |
|  Sixth Street Specialty Lending, Inc.<sup>(c)</sup>  | 23889 | 433824 |
|  Syncona Ltd. (United Kingdom)<sup>(b)(c)</sup>  | 785056 | 1581780 |
|  Trinity Capital, Inc.<sup>(c)</sup>  | 30237 | 360425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Closed-End Funds<br>(Cost $28,270,147) | &nbsp;&nbsp;&nbsp;&nbsp; Total Closed-End Funds<br>(Cost $28,270,147) | 27073441 |
|  | **Shares** |  |
|  **Money Market Funds-0.71%** | **Money Market Funds-0.71%** | **Money Market Funds-0.71%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(f)(g)</sup> <br>(Cost $1,191,066) | 1191066 | 1191066 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.73%<br>(Cost $217,730,228) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.73%<br>(Cost $217,730,228) | 166011410 |
|  **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** | **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** | **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** |
|  **Money Market Funds-28.06%** | **Money Market Funds-28.06%** | **Money Market Funds-28.06%** |
|  Invesco Private Government Fund, <br>3.18%<sup>(f)(g)(h)</sup>  | 13100360 | 13100360 |
|  Invesco Private Prime Fund, 3.28%<sup>(f)(g)(h)</sup>  | 33605157 | 33605157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $46,707,026) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $46,707,026) | 46705517 |
|  TOTAL INVESTMENTS IN SECURITIES-127.79%<br>(Cost $264,437,254) | TOTAL INVESTMENTS IN SECURITIES-127.79%<br>(Cost $264,437,254) | 212716927 |
|  OTHER ASSETS LESS LIABILITIES-(27.79)% | OTHER ASSETS LESS LIABILITIES-(27.79)% | (46264747) |
|  NET ASSETS-100.00%. |  | $166452180 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**8**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**8**  |

---

------

**Invesco Global Listed Private Equity ETF (PSP)–(continued)** 

October 31, 2022

*(Unaudited)* 

Investment Abbreviations:

BDC-Business Development Company

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 October 31, 2022 was $6,242,052, which represented 3.75% of the Fund's Net Assets. 

<sup>(e)</sup> Restricted security. The value of this security at October 31, 2022 represented less than 1% of the Fund's Net Assets. 

<sup>(f)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br> at Cost**  | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $2395158 | $6963219 | $(8167311) | $- | $- | $1191066 | $12806 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 8533789 | 35421433 | (30854862) |  |  | 13100360 | 108056 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 20226755 | 80934261 | (67555004) | (1729) | 874 | 33605157 | 293757 \* |
| &nbsp;&nbsp; Total | $31155702 | $123318913 | $(106577177) | $(1729) | $874 | $47896583 | $414619 |

---

\* 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.

<sup>(g)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(h)</sup> 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 | 18.39 | % |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Over-The-Counter Total Return Swap Agreements<sup>(a)</sup>**  | **Open Over-The-Counter Total Return Swap Agreements<sup>(a)</sup>**  | **Open Over-The-Counter Total Return Swap Agreements<sup>(a)</sup>**  | **Open Over-The-Counter Total Return Swap Agreements<sup>(a)</sup>**  | **Open Over-The-Counter Total Return Swap Agreements<sup>(a)</sup>**  | **Open Over-The-Counter Total Return Swap Agreements<sup>(a)</sup>**  | **Open Over-The-Counter Total Return Swap Agreements<sup>(a)</sup>**  | **Open Over-The-Counter Total Return Swap Agreements<sup>(a)</sup>**  | **Open Over-The-Counter Total Return Swap Agreements<sup>(a)</sup>**  | **Open Over-The-Counter Total Return Swap Agreements<sup>(a)</sup>**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Pay/<br>Receive** | **Reference Entity** | **Rate** | **Payment<br>Frequency** | **Maturity Date** | **Notional Value<sup>(b)</sup>** | **Upfront<br>Payments<br>Paid<br>(Received)** | **Value** | **Unrealized<br>Appreciation** |
| &nbsp;&nbsp; **Equity Risk** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Citibank, N.A. | Receive | Brookfield Business Partners LP | 1-Day CORRA plus 55 basis points | Monthly | October-2023 | CAD 1,890,740 | $- | $96351 | $96351 |

---

Abbreviations:

CAD -Canadian Dollar

CORRA -Canadian Overnight Repo Rate Average

<sup>(a)</sup> The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively.

<sup>(b)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**9**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**9**  |

---

------

**Invesco Global Listed Private Equity ETF (PSP)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | |
|:---|:---|
|  **Portfolio Composition**<br> **Industry Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** | **Portfolio Composition**<br> **Industry Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** |
| &nbsp;&nbsp; Capital Markets | 55.77 |
| &nbsp;&nbsp; Closed-End Funds | 16.27 |
| &nbsp;&nbsp; Diversified Financial Services | 13.62 |
| &nbsp;&nbsp; Industrial Conglomerates | 6.81 |
| &nbsp;&nbsp; Industry Types Each Less Than 3% | 6.55 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.98 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**10**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**10**  |

---

------

**Invesco Golden Dragon China ETF (PGJ)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-100.01%<sup>(b)</sup>**  | **Common Stocks & Other Equity Interests-100.01%<sup>(b)</sup>**  | **Common Stocks & Other Equity Interests-100.01%<sup>(b)</sup>**  |
|  **Communication Services-21.09%** | **Communication Services-21.09%** | **Communication Services-21.09%** |
|  Autohome,Inc., ADR<sup>(c)</sup>  | 90998 | $2376868 |
|  Baidu, Inc., ADR<sup>(c)(d)</sup>  | 150050 | 11489329 |
|  Bilibili, Inc., ADR<sup>(c)(d)</sup>  | 176286 | 1572471 |
|  DouYu International Holdings Ltd., ADR<sup>(d)</sup>  | 239718 | 239694 |
|  Hello Group, Inc., ADR<sup>(c)</sup>  | 230387 | 1082819 |
|  iQIYI, Inc., ADR<sup>(c)(d)</sup>  | 501381 | 1012790 |
|  JOYY, Inc., ADR<sup>(c)</sup>  | 78854 | 1989486 |
|  Kanzhun Ltd., ADR<sup>(c)(d)</sup>  | 292293 | 3194762 |
|  NetEase, Inc., ADR<sup>(c)</sup>  | 122036 | 6787642 |
|  Sohu.com Ltd., ADR<sup>(c)(d)</sup>  | 54437 | 770828 |
|  Tencent Music Entertainment Group, ADR<sup>(d)</sup>  | 929897 | 3356928 |
|  Weibo Corp., ADR<sup>(c)(d)</sup>  | 114039 | 1290921 |
|  WiMi Hologram Cloud, Inc., ADR<sup>(d)</sup>  | 75940 | 75872 |
|  |  | 35240410 |
|  **Consumer Discretionary-55.64%** | **Consumer Discretionary-55.64%** | **Consumer Discretionary-55.64%** |
|  Alibaba Group Holding Ltd., ADR<sup>(c)(d)</sup>  | 226419 | 14395720 |
|  Baozun, Inc., ADR<sup>(c)(d)</sup>  | 65881 | 259571 |
|  Dada Nexus Ltd., ADR<sup>(c)(d)</sup>  | 129333 | 399639 |
|  H World Group Ltd., ADR<sup>(c)</sup>  | 217274 | 5883780 |
|  JD.com, Inc., ADR<sup>(c)</sup>  | 340250 | 12687923 |
|  Kaixin Auto Holdings (Hong Kong)<sup>(d)</sup>  | 268276 | 137062 |
|  Kandi Technologies Group, Inc.<sup>(c)(d)</sup>  | 103037 | 297777 |
|  Li Auto, Inc., ADR<sup>(c)(d)</sup>  | 375435 | 5113425 |
|  MINISO Group Holding Ltd., ADR<sup>(c)</sup>  | 117977 | 601683 |
|  New Oriental Education & Technology Group, Inc., ADR<sup>(d)</sup>  | 172347 | 4091518 |
|  Newegg Commerce, Inc.<sup>(c)(d)</sup>  | 507453 | 1101173 |
|  NIO, Inc., ADR<sup>(c)(d)</sup>  | 1085020 | 10492143 |
|  Niu Technologies, ADR<sup>(d)</sup>  | 69036 | 180874 |
|  Pinduoduo, Inc., ADR<sup>(c)(d)</sup>  | 302985 | 16612667 |
|  TAL Education Group, ADR<sup>(d)</sup>  | 616117 | 2901911 |
|  Trip.com Group Ltd., ADR<sup>(d)</sup>  | 419964 | 9503785 |
|  Uxin Ltd., ADR. | 39480 | 162658 |
|  Vipshop Holdings Ltd., ADR<sup>(c)(d)</sup>  | 708114 | 4935555 |
|  XPeng, Inc., ADR<sup>(c)(d)</sup>  | 482350 | 3193157 |
|  |  | 92952021 |
|  **Consumer Staples-0.40%** | **Consumer Staples-0.40%** | **Consumer Staples-0.40%** |
|  111, Inc., ADR<sup>(d)</sup>  | 65668 | 177303 |
|  Yatsen Holding Ltd., ADR<sup>(d)</sup>  | 432191 | 488376 |
|  |  | 665679 |
|  **Financials-3.35%** | **Financials-3.35%** | **Financials-3.35%** |
|  360 DigiTech, Inc., ADR<sup>(c)</sup>  | 182223 | 1851386 |
|  Fanhua, Inc., ADR | 45069 | 217683 |
|  LexinFintech Holdings Ltd., ADR<sup>(d)</sup>  | 194741 | 264848 |
|  Lufax Holding Ltd., ADR | 1137991 | 1809406 |
|  Noah Holdings Ltd., ADR<sup>(c)(d)</sup>  | 44958 | 589849 |
|  Qudian, Inc., ADR<sup>(d)</sup>  | 272294 | 226004 |
|  Up Fintech Holding Ltd., ADR<sup>(c)(d)</sup>  | 173443 | 641739 |
|  |  | 5600915 |
|  **Health Care-1.68%** | **Health Care-1.68%** | **Health Care-1.68%** |
|  Burning Rock Biotech Ltd., ADR<sup>(c)(d)</sup>  | 75505 | 155540 |
|  Gracell Biotechnologies, Inc., ADR<sup>(c)(d)</sup>  | 90692 | 289308 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
|  I-Mab, ADR<sup>(c)(d)</sup>  | 72267 | $| 268111 |
|  Zai Lab Ltd., ADR, (Acquired 07/01/2019 -10/26/2022;<br>Cost $6,098,035)<sup>(c)(d)(e)</sup>  | 94301 |  | 2101026 |
|  |  |  | 2813985 |
|  **Industrials-4.58%** | **Industrials-4.58%** | **Industrials-4.58%** | **Industrials-4.58%** |
|  CBAK Energy Technology, Inc.<sup>(d)</sup>  | 121007 |  | 143998 |
|  EHang Holdings Ltd., ADR<sup>(c)(d)</sup>  | 47967 |  | 179876 |
|  ReneSola Ltd., ADR<sup>(c)(d)</sup>  | 70326 |  | 317874 |
|  ZTO Express (Cayman), Inc., ADR<sup>(c)</sup>  | 414644 |  | 7003337 |
|  |  |  | 7645085 |
|  **Information Technology-9.27%** | **Information Technology-9.27%** | **Information Technology-9.27%** | **Information Technology-9.27%** |
|  Agora, Inc., ADR<sup>(c)(d)</sup>  | 93316 |  | 260352 |
|  Bit Digital, Inc.<sup>(c)(d)</sup>  | 112110 |  | 118837 |
|  Canaan, Inc., ADR<sup>(c)(d)</sup>  | 215298 |  | 624364 |
|  Canadian Solar, Inc. (Canada)<sup>(c)(d)</sup>  | 87387 |  | 2962419 |
|  Chindata Group Holdings Ltd.,<br>ADR<sup>(c)(d)</sup>  | 169926 |  | 902307 |
|  Daqo New Energy Corp., ADR<sup>(c)(d)</sup>  | 90000 |  | 3959100 |
|  GDS Holdings Ltd., ADR<sup>(c)(d)</sup>  | 126264 |  | 1089658 |
|  Hollysys Automation Technologies Ltd | 84256 |  | 1343041 |
|  JinkoSolar Holding Co. Ltd., ADR<sup>(c)(d)</sup>  | 54350 |  | 2580538 |
|  Kingsoft Cloud Holdings Ltd., ADR<sup>(c)(d)</sup>  | 143604 |  | 363318 |
|  OneConnect Financial Technology Co. Ltd., ADR<sup>(d)</sup>  | 183443 |  | 116615 |
|  Powerbridge Technologies Co. Ltd.<sup>(d)</sup>  | 107383 |  | 17374 |
|  Renren, Inc., ADR<sup>(c)(d)</sup>  | 12172 |  | 388774 |
|  Vnet Group, Inc., ADR<sup>(c)(d)</sup>  | 182911 |  | 766397 |
|  |  |  | 15493094 |
|  **Materials-0.24%** | **Materials-0.24%** | **Materials-0.24%** | **Materials-0.24%** |
|  Huadi International Group Co. Ltd.<sup>(c)(d)</sup>  | 17992 |  | 395824 |
|  **Real Estate-3.76%** | **Real Estate-3.76%** | **Real Estate-3.76%** | **Real Estate-3.76%** |
|  KE Holdings, Inc., ADR<sup>(c)(d)</sup>  | 598746 |  | 6095234 |
|  Nam Tai Property, Inc.<sup>(d)(f)</sup>  | 51293 |  | 194349 |
|  |  |  | 6289583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $350,856,185) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $350,856,185) |  | 167096596 |
|  **Money Market Funds-0.11%** | **Money Market Funds-0.11%** | **Money Market Funds-0.11%** | **Money Market Funds-0.11%** |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>3.07%<sup>(g)(h)</sup> <br>(Cost $185,292) | 185292 |  | 185292 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.12%<br>(Cost $351,041,477) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.12%<br>(Cost $351,041,477) |  | 167281888 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-31.66%** | **Money Market Funds-31.66%** | **Money Market Funds-31.66%** | **Money Market Funds-31.66%** |
|  Invesco Private Government Fund, 3.18%<sup>(g)(h)(i)</sup>  | 13656063 |  | 13656063 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**11**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**11**  |

---

------

**Invesco Golden Dragon China ETF (PGJ)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
|  Invesco Private Prime Fund,<br>3.28%<sup>(g)(h)(i)</sup>  | 39238315 | $39238315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $52,895,185) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $52,895,185) | 52894378 |
|  TOTAL INVESTMENTS IN SECURITIES-131.78%<br>(Cost $403,936,662) | TOTAL INVESTMENTS IN SECURITIES-131.78%<br>(Cost $403,936,662) | 220176266 |
|  OTHER ASSETS LESS LIABILITIES-(31.78)% | OTHER ASSETS LESS LIABILITIES-(31.78)% | (53101622) |
|  NET ASSETS-100.00% | NET ASSETS-100.00% | $167074644 |

---

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Country of issuer and/or credit risk exposure listed in Common Stocks & Other Equity Interests has been determined to be China unless otherwise noted.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> Non-income producing security.

<sup>(e)</sup> Restricted security. The value of this security at October 31, 2022 represented 1.26% of the Fund's Net Assets. 

<sup>(f)</sup> Security valued using significant unobservable inputs (Level 3). See Note 5.

<sup>(g)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br> at Cost**  | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br> Gain**  | **Value<br>October 31, 2022** | **Dividend<br> Income**  |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $163140 | $3331707 | $(3309555) | $- | $- | $185292 | $2495 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 22508565 | 86682106 | (95534608) |  |  | 13656063 | 211992 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 52545493 | 140188588 | (153496081) | (5323) | 5638 | 39238315 | 590178 \* |
| &nbsp;&nbsp; Total | $75217198 | $230202401 | $(252340244) | $(5323) | $5638 | $53079670 | $804665 |

---

\* 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.

<sup>(h)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(i)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**12**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**12**  |

---

------

**Invesco Golden Dragon China ETF (PGJ)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | |
|:---|:---|
|  **Portfolio Composition**<br> **Sector Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** | **Portfolio Composition**<br> **Sector Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** |
| &nbsp;&nbsp; Consumer Discretionary | 55.64 |
| &nbsp;&nbsp; Communication Services | 21.09 |
| &nbsp;&nbsp; Information Technology | 9.27 |
| &nbsp;&nbsp; Industrials | 4.58 |
| &nbsp;&nbsp; Real Estate | 3.76 |
| &nbsp;&nbsp; Financials | 3.35 |
| &nbsp;&nbsp; Sector Types Each Less Than 3% | 2.32 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets<br>Less Liabilities | (0.01) |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**13**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**13**  |

---

------

**Invesco MSCI Sustainable Future ETF (ERTH)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-97.82%** | **Common Stocks & Other Equity Interests-97.82%** | **Common Stocks & Other Equity Interests-97.82%** |
|  **Automobiles-14.45%** |  |  |
|  Li Auto, Inc., ADR (China)<sup>(b)(c)</sup>  | 380739 | $5185665 |
|  Lucid Group, Inc.<sup>(b)(c)</sup>  | 291589 | 4166807 |
|  NIO, Inc., ADR (China)<sup>(b)(c)</sup>  | 949200 | 9178764 |
|  Niu Technologies, ADR (China)<sup>(b)</sup>  | 13683 | 35849 |
|  Rivian Automotive, Inc., Class A<sup>(b)(c)</sup>  | 215741 | 7544463 |
|  Tesla, Inc.<sup>(b)</sup>  | 64652 | 14710916 |
|  Workhorse Group, Inc.<sup>(b)(c)</sup>  | 115664 | 312293 |
|  XPeng, Inc., ADR (China)<sup>(b)(c)</sup>  | 290583 | 1923659 |
|  Yadea Group Holdings Ltd. (China)<sup>(d)</sup>  | 855245 | 1305227 |
|  |  | 44363643 |
|  **Building Products-3.87%** | **Building Products-3.87%** | **Building Products-3.87%** |
|  Advanced Drainage Systems, Inc. | 46509 | 5389463 |
|  Kingspan Group PLC (Ireland) | 105528 | 5329663 |
|  ROCKWOOL A/S, Class B (Denmark)<sup>(c)</sup>  | 5819 | 1158771 |
|  |  | 11877897 |
|  **Chemicals-1.54%** | **Chemicals-1.54%** | **Chemicals-1.54%** |
|  FutureFuel Corp. | 1018 | 6963 |
|  Umicore S.A. (Belgium) | 143441 | 4728030 |
|  |  | 4734993 |
|  **Commercial Services & Supplies-0.40%** | **Commercial Services & Supplies-0.40%** | **Commercial Services & Supplies-0.40%** |
|  China Everbright Environment Group Ltd. (China) | 2373512 | 789170 |
|  Dynagreen Environmental Protection Group Co. Ltd., H Shares (China)<sup>(d)</sup>  | 329394 | 90218 |
|  Midac Holdings Co. Ltd. (Japan) | 4995 | 124342 |
|  Sunny Friend Environmental Technology Co. Ltd. (Taiwan) | 54000 | 225401 |
|  |  | 1229131 |
|  **Construction & Engineering-0.71%** | **Construction & Engineering-0.71%** | **Construction & Engineering-0.71%** |
|  China Conch Venture Holdings Ltd. (China) | 1113472 | 1642580 |
|  OX2 AB (Sweden)<sup>(b)</sup>  | 66909 | 461381 |
|  ReneSola Ltd., ADR (China)<sup>(b)(c)</sup>  | 17376 | 78539 |
|  |  | 2182500 |
|  **Electric Utilities-0.01%** | **Electric Utilities-0.01%** | **Electric Utilities-0.01%** |
|  Fastned B.V., CVA (Netherlands)<sup>(b)(c)</sup>  | 1221 | 41947 |
|  **Electrical Equipment-14.65%** |  |  |
|  Aeris Industria E Comercio De Equipamentos Para Geracao De Energia S.A. (Brazil) | 224800 | 79257 |
|  Alfen Beheer B.V. (Netherlands)<sup>(c)(d)</sup>  | 15522 | 1649944 |
|  Blink Charging Co.<sup>(b)(c)</sup>  | 27057 | 400443 |
|  China High Speed Transmission Equipment Group Co. Ltd. (Hong Kong)<sup>(b)</sup>  | 346269 | 140716 |
|  Contemporary Amperex Technology Co. Ltd., A Shares (China) | 97500 | 4981202 |
|  CS Wind Corp. (South Korea) | 17210 | 710413 |
|  Energiekontor AG (Germany) | 5636 | 500774 |
|  Fagerhult AB (Sweden) | 58059 | 231176 |
|  Ginlong Technologies Co. Ltd., A Shares (China)<sup>(b)</sup>  | 17200 | 440216 |
|  Ming Yang Smart Energy Group Ltd., A Shares (China) | 106500 | 363337 |
|  Nordex SE (Germany)<sup>(b)(c)</sup>  | 88105 | 823590 |
|  Plug Power, Inc.<sup>(b)(c)</sup>  | 360023 | 5753167 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Electrical Equipment-(continued)** | **Electrical Equipment-(continued)** | **Electrical Equipment-(continued)** | **Electrical Equipment-(continued)** |
|  PNE AG (Germany)<sup>(c)</sup>  | 37382 | $| 711590 |
|  PowerCell Sweden AB (Sweden)<sup>(b)(c)</sup>  | 35195 |  | 386970 |
|  Shoals Technologies Group, Inc., Class A<sup>(b)(c)</sup> | 80015 |  | 1849147 |
|  Siemens Gamesa Renewable Energy S.A., Class R (Spain)<sup>(b)(c)</sup>  | 163576 |  | 2903602 |
|  Signify N.V. | 84720 |  | 2349550 |
|  Stem, Inc.<sup>(b)(c)</sup>  | 39831 |  | 541701 |
|  Sungrow Power Supply Co. Ltd., A Shares (China) | 64400 |  | 1155187 |
|  SunPower Corp.<sup>(b)(c)</sup>  | 61872 |  | 1144013 |
|  Sunrun, Inc.<sup>(b)(c)</sup>  | 131426 |  | 2958399 |
|  Titan Wind Energy Suzhou Co. Ltd., A Shares (China) | 109500 |  | 176134 |
|  TPI Composites, Inc.<sup>(b)</sup>  | 25757 |  | 256540 |
|  Vestas Wind Systems A/S (Denmark) | 703345 |  | 13856715 |
|  Xinjiang Goldwind Science & Technology Co. Ltd., H Shares (China) | 682500 |  | 592091 |
|  |  |  | 44955874 |
|  **Electronic Equipment, Instruments & Components-0.67%** | **Electronic Equipment, Instruments & Components-0.67%** | **Electronic Equipment, Instruments & Components-0.67%** | **Electronic Equipment, Instruments & Components-0.67%** |
|  Badger Meter, Inc. | 18241 |  | 2051748 |
|  **Equity REITs-15.60%** |  |  |  |
|  AEON REIT Investment Corp. (Japan) | 1104 |  | 1188415 |
|  Brandywine Realty Trust | 92231 |  | 605035 |
|  CapitaLand Integrated Commercial Trust (Singapore) | 3815889 |  | 5069515 |
|  Centuria Office REIT (Australia) | 226254 |  | 217741 |
|  Covivio (France) | 27120 |  | 1452781 |
|  CRE Logistics REIT, Inc. (Japan) | 492 |  | 677251 |
|  Digital Realty Trust, Inc. | 149485 |  | 14985871 |
|  Douglas Emmett, Inc. | 123603 |  | 2174177 |
|  First Capital REIT (Canada) | 46083 |  | 535476 |
|  Fukuoka REIT Corp. (Japan) | 273 |  | 318854 |
|  Global One Real Estate Investment Corp. (Japan) | 326 |  | 251790 |
|  Inmobiliaria Colonial SOCIMI S.A. (Spain) | 142101 |  | 749277 |
|  Itochu Advance Logistics Investment Corp. (Japan) | 741 |  | 724872 |
|  Japan Excellent, Inc. (Japan) | 623 |  | 576328 |
|  Keppel REIT (Singapore) | 1723630 |  | 1090134 |
|  Klepierre S.A. (France) | 148815 |  | 2993107 |
|  Lar Espana Real Estate SOCIMI S.A. (Spain) | 2 |  | 8 |
|  Mapletree Pan Asia Commercial Trust (Singapore) | 1639686 |  | 1842344 |
|  Mercialys S.A. (France) | 37494 |  | 324807 |
|  Merlin Properties SOCIMI S.A. (Spain) | 202659 |  | 1716555 |
|  Mitsubishi Estate Logistics REIT Investment Corp. (Japan)<sup>(c)</sup>  | 396 |  | 1172268 |
|  Mori Hills REIT Investment Corp. (Japan) | 1057 |  | 1157022 |
|  Nippon Prologis REIT, Inc. (Japan) | 1564 |  | 3277734 |
|  OUE Commercial REIT (Singapore), (Acquired 03/24/2021 - 09/29/2022; Cost $448,519)<sup>(e)</sup>  | 1526496 |  | 350584 |
|  Paramount Group, Inc.<sup>(c)</sup>  | 105316 |  | 681394 |
|  Piedmont Office Realty Trust, Inc., Class A | 65516 |  | 684642 |
|  SPH REIT (Singapore) | 667124 |  | 384217 |
|  Vornado Realty Trust | 113132 |  | 2668784 |
|  |  |  | 47870983 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**14**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**14**  |

---

------

**Invesco MSCI Sustainable Future ETF (ERTH)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Food Products-3.86%** | **Food Products-3.86%** | **Food Products-3.86%** |
|  Darling Ingredients, Inc.<sup>(b)</sup>  | 112535 | $8831747 |
|  Grieg Seafood ASA (Norway) | 33149 | 229562 |
|  Local Bounti Corp.<sup>(b)(c)</sup>  | 31879 | 94362 |
|  Minerva S.A. (Brazil) | 211000 | 550094 |
|  Salmar ASA (Norway) | 41309 | 1399369 |
|  SLC Agricola S.A. (Brazil) | 83450 | 730769 |
|  |  | 11835903 |
|  **Household Durables-1.18%** | **Household Durables-1.18%** | **Household Durables-1.18%** |
|  KB Home | 53786 | 1550113 |
|  Meritage Homes Corp.<sup>(b)</sup>  | 25378 | 1932788 |
|  Neinor Homes S.A. (Spain)<sup>(c)(d)</sup>  | 16024 | 127807 |
|  |  | 3610708 |
|  **Independent Power and Renewable Electricity Producers-10.41%** | **Independent Power and Renewable Electricity Producers-10.41%** | **Independent Power and Renewable Electricity Producers-10.41%** |
|  Altus Power, Inc.<sup>(b)</sup>  | 42970 | 427981 |
|  BCPG PCL, NVDR (Thailand) | 690489 | 173257 |
|  Beijing Energy International Holding Co. Ltd. (Hong Kong)<sup>(b)</sup>  | 7910786 | 183413 |
|  Boralex, Inc., Class A (Canada) | 75017 | 2124487 |
|  Canvest Environmental Protection Group Co. Ltd. (Hong Kong)<sup>(c)(d)</sup>  | 636192 | 391448 |
|  CECEP Solar Energy Co. Ltd., A Shares (China) | 221800 | 205432 |
|  CECEP Wind-Power Corp., A Shares (China) | 339500 | 199087 |
|  China Datang Corp. Renewable Power Co. Ltd., H Shares (China) | 1655293 | 447043 |
|  China Everbright Greentech Ltd.<br>(China)<sup>(c)(d)</sup> | 330673 | 53920 |
|  China Three Gorges Renewables Group Co. Ltd., A Shares (China) | 1310300 | 999969 |
|  Concord New Energy Group Ltd. (Hong Kong) | 5315301 | 406273 |
|  EDP Renovaveis S.A. (Spain) | 216674 | 4563535 |
|  Encavis AG (Germany) | 90231 | 1681041 |
|  Energix-Renewable Energies Ltd. (Israel) | 207559 | 728919 |
|  Enlight Renewable Energy Ltd. (Israel)<sup>(b)</sup>  | 787808 | 1603820 |
|  eRex Co. Ltd. (Japan)<sup>(c)</sup>  | 28248 | 479495 |
|  GCL New Energy Holdings Ltd.<br>(China)<sup>(b)(c)</sup>  | 479234 | 32357 |
|  Grenergy Renovables S.A. (Spain) | 12535 | 386536 |
|  Montauk Renewables, Inc.<sup>(b)</sup>  | 50054 | 749308 |
|  Neoen S.A. (France)<sup>(d)</sup>  | 37766 | 1318356 |
|  NextEra Energy Partners L.P. | 60789 | 4502641 |
|  Omega Energia S.A. (Brazil)<sup>(b)</sup>  | 241991 | 495765 |
|  Omega Energia S.A., Rts., expiring 11/07/2022 (Brazil)<sup>(b)</sup>  | 32120 | 122 |
|  Ormat Technologies, Inc. | 32879 | 2973906 |
|  RENOVA, Inc. (Japan)<sup>(b)</sup>  | 26857 | 590859 |
|  Scatec ASA (South Africa)<sup>(d)</sup>  | 85817 | 607504 |
|  Solaria Energia y Medio Ambiente S.A. (Spain)<sup>(b)</sup>  | 60732 | 960392 |
|  SPCG PCL, NVDR (Thailand) | 328463 | 118233 |
|  Sunnova Energy International, Inc.<sup>(b)(c)</sup>  | 72803 | 1349768 |
|  Super Energy Corp. PCL, NVDR (Thailand) | 12317830 | 226550 |
|  Terna Energy S.A. (Greece) | 53831 | 1001298 |
|  TransAlta Renewables, Inc. (Canada)<sup>(c)</sup>  | 84585 | 907209 |
|  Voltalia S.A. (France)<sup>(b)(c)</sup>  | 26181 | 498889 |
|  West Holdings Corp. (Japan) | 18710 | 560790 |
|  |  | 31949603 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **IT Services-1.26%** | **IT Services-1.26%** | **IT Services-1.26%** |
|  Chindata Group Holdings Ltd., ADR |  |  |
| (China)<sup>(b)(c)</sup>  | 91707 | $486964 |
|  Kingsoft Cloud Holdings Ltd., ADR (China)<sup>(b)</sup> . | 65303 | 165217 |
|  Switch, Inc., Class A | 94937 | 3232605 |
|  |  | 3884786 |
|  **Machinery-2.29%** | **Machinery-2.29%** | **Machinery-2.29%** |
|  Alstom S.A. (France)<sup>(c)</sup>  | 214153 | 4415192 |
|  Energy Recovery, Inc.<sup>(b)(c)</sup>  | 29607 | 761788 |
|  Lion Electric Co. (The) (Canada)<sup>(b)</sup>  | 17001 | 51599 |
|  Proterra, Inc.<sup>(b)(c)</sup>  | 121728 | 759583 |
|  Riyue Heavy Industry Co. Ltd., A Shares (China) | 35100 | 106234 |
|  Stadler Rail AG (Switzerland)<sup>(c)</sup>  | 31302 | 922717 |
|  |  | 7017113 |
|  **Metals & Mining-0.42%** | **Metals & Mining-0.42%** | **Metals & Mining-0.42%** |
|  Schnitzer Steel Industries, Inc., Class A | 16323 | 440558 |
|  Sims Ltd. | 110490 | 863378 |
|  |  | 1303936 |
|  **Oil, Gas & Consumable Fuels-0.93%** | **Oil, Gas & Consumable Fuels-0.93%** | **Oil, Gas & Consumable Fuels-0.93%** |
|  Enviva, Inc.<sup>(c)</sup>  | 23588 | 1411506 |
|  REX American Resources Corp.<sup>(b)</sup>  | 9565 | 286854 |
|  VERBIO Vereinigte BioEnergie AG (Germany) | 14895 | 1173303 |
|  |  | 2871663 |
|  **Paper & Forest Products-3.04%** | **Paper & Forest Products-3.04%** | **Paper & Forest Products-3.04%** |
|  Canfor Corp. (Canada)<sup>(b)</sup>  | 38564 | 578722 |
|  Mercer International, Inc. (Germany) | 31617 | 424300 |
|  Suzano S.A. (Brazil) | 505800 | 5128126 |
|  West Fraser Timber Co. Ltd. (Canada) | 42548 | 3190671 |
|  |  | 9321819 |
|  **Real Estate Management & Development-0.46%** | **Real Estate Management & Development-0.46%** | **Real Estate Management & Development-0.46%** |
|  Deutsche EuroShop AG (Germany) | 4156 | 89135 |
|  Platzer Fastigheter Holding AB, Class B (Sweden) | 19216 | 119117 |
|  Swire Properties Ltd. (Hong Kong) | 625884 | 1202358 |
|  |  | 1410610 |
|  **Road & Rail-5.60%** | **Road & Rail-5.60%** | **Road & Rail-5.60%** |
|  Beijing-Shanghai High Speed Railway Co. Ltd., A Shares (China) | 1133400 | 692594 |
|  BTS Group Holdings PCL, NVDR (Thailand) | 4140874 | 903028 |
|  BTS Group Holdings PCL, Wts., expring 11/20/2026 (Thailand)<sup>(b)</sup>  | 1 | 0 |
|  Central Japan Railway Co. (Japan) | 96436 | 11201719 |
|  MTR Corp. Ltd. (Hong Kong) | 996878 | 4387617 |
|  |  | 17184958 |
|  **Semiconductors & Semiconductor Equipment-15.82%** | **Semiconductors & Semiconductor Equipment-15.82%** | **Semiconductors & Semiconductor Equipment-15.82%** |
|  Duk San Neolux Co. Ltd.<br>(South Korea)<sup>(b)</sup>  | 3716 | 100045 |
|  Enphase Energy, Inc.<sup>(b)</sup>  | 67876 | 20837932 |
|  First Solar, Inc.<sup>(b)</sup>  | 66792 | 9722911 |
|  GCL System Integration Technology Co. Ltd., A Shares (China)<sup>(b)</sup>  | 218700 | 97984 |
|  JA Solar Technology Co. Ltd., A Shares (China) | 102920 | 881333 |
|  LONGi Green Energy Technology Co. Ltd., A Shares (China) | 311272 | 2046260 |
|  Maxeon Solar Technologies Ltd.<sup>(b)(c)</sup>  | 17873 | 308845 |
|  SMA Solar Technology AG<br>(Germany)<sup>(b)</sup>  | 7409 | 359105 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**15**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**15**  |

---

------

**Invesco MSCI Sustainable Future ETF (ERTH)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** |
|  SolarEdge Technologies, Inc.<sup>(b)</sup>  | 38619 | $| 8883529 |
|  Trina Solar Co. Ltd., A Shares (China) | 93127 |  | 847618 |
|  TSEC Corp. (Taiwan)<sup>(b)</sup>  | 407000 |  | 423136 |
|  United Renewable Energy Co. Ltd. (Taiwan)<sup>(b)</sup>  | 1092075 |  | 711726 |
|  Xinyi Solar Holdings Ltd. (China) | 3373816 |  | 3348093 |
|  |  |  | 48568517 |
|  **Software-0.08%** |  |  |  |
|  CM.com N.V. (Netherlands)<sup>(b)(c)(d)</sup>  | 11775 |  | 132206 |
|  Tuya, Inc., ADR (China)<sup>(b)(c)</sup>  | 142558 |  | 127390 |
|  |  |  | 259596 |
|  **Transportation Infrastructure-0.32%** |  |  |  |
|  Taiwan High Speed Rail Corp. (Taiwan) | 1113000 |  | 970604 |
|  **Water Utilities-0.25%** |  |  |  |
|  Beijing Enterprises Water Group Ltd. (China) | 3101928 |  | 652010 |
|  China Everbright Water Ltd. (China) | 663963 |  | 105570 |
|  |  |  | 757580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $374,474,464) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $374,474,464) |  | 300256112 |
|  **Exchange-Traded Funds-2.12%** | **Exchange-Traded Funds-2.12%** | **Exchange-Traded Funds-2.12%** | **Exchange-Traded Funds-2.12%** |
|  iShares MSCI India ETF<sup>(c)</sup>(Cost $6,621,410) | 154769 |  | 6531252 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.94%<br>(Cost $381,095,874) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.94%<br>(Cost $381,095,874) |  | 306787364 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-20.34%** | **Money Market Funds-20.34%** | **Money Market Funds-20.34%** |
|  Invesco Private Government Fund, 3.18%<sup>(f)(g)(h)</sup>  | 17483119 | $17483119 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(f)(g)(h)</sup>  | 44944069 | 44944069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $62,427,657) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $62,427,657) | 62427188 |
|  TOTAL INVESTMENTS IN SECURITIES-120.28%<br>(Cost $443,523,531) | TOTAL INVESTMENTS IN SECURITIES-120.28%<br>(Cost $443,523,531) | 369214552 |
|  OTHER ASSETS LESS LIABILITIES-(20.28)% | OTHER ASSETS LESS LIABILITIES-(20.28)% | (62263625) |
|  NET ASSETS-100.00%. | NET ASSETS-100.00%. | $306950927 |

---

Investment Abbreviations:

ADR-American Depositary Receipt

CVA-Dutch Certificates

ETF-Exchange-Traded Fund

NVDR-Non-Voting Depositary Receipt

REIT-Real Estate Investment Trust

Rts.-Rights

Wts.-Warrants

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**16**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**16**  |

---

------

**Invesco MSCI Sustainable Future ETF (ERTH)–(continued)** 

October 31, 2022

*(Unaudited)* 

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 October 31, 2022 was $5,676,630, which represented 1.85% of the Fund's Net Assets. 

<sup>(e)</sup> Restricted security. The value of this security at October 31, 2022 represented less than 1% of the Fund's Net Assets. 

<sup>(f)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $- | $6442580 | $(6442580) | $- | $- | $- | $1317 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 28369013 | 83437642 | (94323536) |  |  | 17483119 | 207077 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 66151778 | 171249537 | (192455925) | (949) | (372) | 44944069 | 565261 \* |
| &nbsp;&nbsp; Total | $94520791 | $261129759 | $(293222041) | $(949) | $(372) | $62427188 | $773655 |

---

\* 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.

<sup>(g)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(h)</sup> 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 | 12.85 | % |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**17**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**17**  |

---

------

**Invesco MSCI Sustainable Future ETF (ERTH)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | |
|:---|:---|
| **Portfolio Composition**<br> **Industry Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** | **Portfolio Composition**<br> **Industry Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** |
| &nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 15.82 |
| &nbsp;&nbsp; Equity REITs | 15.60 |
| &nbsp;&nbsp; Electrical Equipment | 14.65 |
| &nbsp;&nbsp; Automobiles | 14.45 |
| &nbsp;&nbsp; Independent Power and Renewable<br> Electricity Producers | 10.41 |
| &nbsp;&nbsp; Road & Rail | 5.60 |
| &nbsp;&nbsp; Building Products | 3.87 |
| &nbsp;&nbsp; Food Products | 3.86 |
| &nbsp;&nbsp; Paper & Forest Products | 3.04 |
| &nbsp;&nbsp; Industry Types Each Less Than 3% | 12.64 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less<br> Liabilities | 0.06 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**18**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**18**  |

---

------

**Invesco Raymond James SB-1 Equity ETF (RYJ)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** |
|  **Communication Services-5.12%** |  |  |
|  DISH Network Corp., Class A<sup>(b)(c)</sup> | 41341 | $616394 |
|  EchoStar Corp., Class A<sup>(b)(c)</sup>  | 32371 | 610841 |
|  Integral Ad Science Holding<br>Corp.<sup>(b)(c)</sup>  | 74596 | 628098 |
|  Iridium Communications, Inc.<sup>(b)</sup>  | 12430 | 640518 |
|  Radius Global Infrastructure, Inc., Class A<sup>(b)(c)</sup>  | 71096 | 664748 |
|  Telephone & Data Systems, Inc. | 37298 | 634066 |
|  T-Mobile US, Inc.<sup>(b)</sup>  | 4234 | 641705 |
|  United States Cellular Corp.<sup>(b)</sup>  | 20051 | 624990 |
|  WideOpenWest, Inc.<sup>(b)(c)</sup>  | 43561 | 597221 |
|  ZipRecruiter, Inc., Class A<sup>(b)(c)</sup>  | 33230 | 557267 |
|  |  | 6215848 |
|  **Consumer Discretionary-11.31%** |  |  |
|  Advance Auto Parts, Inc. | 3382 | 642309 |
|  Arko Corp.<sup>(c)</sup>  | 63214 | 647943 |
|  Bath & Body Works, Inc. | 17595 | 587321 |
|  Bloomin' Brands, Inc.<sup>(c)</sup>  | 27203 | 653144 |
|  D.R. Horton, Inc. | 8577 | 659400 |
|  Dave & Buster's Entertainment,<br>Inc.<sup>(b)(c)</sup>  | 16199 | 645530 |
|  Dollar General Corp. | 2428 | 619261 |
|  Everi Holdings, Inc.<sup>(b)(c)</sup>  | 32244 | 611991 |
|  KB Home | 21748 | 626777 |
|  lululemon athletica, inc.<sup>(b)</sup>  | 1964 | 646235 |
|  M.D.C. Holdings, Inc. | 20066 | 611210 |
|  Newell Brands, Inc. | 39096 | 539916 |
|  Planet Fitness, Inc., Class A<sup>(b)(c)</sup>  | 9764 | 639347 |
|  Polaris, Inc.<sup>(c)</sup>  | 6216 | 631546 |
|  PulteGroup, Inc. | 15739 | 629403 |
|  Ruth's Hospitality Group, Inc. | 30119 | 625873 |
|  Target Corp. | 3730 | 612653 |
|  Tempur Sealy International, Inc. | 22382 | 601852 |
|  Texas Roadhouse, Inc. | 6170 | 610522 |
|  Tractor Supply Co. | 3038 | 667661 |
|  Ulta Beauty, Inc.<sup>(b)</sup>  | 1509 | 632829 |
|  Xponential Fitness, Inc., Class A<sup>(b)(c)</sup>  | 30088 | 582203 |
|  |  | 13724926 |
|  **Consumer Staples-1.49%** |  |  |
|  Darling Ingredients, Inc.<sup>(b)</sup>  | 7802 | 612301 |
|  Estee Lauder Cos., Inc. (The), Class A | 2866 | 574604 |
|  Primo Water Corp.<sup>(c)</sup>  | 42066 | 613743 |
|  |  | 1800648 |
|  **Energy-10.94%** |  |  |
|  Antero Resources Corp.<sup>(b)</sup>  | 16468 | 603717 |
|  APA Corp. | 13873 | 630667 |
|  Black Stone Minerals L.P. | 32646 | 599707 |
|  Brigham Minerals, Inc., Class A | 19152 | 593712 |
|  Cheniere Energy, Inc. | 3312 | 584270 |
|  ConocoPhillips | 4728 | 596154 |
|  DCP Midstream L.P. | 14736 | 585756 |
|  Devon Energy Corp. | 8034 | 621430 |
|  Diamondback Energy, Inc. | 3929 | 617285 |
|  Energy Transfer L.P. | 48434 | 618502 |
|  Enterprise Products Partners L.P. | 23044 | 581861 |
|  Enviva, Inc.<sup>(c)</sup>  | 11372 | 680500 |
|  EOG Resources, Inc. | 4376 | 597412 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Energy-(continued)** |  |  |
|  Kimbell Royalty Partners L.P. | 30697 | $584471 |
|  Marathon Oil Corp. | 20400 | 621180 |
|  Marathon Petroleum Corp. | 5267 | 598437 |
|  Northern Oil and Gas, Inc. | 16943 | 578434 |
|  Occidental Petroleum Corp. | 8364 | 607226 |
|  Pioneer Natural Resources Co. | 2267 | 581281 |
|  Targa Resources Corp. | 8756 | 598648 |
|  Valero Energy Corp. | 4628 | 581045 |
|  Williams Cos., Inc. (The) | 18637 | 609989 |
|  |  | 13271684 |
|  **Financials-16.19%** |  |  |
|  Allstate Corp. (The) | 4892 | 617615 |
|  Arthur J. Gallagher & Co. | 3313 | 619796 |
|  AssetMark Financial Holdings, Inc.<sup>(b)</sup>  | 31887 | 660380 |
|  Axos Financial, Inc.<sup>(b)</sup>  | 16463 | 641398 |
|  Banner Corp. | 8558 | 639710 |
|  Cadence Bank<sup>(c)</sup>  | 21528 | 595249 |
|  Chubb Ltd. | 2996 | 643810 |
|  Finance Of America Cos., Inc., Class A<sup>(b)(c)</sup>  | 109889 | 176921 |
|  First Merchants Corp.<sup>(c)</sup>  | 13640 | 612436 |
|  First Republic Bank | 5166 | 620437 |
|  Globe Life, Inc. | 5245 | 605902 |
|  Hancock Whitney Corp. | 11361 | 634739 |
|  Heritage Commerce Corp. | 45309 | 647919 |
|  Huntington Bancshares, Inc. | 43627 | 662258 |
|  Intercontinental Exchange, Inc. | 6375 | 609259 |
|  Ladder Capital Corp. | 60239 | 642750 |
|  Merchants Bancorp. | 24621 | 589673 |
|  Nexpoint Real Estate Finance, Inc.<sup>(c)</sup>  | 37566 | 660035 |
|  Old Second Bancorp, Inc. | 41076 | 657216 |
|  Open Lending Corp., Class A<sup>(b)(c)</sup>  | 83704 | 600158 |
|  Origin Bancorp, Inc. | 14535 | 600732 |
|  Pacific Premier Bancorp, Inc. | 17033 | 620171 |
|  Prudential Financial, Inc. | 6049 | 636294 |
|  Redwood Trust, Inc. | 90263 | 643575 |
|  Signature Bank | 4037 | 639986 |
|  Starwood Property Trust, Inc.<sup>(c)</sup>  | 30341 | 626845 |
|  Texas Capital Bancshares, Inc.<sup>(b)</sup>  | 10276 | 616560 |
|  TPG RE Finance Trust, Inc. | 77196 | 653850 |
|  Travelers Cos., Inc. (The) | 3370 | 621630 |
|  Voya Financial, Inc.<sup>(c)</sup>  | 9174 | 627135 |
|  Willis Towers Watson PLC | 2803 | 611643 |
|  Wintrust Financial Corp. | 6400 | 599168 |
|  |  | 19635250 |
|  **Health Care-12.92%** |  |  |
|  89bio, Inc.<sup>(b)</sup>  | 67911 | 648550 |
|  Acadia Healthcare Co., Inc.<sup>(b)</sup>  | 7205 | 585767 |
|  ADMA Biologics, Inc.<sup>(b)</sup>  | 223210 | 629452 |
|  AngioDynamics, Inc.<sup>(b)</sup>  | 42438 | 597951 |
|  Apellis Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 9929 | 600605 |
|  Argenx SE, ADR (Netherlands)<sup>(b)</sup>  | 1591 | 617197 |
|  Aveanna Healthcare Holdings, Inc.<sup>(b)(c)</sup>  | 146608 | 203785 |
|  Avidity Biosciences, Inc.<sup>(b)(c)</sup>  | 39853 | 569101 |
|  Blueprint Medicines Corp.<sup>(b)(c)</sup>  | 11741 | 608653 |
|  Boston Scientific Corp.<sup>(b)</sup>  | 14315 | 617120 |
|  CareDx, Inc.<sup>(b)(c)</sup>  | 34796 | 692788 |
|  Cigna Corp. | 1957 | 632228 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**19**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**19**  |

---

------

**Invesco Raymond James SB-1 Equity ETF (RYJ)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
|  Cymabay Therapeutics, Inc.<sup>(b)(c)</sup>  | 176110 | $612863 |
|  Encompass Health Corp. | 11660 | 634770 |
|  Figs, Inc., Class A<sup>(b)(c)</sup>  | 82387 | 608016 |
|  Health Catalyst, Inc.<sup>(b)(c)</sup>  | 62528 | 551497 |
|  InflaRx N.V. (Germany) | 131731 | 342501 |
|  Jounce Therapeutics, Inc.<sup>(b)(c)</sup>  | 237862 | 518539 |
|  Mirum Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 29012 | 654221 |
|  Ocular Therapeutix, Inc.<sup>(b)(c)</sup>  | 151548 | 547088 |
|  QuidelOrtho Corp.<sup>(b)</sup>  | 7316 | 657123 |
|  REGENXBIO, Inc.<sup>(b)(c)</sup>  | 25436 | 602070 |
|  Sol-Gel Technologies Ltd. (Israel)<sup>(c)</sup>  | 4721 | 23227 |
|  Tarsus Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 36356 | 669678 |
|  Tenet Healthcare Corp.<sup>(b)</sup>  | 10602 | 470305 |
|  UnitedHealth Group, Inc. | 1106 | 613996 |
|  VBI Vaccines, Inc.<sup>(b)</sup>  | 779794 | 561530 |
|  Xencor, Inc.<sup>(b)</sup>  | 21601 | 604828 |
|  |  | 15675449 |
|  **Industrials-12.31%** |  |  |
|  Ads-Tec Energy PLC (Ireland)<sup>(c)</sup>  | 13203 | 74597 |
|  Axon Enterprise, Inc.<sup>(b)</sup>  | 4548 | 661461 |
|  Bloom Energy Corp., Class A<sup>(b)(c)</sup>  | 35439 | 663064 |
|  Byrna Technologies, Inc.<sup>(b)(c)</sup>  | 53145 | 375735 |
|  Casella Waste Systems, Inc., Class A<sup>(b)</sup>  | 7570 | 619302 |
|  Clean Harbors, Inc.<sup>(b)</sup>  | 4989 | 610953 |
|  Construction Partners, Inc.,<br>Class A<sup>(b)(c)</sup>  | 20108 | 626163 |
|  Copa Holdings S.A., Class A<br>(Panama)<sup>(b)(c)</sup> | 7791 | 586117 |
|  Delta Air Lines, Inc.<sup>(b)</sup>  | 17912 | 607754 |
|  Federal Signal Corp. | 13251 | 618159 |
|  Forward Air Corp. | 6051 | 640619 |
|  FTC Solar, Inc.<sup>(b)(c)</sup>  | 274229 | 567654 |
|  Griffon Corp. | 19555 | 628498 |
|  PACCAR, Inc. | 6576 | 636754 |
|  ReneSola Ltd., ADR (China)<sup>(b)</sup>  | 136789 | 618286 |
|  Ryanair Holdings PLC, ADR<br>(Ireland)<sup>(b)(c)</sup>  | 9260 | 637922 |
|  Shyft Group, Inc. (The)<sup>(c)</sup>  | 28495 | 654815 |
|  Southwest Airlines Co.<sup>(b)</sup>  | 17552 | 638015 |
|  Tecnoglass, Inc. | 28794 | 591141 |
|  Union Pacific Corp. | 3089 | 608966 |
|  United Parcel Service, Inc., Class B | 3577 | 600113 |
|  V2X, Inc.<sup>(b)</sup>  | 15139 | 620548 |
|  Wabash National Corp. | 37371 | 809082 |
|  Waste Connections, Inc. | 4441 | 585812 |
|  WESCO International, Inc.<sup>(b)</sup>  | 4764 | 656336 |
|  |  | 14937866 |
|  **Information Technology-15.56%** |  |  |
|  Advanced Micro Devices, Inc.<sup>(b)</sup>  | 9969 | 598738 |
|  Alarm.com Holdings, Inc.<sup>(b)</sup>  | 9023 | 530913 |
|  Avnet, Inc. | 15036 | 604297 |
|  Cambium Networks Corp.<sup>(b)</sup>  | 32889 | 636402 |
|  Cognex Corp. | 13560 | 626879 |
|  Edgio, Inc.<sup>(b)(c)</sup>  | 206409 | 555240 |
|  EngageSmart, Inc.<sup>(b)</sup>  | 28852 | 566653 |
|  Envestnet, Inc.<sup>(b)(c)</sup>  | 12730 | 627716 |
|  Fastly, Inc., Class A<sup>(b)(c)</sup>  | 72438 | 614999 |
|  Fidelity National Information Services, Inc. | 7523 | 624334 |
|  Flywire Corp.<sup>(b)(c)</sup>  | 27567 | 605096 |
|  GoDaddy, Inc., Class A<sup>(b)</sup>  | 7590 | 610236 |
|  HubSpot, Inc.<sup>(b)(c)</sup>  | 2173 | 644425 |
|  I3 Verticals, Inc., Class A<sup>(b)(c)</sup>  | 28968 | 630344 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
|  Itron, Inc.<sup>(b)</sup>  | 13711 | $670331 |
|  Jabil, Inc. | 9645 | 619691 |
|  KVH Industries, Inc.<sup>(b)(c)</sup>  | 31427 | 337212 |
|  Microchip Technology, Inc. | 9718 | 599989 |
|  MiX Telematics Ltd., ADR (South Africa) | 15618 | 125256 |
|  New Relic, Inc.<sup>(b)</sup>  | 9981 | 591275 |
|  nLight, Inc.<sup>(b)(c)</sup>  | 58288 | 627762 |
|  NVIDIA Corp. | 4723 | 637463 |
|  Palantir Technologies, Inc.,<br>Class A<sup>(b)(c)</sup>  | 71627 | 629601 |
|  Pure Storage, Inc., Class A<sup>(b)(c)</sup>  | 20835 | 642968 |
|  QUALCOMM, Inc. | 5143 | 605126 |
|  RingCentral, Inc., Class A<sup>(b)</sup>  | 17424 | 618901 |
|  Roper Technologies, Inc. | 1567 | 649584 |
|  salesforce.com, inc.<sup>(b)</sup>  | 3656 | 594429 |
|  SS&C Technologies Holdings, Inc. | 12172 | 625884 |
|  TD SYNNEX Corp. | 6802 | 622451 |
|  UserTesting, Inc.<sup>(b)(c)</sup>  | 162678 | 1203817 |
|  |  | 18878012 |
|  **Materials-1.02%** |  |  |
|  Graphic Packaging Holding Co. | 27620 | 634155 |
|  Scotts Miracle-Gro Co. (The)<sup>(c)</sup>  | 13166 | 604451 |
|  |  | 1238606 |
|  **Real Estate-12.57%** |  |  |
|  Agree Realty Corp. | 8948 | 614728 |
|  American Homes 4 Rent, Class A | 18241 | 582618 |
|  CareTrust REIT, Inc.<sup>(c)</sup>  | 33040 | 617187 |
|  CBRE Group, Inc., Class A<sup>(b)</sup>  | 8498 | 602848 |
|  CubeSmart | 14919 | 624658 |
|  Cushman & Wakefield PLC<sup>(b)(c)</sup>  | 52022 | 600854 |
|  Digital Realty Trust, Inc. | 6057 | 607214 |
|  DigitalBridge Group, Inc.<sup>(c)</sup>  | 44746 | 572749 |
|  EPR Properties | 15709 | 606367 |
|  Equinix, Inc. | 1095 | 620252 |
|  Federal Realty Investment Trust | 6360 | 629513 |
|  Gaming and Leisure Properties, Inc. | 12582 | 630610 |
|  Invitation Homes, Inc. | 17698 | 560850 |
|  Kite Realty Group Trust<sup>(c)</sup>  | 32683 | 641894 |
|  Medical Properties Trust, Inc.<sup>(c)</sup>  | 52400 | 599980 |
|  National Retail Properties, Inc. | 14628 | 614815 |
|  NETSTREIT Corp.<sup>(c)</sup>  | 32926 | 619667 |
|  PotlatchDeltic Corp. | 13139 | 584554 |
|  Prologis, Inc. | 5621 | 622526 |
|  SBA Communications Corp., Class A | 2322 | 626708 |
|  Uniti Group, Inc.<sup>(c)</sup>  | 81570 | 632983 |
|  Ventas, Inc. | 15381 | 601858 |
|  VICI Properties, Inc. | 19396 | 621060 |
|  Welltower, Inc. | 9764 | 595995 |
|  Weyerhaeuser Co. | 19899 | 615476 |
|  |  | 15247964 |
|  **Utilities-0.57%** |  |  |
|  Sunnova Energy International,<br>Inc.<sup>(b)(c)</sup>  | 37298 | 691505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $112,089,349) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $112,089,349) | 121317758 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**20**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**20**  |

---

------

**Invesco Raymond James SB-1 Equity ETF (RYJ)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds-0.01%** | **Money Market Funds-0.01%** | **Money Market Funds-0.01%** |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>3.07%<sup>(d)(e)</sup>(Cost $16,291) | 16291 | $16291 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.01%<br>(Cost $112,105,640) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.01%<br>(Cost $112,105,640) | 121334049 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-22.47%** | **Money Market Funds-22.47%** | **Money Market Funds-22.47%** |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup>  | 7669325 | 7669325 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup>  | 19586400 | $19586400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $27,256,438) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $27,256,438) | 27255725 |
|  TOTAL INVESTMENTS IN SECURITIES-122.48%<br>(Cost $139,362,078) | TOTAL INVESTMENTS IN SECURITIES-122.48%<br>(Cost $139,362,078) | 148589774 |
|  OTHER ASSETS LESS LIABILITIES-(22.48)% | OTHER ASSETS LESS LIABILITIES-(22.48)% | (27270089) |
|  NET ASSETS-100.00%. | NET ASSETS-100.00%. | $121319685 |

---

---

| |
|:---|
| Investment Abbreviations: |
| ADR - American Depositary Receipt |
| REIT - Real Estate Investment Trust |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2022** | **Purchases**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**at Cost**  | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gain**  | **Value**<br> **October 31,<br>2022** | **Dividend**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Income**  |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class  | $9638 | $1225786 | $(1219133) | $- | $- | $16291 | $297 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 6869651 | 21194793 | (20395119) |  |  | 7669325 | 60796 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 15899917 | 45565643 | (41879191) | (2662) | 2693 | 19586400 | 164558 \* |
| &nbsp;&nbsp; Total | $22779206 | $67986222 | $(63493443) | $(2662) | $2693 | $27272016 | $225651 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**21**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**21**  |

---

------

**Invesco Raymond James SB-1 Equity ETF (RYJ)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | |
|:---|:---|
| **Portfolio Composition**<br> **Sector Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** | **Portfolio Composition**<br> **Sector Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** |
| &nbsp;&nbsp; Financials | 16.19 |
| &nbsp;&nbsp; Information Technology | 15.56 |
| &nbsp;&nbsp; Health Care | 12.92 |
| &nbsp;&nbsp; Real Estate | 12.57 |
| &nbsp;&nbsp; Industrials | 12.31 |
| &nbsp;&nbsp; Consumer Discretionary | 11.31 |
| &nbsp;&nbsp; Energy | 10.94 |
| &nbsp;&nbsp; Communication Services | 5.12 |
| &nbsp;&nbsp; Sector Types Each Less Than 3% | 3.08 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets<br> Less Liabilities | 0.00 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**22**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**22**  |

---

------

**Invesco S&P 500 BuyWrite ETF (PBP)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-105.99%** | **Common Stocks & Other Equity Interests-105.99%** | **Common Stocks & Other Equity Interests-105.99%** |
|  **Communication Services-7.79%** | **Communication Services-7.79%** | **Communication Services-7.79%** |
|  Activision Blizzard, Inc. | 2261 | $164601 |
|  Alphabet, Inc., Class A<sup>(b)</sup>  | 19046 | 1800037 |
|  Alphabet, Inc., Class C<sup>(b)</sup>  | 17030 | 1612060 |
|  AT&T, Inc. | 22635 | 412636 |
|  Charter Communications, Inc.,<br>Class A<sup>(b)</sup>  | 351 | 129035 |
|  Comcast Corp., Class A | 13989 | 444011 |
|  DISH Network Corp., Class A<sup>(b)</sup>  | 797 | 11883 |
|  Electronic Arts, Inc. | 838 | 105554 |
|  Fox Corp., Class A | 972 | 28062 |
|  Fox Corp., Class B | 445 | 12104 |
|  Interpublic Group of Cos., Inc. (The) | 1239 | 36910 |
|  Live Nation Entertainment, Inc.<sup>(b)</sup>  | 450 | 35824 |
|  Lumen Technologies, Inc. | 3021 | 22234 |
|  Match Group, Inc.<sup>(b)</sup>  | 898 | 38794 |
|  Meta Platforms, Inc., Class A<sup>(b)</sup>  | 7243 | 674758 |
|  Netflix, Inc.<sup>(b)</sup>  | 1411 | 411843 |
|  News Corp., Class A | 1222 | 20615 |
|  News Corp., Class B | 378 | 6475 |
|  Omnicom Group, Inc. | 649 | 47215 |
|  Paramount Global, Class B | 1599 | 29294 |
|  Take-Two Interactive Software,<br>Inc.<sup>(b)</sup>  | 498 | 59003 |
|  T-Mobile US, Inc.<sup>(b)</sup>  | 1911 | 289631 |
|  Verizon Communications, Inc. | 13338 | 498441 |
|  Walt Disney Co. (The)<sup>(b)</sup>  | 5789 | 616760 |
|  Warner Bros Discovery, Inc.<sup>(b)</sup>  | 7018 | 91234 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7599014 |
|  **Consumer Discretionary-11.53%** | **Consumer Discretionary-11.53%** | **Consumer Discretionary-11.53%** |
|  Advance Auto Parts, Inc. | 193 | 36655 |
|  Amazon.com, Inc.<sup>(b)</sup>  | 28153 | 2883993 |
|  Aptiv PLC<sup>(b)</sup>  | 859 | 78229 |
|  AutoZone, Inc.<sup>(b)</sup>  | 62 | 157039 |
|  Bath & Body Works, Inc. | 726 | 24234 |
|  Best Buy Co., Inc. | 634 | 43372 |
|  Booking Holdings, Inc.<sup>(b)</sup>  | 128 | 239293 |
|  BorgWarner, Inc. | 750 | 28148 |
|  Caesars Entertainment, Inc.<sup>(b)</sup>  | 680 | 29736 |
|  CarMax, Inc.<sup>(b)</sup>  | 507 | 31946 |
|  Carnival Corp.<sup>(b)</sup>  | 3130 | 28358 |
|  Chipotle Mexican Grill, Inc.<sup>(b)</sup>  | 88 | 131853 |
|  D.R. Horton, Inc. | 1004 | 77188 |
|  Darden Restaurants, Inc. | 389 | 55681 |
|  Dollar General Corp. | 722 | 184146 |
|  Dollar Tree, Inc.<sup>(b)</sup>  | 670 | 106195 |
|  Domino's Pizza, Inc. | 115 | 38208 |
|  eBay, Inc. | 1742 | 69401 |
|  Etsy, Inc.<sup>(b)</sup>  | 402 | 37752 |
|  Expedia Group, Inc.<sup>(b)</sup>  | 482 | 45053 |
|  Ford Motor Co. | 12545 | 167727 |
|  Garmin Ltd. | 490 | 43140 |
|  General Motors Co. | 4630 | 181728 |
|  Genuine Parts Co. | 449 | 79859 |
|  Hasbro, Inc. | 413 | 26948 |
|  Hilton Worldwide Holdings, Inc. | 871 | 117811 |
|  Home Depot, Inc. (The) | 3263 | 966272 |
|  Las Vegas Sands Corp.<sup>(b)</sup>  | 1041 | 39568 |
|  Lennar Corp., Class A | 811 | 65448 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
|  LKQ Corp. | 827 | $| 46014 |
|  Lowe's Cos., Inc. | 2030 |  | 395749 |
|  Marriott International, Inc., Class A | 876 |  | 140256 |
|  McDonald's Corp. | 2337 |  | 637206 |
|  MGM Resorts International | 1033 |  | 36744 |
|  Mohawk Industries, Inc.<sup>(b)</sup>  | 167 |  | 15823 |
|  Newell Brands, Inc. | 1194 |  | 16489 |
|  NIKE, Inc., Class B | 4015 |  | 372110 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup>  | 1335 |  | 22548 |
|  NVR, Inc.<sup>(b)</sup>  | 11 |  | 46615 |
|  O'Reilly Automotive, Inc.<sup>(b)</sup>  | 204 |  | 170783 |
|  Pool Corp. | 127 |  | 38637 |
|  PulteGroup, Inc. | 733 |  | 29313 |
|  Ralph Lauren Corp. | 138 |  | 12791 |
|  Ross Stores, Inc. | 1113 |  | 106503 |
|  Royal Caribbean Cruises Ltd.<sup>(b)</sup>  | 696 |  | 37153 |
|  Starbucks Corp. | 3643 |  | 315447 |
|  Tapestry, Inc. | 799 |  | 25312 |
|  Target Corp. | 1473 |  | 241940 |
|  Tesla, Inc.<sup>(b)</sup>  | 8460 |  | 1924988 |
|  TJX Cos., Inc. (The) | 3722 |  | 268356 |
|  Tractor Supply Co. | 352 |  | 77359 |
|  Ulta Beauty, Inc.<sup>(b)</sup>  | 164 |  | 68777 |
|  VF Corp. | 1046 |  | 29550 |
|  Whirlpool Corp. | 173 |  | 23916 |
|  Wynn Resorts Ltd.<sup>(b)</sup>  | 329 |  | 21023 |
|  Yum! Brands, Inc. | 904 |  | 106898 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;11243281 |
|  **Consumer Staples-7.35%** | **Consumer Staples-7.35%** | **Consumer Staples-7.35%** | **Consumer Staples-7.35%** |
|  Altria Group, Inc. | 5719 |  | 264618 |
|  Archer-Daniels-Midland Co. | 1781 |  | 172721 |
|  Brown-Forman Corp., Class B | 580 |  | 39440 |
|  Campbell Soup Co. | 637 |  | 33704 |
|  Church & Dwight Co., Inc. | 772 |  | 57228 |
|  Clorox Co. (The) | 392 |  | 57248 |
|  Coca-Cola Co. (The) | 12364 |  | 739985 |
|  Colgate-Palmolive Co. | 2650 |  | 195676 |
|  Conagra Brands, Inc. | 1521 |  | 55821 |
|  Constellation Brands, Inc., Class A | 507 |  | 125270 |
|  Costco Wholesale Corp. | 1405 |  | 704607 |
|  Estee Lauder Cos., Inc. (The), Class A | 735 |  | 147360 |
|  General Mills, Inc. | 1890 |  | 154186 |
|  Hershey Co. (The) | 466 |  | 111267 |
|  Hormel Foods Corp. | 919 |  | 42688 |
|  JM Smucker Co. (The) | 340 |  | 51224 |
|  Kellogg Co. | 812 |  | 62378 |
|  Keurig Dr Pepper, Inc. | 2697 |  | 104751 |
|  Kimberly-Clark Corp. | 1073 |  | 133546 |
|  Kraft Heinz Co. (The) | 2530 |  | 97329 |
|  Kroger Co. (The) | 2069 |  | 97843 |
|  Lamb Weston Holdings, Inc. | 455 |  | 39230 |
|  McCormick & Co., Inc. | 795 |  | 62519 |
|  Molson Coors Beverage Co., Class B | 597 |  | 30107 |
|  Mondelez International, Inc., Class A | 4353 |  | 267622 |
|  Monster Beverage Corp.<sup>(b)</sup>  | 1220 |  | 114338 |
|  PepsiCo, Inc. | 4384 |  | 796047 |
|  Philip Morris International, Inc. | 4922 |  | 452086 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**23**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**23**  |

---

------

**Invesco S&P 500 BuyWrite ETF (PBP)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Consumer Staples-(continued)** |  |  |  |
|  Procter & Gamble Co. (The) | 7591 | $| 1022280 |
|  Sysco Corp. | 1617 |  | 139968 |
|  Tyson Foods, Inc., Class A | 921 |  | 62950 |
|  Walgreens Boots Alliance, Inc. | 2279 |  | 83183 |
|  Walmart, Inc. | 4526 |  | 644186 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7163406 |
|  **Energy-5.69%** | **Energy-5.69%** | **Energy-5.69%** | **Energy-5.69%** |
|  APA Corp. | 1034 |  | 47006 |
|  Baker Hughes Co., Class A | 3213 |  | 88872 |
|  Chevron Corp. | 5719 |  | 1034567 |
|  ConocoPhillips | 4042 |  | 509656 |
|  Coterra Energy, Inc. | 2527 |  | 78665 |
|  Devon Energy Corp. | 2081 |  | 160965 |
|  Diamondback Energy, Inc. | 564 |  | 88610 |
|  EOG Resources, Inc. | 1861 |  | 254064 |
|  EQT Corp. | 1174 |  | 49120 |
|  Exxon Mobil Corp. | 13239 |  | 1467014 |
|  Halliburton Co. | 2880 |  | 104890 |
|  Hess Corp. | 885 |  | 124856 |
|  Kinder Morgan, Inc. | 6297 |  | 114102 |
|  Marathon Oil Corp. | 2149 |  | 65437 |
|  Marathon Petroleum Corp. | 1584 |  | 179974 |
|  Occidental Petroleum Corp. | 2368 |  | 171917 |
|  ONEOK, Inc. | 1418 |  | 84116 |
|  Phillips 66 | 1526 |  | 159146 |
|  Pioneer Natural Resources Co. | 757 |  | 194102 |
|  Schlumberger Ltd. | 4493 |  | 233771 |
|  Targa Resources Corp. | 720 |  | 49226 |
|  Valero Energy Corp. | 1250 |  | 156937 |
|  Williams Cos., Inc. (The) | 3869 |  | 126632 |
|  |  |  | 5543645 |
|  **Financials-12.14%** | **Financials-12.14%** | **Financials-12.14%** | **Financials-12.14%** |
|  Aflac, Inc. | 1825 |  | 118826 |
|  Allstate Corp. (The) | 858 |  | 108323 |
|  American Express Co. | 1903 |  | 282500 |
|  American International Group, Inc. | 2414 |  | 137598 |
|  Ameriprise Financial, Inc. | 343 |  | 106028 |
|  Aon PLC, Class A | 669 |  | 188317 |
|  Arch Capital Group Ltd.<sup>(b)</sup>  | 1168 |  | 67160 |
|  Arthur J. Gallagher & Co. | 668 |  | 124969 |
|  Assurant, Inc. | 169 |  | 22960 |
|  Bank of America Corp. | 22204 |  | 800232 |
|  Bank of New York Mellon Corp. (The) | 2335 |  | 98327 |
|  Berkshire Hathaway, Inc., Class B<sup>(b)</sup>  | 5733 |  | 1691751 |
|  BlackRock, Inc. | 479 |  | 309391 |
|  Brown & Brown, Inc. | 743 |  | 43681 |
|  Capital One Financial Corp. | 1217 |  | 129026 |
|  Cboe Global Markets, Inc. | 338 |  | 42081 |
|  Charles Schwab Corp. (The) | 4850 |  | 386399 |
|  Chubb Ltd. | 1325 |  | 284729 |
|  Cincinnati Financial Corp. | 507 |  | 52383 |
|  Citigroup, Inc. | 6152 |  | 282131 |
|  Citizens Financial Group, Inc. | 1575 |  | 64418 |
|  CME Group, Inc., Class A | 1141 |  | 197735 |
|  Comerica, Inc. | 416 |  | 29328 |
|  Discover Financial Services | 866 |  | 90462 |
|  Everest Re Group Ltd. | 127 |  | 40978 |
|  FactSet Research Systems, Inc. | 121 |  | 51484 |
|  Fifth Third Bancorp | 2180 |  | 77804 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Financials-(continued)** |  |  |  |
|  First Republic Bank | 580 | $| 69658 |
|  Franklin Resources, Inc. | 902 |  | 21152 |
|  Globe Life, Inc. | 288 |  | 33270 |
|  Goldman Sachs Group, Inc. (The) | 1084 |  | 373449 |
|  Hartford Financial Services Group, Inc. (The) | 1024 |  | 74148 |
|  Huntington Bancshares, Inc. | 4581 |  | 69540 |
|  Intercontinental Exchange, Inc. | 1774 |  | 169541 |
|  Invesco Ltd.<sup>(c)</sup>  | 1442 |  | 22091 |
|  JPMorgan Chase & Co. | 9314 |  | 1172446 |
|  KeyCorp. | 2961 |  | 52913 |
|  Lincoln National Corp. | 492 |  | 26504 |
|  Loews Corp. | 633 |  | 36094 |
|  M&T Bank Corp. | 557 |  | 93782 |
|  MarketAxess Holdings, Inc. | 120 |  | 29285 |
|  Marsh & McLennan Cos., Inc. | 1585 |  | 255962 |
|  MetLife, Inc. | 2128 |  | 155791 |
|  Moody's Corp. | 502 |  | 132965 |
|  Morgan Stanley | 4253 |  | 349469 |
|  MSCI, Inc. | 255 |  | 119559 |
|  Nasdaq, Inc. | 1077 |  | 67032 |
|  Northern Trust Corp. | 660 |  | 55671 |
|  PNC Financial Services Group, Inc. (The) | 1303 |  | 210864 |
|  Principal Financial Group, Inc. | 735 |  | 64776 |
|  Progressive Corp. (The) | 1858 |  | 238567 |
|  Prudential Financial, Inc. | 1182 |  | 124335 |
|  Raymond James Financial, Inc. | 618 |  | 73011 |
|  Regions Financial Corp. | 2966 |  | 65104 |
|  S&P Global, Inc. | 1082 |  | 347593 |
|  Signature Bank | 200 |  | 31706 |
|  State Street Corp. | 1167 |  | 86358 |
|  SVB Financial Group<sup>(b)</sup>  | 188 |  | 43420 |
|  Synchrony Financial | 1530 |  | 54407 |
| T. Rowe Price Group, Inc. | 718 |  | 76223 |
|  Travelers Cos., Inc. (The) | 753 |  | 138898 |
|  Truist Financial Corp. | 4214 |  | 188745 |
|  U.S. Bancorp | 4295 |  | 182323 |
|  W.R. Berkley Corp. | 647 |  | 48124 |
|  Wells Fargo & Co. | 12048 |  | 554088 |
|  Willis Towers Watson PLC | 349 |  | 76155 |
|  Zions Bancorporation N.A | 477 |  | 24775 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11838815 |
|  **Health Care-16.24%** | **Health Care-16.24%** | **Health Care-16.24%** | **Health Care-16.24%** |
|  Abbott Laboratories | 5564 |  | 550502 |
|  AbbVie, Inc. | 5615 |  | 822036 |
|  ABIOMED, Inc.<sup>(b)</sup>  | 144 |  | 36300 |
|  Agilent Technologies, Inc. | 947 |  | 131017 |
|  Align Technology, Inc.<sup>(b)</sup>  | 232 |  | 45078 |
|  AmerisourceBergen Corp. | 494 |  | 77667 |
|  Amgen, Inc. | 1697 |  | 458784 |
|  Baxter International, Inc. | 1601 |  | 87014 |
|  Becton, Dickinson and Co. | 906 |  | 213789 |
|  Biogen, Inc.<sup>(b)</sup>  | 460 |  | 130382 |
|  Bio-Rad Laboratories, Inc., Class A<sup>(b)</sup>  | 68 |  | 23916 |
|  Bio-Techne Corp. | 126 |  | 37329 |
|  Boston Scientific Corp.<sup>(b)</sup>  | 4546 |  | 195978 |
|  Bristol-Myers Squibb Co. | 6782 |  | 525402 |
|  Cardinal Health, Inc. | 865 |  | 65653 |
|  Catalent, Inc.<sup>(b)</sup>  | 568 |  | 37335 |
|  Centene Corp.<sup>(b)</sup>  | 1814 |  | 154426 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**24**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**24**  |

---

------

**Invesco S&P 500 BuyWrite ETF (PBP)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Health Care-(continued)** |  |  |  |
|  Charles River Laboratories International, Inc.<sup>(b)</sup>. | 161 | $| 34172 |
|  Cigna Corp. | 968 |  | 312722 |
|  Cooper Cos., Inc. (The) | 156 |  | 42649 |
|  CVS Health Corp. | 4169 |  | 394804 |
|  Danaher Corp. | 2080 |  | 523474 |
|  DaVita, Inc.<sup>(b)</sup>  | 176 |  | 12850 |
|  DENTSPLY SIRONA, Inc. | 683 |  | 21050 |
|  DexCom, Inc.<sup>(b)</sup>  | 1246 |  | 150492 |
|  Edwards Lifesciences Corp.<sup>(b)</sup>  | 1970 |  | 142687 |
|  Elevance Health, Inc. | 762 |  | 416639 |
|  Eli Lilly and Co. | 2504 |  | 906673 |
|  Gilead Sciences, Inc. | 3981 |  | 312349 |
|  HCA Healthcare, Inc. | 684 |  | 148749 |
|  Henry Schein, Inc.<sup>(b)</sup>  | 433 |  | 29643 |
|  Hologic, Inc.<sup>(b)</sup>  | 794 |  | 53833 |
|  Humana, Inc. | 402 |  | 224348 |
|  IDEXX Laboratories, Inc.<sup>(b)</sup>  | 264 |  | 94956 |
|  Illumina, Inc.<sup>(b)</sup>  | 499 |  | 114181 |
|  Incyte Corp.<sup>(b)</sup>  | 587 |  | 43638 |
|  Intuitive Surgical, Inc.<sup>(b)</sup>  | 1133 |  | 279251 |
|  IQVIA Holdings, Inc.<sup>(b)</sup>  | 592 |  | 124125 |
|  Johnson & Johnson. | 8351 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452823 |
|  Laboratory Corp. of America Holdings | 288 |  | 63896 |
|  McKesson Corp. | 456 |  | 177553 |
|  Medtronic PLC | 4219 |  | 368487 |
|  Merck & Co., Inc. | 8046 |  | 814255 |
|  Mettler-Toledo International,<br>Inc.<sup>(b)</sup>  | 71 |  | 89810 |
|  Moderna, Inc.<sup>(b)</sup>  | 1068 |  | 160552 |
|  Molina Healthcare, Inc.<sup>(b)</sup>  | 185 |  | 66389 |
|  Organon & Co. | 807 |  | 21127 |
|  PerkinElmer, Inc. | 401 |  | 53566 |
|  Pfizer, Inc. | 17826 |  | 829800 |
|  Quest Diagnostics, Inc. | 370 |  | 53150 |
|  Regeneron Pharmaceuticals,<br>Inc.<sup>(b)</sup>  | 339 |  | 253826 |
|  ResMed, Inc. | 465 |  | 104016 |
|  STERIS PLC | 319 |  | 55053 |
|  Stryker Corp. | 1069 |  | 245058 |
|  Teleflex, Inc. | 148 |  | 31755 |
|  Thermo Fisher Scientific, Inc. | 1243 |  | 638865 |
|  UnitedHealth Group, Inc. | 2969 |  | 1648240 |
|  Universal Health Services, Inc., Class B | 210 |  | 24333 |
|  Vertex Pharmaceuticals, Inc.<sup>(b)</sup>  | 816 |  | 254592 |
|  Viatris, Inc. | 3844 |  | 38940 |
|  Waters Corp.<sup>(b)</sup>  | 190 |  | 56842 |
|  West Pharmaceutical Services, Inc. | 237 |  | 54534 |
|  Zimmer Biomet Holdings, Inc. | 667 |  | 75604 |
|  Zoetis, Inc. | 1487 |  | 224210 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;15833169 |
|  **Industrials-8.76%** | **Industrials-8.76%** | **Industrials-8.76%** | **Industrials-8.76%** |
|  3M Co. | 1758 |  | 221139 |
|  A.O. Smith Corp. | 408 |  | 22350 |
|  Alaska Air Group, Inc.<sup>(b)</sup>  | 402 |  | 17873 |
|  Allegion PLC | 278 |  | 29126 |
|  American Airlines Group, Inc.<sup>(b)</sup>  | 2060 |  | 29211 |
|  AMETEK, Inc. | 728 |  | 94392 |
|  Boeing Co. (The)<sup>(b)</sup>  | 1774 |  | 252813 |
|  C.H. Robinson Worldwide, Inc. | 393 |  | 38404 |
|  Carrier Global Corp. | 2671 |  | 106199 |
|  Caterpillar, Inc. | 1677 |  | 363003 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Industrials-(continued)** |  |  |
|  Cintas Corp. | 273 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116721 |
|  Copart, Inc.<sup>(b)</sup>  | 679 | 78099 |
|  CoStar Group, Inc.<sup>(b)</sup>  | 1257 | 103979 |
|  CSX Corp. | 6801 | 197637 |
|  Cummins, Inc. | 447 | 109296 |
|  Deere & Co. | 883 | 349509 |
|  Delta Air Lines, Inc.<sup>(b)</sup>  | 2036 | 69081 |
|  Dover Corp. | 455 | 59464 |
|  Eaton Corp. PLC | 1265 | 189839 |
|  Emerson Electric Co. | 1879 | 162721 |
|  Equifax, Inc. | 389 | 65951 |
|  Expeditors International of Washington, Inc. | 520 | 50882 |
|  Fastenal Co. | 1824 | 88154 |
|  FedEx Corp. | 759 | 121653 |
|  Fortive Corp. | 1127 | 72015 |
|  Fortune Brands Home & Security, Inc. | 412 | 24852 |
|  Generac Holdings, Inc.<sup>(b)</sup>  | 204 | 23646 |
|  General Dynamics Corp. | 715 | 178607 |
|  General Electric Co. | 3482 | 270934 |
|  Honeywell International, Inc. | 2139 | 436399 |
|  Howmet Aerospace, Inc. | 1173 | 41700 |
|  Huntington Ingalls Industries, Inc. | 128 | 32905 |
|  IDEX Corp. | 241 | 53577 |
|  Illinois Tool Works, Inc. | 896 | 191323 |
|  Ingersoll Rand, Inc. | 1280 | 64625 |
|  J.B. Hunt Transport Services, Inc. | 264 | 45162 |
|  Jacobs Solutions, Inc. | 406 | 46779 |
|  Johnson Controls International PLC | 2186 | 126438 |
|  L3Harris Technologies, Inc. | 609 | 150100 |
|  Leidos Holdings, Inc. | 434 | 44090 |
|  Lockheed Martin Corp. | 749 | 364523 |
|  Masco Corp. | 716 | 33129 |
|  Nordson Corp. | 171 | 38475 |
|  Norfolk Southern Corp. | 745 | 169912 |
|  Northrop Grumman Corp. | 461 | 253094 |
|  Old Dominion Freight Line, Inc. | 291 | 79909 |
|  Otis Worldwide Corp. | 1334 | 94234 |
|  PACCAR, Inc. | 1104 | 106900 |
|  Parker-Hannifin Corp. | 409 | 118864 |
|  Pentair PLC | 523 | 22463 |
|  Quanta Services, Inc. | 453 | 64344 |
|  Raytheon Technologies Corp. | 4691 | 444801 |
|  Republic Services, Inc. | 652 | 86468 |
|  Robert Half International, Inc. | 346 | 26455 |
|  Rockwell Automation, Inc. | 366 | 93440 |
|  Rollins, Inc. | 732 | 30803 |
|  Snap-on, Inc. | 169 | 37526 |
|  Southwest Airlines Co.<sup>(b)</sup>  | 1885 | 68520 |
|  Stanley Black & Decker, Inc. | 469 | 36812 |
|  Textron, Inc. | 671 | 45923 |
|  Trane Technologies PLC | 735 | 117328 |
|  TransDigm Group, Inc. | 163 | 93849 |
|  Union Pacific Corp. | 1984 | 391126 |
|  United Airlines Holdings, Inc.<sup>(b)</sup>  | 1035 | 44588 |
|  United Parcel Service, Inc., Class B | 2325 | 390065 |
|  United Rentals, Inc.<sup>(b)</sup>  | 223 | 70403 |
|  Verisk Analytics, Inc. | 499 | 91232 |
|  W.W. Grainger, Inc. | 146 | 85315 |
|  Wabtec Corp. | 577 | 53823 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**25**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**25**  |

---

------

**Invesco S&P 500 BuyWrite ETF (PBP)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Industrials-(continued)** |  |  |  |
|  Waste Management, Inc. | 1196 | $| 189410 |
|  Xylem, Inc. | 571 |  | 58488 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8542870 |
|  **Information Technology-27.87%** | **Information Technology-27.87%** | **Information Technology-27.87%** | **Information Technology-27.87%** |
|  Accenture PLC, Class A | 2008 |  | 570071 |
|  Adobe, Inc.<sup>(b)</sup>  | 1487 |  | 473609 |
|  Advanced Micro Devices, Inc.<sup>(b)</sup>  | 5127 |  | 307928 |
|  Akamai Technologies, Inc.<sup>(b)</sup>  | 505 |  | 44607 |
|  Amphenol Corp., Class A | 1891 |  | 143395 |
|  Analog Devices, Inc. | 1651 |  | 235466 |
|  ANSYS, Inc.<sup>(b)</sup>  | 276 |  | 61040 |
|  Apple, Inc. | 48021 |  | 7363540 |
|  Applied Materials, Inc. | 2765 |  | 244122 |
|  Arista Networks, Inc.<sup>(b)</sup>  | 783 |  | 94633 |
|  Autodesk, Inc.<sup>(b)</sup>  | 691 |  | 148081 |
|  Automatic Data Processing, Inc. | 1318 |  | 318561 |
|  Broadcom, Inc. | 1283 |  | 603164 |
|  Broadridge Financial Solutions, Inc. | 372 |  | 55822 |
|  Cadence Design Systems, Inc.<sup>(b)</sup>  | 870 |  | 131709 |
|  CDW Corp. | 431 |  | 74481 |
|  Ceridian HCM Holding, Inc.<sup>(b)</sup>  | 487 |  | 32235 |
|  Cisco Systems, Inc. | 13152 |  | 597495 |
|  Cognizant Technology Solutions Corp., Class A | 1644 |  | 102339 |
|  Corning, Inc. | 2416 |  | 77723 |
|  DXC Technology Co.<sup>(b)</sup>  | 727 |  | 20901 |
|  Enphase Energy, Inc.<sup>(b)</sup>  | 431 |  | 132317 |
|  EPAM Systems, Inc.<sup>(b)</sup>  | 183 |  | 64050 |
|  F5, Inc.<sup>(b)</sup>  | 190 |  | 27153 |
|  Fidelity National Information Services, Inc. | 1931 |  | 160254 |
|  Fiserv, Inc.<sup>(b)</sup>  | 2031 |  | 208665 |
|  FleetCor Technologies, Inc.<sup>(b)</sup>  | 240 |  | 44669 |
|  Fortinet, Inc.<sup>(b)</sup>  | 2079 |  | 118836 |
|  Gartner, Inc.<sup>(b)</sup>  | 250 |  | 75480 |
|  Global Payments, Inc. | 880 |  | 100549 |
|  Hewlett Packard Enterprise Co. | 4121 |  | 58807 |
|  HP, Inc. | 2890 |  | 79822 |
|  Intel Corp. | 13043 |  | 370812 |
|  International Business Machines Corp. | 2867 |  | 396477 |
|  Intuit, Inc. | 897 |  | 383467 |
|  Jack Henry & Associates, Inc. | 233 |  | 46381 |
|  Juniper Networks, Inc. | 1022 |  | 31273 |
|  Keysight Technologies, Inc.<sup>(b)</sup>  | 571 |  | 99440 |
|  KLA Corp. | 450 |  | 142402 |
|  Lam Research Corp. | 437 |  | 176889 |
|  Mastercard, Inc., Class A | 2710 |  | 889368 |
|  Microchip Technology, Inc. | 1755 |  | 108354 |
|  Micron Technology, Inc. | 3504 |  | 189566 |
|  Microsoft Corp. | 23706 |  | 5502874 |
|  Monolithic Power Systems, Inc. | 143 |  | 48541 |
|  Motorola Solutions, Inc. | 532 |  | 132846 |
|  NetApp, Inc. | 698 |  | 48350 |
|  NortonLifeLock, Inc. | 1878 |  | 42311 |
|  NVIDIA Corp. | 7953 |  | 1073416 |
|  NXP Semiconductors N.V. (China) | 833 |  | 121685 |
|  ON Semiconductor Corp.<sup>(b)</sup>  | 1375 |  | 84466 |
|  Oracle Corp. | 4823 |  | 376532 |
|  Paychex, Inc. | 1019 |  | 120558 |
|  Paycom Software, Inc.<sup>(b)</sup>  | 154 |  | 53284 |
|  PayPal Holdings, Inc.<sup>(b)</sup>  | 3672 |  | 306906 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
|  PTC, Inc.<sup>(b)</sup>  | 337 | $| 39709 |
|  Qorvo, Inc.<sup>(b)</sup>  | 328 |  | 28234 |
|  QUALCOMM, Inc. | 3566 |  | 419576 |
|  Roper Technologies, Inc. | 338 |  | 140114 |
|  salesforce.com, inc.<sup>(b)</sup>  | 3159 |  | 513622 |
|  Seagate Technology Holdings PLC | 621 |  | 30839 |
|  ServiceNow, Inc.<sup>(b)</sup>  | 640 |  | 269274 |
|  Skyworks Solutions, Inc. | 511 |  | 43951 |
|  SolarEdge Technologies, Inc.<sup>(b)</sup>  | 176 |  | 40485 |
|  Synopsys, Inc.<sup>(b)</sup>  | 485 |  | 141887 |
|  TE Connectivity Ltd. (Switzerland) | 1017 |  | 124308 |
|  Teledyne Technologies, Inc.<sup>(b)</sup>  | 148 |  | 58901 |
|  Teradyne, Inc. | 498 |  | 40512 |
|  Texas Instruments, Inc. | 2902 |  | 466148 |
|  Trimble, Inc.<sup>(b)</sup>  | 785 |  | 47226 |
|  Tyler Technologies, Inc.<sup>(b)</sup>  | 134 |  | 43326 |
|  VeriSign, Inc.<sup>(b)</sup>  | 297 |  | 59537 |
|  Visa, Inc., Class A | 5192 |  | 1075575 |
|  Western Digital Corp.<sup>(b)</sup>  | 993 |  | 34129 |
|  Zebra Technologies Corp., Class A<sup>(b)</sup>  | 164 |  | 46448 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;27181523 |
|  **Materials-2.68%** | **Materials-2.68%** | **Materials-2.68%** | **Materials-2.68%** |
|  Air Products and Chemicals, Inc. | 705 |  | 176532 |
|  Albemarle Corp. | 372 |  | 104112 |
|  Amcor PLC | 4774 |  | 55283 |
|  Avery Dennison Corp. | 257 |  | 43574 |
|  Ball Corp. | 997 |  | 49242 |
|  Celanese Corp. | 317 |  | 30470 |
|  CF Industries Holdings, Inc. | 632 |  | 67156 |
|  Corteva, Inc. | 2280 |  | 148975 |
|  Dow, Inc. | 2279 |  | 106520 |
|  DuPont de Nemours, Inc. | 1592 |  | 91062 |
|  Eastman Chemical Co. | 390 |  | 29956 |
|  Ecolab, Inc. | 787 |  | 123614 |
|  FMC Corp. | 400 |  | 47560 |
|  Freeport-McMoRan, Inc. | 4541 |  | 143904 |
|  International Flavors & Fragrances, Inc. | 811 |  | 79162 |
|  International Paper Co. | 1147 |  | 38551 |
|  Linde PLC (United Kingdom) | 1583 |  | 470705 |
|  LyondellBasell Industries N.V., Class A | 810 |  | 61925 |
|  Martin Marietta Materials, Inc. | 198 |  | 66524 |
|  Mosaic Co. (The) | 1097 |  | 58964 |
|  Newmont Corp. | 2520 |  | 106646 |
|  Nucor Corp. | 829 |  | 108914 |
|  Packaging Corp. of America | 298 |  | 35823 |
|  PPG Industries, Inc. | 745 |  | 85064 |
|  Sealed Air Corp. | 459 |  | 21858 |
|  Sherwin-Williams Co. (The) | 749 |  | 168548 |
|  Vulcan Materials Co. | 423 |  | 69245 |
|  WestRock Co. | 807 |  | 27486 |
|  |  |  | 2617375 |
|  **Real Estate-2.80%** | **Real Estate-2.80%** | **Real Estate-2.80%** | **Real Estate-2.80%** |
|  Alexandria Real Estate Equities, Inc. | 471 |  | 68436 |
|  American Tower Corp. | 1479 |  | 306434 |
|  AvalonBay Communities, Inc. | 443 |  | 77578 |
|  Boston Properties, Inc. | 451 |  | 32788 |
|  Camden Property Trust | 340 |  | 39287 |
|  CBRE Group, Inc., Class A<sup>(b)</sup>  | 1018 |  | 72217 |
|  Crown Castle, Inc. | 1376 |  | 183366 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**26**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**26**  |

---

------

**Invesco S&P 500 BuyWrite ETF (PBP)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Real Estate-(continued)** |  |  |  |
|  Digital Realty Trust, Inc. | 914 | $| 91629 |
|  Equinix, Inc. | 290 |  | 164268 |
|  Equity Residential | 1074 |  | 67683 |
|  Essex Property Trust, Inc. | 208 |  | 46226 |
|  Extra Space Storage, Inc. | 427 |  | 75767 |
|  Federal Realty Investment Trust | 233 |  | 23062 |
|  Healthpeak Properties, Inc. | 1710 |  | 40578 |
|  Host Hotels & Resorts, Inc. | 2268 |  | 42820 |
|  Invitation Homes, Inc. | 1838 |  | 58246 |
|  Iron Mountain, Inc. | 921 |  | 46114 |
|  Kimco Realty Corp. | 1962 |  | 41948 |
|  Mid-America Apartment Communities, Inc. | 367 |  | 57784 |
|  Prologis, Inc. | 2933 |  | 324830 |
|  Public Storage | 502 |  | 155495 |
|  Realty Income Corp. | 1962 |  | 122174 |
|  Regency Centers Corp. | 489 |  | 29589 |
|  SBA Communications Corp., Class A | 341 |  | 92036 |
|  Simon Property Group, Inc. | 1039 |  | 113230 |
|  UDR, Inc. | 969 |  | 38527 |
|  Ventas, Inc. | 1267 |  | 49578 |
|  VICI Properties, Inc. | 3058 |  | 97917 |
|  Vornado Realty Trust | 511 |  | 12055 |
|  Welltower, Inc. | 1472 |  | 89851 |
|  Weyerhaeuser Co. | 2352 |  | 72747 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2734260 |
|  **Utilities-3.14%** | **Utilities-3.14%** | **Utilities-3.14%** | **Utilities-3.14%** |
|  AES Corp. (The) | 2117 |  | 55381 |
|  Alliant Energy Corp. | 797 |  | 41579 |
|  Ameren Corp. | 821 |  | 66928 |
|  American Electric Power Co., Inc. | 1631 |  | 143398 |
|  American Water Works Co., Inc. | 577 |  | 83861 |
|  Atmos Energy Corp. | 443 |  | 47202 |
|  CenterPoint Energy, Inc. | 1998 |  | 57163 |
|  CMS Energy Corp. | 920 |  | 52486 |
|  Consolidated Edison, Inc. | 1124 |  | 98867 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Utilities-(continued)** |  |  |
|  Constellation Energy Corp. | 1037 | $98038 |
|  Dominion Energy, Inc. | 2645 | 185071 |
|  DTE Energy Co. | 616 | 69060 |
|  Duke Energy Corp. | 2446 | 227918 |
|  Edison International | 1211 | 72708 |
|  Entergy Corp. | 645 | 69105 |
|  Evergy, Inc. | 728 | 44503 |
|  Eversource Energy | 1101 | 83984 |
|  Exelon Corp. | 3151 | 121597 |
|  FirstEnergy Corp. | 1723 | 64974 |
|  NextEra Energy, Inc. | 6242 | 483755 |
|  NiSource, Inc. | 1288 | 33089 |
|  NRG Energy, Inc. | 745 | 33078 |
|  PG&E Corp.<sup>(b)</sup>  | 5113 | 76337 |
|  Pinnacle West Capital Corp. | 357 | 23994 |
|  PPL Corp. | 2338 | 61934 |
|  Public Service Enterprise Group, Inc. | 1585 | 88871 |
|  Sempra Energy | 999 | 150789 |
|  Southern Co. (The) | 3375 | 220995 |
|  WEC Energy Group, Inc. | 1001 | 91421 |
|  Xcel Energy, Inc. | 1737 | 113096 |
|  |  | 3061182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $89,630,085) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $89,630,085) | 103358540 |
|  **Money Market Funds-0.00%** | **Money Market Funds-0.00%** | **Money Market Funds-0.00%** |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>3.07%<sup>(c)(d)</sup>(Cost $5,928) | 5928 | 5928 |
|  TOTAL INVESTMENTS IN SECURITIES-105.99%<br>(Cost $89,636,013) | TOTAL INVESTMENTS IN SECURITIES-105.99%<br>(Cost $89,636,013) | 103364468 |
|  OTHER ASSETS LESS LIABILITIES-(5.99)% | OTHER ASSETS LESS LIABILITIES-(5.99)% | (5844788) |
|  NET ASSETS-100.00%. | NET ASSETS-100.00%. | $97519680 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br> at Cost**  | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br> (Loss)**  | **Value<br>October 31, 2022** | **Dividend<br> Income**  |
| &nbsp;&nbsp; Invesco Ltd. | $24206 | $9745 | $(7957) | $(1494) | $(2409) | $22091 | $485 |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class |  | 1164864 | (1158936) |  |  | 5928 | 247 |
| &nbsp;&nbsp; Total | $24206 | $1174609 | $(1166893) | $(1494) | $(2409) | $28019 | $732 |

---

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**27**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**27**  |

---

------

**Invesco S&P 500 BuyWrite ETF (PBP)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Index Options Written** | **Open Exchange-Traded Index Options Written** | **Open Exchange-Traded Index Options Written** | **Open Exchange-Traded Index Options Written** | **Open Exchange-Traded Index Options Written** | **Open Exchange-Traded Index Options Written** | **Open Exchange-Traded Index Options Written** |
| **Description** | **Type of<br>Contract** | **Expiration<br>Date** | **Number of<br>Contracts** | **Exercise<br>Price** | **Notional<br>Value\*** | **Value** |
| **Equity Risk** |  |  |  |  |  |  |
|  S&P 500 Index | Call | 11/18/2022 | 267 | $3680 | $98256000 | $(5920725) |

---

\* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

**Portfolio Composition** 

**Sector Breakdown (% of the Fund's Net Assets) as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Information Technology | 27.87 |
| &nbsp;&nbsp; Health Care | 16.24 |
| &nbsp;&nbsp; Financials | 12.14 |
| &nbsp;&nbsp; Consumer Discretionary | 11.53 |
| &nbsp;&nbsp; Industrials | 8.76 |
| &nbsp;&nbsp; Communication Services | 7.79 |
| &nbsp;&nbsp; Consumer Staples | 7.35 |
| &nbsp;&nbsp; Energy | 5.69 |
| &nbsp;&nbsp; Utilities | 3.14 |
| &nbsp;&nbsp; Sector Types Each Less Than 3% | 5.48 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets<br> Less Liabilities | (5.99) |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**28**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**28**  |

---

------

**Invesco S&P 500<sup>®</sup> Quality ETF (SPHQ)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** |
|  **Communication Services-3.13%** |  |  |
|  Electronic Arts, Inc. | 121289 | $15277562 |
|  Interpublic Group of Cos., Inc. (The) | 192974 | 5748696 |
|  Meta Platforms, Inc., Class A<sup>(b)</sup>  | 939039 | 87480873 |
|  |  | 108507131 |
|  **Consumer Discretionary-2.24%** |  |  |
|  Best Buy Co., Inc. | 100907 | 6903048 |
|  eBay, Inc. | 272142 | 10842137 |
|  NVR, Inc.<sup>(b)</sup>  | 1642 | 6958386 |
|  Ralph Lauren Corp. | 21045 | 1950661 |
|  Tapestry, Inc. | 128227 | 4062231 |
|  Target Corp. | 216647 | 35584270 |
|  Ulta Beauty, Inc.<sup>(b)</sup>  | 27050 | 11343958 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77644691 |
|  **Consumer Staples-13.70%** |  |  |
|  Coca-Cola Co. (The) | 1690827 | 101195996 |
|  Costco Wholesale Corp. | 196487 | 98538231 |
|  Kraft Heinz Co. (The) | 315464 | 12135900 |
|  PepsiCo, Inc. | 607553 | 110319474 |
|  Procter & Gamble Co. (The) | 1063639 | 143240264 |
|  Tyson Foods, Inc., Class A | 136966 | 9361626 |
|  |  | 474791491 |
|  **Energy-14.09%** |  |  |
|  Baker Hughes Co., Class A | 380483 | 10524160 |
|  Chevron Corp. | 846848 | 153194803 |
|  EOG Resources, Inc. | 259041 | 35364277 |
|  Exxon Mobil Corp. | 1765698 | 195656995 |
|  Marathon Oil Corp. | 364855 | 11109835 |
|  Marathon Petroleum Corp. | 273146 | 31034849 |
|  Occidental Petroleum Corp. | 439004 | 31871690 |
|  Phillips 66 | 186082 | 19406492 |
|  |  | 488163101 |
|  **Financials-13.24%** |  |  |
|  Allstate Corp. (The) | 148099 | 18697499 |
|  American International Group, Inc. | 378989 | 21602373 |
|  Ameriprise Financial, Inc. | 72064 | 22276424 |
|  Assurant, Inc. | 26790 | 3639689 |
|  Charles Schwab Corp. (The) | 798985 | 63655135 |
|  CME Group, Inc., Class A | 154691 | 26807950 |
|  FactSet Research Systems, Inc. | 17751 | 7552873 |
|  Fifth Third Bancorp | 303652 | 10837340 |
|  First Republic Bank | 93396 | 11216860 |
|  Hartford Financial Services Group, Inc. (The) | 148822 | 10776201 |
|  KeyCorp. | 417234 | 7455972 |
|  Lincoln National Corp. | 79992 | 4309169 |
|  Loews Corp. | 86511 | 4932857 |
|  MarketAxess Holdings, Inc. | 16871 | 4117199 |
|  PNC Financial Services Group, Inc. (The) | 187492 | 30341830 |
|  Raymond James Financial, Inc. | 95308 | 11259687 |
|  Regions Financial Corp. | 443653 | 9738183 |
|  S&P Global, Inc. | 155024 | 49801460 |
|  State Street Corp. | 184470 | 13650780 |
|  Truist Financial Corp. | 592505 | 26538299 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Financials-(continued)** |  |  |
|  Wells Fargo & Co. | 1869511 | $85978811 |
|  Willis Towers Watson PLC | 63335 | 13820330 |
|  |  | 459006921 |
|  **Health Care-7.31%** |  |  |
|  Abbott Laboratories | 813980 | 80535181 |
|  Biogen, Inc.<sup>(b)</sup>  | 61554 | 17446866 |
|  Bristol-Myers Squibb Co. | 937368 | 72617899 |
|  IDEXX Laboratories, Inc.<sup>(b)</sup>  | 45789 | 16469387 |
|  Quest Diagnostics, Inc. | 55887 | 8028168 |
|  ResMed, Inc. | 63731 | 14255987 |
|  Teleflex, Inc. | 21167 | 4541592 |
|  Waters Corp.<sup>(b)</sup>  | 26745 | 8001302 |
|  Zoetis, Inc. | 208749 | 31475174 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;253371556 |
|  **Industrials-6.03%** |  |  |
|  3M Co. | 255981 | 32199850 |
|  Allegion PLC | 42390 | 4441200 |
|  Carrier Global Corp. | 378597 | 15053017 |
|  Cintas Corp. | 40232 | 17201192 |
|  Fastenal Co. | 253302 | 12242086 |
|  Illinois Tool Works, Inc. | 129591 | 27671566 |
|  Ingersoll Rand, Inc. | 173201 | 8746650 |
|  L3Harris Technologies, Inc. | 83462 | 20570879 |
|  Nordson Corp.<sup>(c)</sup>  | 24015 | 5403375 |
|  Northrop Grumman Corp. | 63190 | 34691942 |
|  Old Dominion Freight Line, Inc. | 42923 | 11786656 |
|  Robert Half International, Inc.<sup>(c)</sup>  | 52004 | 3976226 |
|  Rollins, Inc. | 97561 | 4105367 |
|  W.W. Grainger, Inc. | 18372 | 10735678 |
|  |  | 208825684 |
|  **Information Technology-34.07%** |  |  |
|  Apple, Inc. | 1248111 | 191385341 |
|  Applied Materials, Inc. | 419160 | 37007636 |
|  Automatic Data Processing, Inc. | 230301 | 55663752 |
|  Broadcom, Inc. | 189709 | 89185995 |
|  Cadence Design Systems, Inc.<sup>(b)</sup>  | 122852 | 18598564 |
|  Cisco Systems, Inc. | 1866035 | 84773970 |
|  Jack Henry & Associates, Inc. | 34183 | 6804468 |
|  KLA Corp. | 80947 | 25615678 |
|  Lam Research Corp. | 75971 | 30751541 |
|  Mastercard, Inc., Class A | 374012 | 122743258 |
|  Microsoft Corp. | 682885 | 158518095 |
|  Paychex, Inc. | 158403 | 18740659 |
|  Qorvo, Inc.<sup>(b)</sup>  | 51703 | 4450594 |
|  QUALCOMM, Inc. | 562365 | 66167866 |
|  Roper Technologies, Inc. | 50749 | 21037491 |
|  Teradyne, Inc.<sup>(c)</sup>  | 92370 | 7514300 |
|  Texas Instruments, Inc. | 420078 | 67477129 |
|  Visa, Inc., Class A<sup>(c)</sup>  | 841632 | 174352485 |
|  |  | 1180788822 |
|  **Materials-5.16%** |  |  |
|  CF Industries Holdings, Inc. | 125066 | 13289513 |
|  Corteva, Inc. | 316430 | 20675536 |
|  DuPont de Nemours, Inc. | 256446 | 14668711 |
|  Freeport-McMoRan, Inc. | 645142 | 20444550 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**29**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**29**  |

---

------

**Invesco S&P 500<sup>®</sup> Quality ETF (SPHQ)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Materials-(continued)** |  |  |
|  International Paper Co. | 196255 | $6596131 |
|  Linde PLC (United Kingdom) | 230400 | 68509440 |
|  LyondellBasell Industries N.V., Class A<sup>(c)</sup>  | 130515 | 9977872 |
|  Mosaic Co. (The)<sup>(c)</sup>  | 177144 | 9521490 |
|  Newmont Corp. | 357000 | 15108240 |
|  |  | 178791483 |
|  **Real Estate-0.31%** |  |  |
|  Weyerhaeuser Co. | 344068 | 10642023 |
|  **Utilities-0.66%** |  |  |
|  Constellation Energy Corp. | 141844 | 13409932 |
|  PPL Corp. | 352836 | 9346626 |
|  |  | 22756558 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.94%<br>(Cost $3,361,647,942) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.94%<br>(Cost $3,361,647,942) | 3463289461 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-3.39%** |  |  |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup>  | 32891275 | $32891275 |
|  Invesco Private Prime Fund, <br>3.28%<sup>(d)(e)(f)</sup>  | 84553085 | 84553085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $117,446,231) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $117,446,231) | 117444360 |
|  TOTAL INVESTMENTS IN SECURITIES-103.33%<br>(Cost $3,479,094,173) | TOTAL INVESTMENTS IN SECURITIES-103.33%<br>(Cost $3,479,094,173) | 3580733821 |
|  OTHER ASSETS LESS LIABILITIES-(3.33)% | OTHER ASSETS LESS LIABILITIES-(3.33)% | (115289836) |
|  NET ASSETS-100.00% |  | $3465443985 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br> at Cost**  | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br> Gain**  | **Value<br>October 31, 2022** | **Dividend<br> Income**  |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $- | $35536698 | $(35536698) | $- | $- | $- | $13247 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 70708076 | 224429799 | (262246600) |  |  | 32891275 | 411308 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 164924660 | 482927471 | (563298604) | (15754) | 15312 | 84553085 | 1128882 \* |
| &nbsp;&nbsp; Total | $235632736 | $742893968 | $(861081902) | $(15754) | $15312 | $117444360 | $1553437 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**30**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**30**  |

---

------

**Invesco S&P 500<sup>®</sup> Quality ETF (SPHQ)–(continued)** 

October 31, 2022

*(Unaudited)* 

**Portfolio Composition** 

**Sector Breakdown (% of the Fund's Net Assets) as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Information Technology | 34.07 |
| &nbsp;&nbsp; Energy | 14.09 |
| &nbsp;&nbsp; Consumer Staples | 13.70 |
| &nbsp;&nbsp; Financials | 13.24 |
| &nbsp;&nbsp; Health Care | 7.31 |
| &nbsp;&nbsp; Industrials | 6.03 |
| &nbsp;&nbsp; Materials | 5.16 |
| &nbsp;&nbsp; Communication Services | 3.13 |
| &nbsp;&nbsp; Sector Types Each Less Than 3% | 3.21 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets<br> Less Liabilities | 0.06 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**31**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**31**  |

---

------

**Invesco S&P Spin-Off ETF (CSD)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** |
|  **Communication Services-2.00%** |  |  |
|  Madison Square Garden Entertainment Corp.<sup>(b)(c)</sup>  | 16057 | $787275 |
|  Vimeo, Inc.<sup>(b)</sup>  | 81406 | 309343 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1096618 |
|  **Consumer Discretionary-10.53%** |  |  |
|  Kontoor Brands, Inc.<sup>(c)</sup>  | 36786 | 1313260 |
|  PENN Entertainment, Inc.<sup>(b)(c)</sup>  | 76715 | 2539267 |
|  Victoria's Secret & Co.<sup>(b)(c)</sup>  | 51235 | 1926436 |
|  |  | 5778963 |
|  **Energy-8.87%** |  |  |
|  DT Midstream, Inc. | 41981 | 2506266 |
|  Equitrans Midstream Corp. | 280717 | 2363637 |
|  |  | 4869903 |
|  **Health Care-6.59%** |  |  |
|  Embecta Corp.<sup>(c)</sup>  | 26290 | 812887 |
|  Enhabit, Inc.<sup>(b)</sup>  | 25552 | 317356 |
|  Organon & Co. | 95076 | 2489089 |
|  |  | 3619332 |
|  **Industrials-32.47%** |  |  |
|  Arcosa, Inc. | 27929 | 1793042 |
|  Carrier Global Corp. | 107353 | 4268355 |
|  Esab Corp. | 24225 | 903592 |
|  GXO Logistics, Inc.<sup>(b)(c)</sup>  | 62504 | 2283896 |
|  IAA, Inc.<sup>(b)</sup>  | 64521 | 2447282 |
|  Otis Worldwide Corp. | 58004 | 4097403 |
|  Resideo Technologies, Inc.<sup>(b)</sup>  | 85933 | 2029737 |
|  |  | 17823307 |
|  **Information Technology-12.45%** |  |  |
|  Concentrix Corp. | 22513 | 2751764 |
|  Consensus Cloud Solutions, Inc.<sup>(b)</sup>  | 9876 | 554439 |
|  Kyndryl Holdings, Inc.<sup>(b)</sup>  | 105419 | 1019402 |
|  Vontier Corp. | 131416 | 2510045 |
|  |  | 6835650 |
|  **Materials-14.53%** |  |  |
|  Corteva, Inc. | 61647 | 4028015 |
|  Dow, Inc. | 84445 | 3946959 |
|  |  | 7974974 |

---

Investment Abbreviations:

REIT -Real Estate Investment Trust

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Real Estate-4.64%** |  |  |
|  Apartment Income REIT Corp. | 61842 | $2376588 |
|  Orion Office REIT, Inc. | 18340 | 171846 |
|  |  | 2548434 |
|  **Utilities-7.86%** |  |  |
|  Constellation Energy Corp. | 45613 | 4312253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $51,026,001) |  | 54859434 |
|  **Money Market Funds-0.21%** | **Money Market Funds-0.21%** | **Money Market Funds-0.21%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup>(Cost $113,364) | 113364 | 113364 |
|  TOTAL INVESTMENTS IN SECURITIES |  |  |
|  (excluding investments purchased with cash collateral from securities on loan)-100.15%<br>(Cost $51,139,365) | (excluding investments purchased with cash collateral from securities on loan)-100.15%<br>(Cost $51,139,365) | 54972798 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-16.92%** |  |  |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup>  | 2601377 | 2601377 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup>  | 6687525 | 6687525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $9,289,237) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $9,289,237) | 9288902 |
|  TOTAL INVESTMENTS IN SECURITIES-117.07%<br>(Cost $60,428,602) | TOTAL INVESTMENTS IN SECURITIES-117.07%<br>(Cost $60,428,602) | 64261700 |
|  OTHER ASSETS LESS LIABILITIES-(17.07)% | OTHER ASSETS LESS LIABILITIES-(17.07)% | (9372019) |
|  NET ASSETS-100.00% | NET ASSETS-100.00% | $54889681 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**32**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**32**  |

---

------

**Invesco S&P Spin-Off ETF (CSD)–(continued)** 

October 31, 2022

*(Unaudited)* 

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br> at Cost**  | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br> Gain**  | **Value<br>October 31, 2022** | **Dividend<br> Income**  |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $45749 | $1622573 | $(1554958) | $- | $- | $113364 | $1256 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 2332430 | 12805813 | (12536866) |  |  | 2601377 | 21611 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 8088332 | 25055780 | (26456888) | (336) | 637 | 6687525 | 58643 \* |
| &nbsp;&nbsp; Total | $10466511 | $39484166 | $(40548712) | $(336) | $637 | $9402266 | $81510 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

 **Portfolio Composition** 

 **Sector Breakdown (% of the Fund's Net Assets)** 

 **as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Industrials | 32.47 |
| &nbsp;&nbsp; Materials | 14.53 |
| &nbsp;&nbsp; Information Technology | 12.45 |
| &nbsp;&nbsp; Consumer Discretionary | 10.53 |
| &nbsp;&nbsp; Energy | 8.87 |
| &nbsp;&nbsp; Utilities | 7.86 |
| &nbsp;&nbsp; Health Care | 6.59 |
| &nbsp;&nbsp; Real Estate | 4.64 |
| &nbsp;&nbsp; Communication Services | 2.00 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets<br> Less Liabilities | 0.06 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**33**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**33**  |

---

------

**Invesco Water Resources ETF (PHO)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** |
|  **Building Products-9.74%** |  |  |
|  A.O. Smith Corp. | 1179112 | $64591755 |
|  Advanced Drainage Systems, Inc. | 490495 | 56838561 |
|  Zurn Elkay Water Solutions Corp.<sup>(b)</sup>  | 1804691 | 42392191 |
|  |  | 163822507 |
|  **Chemicals-7.59%** | **Chemicals-7.59%** | **Chemicals-7.59%** |
|  Ecolab, Inc. | 812536 | 127625029 |
|  **Commercial Services & Supplies-4.12%** | **Commercial Services & Supplies-4.12%** | **Commercial Services & Supplies-4.12%** |
|  Tetra Tech, Inc. | 490095 | 69240622 |
|  **Construction & Engineering-3.04%** |  |  |
|  Northwest Pipe Co.<sup>(c)</sup>  | 52649 | 1789540 |
|  Stantec, Inc. (Canada) | 113871 | 5570569 |
|  Valmont Industries, Inc. | 137181 | 43790919 |
|  |  | 51151028 |
|  **Electronic Equipment, Instruments & Components-3.05%** | **Electronic Equipment, Instruments & Components-3.05%** | **Electronic Equipment, Instruments & Components-3.05%** |
|  Badger Meter, Inc. | 175666 | 19758912 |
|  Itron, Inc.<sup>(b)(c)</sup>  | 645773 | 31571842 |
|  |  | 51330754 |
|  **Life Sciences Tools & Services-15.32%** | **Life Sciences Tools & Services-15.32%** | **Life Sciences Tools & Services-15.32%** |
|  Danaher Corp. | 493196 | 124122637 |
|  Waters Corp.<sup>(c)</sup>  | 445821 | 133376269 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;257498906 |
|  **Machinery-27.42%** | **Machinery-27.42%** | **Machinery-27.42%** |
|  Energy Recovery, Inc.<sup>(b)(c)</sup>  | 466542 | 12004126 |
|  Evoqua Water Technologies<br>Corp.<sup>(b)(c)</sup>  | 998552 | 39123267 |
|  Franklin Electric Co., Inc. | 269898 | 22115442 |
|  Gorman-Rupp Co. (The) | 114525 | 3108209 |
|  IDEX Corp. | 330765 | 73532367 |
|  Lindsay Corp. | 87839 | 14871143 |
|  Mueller Industries, Inc.<sup>(b)</sup>  | 478928 | 30000050 |
|  Mueller Water Products, Inc., Class A | 1513415 | 17706956 |
|  Pentair PLC | 1495750 | 64242462 |
|  Toro Co. (The)<sup>(b)</sup>  | 727735 | 76725101 |
|  Watts Water Technologies, Inc., Class A | 224158 | 32807765 |
|  Xylem, Inc. | 730582 | 74833514 |
|  |  | 461070402 |
|  **Software-8.15%** | **Software-8.15%** | **Software-8.15%** |
|  Roper Technologies, Inc. | 330658 | 137070967 |
|  **Trading Companies & Distributors-3.75%** | **Trading Companies & Distributors-3.75%** | **Trading Companies & Distributors-3.75%** |
|  Ferguson PLC | 576333 | 62970143 |

---

Investment Abbreviations:

ADR -American Depositary Receipt

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Water Utilities-17.80%** |  |  |
|  American States Water Co.<sup>(b)</sup>  | 251872 | $22784341 |
|  American Water Works Co., Inc. | 896743 | 130332628 |
|  Artesian Resources Corp., Class A | 56742 | 2966472 |
|  California Water Service Group | 352336 | 21865972 |
|  Cia de Saneamento Basico do Estado de Sao Paulo, ADR (Brazil)<sup>(b)</sup>  | 2804049 | 32414807 |
|  Essential Utilities, Inc. | 1354237 | 59884360 |
|  Global Water Resources, Inc. | 35474 | 452648 |
|  Middlesex Water Co.<sup>(b)</sup>  | 153724 | 13753686 |
|  SJW Group | 168527 | 11911488 |
|  York Water Co. (The) | 65760 | 2864506 |
|  |  | 299230908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $1,477,621,970) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $1,477,621,970) | 1681011266 |
|  **Money Market Funds-0.11%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>3.07%<sup>(d)(e)</sup>(Cost $1,902,676) | 1902676 | 1902676 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.09%<br>(Cost $1,479,524,646) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.09%<br>(Cost $1,479,524,646) | 1682913942 |
|  **Investments Purchased with Cash Collateral from**<br> **Securities on Loan** | **Investments Purchased with Cash Collateral from**<br> **Securities on Loan** | **Investments Purchased with Cash Collateral from**<br> **Securities on Loan** |
|  **Money Market Funds-3.34%** | **Money Market Funds-3.34%** | **Money Market Funds-3.34%** |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup>  | 15820982 | 15820982 |
|  Invesco Private Prime Fund, <br>3.28%<sup>(d)(e)(f)</sup> | 40254905 | 40254905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $56,075,519) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $56,075,519) | 56075887 |
|  TOTAL INVESTMENTS IN SECURITIES-103.43%<br>(Cost $1,535,600,165) | TOTAL INVESTMENTS IN SECURITIES-103.43%<br>(Cost $1,535,600,165) | 1738989829 |
|  OTHER ASSETS LESS LIABILITIES-(3.43)% | OTHER ASSETS LESS LIABILITIES-(3.43)% | (57695469) |
|  NET ASSETS-100.00% | NET ASSETS-100.00% | $1681294360 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**34**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**34**  |

---

------

**Invesco Water Resources ETF (PHO)–(continued)** 

October 31, 2022

*(Unaudited)* 

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br> at Cost**  | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br> Gain**  | **Value<br>October 31, 2022** | **Dividend<br> Income**  |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $2036333 | $12573839 | $(12707496) | $- | $- | $1902676 | $9372 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 14403192 | 98500418 | (97082628) |  |  | 15820982 | 136883 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 32750005 | 235285628 | (227784576) | 368 | 3480 | 40254905 | 373566 \* |
| &nbsp;&nbsp; Total | $49189530 | $346359885 | $(337574700) | $368 | $3480 | $57978563 | $519821 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

 **Portfolio Composition** 

 **Industry Breakdown (% of the Fund's Net Assets)** 

 **as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Machinery | 27.42 |
| &nbsp;&nbsp; Water Utilities | 17.80 |
| &nbsp;&nbsp; Life Sciences Tools & Services | 15.32 |
| &nbsp;&nbsp; Building Products | 9.74 |
| &nbsp;&nbsp; Software | 8.15 |
| &nbsp;&nbsp; Chemicals | 7.59 |
| &nbsp;&nbsp; Commercial Services & Supplies | 4.12 |
| &nbsp;&nbsp; Trading Companies & Distributors | 3.75 |
| &nbsp;&nbsp; Electronic Equipment, Instruments & Components | 3.05 |
| &nbsp;&nbsp; Construction & Engineering | 3.04 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less<br> Liabilities | 0.02 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**35**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**35**  |

---

------

**Invesco WilderHill Clean Energy ETF (PBW)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.62%** | **Common Stocks & Other Equity Interests-99.62%** | **Common Stocks & Other Equity Interests-99.62%** |
|  **Aerospace & Defense-3.93%** | **Aerospace & Defense-3.93%** | **Aerospace & Defense-3.93%** |
|  Archer Aviation, Inc., Class A<sup>(b)</sup>  | 4592980 | $13089993 |
|  Lilium N.V. (Germany)<sup>(b)(c)</sup>  | 7060509 | 13132547 |
|  Vertical Aerospace Ltd. (United Kingdom)<sup>(b)(c)</sup>  | 2117063 | 10839362 |
|  |  | 37061902 |
|  **Airlines-1.35%** | **Airlines-1.35%** | **Airlines-1.35%** |
|  Joby Aviation, Inc.<sup>(b)(c)</sup>  | 2644173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12744914 |
|  **Auto Components-4.23%** | **Auto Components-4.23%** | **Auto Components-4.23%** |
|  Gentherm, Inc.<sup>(b)</sup>  | 235440 | 13754405 |
|  QuantumScape Corp.<sup>(b)(c)</sup>  | 1484579 | 12366543 |
|  Solid Power, Inc.<sup>(b)(c)</sup>  | 2443876 | 13710144 |
|  |  | 39831092 |
|  **Automobiles-11.81%** | **Automobiles-11.81%** | **Automobiles-11.81%** |
|  Arcimoto, Inc.<sup>(b)(c)(d)</sup>  | 3051415 | 2251639 |
|  Canoo, Inc.<sup>(b)(c)</sup>  | 5899407 | 8082188 |
|  ElectraMeccanica Vehicles Corp. (Canada)<sup>(b)(c)</sup>  | 3992117 | 4750619 |
|  Fisker, Inc.<sup>(b)(c)</sup>  | 1669648 | 13607631 |
|  Gogoro, Inc. (Taiwan)<sup>(b)(c)</sup>  | 2708898 | 8343406 |
|  Lordstown Motors Corp., Class A<sup>(b)(c)</sup>  | 7398468 | 13391227 |
|  NIO, Inc., ADR (China)<sup>(b)</sup>  | 737818 | 7134700 |
|  Polestar Automotive Holding UK PLC, ADR (Hong Kong)<sup>(b)(c)</sup>  | 2117063 | 9442101 |
|  Rivian Automotive, Inc., Class A<sup>(b)</sup>  | 406232 | 14205933 |
|  Tesla, Inc.<sup>(b)</sup>  | 46915 | 10675039 |
|  Workhorse Group, Inc.<sup>(b)(c)</sup>  | 4801136 | 12963067 |
|  XPeng, Inc., ADR (China)<sup>(b)</sup>  | 985417 | 6523461 |
|  |  | 111371011 |
|  **Building Products-0.94%** | **Building Products-0.94%** | **Building Products-0.94%** |
|  View, Inc.<sup>(b)(c)</sup>  | 6571169 | 8871078 |
|  **Chemicals-4.28%** | **Chemicals-4.28%** | **Chemicals-4.28%** |
|  Albemarle Corp. | 49779 | 13931649 |
|  Livent Corp.<sup>(b)</sup>  | 428323 | 13522157 |
|  Sociedad Quimica y Minera de Chile S.A., ADR (Chile) | 137742 | 12903670 |
|  |  | 40357476 |
|  **Commercial Services & Supplies-1.38%** | **Commercial Services & Supplies-1.38%** | **Commercial Services & Supplies-1.38%** |
|  Li-Cycle Holdings Corp. (Canada)<sup>(b)(c)</sup>  | 2186745 | 13033000 |
|  **Construction & Engineering-5.56%** | **Construction & Engineering-5.56%** | **Construction & Engineering-5.56%** |
|  Ameresco, Inc., Class A<sup>(b)</sup>  | 199659 | 12075376 |
|  MYR Group, Inc.<sup>(b)</sup>  | 151941 | 13296357 |
|  Quanta Services, Inc. | 97808 | 13892649 |
|  ReneSola Ltd., ADR (China)<sup>(b)(c)</sup>  | 2909802 | 13152305 |
|  |  | 52416687 |
|  **Consumer Finance-0.64%** | **Consumer Finance-0.64%** | **Consumer Finance-0.64%** |
|  Sunlight Financial Holdings, Inc.<sup>(b)(c)</sup>  | 4997898 | 6047457 |
|  **Electrical Equipment-26.79%** | **Electrical Equipment-26.79%** | **Electrical Equipment-26.79%** |
|  American Superconductor<br>Corp.<sup>(b)</sup>  | 1139371 | 5149957 |
|  Array Technologies, Inc.<sup>(b)</sup>  | 880777 | 15942064 |
|  Ballard Power Systems, Inc. <br>(Canada)<sup>(b)(c)</sup> | 2017333 | 11438278 |
|  Beam Global<sup>(b)(c)</sup>  | 396503 | 4976113 |
|  Blink Charging Co.<sup>(b)(c)</sup>  | 712535 | 10545518 |
|  Bloom Energy Corp., Class A<sup>(b)</sup>  | 580633 | 10863643 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Electrical Equipment-(continued)** | **Electrical Equipment-(continued)** | **Electrical Equipment-(continued)** | **Electrical Equipment-(continued)** |
|  ChargePoint Holdings, Inc.<sup>(b)(c)</sup>  | 865340 | $| 12097453 |
|  Energy Vault Holdings, Inc.<sup>(b)(c)</sup>  | 2930206 |  | 9435263 |
|  Enovix Corp.<sup>(b)</sup>  | 684106 |  | 12909080 |
|  Eos Energy Enterprises, Inc.<sup>(b)(c)</sup>  | 2779882 |  | 4308817 |
|  ESS Tech, Inc.<sup>(b)(c)</sup>  | 3119649 |  | 13196115 |
|  Fluence Energy, Inc.<sup>(b)(c)</sup>  | 870108 |  | 12990712 |
|  FTC Solar, Inc.<sup>(b)</sup>  | 4517583 |  | 9351397 |
|  FuelCell Energy, Inc.<sup>(b)</sup>  | 3568223 |  | 11132856 |
|  Heliogen, Inc.<sup>(b)(c)</sup>  | 4939106 |  | 8890391 |
|  Plug Power, Inc.<sup>(b)</sup>  | 554453 |  | 8860159 |
|  SES AI Corp.<sup>(b)(c)</sup>  | 2729676 |  | 16405353 |
|  Shoals Technologies Group, Inc., Class A<sup>(b)</sup>  | 626442 |  | 14477075 |
|  Stem, Inc.<sup>(b)</sup>  | 888448 |  | 12082893 |
|  SunPower Corp.<sup>(b)(c)</sup>  | 527117 |  | 9746393 |
|  Sunrun, Inc.<sup>(b)</sup>  | 408456 |  | 9194345 |
|  TPI Composites, Inc.<sup>(b)</sup>  | 1132763 |  | 11282319 |
|  Tritium DCFC Ltd. (Australia)<sup>(b)(c)</sup>  | 3030573 |  | 6182369 |
|  Wallbox N.V. (Spain)<sup>(b)(c)</sup>  | 1585860 |  | 11101020 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;252559583 |
|  **Electronic Equipment, Instruments & Components-2.89%** | **Electronic Equipment, Instruments & Components-2.89%** | **Electronic Equipment, Instruments & Components-2.89%** | **Electronic Equipment, Instruments & Components-2.89%** |
|  Advanced Energy Industries, Inc. | 163483 |  | 12857938 |
|  Itron, Inc.<sup>(b)</sup>  | 293332 |  | 14341001 |
|  |  |  | 27198939 |
|  **Independent Power and Renewable Electricity Producers-7.72%** | **Independent Power and Renewable Electricity Producers-7.72%** | **Independent Power and Renewable Electricity Producers-7.72%** | **Independent Power and Renewable Electricity Producers-7.72%** |
|  Altus Power, Inc.<sup>(b)(c)</sup>  | 1223049 |  | 12181568 |
|  Azure Power Global Ltd. (India)<sup>(b)(c)</sup>  | 2310882 |  | 13380007 |
|  Brookfield Renewable Corp., Class A | 356520 |  | 11062816 |
|  Ormat Technologies, Inc. | 162925 |  | 14736566 |
|  ReNew Energy Global PLC, Class A (India)<sup>(b)(c)</sup>  | 2011219 |  | 11685182 |
|  Sunnova Energy International, Inc.<sup>(b)</sup>  | 522623 |  | 9689431 |
|  |  |  | 72735570 |
|  **Machinery-4.98%** |  |  |  |
|  ESCO Technologies, Inc. | 173899 |  | 14984877 |
|  Hyzon Motors, Inc.<sup>(b)(c)</sup>  | 7214029 |  | 13778795 |
|  Lightning eMotors, Inc.<sup>(b)(c)</sup>  | 2982872 |  | 4593623 |
|  Lion Electric Co. (The) (Canada)<sup>(b)(c)</sup>  | 4468358 |  | 13539125 |
|  |  |  | 46896420 |
|  **Metals & Mining-8.70%** | **Metals & Mining-8.70%** | **Metals & Mining-8.70%** | **Metals & Mining-8.70%** |
|  5E Advanced Materials, Inc.<sup>(b)(c)</sup>  | 886064 |  | 11855536 |
|  Lithium Americas Corp. (Canada)<sup>(b)(c)</sup>  | 498166 |  | 12394370 |
|  MP Materials Corp.<sup>(b)</sup>  | 434497 |  | 13052290 |
|  Piedmont Lithium, Inc.<sup>(b)</sup>  | 231202 |  | 14385389 |
|  Sigma Lithium Corp. (Brazil)<sup>(b)(c)</sup>  | 514236 |  | 18378795 |
|  Standard Lithium Ltd. (Canada)<sup>(b)(c)</sup>  | 2886829 |  | 11980340 |
|  |  |  | 82046720 |
|  **Oil, Gas & Consumable Fuels-1.08%** | **Oil, Gas & Consumable Fuels-1.08%** | **Oil, Gas & Consumable Fuels-1.08%** | **Oil, Gas & Consumable Fuels-1.08%** |
|  Gevo, Inc.<sup>(b)(c)</sup>  | 4518757 |  | 10167203 |
|  **Semiconductors & Semiconductor Equipment-12.09%** | **Semiconductors & Semiconductor Equipment-12.09%** | **Semiconductors & Semiconductor Equipment-12.09%** | **Semiconductors & Semiconductor Equipment-12.09%** |
|  Canadian Solar, Inc. (Canada)<sup>(b)</sup>  | 402489 |  | 13644377 |
|  Enphase Energy, Inc.<sup>(b)</sup>  | 46794 |  | 14365758 |
|  First Solar, Inc.<sup>(b)</sup>  | 114163 |  | 16618708 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**36**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**36**  |

---

------

**Invesco WilderHill Clean Energy ETF (PBW)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** |
|  JinkoSolar Holding Co. Ltd., ADR (China)<sup>(b)</sup>  | 272451 | $| 12935973 |
|  Maxeon Solar Technologies Ltd.<sup>(b)(c)</sup>  | 660072 |  | 11406044 |
|  Navitas Semiconductor Corp.<sup>(b)(c)</sup>  | 2714506 |  | 11428070 |
|  SolarEdge Technologies, Inc.<sup>(b)</sup>  | 48993 |  | 11269860 |
|  Universal Display Corp. | 134130 |  | 12771859 |
|  Wolfspeed, Inc.<sup>(b)</sup>  | 120878 |  | 9519143 |
|  |  |  | 113959792 |
|  **Specialty Retail-1.25%** |  |  |  |
|  EVgo, Inc.<sup>(b)(c)</sup>  | 1587753 |  | 11765250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $1,665,841,800) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $1,665,841,800) |  | &nbsp;&nbsp;&nbsp;&nbsp;939064094 |
|  **Money Market Funds-0.00%** | **Money Market Funds-0.00%** | **Money Market Funds-0.00%** | **Money Market Funds-0.00%** |
|  Invesco Government & Agency Portfolio, Institutional Class, <br>3.07%<sup>(d)(e)</sup>(Cost $14,254) | 14254 |  | 14254 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.62%<br>(Cost $1,665,856,054) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.62%<br>(Cost $1,665,856,054) |  | 939078348 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities on Loan Money Market Funds-27.32%** | **Investments Purchased with Cash Collateral from Securities on Loan Money Market Funds-27.32%** |  |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup>  | 71604622 | $71604622 |
|  Invesco Private Prime Fund, <br>3.28%<sup>(d)(e)(f)</sup> | 185985066 | 185985066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $257,590,859) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $257,590,859) | 257589688 |
|  TOTAL INVESTMENTS IN SECURITIES-126.94%<br>(Cost $1,923,446,913) | TOTAL INVESTMENTS IN SECURITIES-126.94%<br>(Cost $1,923,446,913) | 1196668036 |
|  OTHER ASSETS LESS LIABILITIES-(26.94)% | OTHER ASSETS LESS LIABILITIES-(26.94)% | (254000099) |
|  NET ASSETS-100.00% | NET ASSETS-100.00% | $942667937 |

---

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an "affiliated person" under the Investment Company Act of 1940, as amended (the "1940 Act"), which defines "affiliated person" to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br> at Cost**  | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br> (Loss)**  | **Value<br>October 31, 2022** | **Dividend<br> Income**  |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $- | $24483445 | $(24469191) | $- | $- | $14254 | $7093 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 104086434 | 241055566 | (273537378) |  |  | 71604622 | 775618 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 246283566 | 560111221 | (620426939) | (34543) | 51761 | 185985066 | 2139842 \* |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**37**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**37**  |

---

------

**Invesco WilderHill Clean Energy ETF (PBW)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br> at Cost**  | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized**<br> **Gain**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Loss)**  | **Value<br>October 31, 2022** | **Dividend<br> Income**  |
| &nbsp;&nbsp; **Investments in Other Affiliates:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; American Superconductor Corp.\*\* | $10901875 | $6905808 | $(11227854) | $14866465 | $(16296337) | $5149957 | $- |
| &nbsp;&nbsp; Arcimoto, Inc. | 8451757 | 6967531 | (7664130) | 8339205 | (13842724) | 2251639 |  |
| &nbsp;&nbsp; ElectraMeccanica Vehicles Corp.\*\* | 12798781 | 6472050 | (10582508) | 19241223 | (23178927) | 4750619 |  |
| &nbsp;&nbsp; Total | $382522413 | $845995621 | $(947908000) | $42412350 | $(53266227) | $269756157 | $2922553 |

---

\* 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 October 31, 2022, this security was not considered as an affiliate of the Fund.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

 **Portfolio Composition** 

 **Industry Breakdown (% of the Fund's Net Assets)** 

 **as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Electrical Equipment | 26.79 |
| &nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 12.09 |
| &nbsp;&nbsp; Automobiles | 11.81 |
| &nbsp;&nbsp; Metals & Mining | 8.70 |
| &nbsp;&nbsp; Independent Power and Renewable Electricity Producers | 7.72 |
| &nbsp;&nbsp; Construction & Engineering | 5.56 |
| &nbsp;&nbsp; Machinery | 4.98 |
| &nbsp;&nbsp; Chemicals | 4.28 |
| &nbsp;&nbsp; Auto Components | 4.23 |
| &nbsp;&nbsp; Aerospace & Defense | 3.93 |
| &nbsp;&nbsp; Industry Types Each Less Than 3% | 9.53 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.38 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**38**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**38**  |

---

------

**Statements of Assets and Liabilities** 

October 31, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco<br>Aerospace &<br>Defense<br>ETF (PPA)** | **Invesco<br>DWA<br>Momentum<br>ETF (PDP)** | **Invesco<br>Global Listed<br>Private Equity<br>ETF (PSP)** | **Invesco<br>Golden<br>Dragon China<br>ETF (PGJ)** |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments in securities, at value<sup>(a)</sup> | $1592642172 | $1114033162 | $164820344 | $167096596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments in securities, at value | 198231091 | 117017246 | 47896583 | 53079670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on swap agreements – OTC |  |  | 96351 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 21674 |  | 717 | 30503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits with brokers: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash segregated as collateral |  |  | 157028 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 527698 | 278116 | 192240 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending | 16205 | 10087 | 31699 | 62435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 4468461 | 108 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 6071082 |  | 9556 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  |  | 320088 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 22827 | 678419 | 22867 | 18741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | 1797532749 | 1236485491 | 213547581 | 220288339 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open written options, at value |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to foreign custodian |  |  | 46327 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 6067112 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased - affiliated broker |  |  | 9556 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 198039710 | 116874215 | 46707026 | 52895185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral upon receipt of securities in-kind |  |  | 157028 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares repurchased |  | 4483929 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued unitary management fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued advisory fees | 599815 | 452218 | 66157 | 59795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officer's fees | 73996 | 155431 | 78383 | 81497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 589741 | 443730 | 30924 | 177218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | 205370374 | 122409523 | 47095401 | 53213695 |
|  **Net Assets** | $1592162375 | $1114075968 | $166452180 | $167074644 |
|  **Net assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest | $1565580493 | $1885372860 | $331243939 | $628044025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | 26581882 | (771296892) | (164791759) | (460969381) |
|  **Net Assets** | $1592162375 | $1114075968 | $166452180 | $167074644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited amount authorized, $0.01 par value) | 20980000 | 14910000 | 18200000 | 8780000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $75.89 | $74.72 | $9.15 | $19.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price | $75.94 | $74.74 | $9.15 | $19.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments in securities, at cost | $1512950702 | $1030767154 | $216539162 | $350856185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments in securities, at cost | $198217450 | $117015386 | $47898092 | $53080477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies (due to foreign custodian), at cost | $- | $- | $(51050) | $- |
| &nbsp;&nbsp;&nbsp;&nbsp; Premium received on written options | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(a)</sup> Includes securities on loan with an aggregate value of: | $194238385 | $114965559 | $43859663 | $50503528 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**39**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**39**  |

---

------

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Invesco MSCI<br>Sustainable Future<br>ETF (ERTH)** | **Invesco<br>Raymond James<br>SB-1 Equity ETF<br>(RYJ)** | **Invesco<br>S&P 500<br>BuyWrite<br>ETF (PBP)** | **Invesco<br>S&P 500<sup>®</sup><br>Quality<br>ETF (SPHQ)** | **Invesco<br>S&P Spin-Off<br>ETF (CSD)** | **Invesco<br>Water<br>Resources<br>ETF (PHO)** | **Invesco<br>WilderHill Clean<br>Energy<br>ETF (PBW)** |
| $306787364 | $121317758 | $103336449 | $3463289461 | $54859434 | $1681011266 | $936812455 |
| 62427188 | 27272016 | 28019 | 117444360 | 9402266 | 57978563 | 259855581 |
|  | 263034 | 179103 |  |  |  |  |
| 86028 | 36133 | 75727 | 3384900 | 23484 | 1772018 | 464 |
| 40960 | 4872 |  | 13299 | 901 | 7362 | 4310285 |
| 20 | 17794 | 3342099 |  |  | 2014206 | 12309953 |
|  |  |  |  |  |  | 33752169 |
| 277074 | 754 |  |  |  | 1278 |  |
| 37311 |  |  | 60550 | 10490 | 32758 | 60724 |
| 369655945 | 148912361 | 106961397 | 3584192570 | 64296575 | 1742817451 | 1247101631 |
|  |  | 5920725 |  |  |  |  |
| 102054 |  |  | 877080 |  | 1022 |  |
| 660 |  |  |  |  |  |  |
| 2 | 263034 | 257707 |  |  | 328590 | 33614103 |
|  |  |  |  |  | 1355307 |  |
| 62427657 | 27256438 |  | 117446231 | 9289237 | 56075519 | 257590859 |
|  |  | 3222805 |  |  | 2017005 | 12360494 |
|  | 73204 | 40480 |  |  |  |  |
| 128494 |  |  | 301569 | 12651 | 671459 | 421518 |
| 54393 |  |  | 98030 | 8668 | 199405 | 102662 |
| (8242) |  |  | 25675 | 96338 | 874784 | 344058 |
| 62705018 | 27592676 | 9441717 | 118748585 | 9406894 | 61523091 | 304433694 |
| $306950927 | $121319685 | $97519680 | $3465443985 | $54889681 | $1681294360 | $942667937 |
| $399525261 | $185031792 | $113875413 | $3960983295 | $207287320 | $1759586626 | $2640181712 |
| (92574334) | (63712107) | (16355733) | (495539310) | (152397639) | (78292266) | (1697513775) |
| $306950927 | $121319685 | $97519680 | $3465443985 | $54889681 | $1681294360 | $942667937 |
| 6450000 | 2192822 | 4850000 | 79730000 | 1030000 | 33360000 | 20388273 |
| $47.59 | $55.33 | $20.11 | $43.46 | $53.29 | $50.40 | $46.24 |
| $47.66 | $55.33 | $20.10 | $43.48 | $53.34 | $50.42 | $46.17 |
| $381095874 | $112089349 | $89587741 | $3361647942 | $51026001 | $1477621970 | $1648416761 |
| $62427657 | $27272729 | $48272 | $117446231 | $9402601 | $57978195 | $275030152 |
| $(395) | $- | $- | $- | $- | $- | $- |
| $- | $- | $3691289 | $- | $- | $- | $- |
| $59756091 | $26421961 | $- | $114003304 | $9016194 | $55207638 | $254467440 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**40**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**40**  |

---

------

**Statements of Operations** 

For the six months ended October 31, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco<br>Aerospace &<br>Defense<br>ETF (PPA)** | **Invesco<br>DWA<br>Momentum<br>ETF (PDP)** | **Invesco<br>Global Listed<br>Private Equity<br>ETF (PSP)** | **Invesco<br>Golden<br>Dragon China<br>ETF (PGJ)** |
|  **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | $9214435 | $8379518 | $3681401 | $956640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 6296 | 5086 | 12806 | 2495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 2712065 | 254293 | 313456 | 770589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax | (29692) |  | (330039) | (10535) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 11903104 | 8638897 | 3677624 | 1719189 |
|  **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unitary management fees |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 3428539 | 2853134 | 441021 | 647271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-licensing fees | 411417 | 570622 | 88203 | 129453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting & administration fees | 28115 | 63975 | 15509 | 13920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 15067 | 18964 | 13455 | 16035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian & transfer agent fees | 3775 | 8308 | 8566 | 45408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officer's fees | (5176) | (22384) | (11452) | (12255) |
| &nbsp;&nbsp;&nbsp;&nbsp; Recapture (Note 3) |  |  |  | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 72176 | 45130 | 21958 | 16723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3953913 | 3537749 | 577260 | 857332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waivers | (361) | (329) | (767) | (139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3953552 | 3537420 | 576493 | 857193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 7949552 | 5101477 | 3101131 | 861996 |
|  **Realized and unrealized gain (loss) from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (40250800) | (171156763) | (13374374) | (27159177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 3129 | 1223 | 874 | 5638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated in-kind redemptions | 48918919 | (963716) | 1508226 | 5663874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated in-kind redemptions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short Sales |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies |  |  | (61960) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements |  |  | (236094) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 8671248 | (172119256) | (12163328) | (21489665) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 59033669 | 164072141 | (24136808) | (55254697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 11360 | 1651 | (1729) | (5323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies |  |  | 27732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements |  |  | 193679 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 59045029 | 164073792 | (23917126) | (55260020) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 67716277 | (8045464) | (36080454) | (76749685) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $75665829 | $(2943987) | $(32979323) | $(75887689) |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**41**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**41**  |

---

------

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Invesco MSCI<br>Sustainable Future<br>ETF (ERTH)** | **Invesco<br>Raymond James<br>SB-1 Equity<br>ETF (RYJ)** | **Invesco<br>S&P 500<br>BuyWrite<br>ETF (PBP)** | **Invesco<br>S&P 500<sup>®</sup><br>Quality<br>ETF (SPHQ)** | **Invesco<br>S&P Spin-Off<br>ETF (CSD)** | **Invesco<br>Water<br>Resources<br>ETF (PHO)** | **Invesco<br>WilderHill Clean<br>Energy<br>ETF (PBW)** |
| $3682998 | $1141317 | $1061960 | $36034691 | $496203 | $10028331 | $1147512 |
| 1317 | 297 | 732 | 13247 | 1256 | 9372 | 7093 |
| 204518 | 48854 |  | 140922 | 3784 | 24308 | 24154313 |
| (229570) | (1846) | (244) |  |  | (4610) | (166596) |
| 3659263 | 1188622 | 1062448 | 36188860 | 501243 | 10057401 | 25142322 |
|  | 444966 | 291305 |  |  |  |  |
| 901998 |  |  | 2631919 | 143462 | 4114794 | 2719722 |
| 11275 |  |  | 419931 | 14346 | 617222 | 543940 |
| 20977 |  |  | 140715 | 8658 | 71786 | 70305 |
| 21834 |  |  | 24142 | 13292 | 19365 | 18314 |
| 58710 |  |  | 24409 | 536 | 13085 | 28650 |
| (5439) |  |  | 2055 | 3328 | (30574) | (12827) |
| 38346 |  |  | 76771 | 12025 | 51386 | 64810 |
| 1047701 | 444966 | 291305 | 3319942 | 195647 | 4857064 | 3432914 |
| (921) | (14) | (17) | (688747) | (9190) | (474) | (387) |
| 1046780 | 444952 | 291288 | 2631195 | 186457 | 4856590 | 3432527 |
| 2612483 | 743670 | 771160 | 33557665 | 314786 | 5200811 | 21709795 |
| (20732615) | (7607598) | (2210764) | (481292040) | (4095634) | (38450208) | (237475485) |
| (372) | 2693 | (2077) | 15312 | 637 | 3480 | (53266227) |
| 11004741 | 2578569 | 10963089 | 74629290 | 3088342 | 31544353 | 45900288 |
|  |  | (332) |  |  |  |  |
|  |  | (7119) |  |  |  |  |
| (65256) |  |  |  |  |  |  |
|  |  | (26060) |  |  |  |  |
| (9793502) | (5026336) | 8716737 | (406647438) | (1006655) | (6902375) | (244841424) |
| (36589522) | 1861583 | (15918020) | 159270049 | (3074357) | 54207239 | 60201928 |
| (949) | (2662) | (1494) | (15754) | (336) | 368 | 61643015 |
| (8901) |  |  |  |  |  |  |
|  |  | (4944815) |  |  |  |  |
| (36599372) | 1858921 | (20864329) | 159254295 | (3074693) | 54207607 | 121844943 |
| (46392874) | (3167415) | (12147592) | (247393143) | (4081348) | 47305232 | (122996481) |
| $(43780391) | $(2423745) | $(11376432) | $(213835478) | $(3766562) | $52506043 | $(101286686) |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**42**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**42**  |

---

------

**Statements of Changes in Net Assets** 

For the six months ended October 31, 2022 and the year ended April 30, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco Aerospace & Defense<br>ETF (PPA)** | **Invesco Aerospace & Defense<br>ETF (PPA)** | **Invesco DWA Momentum**<br>**ETF (PDP)** | **Invesco DWA Momentum**<br>**ETF (PDP)** |
|  | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $7949552 | $4657496 | $5101477 | $(2402291) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 8671248 | 52491256 | (172119256) | 56794585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 59045029 | (128364883) | 164073792 | (307621573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 75665829 | (71216131) | (2943987) | (253229279) |
|  **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (8957598) | (4267913) | (1289301) |  |
|  **Shareholder Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 321909043 | 984265515 | 30268534 | 1703552968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares repurchased | (252865133) | (195766267) | (138486970) | (2012832969) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 69043910 | 788499248 | (108218436) | (309280001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 135752141 | 713015204 | (112451724) | (562509280) |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1456410234 | 743395030 | 1226527692 | 1789036972 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1592162375 | $1456410234 | $1114075968 | $1226527692 |
|  **Changes in Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4550000 | 12760000 | 400000 | 18770000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (3610000) | (2630000) | (1940000) | (22770000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | 20040000 | 9910000 | 16450000 | 20450000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of period | 20980000 | 20040000 | 14910000 | 16450000 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**43**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**43**  |

---

------

 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco Global Listed Private<br>Equity ETF (PSP)** | **Invesco Global Listed Private<br>Equity ETF (PSP)** | **Invesco Golden Dragon**<br>**China ETF (PGJ)** | **Invesco Golden Dragon**<br>**China ETF (PGJ)** | **Invesco MSCI Sustainable Future<br>ETF (ERTH)** | **Invesco MSCI Sustainable Future<br>ETF (ERTH)** | **Invesco Raymond James SB-1<br>Equity ETF (RYJ)** | **Invesco Raymond James SB-1<br>Equity ETF (RYJ)** |
| **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,<br>2022** | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,<br>2022** |
| $3101131 | $6973925 | $861996 | $797148 | $2612483 | $3556707 | $743670 | $852164 |
| (12163328) | 26589776 | (21489665) | (16708153) | (9793502) | 10279351 | (5026336) | 19535352 |
| (23917126) | (85955218) | (55260020) | (169087371) | (36599372) | (87176938) | 1858921 | (29169464) |
| (32979323) | (52391517) | (75887689) | (184998376) | (43780391) | (73340880) | (2423745) | (8781948) |
| (2967539) | (27104093) | (1335594) |  | (3475500) | (62642968) |  | (729997) |
| 16205457 | 98337239 | 41989307 | 187483856 | 16978104 | 130708572 | 10093669 | 40714492 |
| (8931119) | (58069507) | (36696894) | (37774624) | (49508330) | (94794820) | (7704454) | (51078058) |
| 7274338 | 40267732 | 5292413 | 149709232 | (32530226) | 35913752 | 2389215 | (10363566) |
| (28672524) | (39227878) | (71930870) | (35289144) | (79786117) | (100070096) | (34530) | (19875511) |
| 195124704 | 234352582 | 239005514 | 274294658 | 386737044 | 486807140 | 121354215 | 141229726 |
| $166452180 | $195124704 | $167074644 | $239005514 | $306950927 | $386737044 | $121319685 | $121354215 |
| 1700000 | 6350000 | 1440000 | 5230000 | 300000 | 1900000 | 170000 | 660000 |
| (850000) | (4000000) | (1340000) | (870000) | (900000) | (1350000) | (130000) | (830000) |
| 17350000 | 15000000 | 8680000 | 4320000 | 7050000 | 6500000 | 2152822 | 2322822 |
| 18200000 | 17350000 | 8780000 | 8680000 | 6450000 | 7050000 | 2192822 | 2152822 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**44**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**44**  |

---

------

**Statements of Changes in Net Assets–(continued)** 

For the six months ended October 31, 2022 and the year ended April 30, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P 500<br>BuyWrite ETF (PBP)** | **Invesco S&P 500<br>BuyWrite ETF (PBP)** | **Invesco S&P 500<sup>®</sup> Quality**<br>**ETF (SPHQ)** | **Invesco S&P 500<sup>®</sup> Quality**<br>**ETF (SPHQ)** |
|  | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,<br>2022** | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $771160 | $1546284 | $33557665 | $46977249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 8716737 | 47822543 | (406647438) | 510517542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (20864329) | (35943392) | 159254295 | (582787059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (11376432) | 13425435 | (213835478) | (25292268) |
|  **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (758268) | (11042019) | (32245890) | (44708736) |
|  **Shareholder Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold |  | 44741889 | 841147227 | 3017069728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares repurchased | (28392467) | (76896678) | (787409590) | (1959498965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions. | (28392467) | (32154789) | 53737637 | 1057570763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets. | (40527167) | (29771373) | (192343731) | 987569759 |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 138046847 | 167818220 | 3657787716 | 2670217957 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period. | $97519680 | $138046847 | $3465443985 | $3657787716 |
|  **Changes in Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | 1950000 | 19550000 | 60470000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (1400000) | (3400000) | (18700000) | (39980000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | 6250000 | 7700000 | 78880000 | 58390000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of period | 4850000 | 6250000 | 79730000 | 78880000 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**45**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**45**  |

---

------

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco S&P Spin-Off**<br> **ETF (CSD)** | **Invesco S&P Spin-Off**<br> **ETF (CSD)** | **Invesco Water Resources**<br>**ETF (PHO)** | **Invesco Water Resources**<br>**ETF (PHO)** | **Invesco WilderHill Clean**<br>**Energy ETF (PBW)** | **Invesco WilderHill Clean**<br>**Energy ETF (PBW)** |
| **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,<br>2022** | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** |
| $314786 | $443908 | $5200811 | $4736431 | $21709795 | $20751444 |
| (1006655) | (54631) | (6902375) | 225596434 | (244841424) | (255724106) |
| (3074693) | (8802589) | 54207607 | (367552552) | 121844943 | (572211383) |
| (3766562) | (8413312) | 52506043 | (137219687) | (101286686) | (807184045) |
|  | (531999) | (2626757) | (4449322) | (15788694) | (31654543) |
| 5551868 | 644755 | 57586565 | 593002133 | 851079272 | 1706005079 |
| (11731826) | (2411194) | (84248137) | (397668565) | (861603510) | (1993294808) |
| (6179958) | (1766439) | (26661572) | 195333568 | (10524238) | (287289729) |
| (9946520) | (10711750) | 23217714 | 53664559 | (127599618) | (1126128317) |
| 64836201 | 75547951 | 1658076646 | 1604412087 | 1070267555 | 2196395872 |
| $54889681 | $64836201 | $1681294360 | $1658076646 | $942667937 | $1070267555 |
| 100000 | 10000 | 1120000 | 10520000 | 16640000 | 23700000 |
| (210000) | (40000) | (1750000) | (7280000) | (17240000) | (27710000) |
| 1140000 | 1170000 | 33990000 | 30750000 | 20988273 | 24998273 |
| 1030000 | 1140000 | 33360000 | 33990000 | 20388273 | 20988273 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**46**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**46**  |

---

------

**Financial Highlights** 

Invesco Aerospace & Defense ETF (PPA)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**October 31,<br>2022**<br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended**<br>**October 31,<br>2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $72.68 | $75.01 | $53.88 | $61.93 | $55.62 | $44.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.41 | 0.44 | 0.44 | 0.80 | 0.49 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 3.28 | (2.38) | 21.13 | (7.98) | 6.30 | 10.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.69 | (1.94) | 21.57 | (7.18) | 6.79 | 11.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.48) | (0.39) | (0.44) | (0.87) | (0.48) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $75.89 | $72.68 | $75.01 | $53.88 | $61.93 | $55.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $75.94 | $72.65 | $74.97 | $53.98 | $61.94 | $55.66 |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | 5.15% | (2.59)% | 40.21% | (11.64)% | 12.33% | 25.13% |
|  **Market Price Total Return<sup>(c)</sup>**  | 5.26% | (2.58)% | 39.87% | (11.48)% | 12.27% | 25.14% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $1592162 | $1456410 | $743395 | $708521 | $938246 | $1006709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.58 %<sup>(d)</sup> | 0.58% | 0.61% | 0.59% | 0.59% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.16 %<sup>(d)</sup> | 0.59% | 0.71% | 1.22% | 0.86% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 13% | 26% | 22% | 18% | 15% | 7% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**47**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**47**  |

---

------

**Financial Highlights–(continued)** 

Invesco DWA Momentum ETF (PDP)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **October 31,**<br> **2022**<br> **(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended**<br> **October 31,**<br> **2022**<br> **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $74.56 | $87.48 | $60.60 | $58.78 | $52.66 | $45.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | 0.33 | (0.12) | (0.15) | 0.19 | 0.11 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.09) | (12.80) | 27.05 | 1.86 | 6.10 | 6.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.24 | (12.92) | 26.90 | 2.05 | 6.21 | 6.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.08) |  | (0.02) | (0.23) | (0.09) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.08) |  | (0.02) | (0.23) | (0.09) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $74.72 | $74.56 | $87.48 | $60.60 | $58.78 | $52.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $74.74 | $74.53 | $87.44 | $60.68 | $58.79 | $52.72 |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | 0.33% | (14.77)% | 44.41% | 3.53% | 11.81% | 15.17% |
|  **Market Price Total Return<sup>(c)</sup>**  | 0.39% | (14.77)% | 44.15% | 3.65% | 11.70% | 15.28% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $1114076 | $1226528 | $1789037 | $1290768 | $1545947 | $1521909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.62 %<sup>(d)</sup> | 0.62% | 0.62% | 0.62% | 0.62% | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.89 %<sup>(d)</sup> | (0.14)% | (0.18)% | 0.32% | 0.20% | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 77% | 173% | 124% | 82% | 82% | 68% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**48**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**48**  |

---

------

**Financial Highlights–(continued)** 

Invesco Global Listed Private Equity ETF (PSP)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **October 31,**<br> **2022**<br> **(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended**<br> **October 31,**<br> **2022**<br> **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $11.25 | $15.62 | $9.31 | $12.10 | $12.19 | $12.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.18 | 0.41 | 0.30 | 0.52 <sup>(b)</sup> | 0.32 | 0.40 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (2.11) | (3.17) | 6.53 | (2.36) | (0.03) | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.93) | (2.76) | 6.83 | (1.84) | 0.29 | 1.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.17) | (1.61) | (0.52) | (0.95) | (0.38) | (1.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.17) | (1.61) | (0.52) | (0.95) | (0.38) | (1.45) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $9.15 | $11.25 | $15.62 | $9.31 | $12.10 | $12.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(d)</sup>  | $9.15 | $11.27 | $15.60 | $9.32 | $12.13 | $12.21 |
|  **Net Asset Value Total Return<sup>(e)</sup>**  | (17.23)% | (19.85)% | 75.17% | (15.82)% | 2.28% | 11.76% |
|  **Market Price Total Return<sup>(e)</sup>**  | (17.38)% | (19.61)% | 74.76% | (15.92)% | 2.36% | 11.57% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $166452 | $195125 | $234353 | $141534 | $244443 | $245052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers<sup>(f)</sup>  | 0.65 %<sup>(g)</sup> | 0.65% | 0.68% | 0.63% | 0.64% | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers<sup>(f)</sup>  | 0.65 %<sup>(g)</sup> | 0.65% | 0.69% | 0.65% | 0.66% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.52 %<sup>(g)</sup> | 2.73% | 2.42% | 4.47 %<sup>(b)</sup> | 2.79% | 3.16 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 18% | 62% | 47% | 50% | 64% | 44% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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. 

<sup>(d)</sup> The mean between the last bid and ask prices.

<sup>(e)</sup> 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. 

<sup>(f)</sup> 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. 

<sup>(g)</sup> Annualized.

<sup>(h)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**49**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**49**  |

---

------

**Financial Highlights–(continued)** 

Invesco Golden Dragon China ETF (PGJ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **October 31,**<br> **2022**<br> **(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended**<br> **October 31,**<br> **2022**<br> **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $27.54 | $63.49 | $40.36 | $42.08 | $45.58 | $35.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | 0.09 | 0.14 | (0.12) | 0.16 | 0.11 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (8.45) | (36.09) | 23.36 | (1.72) | (3.51) | 10.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations. | (8.36) | (35.95) | 23.24 | (1.56) | (3.40) | 10.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.15) |  | (0.11) | (0.16) | (0.10) | (0.92) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $19.03 | $27.54 | $63.49 | $40.36 | $42.08 | $45.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $19.04 | $27.57 | $63.52 | $40.32 | $42.11 | $45.58 |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | (30.54)% | (56.62)% | 57.61% | (3.67)% | (7.46)% | 30.46% |
|  **Market Price Total Return<sup>(c)</sup>**  | (30.60)% | (56.60)% | 57.84% | (3.83)% | (7.39)% | 30.46% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $167075 | $239006 | $274295 | $161450 | $216730 | $271208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.66 %<sup>(d)</sup> | 0.70% | 0.69% | 0.70 %<sup>(e)</sup> | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.66 %<sup>(d)</sup> | 0.71% | 0.69% | 0.71 %<sup>(e)</sup> | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.67 %<sup>(d)</sup> | 0.35% | (0.20)% | 0.40 %<sup>(e)</sup> | 0.27% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 11% | 42% | 40% | 30% | 36% | 25% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Ratios include non-recurring costs associated with a proxy statement of less than 0.005%. 

<sup>(f)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**50**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**50**  |

---

------

**Financial Highlights–(continued)** 

Invesco MSCI Sustainable Future ETF (ERTH)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**October 31,**<br>**2022**<br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended**<br>**October 31,**<br>**2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $54.86 | $74.89 | $42.68 | $45.03 | $42.12 | $37.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.39 | 0.54 | 0.10 | 0.23 | 0.19 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (7.15) | (10.40) | 32.29 | (2.25) | 2.95 | 5.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations. | (6.76) | (9.86) | 32.39 | (2.02) | 3.14 | 5.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.51) | (0.52) | (0.18) | (0.33) | (0.23) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  | (9.65) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.51) | (10.17) | (0.18) | (0.33) | (0.23) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $47.59 | $54.86 | $74.89 | $42.68 | $45.03 | $42.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $47.66 | $54.67 | $74.75 | $42.74 | $45.21 | $42.26 |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | (12.45)% | (15.38)% | 75.99% | (4.49)% | 7.48% | 14.74% |
|  **Market Price Total Return<sup>(c)</sup>**  | (12.01)% | (15.57)% | 75.42% | (4.73)% | 7.55% | 14.72% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $306951 | $386737 | $486807 | $224059 | $180121 | $160057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.58 %<sup>(d)</sup> | 0.55% | 0.61% | 0.65% | 0.68% | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.58 %<sup>(d)</sup> | 0.55% | 0.61% | 0.65% | 0.68% | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.45 %<sup>(d)</sup> | 0.83% | 0.16% | 0.51% | 0.47% | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 23% | 30% | 140% | 75% | 21% | 17% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**51**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**51**  |

---

------

**Financial Highlights–(continued)** 

Invesco Raymond James SB-1 Equity ETF (RYJ)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>October 31,<br>2022**<br> **(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Eight Months Ended<br>April 30,**<br>**2019** | **Years Ended<br>August 31,** | **Years Ended<br>August 31,** |
|  | **Six Months Ended<br>October 31,<br>2022**<br> **(Unaudited)** | **2022** | **2021** | **2020** | **Eight Months Ended<br>April 30,**<br>**2019** | **2018** | **2017** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $56.37 | $60.80 | $34.18 | $45.30 | $49.24 | $39.34 | $35.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.35 | 0.38 | 0.23 | 0.33 | 0.13 | 0.27 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.39) | (4.48) | 26.53 | (11.35) | (3.55) | 9.63 | 3.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.04) | (4.10) | 26.76 | (11.02) | (3.42) | 9.90 | 3.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.33) | (0.14) | (0.10) | (0.52) |  | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  |  | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (0.33) | (0.14) | (0.10) | (0.52) |  | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $55.33 | $56.37 | $60.80 | $34.18 | $45.30 | $49.24 | $39.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period | $55.33 <sup>(b)</sup> | $56.30 <sup>(b)</sup> | $60.81 <sup>(b)</sup> | $34.22 <sup>(b)</sup> | $45.30 <sup>(b)</sup> | $49.19 <sup>(b)</sup> | $39.32 |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | (1.84)% | (6.78)% | 78.39% | (24.40)% | (6.60)% | 25.16% | 11.00% |
|  **Market Price Total Return<sup>(c)</sup>**  | (1.72)% | (6.90)% | 78.21% | (24.31)% | (6.51)% | 25.10% |  |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $121320 | $121354 | $141230 | $101604 | $173156 | $200560 | $185801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.75 %<sup>(d)</sup> | 0.75% | 0.75 %<sup>(e)</sup> | 0.75% | 0.75 %<sup>(d)(e)</sup> | 0.71% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.25 %<sup>(d)</sup> | 0.62% | 0.49% | 0.78% | 0.44 %<sup>(d)</sup> | 0.60% | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 48% | 92% | 110% | 114% | 65% | 82% | 90% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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. 

<sup>(f)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**52**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**52**  |

---

------

**Financial Highlights–(continued)** 

Invesco S&P 500 BuyWrite ETF (PBP)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **October 31,**<br> **2022**<br> **(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended**<br> **October 31,**<br> **2022**<br> **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $22.09 | $21.79 | $17.45 | $21.39 | $21.29 | $22.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.14 | 0.21 | 0.23 | 0.33 | 0.32 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.99) | 1.57 | 4.35 | (3.05) | 0.32 | 1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.85) | 1.78 | 4.58 | (2.72) | 0.64 | 1.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.13) | (0.24) | (0.24) | (0.36) | (0.31) | (1.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  | (1.24) |  | (0.86) | (0.23) | (1.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.13) | (1.48) | (0.24) | (1.22) | (0.54) | (2.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $20.11 | $22.09 | $21.79 | $17.45 | $21.39 | $21.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $20.10 | $22.02 | $21.76 | $17.40 | $21.39 | $21.33 |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | (8.36)% | 8.06% | 26.40% | (13.62)% | 3.16% | 6.59% |
|  **Market Price Total Return<sup>(c)</sup>**  | (8.12)% | 7.86% | 26.59% | (13.85)% | 2.97% | 6.68% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $97520 | $138047 | $167818 | $192813 | $320778 | $302296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.49 %<sup>(d)</sup> | 0.49% | 0.49% | 0.49% | 0.53% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.30 %<sup>(d)</sup> | 0.92% | 1.19% | 1.56% | 1.47% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 23% | 33% | 19% | 19% | 15% | 16% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**53**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**53**  |

---

------

**Financial Highlights–(continued)** 

Invesco S&P 500<sup>®</sup> Quality ETF (SPHQ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **October 31,**<br> **2022**<br> **(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended**<br> **October 31,**<br> **2022**<br> **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $46.37 | $45.73 | $33.61 | $33.29 | $29.53 | $27.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.42 | 0.70 | 0.63 | 0.61 | 0.51 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (2.92) | 0.60 | 12.11 | 0.35 | 3.75 | 1.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.50) | 1.30 | 12.74 | 0.96 | 4.26 | 2.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.41) | (0.66) | (0.62) | (0.64) | (0.50) | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $43.46 | $46.37 | $45.73 | $33.61 | $33.29 | $29.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $43.48 | $46.36 | $45.75 | $33.62 | $33.30 | $29.55 |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | (5.37)% | 2.76% | 38.23% | 3.03% | 14.63% | 8.94% |
|  **Market Price Total Return<sup>(c)</sup>**  | (5.31)% | 2.70% | 38.26% | 3.03% | 14.59% | 8.98% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $3465444 | $3657788 | $2670218 | $1756210 | $1469785 | $1327157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.15 %<sup>(d)</sup> | 0.15% | 0.15% | 0.15% | 0.19% | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.19 %<sup>(d)</sup> | 0.19% | 0.19% | 0.21% | 0.26% | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.91 %<sup>(d)</sup> | 1.40% | 1.59% | 1.79% | 1.67% | 1.95% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 49% | 48% | 57% | 56% | 73% | 60% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**54**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**54**  |

---

------

**Financial Highlights–(continued)** 

Invesco S&P Spin-Off ETF (CSD)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **October 31,**<br> **2022**<br> **(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Eight Months Ended**<br>**April 30,**<br>**2018** | **Year Ended<br>August 31,**<br>**2017** |
|  | **Six Months Ended**<br> **October 31,**<br> **2022**<br> **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **Eight Months Ended**<br>**April 30,**<br>**2018** | **Year Ended<br>August 31,**<br>**2017** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $56.87 | $64.57 | $34.38 | $52.43 | $52.61 | $49.42 | $42.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.29 | 0.38 | 0.33 | 0.58 | 0.43 | 0.04 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (3.87) | (7.63) | 30.41 | (18.08) | (0.19) | 3.46 | 7.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.58) | (7.25) | 30.74 | (17.50) | 0.24 | 3.50 | 7.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.45) | (0.55) | (0.55) | (0.42) | (0.20) | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital. |  |  |  |  |  | (0.11) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (0.45) | (0.55) | (0.55) | (0.42) | (0.31) | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $53.29 | $56.87 | $64.57 | $34.38 | $52.43 | $52.61 | $49.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period | $53.34 <sup>(b)</sup> | $56.92 <sup>(b)</sup> | $64.57 <sup>(b)</sup> | $34.41 <sup>(b)</sup> | $52.41 <sup>(b)</sup> | $52.55 <sup>(b)</sup> | $49.34 |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | (6.29)% | (11.24)% | 89.69% | (33.72)% | 0.71% | 7.10% | 18.39% |
|  **Market Price Total Return<sup>(c)</sup>**  | (6.29)% | (11.16)% | 89.53% | (33.64)% | 0.78% | 7.15% |  |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $54890 | $64836 | $75548 | $58447 | $146814 | $202534 | $195208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.65 %<sup>(d)</sup> | 0.65% | 0.65% | 0.62% | 0.62% | 0.64 %<sup>(d)</sup> | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.68 %<sup>(d)</sup> | 0.65% | 0.68% | 0.62% | 0.62% | 0.65 %<sup>(d)</sup> | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.10 %<sup>(d)</sup> | 0.60% | 0.68% | 1.27% | 0.84% | 0.12 %<sup>(d)</sup> | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 34% | 68% | 57% | 55% | 49% | 24% | 44% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**55**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**55**  |

---

------

**Financial Highlights–(continued)** 

Invesco Water Resources ETF (PHO)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>October 31,<br>2022**<br> **(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,<br>2022**<br> **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $48.78 | $52.18 | $34.44 | $34.67 | $30.09 | $26.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.16 | 0.14 | 0.17 | 0.15 | 0.16 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments. | 1.54 | (3.41) | 17.74 | (0.18) | 4.55 | 3.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.70 | (3.27) | 17.91 | (0.03) | 4.71 | 3.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.08) | (0.13) | (0.17) | (0.20) | (0.13) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $50.40 | $48.78 | $52.18 | $34.44 | $34.67 | $30.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $50.42 | $48.78 | $52.17 | $34.49 | $34.70 | $30.09 |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | 3.49% | (6.29)% | 52.15% | (0.07)% | 15.74% | 13.07% |
|  **Market Price Total Return<sup>(c)</sup>**  | 3.53% | (6.27)% | 51.90% | (0.01)% | 15.84% | 13.11% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $1681294 | $1658077 | $1604412 | $991846 | $941269 | $821548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.59 %<sup>(d)</sup> | 0.59% | 0.60% | 0.60% | 0.60% | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.63 %<sup>(d)</sup> | 0.25% | 0.39% | 0.42% | 0.51% | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 13% | 29% | 22% | 26% | 31% | 23% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**56**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**56**  |

---

------

**Financial Highlights–(continued)** 

Invesco WilderHill Clean Energy ETF (PBW)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br> **October 31,**<br> **2022**<br> **(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended**<br> **October 31,**<br> **2022**<br> **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $50.99 | $87.86 | $31.91 | $28.30 | $24.64 | $20.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 1.04 | 0.93 | 0.61 | 0.49 | 0.39 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (5.07) | (36.46) | 55.82 | 3.73 | 3.66 | 3.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (4.03) | (35.53) | 56.43 | 4.22 | 4.05 | 4.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.72) | (1.34) | (0.48) | (0.61) | (0.39) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $46.24 | $50.99 | $87.86 | $31.91 | $28.30 | $24.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $46.17 | $50.92 | $87.72 | $31.93 | $28.31 | $24.66 |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | (8.07)% | (40.88)% | 176.87% | 15.13% | 16.76% | 19.78% |
|  **Market Price Total Return<sup>(c)</sup>**  | (8.09)% | (40.86)% | 176.26% | 15.16% | 16.70% | 19.87% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $942668 | $1070268 | $2196396 | $247876 | $144857 | $116263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.63 %<sup>(d)</sup> | 0.62% | 0.61% | 0.70% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.63 %<sup>(d)</sup> | 0.62% | 0.61% | 0.70% | 0.71% | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.99 %<sup>(d)</sup> | 1.23% | 0.71% | 1.57% | 1.56% | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 27% | 60% | 81% | 40% | 40% | 43% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**57**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**57**  |

---

------

**Notes to Financial Statements** 

Invesco Exchange-Traded Fund Trust

October 31, 2022

*(Unaudited)* 

**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:

---

| | |
|:---|:---|
|  **<u>Full Name</u>** | **<u>Short Name</u>** |
| &nbsp;&nbsp; Invesco Aerospace & Defense ETF (PPA) | "Aerospace & Defense ETF" |
| &nbsp;&nbsp; Invesco DWA Momentum ETF (PDP) | "DWA Momentum ETF" |
| &nbsp;&nbsp; Invesco Global Listed Private Equity ETF (PSP) | "Global Listed Private Equity ETF" |
| &nbsp;&nbsp; Invesco Golden Dragon China ETF (PGJ) | "Golden Dragon China ETF" |
| &nbsp;&nbsp; Invesco MSCI Sustainable Future ETF (ERTH) | "MSCI Sustainable Future ETF" |
| &nbsp;&nbsp; Invesco Raymond James SB-1 Equity ETF (RYJ) | "Raymond James SB-1 Equity ETF" |
| &nbsp;&nbsp; Invesco S&P 500 BuyWrite ETF (PBP) | "S&P 500 BuyWrite ETF" |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Quality ETF (SPHQ) | "S&P 500<sup>®</sup> Quality ETF" |
| &nbsp;&nbsp; Invesco S&P Spin-Off ETF (CSD) | "S&P Spin-Off ETF" |
| &nbsp;&nbsp; Invesco Water Resources ETF (PHO) | "Water Resources ETF" |
| &nbsp;&nbsp; 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 ("APs"), 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"):

---

| | |
|:---|:---|
|  **<u>Fund</u>** | **<u>Underlying Index</u>** |
| &nbsp;&nbsp; Aerospace & Defense ETF | SPADE<sup>®</sup> Defense Index |
| &nbsp;&nbsp; DWA Momentum ETF | Dorsey Wright<sup>®</sup> Technical Leaders Index |
| &nbsp;&nbsp; Global Listed Private Equity ETF | Red Rocks Global Listed Private Equity Index |
| &nbsp;&nbsp; Golden Dragon China ETF | NASDAQ Golden Dragon China Index |
| &nbsp;&nbsp; MSCI Sustainable Future ETF | MSCI Global Environment Select Index |
| &nbsp;&nbsp; Raymond James SB-1 Equity ETF | Raymond James SB-1 Equity index |
| &nbsp;&nbsp; S&P 500 BuyWrite ETF | CBOE S&P 500 BuyWrite Index<sup>SM</sup> |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Quality ETF | S&P 500<sup>®</sup> Quality Index |
| &nbsp;&nbsp; S&P Spin-Off ETF | S&P U.S. Spin-Off Index |
| &nbsp;&nbsp; Water Resources ETF | NASDAQ OMX US Water Index<sup>SM</sup> |
| &nbsp;&nbsp; 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 trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades 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 using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

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 are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price a Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**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 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, the country that has the primary market for the issuer's securities and
its "country of risk" as determined by a third party service provider, 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

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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, 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

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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.

Invesco Advisers, Inc. ("Invesco"), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon ("BNYM") also serves as a lending agent. 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 six months ended October 31, 2022, each Fund (except for 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:

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|  | **Amount** |
| &nbsp;&nbsp; Aerospace & Defense ETF | $10444 |
| &nbsp;&nbsp; DWA Momentum ETF | 22745 |
| &nbsp;&nbsp; Global Listed Private Equity ETF | 8455 |
| &nbsp;&nbsp; Golden Dragon China ETF | 34583 |
| &nbsp;&nbsp; MSCI Sustainable Future ETF | 5488 |
| &nbsp;&nbsp; Raymond James SB-1 Equity ETF | 3351 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Quality ETF | 8791 |
| &nbsp;&nbsp; S&P Spin-Off ETF | 262 |
| &nbsp;&nbsp; Water Resources ETF | 707 |
| &nbsp;&nbsp; WilderHill Clean Energy ETF | 1125576 |

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**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

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Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statements of Assets and Liabilities. The amount of the investment is subsequently "marked-to-market" to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Statements of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

**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. 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

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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.

*AP Concentration Risk*. Only 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 the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

*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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**64**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**64**  |

---

------

or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company's common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company's common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company's products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

*Foreign Investment Risk*. 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 each 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 an 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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**65**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**65**  |

---

------

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 can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund's volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund's performance.

*Portfolio Turnover Risk*. Certain Funds may engage in frequent trading of their 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<sup>®</sup> 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<sup>®</sup> 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)

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| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**66**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**66**  |

---

------

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 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<sup>®</sup> 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<sup>®</sup> 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, Golden Dragon China ETF, MSCI Sustainable Future 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 six months ended October 31, 2022, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

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| | |
|:---|:---|
| &nbsp;&nbsp; Aerospace & Defense ETF | $361 |
| &nbsp;&nbsp; DWA Momentum ETF | 329 |
| &nbsp;&nbsp; Global Listed Private Equity ETF | 767 |
| &nbsp;&nbsp; Golden Dragon China ETF | 139 |
| &nbsp;&nbsp; MSCI Sustainable Future ETF | 921 |
| &nbsp;&nbsp; Raymond James SB-1 Equity ETF | 14 |
| &nbsp;&nbsp; S&P 500 BuyWrite ETF | 17 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Quality ETF | 688747 |
| &nbsp;&nbsp; S&P Spin-Off ETF | 9190 |
| &nbsp;&nbsp; Water Resources ETF | 474 |
| &nbsp;&nbsp; WilderHill Clean Energy ETF | 387 |

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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 at October 31, 2022 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** |
|  | **Total**<br>**Potential**<br>**Recapture**<br>**Amounts** | **4/30/23** | **4/30/24** | **4/30/25** | **10/31/25** |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Quality ETF | $3489122 | $616081 | $994660 | $1190350 | $688031 |
| &nbsp;&nbsp; S&P Spin-Off ETF | 30145 |  | 12903 | 8096 | 9146 |

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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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| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**67**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**67**  |

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

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| | |
|:---|:---|
|  **<u>Fund</u>** | **<u>Licensor</u>** |
| &nbsp;&nbsp; Aerospace & Defense ETF | SPADE Indexes |
| &nbsp;&nbsp; DWA Momentum ETF | Dorsey Wright & Associates, LLC |
| &nbsp;&nbsp; Global Listed Private Equity ETF | Red Rocks Capital, LLC |
| &nbsp;&nbsp; Golden Dragon China ETF | Nasdaq, Inc. |
| &nbsp;&nbsp; MSCI Sustainable Future ETF | MSCI, Inc. |
| &nbsp;&nbsp; Raymond James SB-1 Equity ETF | Raymond James Research Services, LLC |
| &nbsp;&nbsp; S&P 500 BuyWrite ETF | S&P Dow Jones Indices LLC |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Quality ETF | S&P Dow Jones Indices LLC |
| &nbsp;&nbsp; S&P Spin-Off ETF | S&P Dow Jones Indices LLC |
| &nbsp;&nbsp; Water Resources ETF | Nasdaq, Inc. |
| &nbsp;&nbsp; WilderHill Clean Energy ETF | WilderHill |

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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 six months ended October 31, 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:

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| | |
|:---|:---|
| &nbsp;&nbsp; Aerospace & Defense ETF | $20780 |
| &nbsp;&nbsp; DWA Momentum ETF | 104901 |
| &nbsp;&nbsp; Global Listed Private Equity ETF | 2152 |
| &nbsp;&nbsp; Golden Dragon China ETF | 7862 |
| &nbsp;&nbsp; MSCI Sustainable Future ETF | 15330 |
| &nbsp;&nbsp; Raymond James SB-1 Equity ETF | 20133 |
| &nbsp;&nbsp; S&P 500 BuyWrite ETF | 53 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Quality ETF | 202031 |
| &nbsp;&nbsp; S&P Spin-Off ETF | 5843 |
| &nbsp;&nbsp; Water Resources ETF | 3066 |
| &nbsp;&nbsp; WilderHill Clean Energy ETF | 79898 |

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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 securities from or sell securities 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 Invesco ETF from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7.

For the six months ended October 31, 2022, the following Funds engaged in transactions with affiliates as listed below:

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| | | | |
|:---|:---|:---|:---|
|  | **Securities Purchases** | **Securities Sales** | **Net Realized Gains\*** |
| &nbsp;&nbsp; DWA Momentum ETF | $3630010 | $- | $- |
| &nbsp;&nbsp; S&P 500 BuyWrite ETF | 26340 |  |  |

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\* 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

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| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**68**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**68**  |

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market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. 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:

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| | |
|:---|:---|
| 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 the adviser's 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 October 31, 2022, for each Fund (except for S&P 500 BuyWrite ETF). As of October 31, 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.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp; Aerospace & Defense ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $1592642172 | $- | $- | $1592642172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 177740 | 198053351 |  | 198231091 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $1592819912 | $198053351 | $- | $1790873263 |
| &nbsp;&nbsp; DWA Momentum ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $1114033162 | $- | $- | $1114033162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 141171 | 116876075 |  | 117017246 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $1114174333 | $116876075 | $- | $1231050408 |
| &nbsp;&nbsp; Global Listed Private Equity ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $137746903 | $- | $- | $137746903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Closed-End Funds | 27073441 |  |  | 27073441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1191066 | 46705517 |  | 47896583 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments in Securities** | 166011410 | 46705517 |  | 212716927 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Investments - Assets\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements |  | 96351 |  | 96351 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $166011410 | $46801868 | $- | $212813278 |
| &nbsp;&nbsp; Golden Dragon China ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $166902247 | $- | $194349 | $167096596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 185292 | 52894378 |  | 53079670 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $167087539 | $52894378 | $194349 | $220176266 |
| &nbsp;&nbsp; MSCI Sustainable Future ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $300256112 | $- | $- | $300256112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 6531252 |  |  | 6531252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds |  | 62427188 |  | 62427188 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $306787364 | $62427188 | $- | $369214552 |
| &nbsp;&nbsp; Raymond James SB-1 Equity ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $121317758 | $- | $- | $121317758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 16291 | 27255725 |  | 27272016 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $121334049 | $27255725 | $- | $148589774 |

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| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**69**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**69**  |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Quality ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $3463289461 | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $3463289461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds |  | 117444360 |  | 117444360 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $3463289461 | $117444360 | $- | $3580733821 |
| &nbsp;&nbsp; S&P Spin-Off ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $54859434 | $- | $- | $54859434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 113364 | 9288902 |  | 9402266 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $54972798 | $9288902 | $- | $64261700 |
| &nbsp;&nbsp; Water Resources ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $1681011266 | $- | $- | $1681011266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1902676 | 56075887 |  | 57978563 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $1682913942 | $56075887 | $- | $1738989829 |
| &nbsp;&nbsp; WilderHill Clean Energy ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $939064094 | $- | $- | $939064094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 14254 | 257589688 |  | 257603942 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $939078348 | $257589688 | $- | $1196668036 |

---

\* 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 October 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Value** | **Value** |
|  | **Global Listed<br>Private Equity ETF** | **S&P 500<br>BuyWrite ETF** |
| **Derivative Assets** | **Equity<br>Risk** | **Equity<br>Risk** |
| &nbsp;&nbsp; Unrealized appreciation on swap agreements - OTC | $96351 | $- |
| &nbsp;&nbsp; Total Derivative Assets subject to master netting agreements | $96351 | $- |
|  | **Value** | **Value** |
|  | **Global Listed<br>Private Equity ETF** | **S&P 500<br>BuyWrite ETF** |
| **Derivative Liabilities** | **Equity<br>Risk** | **Equity<br>Risk** |
| &nbsp;&nbsp; Options written, at value - Exchange-Traded | $- | $(5920725) |
| &nbsp;&nbsp; Derivatives not subject to master netting agreements |  | 5920725 |
| &nbsp;&nbsp; Total Derivative Liabilities subject to master netting agreements | $- | $- |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**70**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**70**  |

---

------

**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 October 31, 2022:

Global Listed Private Equity ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative<br>Assets** | **Financial Derivative<br>Liabilities** | | **Collateral<br>(Received)/Pledged** | **Collateral<br>(Received)/Pledged** | |
| **Counterparty** | **Swap Agreements** | **Swap Agreements** | <br>**Net Value of<br>Derivatives** | **Non-Cash** | **Cash** | <br>**Net Amount** |
| &nbsp;&nbsp; Citibank, N.A. | $96351 | $- | $96351 | $- | $- | $96351 |

---

**Effect of Derivative Investments for the Six-Month Period Ended October 31, 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** | **Location of Gain (Loss) on Statements of Operations** |
|  | **Global Listed<br>Private Equity ETF** | **S&P 500<br>BuyWrite ETF** |
|  | **Equity Risk** | **Equity Risk** |
| &nbsp;&nbsp; Realized Gain (Loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | $- | $(26060) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (236094) |  |
| &nbsp;&nbsp; Change in Net Unrealized Appreciation (Depreciation): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written |  | (4944815) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 193679 |  |
| &nbsp;&nbsp; Total | $(42415) | $(4970875) |
| The table below summarizes the average notional value of derivatives held during the period. | The table below summarizes the average notional value of derivatives held during the period. | The table below summarizes the average notional value of derivatives held during the period. |

---

---

| | | |
|:---|:---|:---|
|  | **Average Notional Value** | **Average Notional Value** |
|  | **Global Listed<br>Private Equity ETF** | **S&P 500<br>BuyWrite ETF** |
| &nbsp;&nbsp; Options written | $- | $120910571 |
| &nbsp;&nbsp; Swap agreements | 1911701 |  |

---

**NOTE 7–Tax Information** 

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds' capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds' fiscal year-end.

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 had capital loss carryforwards as of April 30, 2022, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** | |
|  | **Short-Term** | **Long-Term** |<br>**Total\*** |
| &nbsp;&nbsp; Aerospace & Defense ETF | $19822014 | $23869011 | $43691025 |
| &nbsp;&nbsp; DWA Momentum ETF | 684672196 |  | 684672196 |
| &nbsp;&nbsp; Global Listed Private Equity ETF | 27836489 | 64909993 | 92746482 |
| &nbsp;&nbsp; Golden Dragon China ETF | 50072764 | 190903927 | 240976691 |
| &nbsp;&nbsp; MSCI Sustainable Future ETF | 2748131 |  | 2748131 |
| &nbsp;&nbsp; Raymond James SB-1 Equity ETF | 35681310 | 25841477 | 61522787 |
| &nbsp;&nbsp; S&P 500 BuyWrite ETF |  |  |  |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Quality ETF | 102200757 | 78182646 | 180383403 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**71**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**71**  |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** | |
|  | **Short-Term** | **Long-Term** |<br>**Total\*** |
| &nbsp;&nbsp; S&P Spin-Off ETF | $60379440 | $92090390 | $152469830 |
| &nbsp;&nbsp; Water Resources ETF | 157156657 | 112369044 | 269525701 |
| &nbsp;&nbsp; WilderHill Clean Energy ETF | 306687515 | 362212982 | 668900497 |

---

\* 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 six months ended October 31, 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** |
| &nbsp;&nbsp; Aerospace & Defense ETF | $179769767 | $180641893 |
| &nbsp;&nbsp; DWA Momentum ETF | 884726141 | 880846583 |
| &nbsp;&nbsp; Global Listed Private Equity ETF | 34198887 | 31425808 |
| &nbsp;&nbsp; Golden Dragon China ETF | 28535559 | 28695513 |
| &nbsp;&nbsp; MSCI Sustainable Future ETF | 80858172 | 88371188 |
| &nbsp;&nbsp; Raymond James SB-1 Equity ETF | 57833613 | 57090391 |
| &nbsp;&nbsp; S&P 500 BuyWrite ETF | 30192112 | 28499663 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Quality ETF | 1709934732 | 1700708185 |
| &nbsp;&nbsp; S&P Spin-Off ETF | 19605767 | 19291287 |
| &nbsp;&nbsp; Water Resources ETF | 222101721 | 218732702 |
| &nbsp;&nbsp; WilderHill Clean Energy ETF | 302437617 | 297108506 |

---

For the six months ended October 31, 2022, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind<br>Purchases** | **In-kind<br>Sales** |
| &nbsp;&nbsp; Aerospace & Defense ETF | $321284356 | $251234066 |
| &nbsp;&nbsp; DWA Momentum ETF | 30169173 | 138254839 |
| &nbsp;&nbsp; Global Listed Private Equity ETF | 15583634 | 8741482 |
| &nbsp;&nbsp; Golden Dragon China ETF | 41664001 | 36536046 |
| &nbsp;&nbsp; MSCI Sustainable Future ETF | 9825180 | 35806012 |
| &nbsp;&nbsp; Raymond James SB-1 Equity ETF | 10095407 | 7571737 |
| &nbsp;&nbsp; S&P 500 BuyWrite ETF |  | 29422471 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Quality ETF | 839078229 | 793288265 |
| &nbsp;&nbsp; S&P Spin-Off ETF | 5551516 | 11803956 |
| &nbsp;&nbsp; Water Resources ETF | 57608557 | 84228504 |
| &nbsp;&nbsp; WilderHill Clean Energy ETF | 848755435 | 859126341 |

---

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

As of October 31, 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<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>(Depreciation)** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Cost** |
| &nbsp;&nbsp; Aerospace & Defense ETF | $156787691 | $(94510676) | $62277015 | $1728596248 |
| &nbsp;&nbsp; DWA Momentum ETF | 111584772 | (29367215) | 82217557 | 1148832851 |
| &nbsp;&nbsp; Global Listed Private Equity ETF | 3304865 | (63192441) | (59887576) | 272700854 |
| &nbsp;&nbsp; Golden Dragon China ETF | 3807785 | (203264327) | (199456542) | 419632808 |
| &nbsp;&nbsp; MSCI Sustainable Future ETF | 30410599 | (110518259) | (80107660) | 449322212 |
| &nbsp;&nbsp; Raymond James SB-1 Equity ETF | 20764856 | (17474459) | 3290397 | 145299377 |
| &nbsp;&nbsp; S&P 500 BuyWrite ETF | 19897074 | (40761402) | (20864328) | 118308071 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Quality ETF | 300786710 | (215260374) | 85526336 | 3495207485 |
| &nbsp;&nbsp; S&P Spin-Off ETF | 10036518 | (9306041) | 730477 | 63531223 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**72**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**72**  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>(Depreciation)** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Cost** |
| &nbsp;&nbsp; Water Resources ETF | $255921592 | $(60560021) | $195361571 | $1543628258 |
| &nbsp;&nbsp; WilderHill Clean Energy ETF | 31770957 | (815685049) | (783914092) | 1980582128 |

---

**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 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 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 APs 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 AP 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 AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP'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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**73**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**73**  |

---

------

**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 May 1, 2022 through October 31, 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<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Annualized<br>Expense Ratio<br>Based on the<br>Six-Month Period** | **Expenses Paid<br>During the<br>Six-Month Period<sup>(1)</sup>** |
| &nbsp;&nbsp; Invesco Aerospace & Defense ETF (PPA) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1051.50 | 0.58% | $3.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.28 | 0.58 | 2.96 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**74**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**74**  |

---

------

**Calculating your ongoing Fund expenses–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Annualized<br>Expense Ratio<br>Based on the<br>Six-Month Period** | **Expenses Paid<br>During the<br>Six-Month Period<sup>(1)</sup>** |
| &nbsp;&nbsp; Invesco DWA Momentum ETF (PDP) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1003.30 | 0.62% | $3.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.08 | 0.62 | 3.16 |
| &nbsp;&nbsp; Invesco Global Listed Private Equity ETF (PSP) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 827.70 | 0.65 | 2.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1021.93 | 0.65 | 3.31 |
| &nbsp;&nbsp; Invesco Golden Dragon China ETF (PGJ) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 694.60 | 0.66 | 2.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1021.88 | 0.66 | 3.36 |
| &nbsp;&nbsp; Invesco MSCI Sustainable Future ETF (ERTH) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 875.50 | 0.58 | 2.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.28 | 0.58 | 2.96 |
| &nbsp;&nbsp; Invesco Raymond James SB-1 Equity ETF (RYJ) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 981.60 | 0.75 | 3.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1021.42 | 0.75 | 3.82 |
| &nbsp;&nbsp; Invesco S&P 500 BuyWrite ETF (PBP) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 916.40 | 0.49 | 2.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.74 | 0.49 | 2.50 |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Quality ETF (SPHQ) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 946.30 | 0.15 | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1024.45 | 0.15 | 0.77 |
| &nbsp;&nbsp; Invesco S&P Spin-Off ETF (CSD) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 937.10 | 0.65 | 3.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1021.93 | 0.65 | 3.31 |
| &nbsp;&nbsp; Invesco Water Resources ETF (PHO) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1034.90 | 0.59 | 3.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.23 | 0.59 | 3.01 |
| &nbsp;&nbsp; Invesco WilderHill Clean Energy ETF (PBW) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 919.30 | 0.63 | 3.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.03 | 0.63 | 3.21 |

---

<sup>(1)</sup> 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 October 31, 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 184/365. 

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**75**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**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 ***<u>www.sec.gov</u>***.

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 ***<u>www.sec.gov</u>.***

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 ***<u>www.sec.gov</u>***.

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 ***<u>www.invesco.com/ETFs</u>***.

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| | | |
|:---|:---|:---|
| **©2022 Invesco Capital Management LLC** |  |  |
| **3500 Lacey Road, Suite 700** |  |  |
| **Downers Grove, IL 60515** | P-PS-SAR-4 | invesco.com/ETFs |

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| | | |
|:---|:---|:---|
| ![LOGO](g416110gra001.jpg)  | **Invesco Semi-Annual Report to Shareholders** | **Invesco Semi-Annual Report to Shareholders** |
| ![LOGO](g416110gra001.jpg)  | October 31, 2022 | October 31, 2022 |
| ![LOGO](g416110gra001.jpg)  | <br> **PWB** | <br> Invesco Dynamic Large Cap Growth ETF |
| ![LOGO](g416110gra001.jpg)  | <br> **PWV** | <br> Invesco Dynamic Large Cap Value ETF |
| ![LOGO](g416110gra001.jpg)  | <br> **EQWL** | <br> 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 |

---

------

---

| | |
|:---|:---|
|  Schedules of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco Dynamic Large Cap Growth ETF (PWB)](#edg416110_1) | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco Dynamic Large Cap Value ETF (PWV)](#edg416110_2) | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P 100 Equal Weight ETF (EQWL)](#edg416110_3) | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P 500 GARP ETF (SPGP)](#edg416110_4) | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P 500 Value with Momentum ETF (SPVM)](#edg416110_5) | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P MidCap Momentum ETF (XMMO)](#edg416110_6) | **15** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P MidCap Quality ETF (XMHQ)](#edg416110_7) | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P MidCap Value with Momentum ETF (XMVM)](#edg416110_8) | **21** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P SmallCap Momentum ETF (XSMO)](#edg416110_9) | **24** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P SmallCap Value with Momentum ETF (XSVM)](#edg416110_10) | **27** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco Zacks Mid-Cap ETF (CZA)](#edg416110_11) | **30** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco Zacks Multi-Asset Income ETF (CVY)](#edg416110_12) | **33** |
|  [Statements of Assets and Liabilities](#edg416110_13) | **38** |
|  [Statements of Operations](#edg416110_14) | **40** |
|  [Statements of Changes in Net Assets](#edg416110_15) | **42** |
|  [Financial Highlights](#edg416110_16) | **47** |
|  [Notes to Financial Statements](#edg416110_17) | **59** |
|  [Fund Expenses](#edg416110_18) | **71** |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**2**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**2**  |

---

------

**Invesco Dynamic Large Cap Growth ETF (PWB)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.97%** | **Common Stocks & Other Equity Interests-99.97%** | **Common Stocks & Other Equity Interests-99.97%** |
|  **Communication Services-3.01%** |  |  |
|  Alphabet, Inc., Class A<sup>(b)</sup>  | 176101 | $16643306 |
|  **Consumer Discretionary-10.31%** |  |  |
|  Airbnb, Inc., Class A<sup>(b)(c)</sup>  | 76992 | 8231215 |
|  Booking Holdings, Inc.<sup>(b)</sup>  | 4307 | 8051850 |
|  Dollar Tree, Inc.<sup>(b)(c)</sup>  | 51721 | 8197779 |
|  Hilton Worldwide Holdings, Inc. | 64971 | 8787978 |
|  Marriott International, Inc., Class A<sup>(c)</sup>  | 54175 | 8673959 |
|  O'Reilly Automotive, Inc.<sup>(b)</sup>  | 11941 | 9996647 |
|  Tesla, Inc.<sup>(b)</sup>  | 22547 | 5130344 |
|  |  | 57069772 |
|  **Consumer Staples-6.32%** |  |  |
|  Brown-Forman Corp., Class B | 112239 | 7632252 |
|  Costco Wholesale Corp. | 36994 | 18552491 |
|  Hershey Co. (The) | 36955 | 8823745 |
|  |  | 35008488 |
|  **Energy-5.35%** |  |  |
|  Cheniere Energy, Inc. | 50245 | 8863720 |
|  Devon Energy Corp.<sup>(c)</sup>  | 121234 | 9377450 |
|  Schlumberger Ltd. | 218322 | 11359294 |
|  |  | 29600464 |
|  **Financials-4.63%** |  |  |
|  American Express Co. | 54613 | 8107300 |
|  Arthur J. Gallagher & Co. | 46121 | 8628317 |
|  Progressive Corp. (The) | 69074 | 8869101 |
|  |  | 25604718 |
|  **Health Care-14.61%** |  |  |
|  Eli Lilly and Co. | 63629 | 23039425 |
|  Humana, Inc. | 17435 | 9730125 |
|  Thermo Fisher Scientific, Inc. | 34993 | 17985352 |
|  UnitedHealth Group, Inc. | 37413 | 20769827 |
|  Vertex Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 30032 | 9369984 |
|  |  | 80894713 |
|  **Industrials-7.24%** |  |  |
|  Cintas Corp. | 20086 | 8587769 |
|  Old Dominion Freight Line, Inc.<sup>(c)</sup>  | 29428 | 8080929 |
|  Republic Services, Inc. | 58953 | 7818347 |
|  TransDigm Group, Inc. | 13451 | 7744548 |
|  Waste Management, Inc.<sup>(c)</sup>  | 49553 | 7847708 |
|  |  | 40079301 |
|  **Information Technology-43.67%** |  |  |
|  Adobe, Inc.<sup>(b)</sup>  | 48865 | 15563502 |
|  Advanced Micro Devices, Inc.<sup>(b)</sup>  | 92921 | 5580835 |
|  Amphenol Corp., Class A | 110890 | 8408789 |
|  Analog Devices, Inc. | 52272 | 7455033 |
|  Apple, Inc. | 119911 | 18387153 |
|  Arista Networks, Inc.<sup>(b)</sup>  | 67693 | 8181376 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
|  Automatic Data Processing, Inc. | 33608 | $8123053 |
|  Broadcom, Inc. | 37850 | 17794042 |
|  Cadence Design Systems, Inc.<sup>(b)(c)</sup>  | 46899 | 7100040 |
|  Datadog, Inc., Class A<sup>(b)</sup>  | 83434 | 6717271 |
|  Enphase Energy, Inc.<sup>(b)</sup>  | 30115 | 9245305 |
|  Fortinet, Inc.<sup>(b)</sup>  | 169861 | 9709255 |
|  Mastercard, Inc., Class A | 58832 | 19307486 |
|  Microsoft Corp. | 72524 | 16834996 |
|  NVIDIA Corp. | 116700 | 15750999 |
|  NXP Semiconductors N.V. (China) | 49403 | 7216790 |
|  Paychex, Inc. | 63649 | 7530313 |
|  QUALCOMM, Inc. | 61065 | 7184908 |
|  salesforce.com, inc.<sup>(b)(c)</sup>  | 113920 | 18522253 |
|  Synopsys, Inc.<sup>(b)</sup>  | 23927 | 6999844 |
|  Visa, Inc., Class A<sup>(c)</sup>  | 96955 | 20085198 |
|  |  | 241698441 |
|  **Materials-1.64%** |  |  |
|  Corteva, Inc. | 139112 | 9089578 |
|  **Utilities-3.19%** |  |  |
|  NextEra Energy, Inc. | 227895 | 17661862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $560,627,318) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $560,627,318) | 553350643 |
|  **Money Market Funds-0.08%** | **Money Market Funds-0.08%** | **Money Market Funds-0.08%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup>(Cost $444,235) | 444235 | 444235 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.05%<br>(Cost $561,071,553) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.05%<br>(Cost $561,071,553) | 553794878 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-13.60%** |  |  |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup>  | 21077241 | 21077241 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup>  | 54186056 | 54186056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from<br>Securities on Loan<br>(Cost $75,259,737) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from<br>Securities on Loan<br>(Cost $75,259,737) | 75263297 |
|  TOTAL INVESTMENTS IN SECURITIES-113.65%<br>(Cost $636,331,290) | TOTAL INVESTMENTS IN SECURITIES-113.65%<br>(Cost $636,331,290) | 629058175 |
|  OTHER ASSETS LESS LIABILITIES-(13.65)% | OTHER ASSETS LESS LIABILITIES-(13.65)% | (75564737) |
|  NET ASSETS-100.00%. |  | $553493438 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**3**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**3**  |

---

------

**Invesco Dynamic Large Cap Growth ETF (PWB)–(continued)** 

October 31, 2022

*(Unaudited)* 

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money<br>Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $14052 | $5673658 | $(5243475) | $- | $- | $444235 | $2194 |
| &nbsp;&nbsp; **Investments Purchased with Cash<br>Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 6011107 | 104105899 | (89039765) |  |  | 21077241 | 51452 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 14017490 | 222178439 | (182009557) | 2725 | (3041) | 54186056 | 141025 \* |
| &nbsp;&nbsp; Total | $20042649 | $331957996 | $(276292797) | $2725 | $(3041) | $75707532 | $194671 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

---

| |
|:---|
| **Portfolio Composition** |
| **Sector Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; Information Technology | 43.67 |
| &nbsp;&nbsp; Health Care | 14.61 |
| &nbsp;&nbsp; Consumer Discretionary | 10.31 |
| &nbsp;&nbsp; Industrials | 7.24 |
| &nbsp;&nbsp; Consumer Staples | 6.32 |
| &nbsp;&nbsp; Energy | 5.35 |
| &nbsp;&nbsp; Financials | 4.63 |
| &nbsp;&nbsp; Utilities | 3.19 |
| &nbsp;&nbsp; Communication Services | 3.01 |
| &nbsp;&nbsp; Materials | 1.64 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less<br> Liabilities | 0.03 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**4**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**4**  |

---

------

**Invesco Dynamic Large Cap Value ETF (PWV)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.92%** | **Common Stocks & Other Equity Interests-99.92%** | **Common Stocks & Other Equity Interests-99.92%** |
|  **Communication Services-1.94%** |  |  |
|  Meta Platforms, Inc., Class A<sup>(b)</sup>  | 165885 | $15453847 |
|  **Consumer Staples-14.11%** | **Consumer Staples-14.11%** | **Consumer Staples-14.11%** |
|  Altria Group, Inc. | 250962 | 11612012 |
|  Archer-Daniels-Midland Co. | 129767 | 12584804 |
|  General Mills, Inc. | 146732 | 11970396 |
|  Kraft Heinz Co. (The) | 295104 | 11352651 |
|  Philip Morris International, Inc. | 273206 | 25093971 |
|  Sysco Corp. | 133988 | 11598001 |
|  Walmart, Inc. | 199440 | 28386295 |
|  |  | 112598130 |
|  **Energy-14.03%** |  |  |
|  Chevron Corp. | 164964 | 29841988 |
|  Energy Transfer L.P. | 938120 | 11979792 |
|  Kinder Morgan, Inc. | 604891 | 10960625 |
|  Marathon Petroleum Corp. | 110409 | 12544670 |
|  Occidental Petroleum Corp. | 154850 | 11242110 |
|  Phillips 66 | 125003 | 13036563 |
|  Pioneer Natural Resources Co. | 45380 | 11635886 |
|  Williams Cos., Inc. (The) | 325349 | 10648673 |
|  |  | 111890307 |
|  **Financials-27.71%** |  |  |
|  Aflac, Inc. | 185524 | 12079468 |
|  American International Group, Inc. | 210542 | 12000894 |
|  Bank of America Corp. | 776457 | 27983510 |
|  Berkshire Hathaway, Inc., Class B<sup>(b)</sup>  | 92240 | 27219102 |
|  Chubb Ltd. | 58083 | 12481456 |
|  Citigroup, Inc. | 224263 | 10284701 |
|  JPMorgan Chase & Co. | 231268 | 29112016 |
|  MetLife, Inc. | 173994 | 12738101 |
|  Morgan Stanley | 302601 | 24864724 |
|  Prudential Financial, Inc. | 115034 | 12100426 |
|  Travelers Cos., Inc. (The) | 67893 | 12523543 |
|  Wells Fargo & Co. | 602106 | 27690855 |
|  |  | 221078796 |
|  **Health Care-20.18%** |  |  |
|  AbbVie, Inc. | 192223 | 28141447 |
|  Amgen, Inc.<sup>(c)</sup>  | 46736 | 12635078 |
|  Bristol-Myers Squibb Co. | 367257 | 28451400 |
|  Cigna Corp. | 40051 | 12938876 |
|  CVS Health Corp. | 112990 | 10700153 |
|  Johnson & Johnson | 160860 | 27984814 |
|  Pfizer, Inc. | 556541 | 25906983 |
|  Regeneron Pharmaceuticals, Inc.<sup>(b)</sup>  | 19021 | 14241974 |
|  |  | 161000725 |
|  **Industrials-7.50%** |  |  |
|  General Dynamics Corp. | 48826 | 12196735 |
|  Lockheed Martin Corp.<sup>(c)</sup>  | 26379 | 12838132 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
|  Northrop Grumman Corp. | 23666 | $12992870 |
|  United Parcel Service, Inc., Class B | 130208 | 21844996 |
|  |  | 59872733 |
|  **Information Technology-5.67%** | **Information Technology-5.67%** | **Information Technology-5.67%** |
|  Cisco Systems, Inc. | 563639 | 25606121 |
|  Global Payments, Inc. | 88759 | 10141603 |
|  HP, Inc. | 342106 | 9448967 |
|  |  | 45196691 |
|  **Materials-2.57%** | **Materials-2.57%** | **Materials-2.57%** |
|  Dow, Inc. | 205431 | 9601845 |
|  Nucor Corp. | 83123 | 10920700 |
|  |  | 20522545 |
|  **Utilities-6.21%** | **Utilities-6.21%** | **Utilities-6.21%** |
|  American Electric Power Co., Inc. | 111263 | 9782243 |
|  Consolidated Edison, Inc. | 115696 | 10176620 |
|  Sempra Energy | 67888 | 10247015 |
|  Southern Co. (The) | 145019 | 9495844 |
|  WEC Energy Group, Inc. | 107850 | 9849940 |
|  |  | 49551662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $773,565,688) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $773,565,688) | 797165436 |
|  **Money Market Funds-0.03%** | **Money Market Funds-0.03%** | **Money Market Funds-0.03%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup> <br>(Cost $273,808) | 273808 | 273808 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.95%<br>(Cost $773,839,496) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.95%<br>(Cost $773,839,496) | 797439244 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-3.23%** | **Money Market Funds-3.23%** | **Money Market Funds-3.23%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup>  | 7215675 | 7215675 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup>  | 18549995 | 18549995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $25,764,733) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $25,764,733) | 25765670 |
|  TOTAL INVESTMENTS IN SECURITIES-103.18%<br>(Cost $799,604,229) | TOTAL INVESTMENTS IN SECURITIES-103.18%<br>(Cost $799,604,229) | 823204914 |
|  OTHER ASSETS LESS LIABILITIES-(3.18)% | OTHER ASSETS LESS LIABILITIES-(3.18)% | (25397125) |
|  NET ASSETS-100.00%. |  | $797807789 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**5**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**5**  |

---

------

**Invesco Dynamic Large Cap Value ETF (PWV)–(continued)** 

October 31, 2022

*(Unaudited)* 

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money<br>Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $91482 | $13368017 | $(13185691) | $- | $- | $273808 | $4801 |
| &nbsp;&nbsp; **Investments Purchased with Cash<br>Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 3785178 | 43163893 | (39733396) |  |  | 7215675 | 51821 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 8832210 | 107001907 | (97286777) | (443) | 3098 | 18549995 | 139454 \* |
| &nbsp;&nbsp; Total | $12708870 | $163533817 | $(150205864) | $(443) | $3098 | $26039478 | $196076 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

 **Portfolio Composition** 

 **Sector Breakdown (% of the Fund's Net Assets)** 

 **as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Financials | 27.71 |
| &nbsp;&nbsp; Health Care | 20.18 |
| &nbsp;&nbsp; Consumer Staples | 14.11 |
| &nbsp;&nbsp; Energy | 14.03 |
| &nbsp;&nbsp; Industrials | 7.50 |
| &nbsp;&nbsp; Utilities | 6.21 |
| &nbsp;&nbsp; Information Technology | 5.67 |
| &nbsp;&nbsp; Sector Types Each Less Than 3% | 4.51 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.08 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**6**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**6**  |

---

------

**Invesco S&P 100 Equal Weight ETF (EQWL)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** |
|  **Communication Services-8.63%** |  |  |
|  Alphabet, Inc., Class A<sup>(b)</sup>  | 6657 | $629153 |
|  Alphabet, Inc., Class C<sup>(b)</sup>  | 5951 | 563322 |
|  AT&T, Inc. | 82458 | 1503209 |
|  Charter Communications, Inc., Class A<sup>(b)</sup> | 3457 | 1270862 |
|  Comcast Corp., Class A | 39649 | 1258459 |
|  Meta Platforms, Inc., Class A<sup>(b)</sup>  | 8290 | 772296 |
|  Netflix, Inc.<sup>(b)</sup>  | 6009 | 1753907 |
|  T-Mobile US, Inc.<sup>(b)</sup>  | 9639 | 1460887 |
|  Verizon Communications, Inc. | 33253 | 1242665 |
|  Walt Disney Co. (The)<sup>(b)</sup>  | 12198 | 1299575 |
|  |  | 11754335 |
|  **Consumer Discretionary-10.35%** |  |  |
|  Amazon.com, Inc.<sup>(b)</sup>  | 10543 | 1080025 |
|  Booking Holdings, Inc.<sup>(b)</sup>  | 709 | 1325461 |
|  Ford Motor Co. | 91099 | 1217994 |
|  General Motors Co. | 34021 | 1335324 |
|  Home Depot, Inc. (The) | 4682 | 1386481 |
|  Lowe's Cos., Inc. | 6831 | 1331704 |
|  McDonald's Corp. | 5409 | 1474818 |
|  NIKE, Inc., Class B | 12658 | 1173143 |
|  Starbucks Corp. | 15831 | 1370806 |
|  Target Corp. | 8087 | 1328290 |
|  Tesla, Inc.<sup>(b)</sup>  | 4687 | 1066480 |
|  |  | 14090526 |
|  **Consumer Staples-11.26%** |  |  |
|  Altria Group, Inc. | 30811 | 1425625 |
|  Coca-Cola Co. (The) | 22541 | 1349079 |
|  Colgate-Palmolive Co. | 17993 | 1328603 |
|  Costco Wholesale Corp. | 2616 | 1311924 |
|  Kraft Heinz Co. (The) | 38509 | 1481441 |
|  Mondelez International, Inc., Class A | 22904 | 1408138 |
|  PepsiCo, Inc. | 8109 | 1472432 |
|  Philip Morris International, Inc. | 14471 | 1329161 |
|  Procter & Gamble Co. (The) | 10032 | 1351010 |
|  Walgreens Boots Alliance, Inc. | 38751 | 1414412 |
|  Walmart, Inc. | 10257 | 1459879 |
|  |  | 15331704 |
|  **Energy-3.51%** |  |  |
|  Chevron Corp. | 8773 | 1587035 |
|  ConocoPhillips | 12543 | 1581547 |
|  Exxon Mobil Corp. | 14554 | 1612729 |
|  |  | 4781311 |
|  **Financials-15.31%** |  |  |
|  American Express Co. | 8866 | 1316158 |
|  American International Group, Inc. | 25518 | 1454526 |
|  Bank of America Corp. | 40194 | 1448592 |
|  Bank of New York Mellon Corp. (The) | 31823 | 1340067 |
|  Berkshire Hathaway, Inc., Class B<sup>(b)</sup>  | 4911 | 1449187 |
|  BlackRock, Inc. | 2017 | 1302800 |
|  Capital One Financial Corp. | 12967 | 1374761 |
|  Charles Schwab Corp. (The) | 18842 | 1501142 |
|  Citigroup, Inc. | 27725 | 1271469 |
|  Goldman Sachs Group, Inc. (The) | 4126 | 1421448 |
|  JPMorgan Chase & Co. | 11788 | 1483873 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
|  MetLife, Inc. | 20757 | $| 1519620 |
|  Morgan Stanley | 15704 |  | 1290398 |
|  U.S. Bancorp | 29520 |  | 1253124 |
|  Wells Fargo & Co. | 30972 |  | 1424402 |
|  |  |  | 20851567 |
|  **Health Care-14.84%** | **Health Care-14.84%** | **Health Care-14.84%** | **Health Care-14.84%** |
|  Abbott Laboratories | 12950 |  | 1281273 |
|  AbbVie, Inc. | 9933 |  | 1454191 |
|  Amgen, Inc. | 5664 |  | 1531263 |
|  Bristol-Myers Squibb Co. | 20010 |  | 1550175 |
|  CVS Health Corp. | 13749 |  | 1302030 |
|  Danaher Corp. | 4837 |  | 1217328 |
|  Eli Lilly and Co. | 4422 |  | 1601162 |
|  Gilead Sciences, Inc. | 21505 |  | 1687282 |
|  Johnson & Johnson. | 8477 |  | 1474744 |
|  Medtronic PLC | 15648 |  | 1366696 |
|  Merck & Co., Inc. | 16076 |  | 1626891 |
|  Pfizer, Inc. | 29354 |  | 1366429 |
|  Thermo Fisher Scientific, Inc. | 2465 |  | 1266936 |
|  UnitedHealth Group, Inc. | 2679 |  | 1487247 |
|  |  |  | 20213647 |
|  **Industrials-12.35%** | **Industrials-12.35%** | **Industrials-12.35%** | **Industrials-12.35%** |
|  3M Co. | 11412 |  | 1435515 |
|  Boeing Co. (The)<sup>(b)</sup>  | 8917 |  | 1270762 |
|  Caterpillar, Inc. | 7410 |  | 1603969 |
|  Emerson Electric Co. | 16575 |  | 1435395 |
|  FedEx Corp. | 6718 |  | 1076761 |
|  General Dynamics Corp. | 6066 |  | 1515287 |
|  General Electric Co. | 18966 |  | 1475744 |
|  Honeywell International, Inc. | 7318 |  | 1493018 |
|  Lockheed Martin Corp.<sup>(c)</sup>  | 3332 |  | 1621618 |
|  Raytheon Technologies Corp. | 15950 |  | 1512379 |
|  Union Pacific Corp. | 6049 |  | 1192500 |
|  United Parcel Service, Inc., Class B | 7069 |  | 1185966 |
|  |  |  | 16818914 |
|  **Information Technology-16.35%** | **Information Technology-16.35%** | **Information Technology-16.35%** | **Information Technology-16.35%** |
|  Accenture PLC, Class A | 4833 |  | 1372089 |
|  Adobe, Inc.<sup>(b)</sup>  | 3557 |  | 1132905 |
|  Advanced Micro Devices, Inc.<sup>(b)</sup>  | 16411 |  | 985645 |
|  Apple, Inc. | 8924 |  | 1368406 |
|  Broadcom, Inc. | 2689 |  | 1264153 |
|  Cisco Systems, Inc. | 30689 |  | 1394201 |
|  Intel Corp. | 44651 |  | 1269428 |
|  International Business Machines Corp. | 10873 |  | 1503627 |
|  Mastercard, Inc., Class A | 4179 |  | 1371464 |
|  Microsoft Corp. | 5305 |  | 1231450 |
|  NVIDIA Corp. | 9765 |  | 1317982 |
|  Oracle Corp. | 18502 |  | 1444451 |
|  PayPal Holdings, Inc.<sup>(b)</sup>  | 14599 |  | 1220184 |
|  QUALCOMM, Inc. | 10632 |  | 1250961 |
|  salesforce.com, inc.<sup>(b)</sup>  | 8641 |  | 1404940 |
|  Texas Instruments, Inc. | 8221 |  | 1320539 |
|  Visa, Inc., Class A<sup>(c)</sup>  | 6845 |  | 1418010 |
|  |  |  | 22270435 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**7**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**7**  |

---

------

**Invesco S&P 100 Equal Weight ETF (EQWL)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Materials-2.02%** | **Materials-2.02%** | **Materials-2.02%** |
|  Dow, Inc. | 27807 | $1299699 |
|  Linde PLC (United Kingdom) | 4890 | 1454042 |
|  |  | 2753741 |
|  **Real Estate-1.90%** | **Real Estate-1.90%** | **Real Estate-1.90%** |
|  American Tower Corp. | 5371 | 1112818 |
|  Simon Property Group, Inc. | 13533 | 1474826 |
|  |  | 2587644 |
|  **Utilities-3.48%** | **Utilities-3.48%** | **Utilities-3.48%** |
|  Duke Energy Corp. | 12786 | 1191399 |
|  Exelon Corp. | 30644 | 1182552 |
|  NextEra Energy, Inc. | 15624 | 1210860 |
|  Southern Co. (The) | 17664 | 1156639 |
|  |  | 4741450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $136,964,537) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $136,964,537) | 136195274 |
|  **Money Market Funds-0.06%** | **Money Market Funds-0.06%** | **Money Market Funds-0.06%** |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>3.07%<sup>(d)(e)</sup> <br>(Cost $76,252) | 76252 | 76252 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.06%<br>(Cost $137,040,789) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.06%<br>(Cost $137,040,789) | 136271526 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-1.25%** | **Money Market Funds-1.25%** | **Money Market Funds-1.25%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup>  | 477340 | $477340 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup>  | 1227146 | 1227146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $1,704,370) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $1,704,370) | 1704486 |
|  TOTAL INVESTMENTS IN SECURITIES-101.31%<br>(Cost $138,745,159) | TOTAL INVESTMENTS IN SECURITIES-101.31%<br>(Cost $138,745,159) | 137976012 |
|  OTHER ASSETS LESS LIABILITIES-(1.31)% | OTHER ASSETS LESS LIABILITIES-(1.31)% | (1782038) |
|  NET ASSETS-100.00%. |  | $136193974 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money<br>Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $11989 | $1693255 | $(1628992) | $- | $- | $76252 | $587 |
| &nbsp;&nbsp; **Investments Purchased with Cash<br>Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 910271 | 7481304 | (7914235) |  |  | 477340 | 6537 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 2122133 | 15228363 | (16123089) | (30) | (231) | 1227146 | 16753 \* |
| &nbsp;&nbsp; Total | $3044393 | $24402922 | $(25666316) | $(30) | $(231) | $1780738 | $23877 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**8**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**8**  |

---

------

**Invesco S&P 100 Equal Weight ETF (EQWL)–(continued)** 

October 31, 2022

*(Unaudited)* 

 **Portfolio Composition** 

 **Sector Breakdown (% of the Fund's Net Assets)** 

 **as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Information Technology | 16.35 |
| &nbsp;&nbsp; Financials | 15.31 |
| &nbsp;&nbsp; Health Care | 14.84 |
| &nbsp;&nbsp; Industrials | 12.35 |
| &nbsp;&nbsp; Consumer Staples | 11.26 |
| &nbsp;&nbsp; Consumer Discretionary | 10.35 |
| &nbsp;&nbsp; Communication Services | 8.63 |
| &nbsp;&nbsp; Energy | 3.51 |
| &nbsp;&nbsp; Utilities | 3.48 |
| &nbsp;&nbsp; Sector Types Each Less Than 3% | 3.92 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.00 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**9**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**9**  |

---

------

**Invesco S&P 500 GARP ETF (SPGP)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** |
|  **Communication Services-2.37%** |  |  |
|  Alphabet, Inc., Class C<sup>(b)</sup>  | 228109 | $21592798 |
|  Meta Platforms, Inc., Class A<sup>(b)</sup>  | 139247 | 12972251 |
|  |  | 34565049 |
|  **Consumer Discretionary-13.32%** |  |  |
|  Best Buy Co., Inc. | 204916 | 14018304 |
|  D.R. Horton, Inc. | 344422 | 26479163 |
|  eBay, Inc. | 631783 | 25170235 |
|  Garmin Ltd. | 165279 | 14551163 |
|  Lennar Corp., Class A | 209715 | 16924000 |
|  Pool Corp. | 60524 | 18413217 |
|  PulteGroup, Inc. | 425132 | 17001029 |
|  Target Corp. | 127750 | 20982937 |
|  Tractor Supply Co. | 112157 | 24648744 |
|  Ulta Beauty, Inc.<sup>(b)</sup>  | 38551 | 16167133 |
|  |  | 194355925 |
|  **Consumer Staples-2.60%** |  |  |
|  Campbell Soup Co. | 361345 | 19118764 |
|  Monster Beverage Corp.<sup>(b)</sup>  | 201091 | 18846249 |
|  |  | 37965013 |
|  **Energy-3.56%** |  |  |
|  Coterra Energy, Inc.<sup>(c)</sup>  | 520576 | 16205531 |
|  Diamondback Energy, Inc.<sup>(c)</sup>  | 137175 | 21551564 |
|  Pioneer Natural Resources Co. | 55686 | 14278447 |
|  |  | 52035542 |
|  **Financials-27.37%** |  |  |
|  Allstate Corp. (The) | 122403 | 15453379 |
|  Assurant, Inc. | 104938 | 14256877 |
|  Berkshire Hathaway, Inc., Class B<sup>(b)</sup>  | 65779 | 19410725 |
|  BlackRock, Inc. | 24837 | 16042467 |
|  Capital One Financial Corp. | 163724 | 17358018 |
|  Chubb Ltd. | 75911 | 16312515 |
|  Cincinnati Financial Corp. | 240669 | 24865921 |
|  Citigroup, Inc. | 311421 | 14281767 |
|  Discover Financial Services | 213683 | 22321326 |
|  Everest Re Group Ltd. | 99668 | 32158877 |
|  Franklin Resources, Inc.<sup>(c)</sup>  | 749854 | 17584076 |
|  Goldman Sachs Group, Inc. (The) | 76656 | 26408759 |
|  Intercontinental Exchange, Inc. | 180029 | 17205371 |
|  Loews Corp. | 256842 | 14645131 |
|  Moody's Corp. | 60348 | 15984375 |
|  Raymond James Financial, Inc. | 176415 | 20841668 |
|  Regions Financial Corp. | 774653 | 17003633 |
|  Signature Bank | 83652 | 13261352 |
|  SVB Financial Group<sup>(b)(c)</sup>  | 55822 | 12892649 |
|  Synchrony Financial | 581294 | 20670815 |
| T. Rowe Price Group, Inc.<sup>(c)</sup>  | 151503 | 16083558 |
|  Zions Bancorporation N.A | 276447 | 14358657 |
|  |  | 399401916 |
|  **Health Care-19.40%** |  |  |
|  Cigna Corp. | 101958 | 32938552 |
|  Cooper Cos., Inc. (The) | 55516 | 15177519 |
|  Elevance Health, Inc. | 39603 | 21653732 |
|  Humana, Inc. | 43853 | 24473482 |
|  IDEXX Laboratories, Inc.<sup>(b)</sup>  | 49543 | 17819626 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Health Care-(continued)** |  |  |
|  Incyte Corp.<sup>(b)</sup>  | 343688 | $25549766 |
|  Laboratory Corp. of America Holdings | 83610 | 18549715 |
|  Pfizer, Inc. | 519639 | 24189195 |
|  Quest Diagnostics, Inc. | 156395 | 22466142 |
|  Regeneron Pharmaceuticals, Inc.<sup>(b)</sup>  | 48760 | 36509050 |
|  Vertex Pharmaceuticals, Inc.<sup>(b)</sup>  | 93668 | 29224416 |
|  Waters Corp.<sup>(b)</sup>  | 48724 | 14576759 |
|  |  | 283127954 |
|  **Industrials-8.76%** |  |  |
|  C.H. Robinson Worldwide, Inc.<sup>(c)</sup>  | 159752 | 15610965 |
|  Copart, Inc.<sup>(b)</sup>  | 160243 | 18431150 |
|  Expeditors International of Washington, Inc.<sup>(c)</sup>  | 273981 | 26809041 |
|  Fortune Brands Home & Security, Inc. | 265172 | 15995175 |
|  J.B. Hunt Transport Services, Inc. | 102825 | 17590273 |
|  Old Dominion Freight Line, Inc.<sup>(c)</sup>  | 63885 | 17542821 |
|  United Parcel Service, Inc., Class B | 94268 | 15815342 |
|  |  | 127794767 |
|  **Information Technology-14.05%** |  |  |
|  Adobe, Inc.<sup>(b)</sup>  | 54096 | 17229576 |
|  Apple, Inc. | 139337 | 21365935 |
|  Applied Materials, Inc. | 174148 | 15375527 |
|  Arista Networks, Inc.<sup>(b)</sup>  | 162102 | 19591648 |
|  Cisco Systems, Inc. | 426978 | 19397610 |
|  KLA Corp. | 65157 | 20618933 |
|  Lam Research Corp. | 36058 | 14595557 |
|  Microsoft Corp. | 81855 | 19001001 |
|  Qorvo, Inc.<sup>(b)</sup>  | 264711 | 22786323 |
|  Skyworks Solutions, Inc. | 163498 | 14062463 |
|  Teradyne, Inc.<sup>(c)</sup>  | 258042 | 20991717 |
|  |  | 205016290 |
|  **Materials-5.17%** |  |  |
|  Celanese Corp. | 110097 | 10582524 |
|  CF Industries Holdings, Inc. | 249833 | 26547254 |
|  Mosaic Co. (The) | 307929 | 16551184 |
|  Nucor Corp. | 165740 | 21774921 |
|  |  | 75455883 |
|  **Real Estate-1.03%** |  |  |
|  Weyerhaeuser Co. | 485909 | 15029165 |
|  **Utilities-2.31%** |  |  |
|  NRG Energy, Inc. | 758265 | 33666966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $1,511,643,134) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $1,511,643,134) | 1458414470 |
|  **Money Market Funds-0.06%** | **Money Market Funds-0.06%** |  |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>3.07%<sup>(d)(e)</sup>(Cost $821,590) | 821590 | 821590 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.00%<br>(Cost $1,512,464,724) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.00%<br>(Cost $1,512,464,724) | 1459236060 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**10**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**10**  |

---

------

**Invesco S&P 500 GARP ETF (SPGP)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-3.69%** | **Money Market Funds-3.69%** | **Money Market Funds-3.69%** |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup>  | 15096306 | $15096306 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup>  | 38807883 | 38807883 |
|  Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $53,902,985) | Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $53,902,985) | 53904189 |
|  TOTAL INVESTMENTS IN SECURITIES-103.69%<br>(Cost $1,566,367,709) | TOTAL INVESTMENTS IN SECURITIES-103.69%<br>(Cost $1,566,367,709) | 1513140249 |
|  OTHER ASSETS LESS LIABILITIES-(3.69)% | OTHER ASSETS LESS LIABILITIES-(3.69)% | (53847813) |
|  NET ASSETS-100.00% | NET ASSETS-100.00% | $1459292436 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $- | $9259166 | $(8437576) | $- | $- | $821590 | $4792 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 8620026 | 181513281 | (175037001) |  |  | 15096306 | 156106 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 20110514 | 365620782 | (346931555) | 462 | 7680 | 38807883 | 437421 \* |
| &nbsp;&nbsp; Total | $28730540 | $556393229 | $(530406132) | $462 | $7680 | $54725779 | $598319 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**11**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**11**  |

---

------

**Invesco S&P 500 GARP ETF (SPGP)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | |
|:---|:---|
| **Portfolio Composition**<br> **Sector Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** | **Portfolio Composition**<br> **Sector Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** |
| &nbsp;&nbsp; Financials | 27.37 |
| &nbsp;&nbsp; Health Care | 19.40 |
| &nbsp;&nbsp; Information Technology | 14.05 |
| &nbsp;&nbsp; Consumer Discretionary | 13.32 |
| &nbsp;&nbsp; Industrials | 8.76 |
| &nbsp;&nbsp; Materials | 5.17 |
| &nbsp;&nbsp; Energy | 3.56 |
| &nbsp;&nbsp; Sector Types Each Less Than 3% | 8.31 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.06 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**12**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**12**  |

---

------

**Invesco S&P 500 Value with Momentum ETF (SPVM)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.97%** | **Common Stocks & Other Equity Interests-99.97%** | **Common Stocks & Other Equity Interests-99.97%** |
|  **Communication Services-0.81%** |  |  |
|  Interpublic Group of Cos., Inc. (The) | 13136 | $391321 |
|  **Consumer Discretionary-7.84%** |  |  |
|  Advance Auto Parts, Inc. | 1948 | 369964 |
|  Bath & Body Works, Inc. | 10034 | 334935 |
|  eBay, Inc. | 11672 | 465013 |
|  Ford Motor Co. | 87306 | 1167281 |
|  Genuine Parts Co. | 2449 | 435579 |
|  LKQ Corp. | 8928 | 496754 |
|  Target Corp. | 3231 | 530692 |
|  |  | 3800218 |
|  **Consumer Staples-7.11%** |  |  |
|  Archer-Daniels-Midland Co. | 7165 | 694862 |
|  JM Smucker Co. (The) | 3188 | 480304 |
|  Kraft Heinz Co. (The) | 13985 | 538003 |
|  Kroger Co. (The) | 12023 | 568568 |
|  Tyson Foods, Inc., Class A | 9334 | 637979 |
|  Walmart, Inc. | 3725 | 530179 |
|  |  | 3449895 |
|  **Energy-11.80%** |  |  |
|  APA Corp. | 8147 | 370363 |
|  Chevron Corp. | 2060 | 372654 |
|  ConocoPhillips | 3049 | 384448 |
|  Coterra Energy, Inc. | 10082 | 313853 |
|  Diamondback Energy, Inc. | 2756 | 432995 |
|  Exxon Mobil Corp. | 4026 | 446121 |
|  Kinder Morgan, Inc. | 17137 | 310522 |
|  Marathon Oil Corp. | 13162 | 400783 |
|  Marathon Petroleum Corp. | 8877 | 1008605 |
|  Occidental Petroleum Corp. | 5418 | 393347 |
|  Phillips 66 | 6687 | 697387 |
|  Valero Energy Corp. | 4709 | 591215 |
|  |  | 5722293 |
|  **Financials-33.27%** |  |  |
|  Aflac, Inc. | 10327 | 672391 |
|  Allstate Corp. (The) | 4962 | 626452 |
|  American International Group, Inc. | 17502 | 997614 |
|  Ameriprise Financial, Inc. | 1240 | 383309 |
|  Assurant, Inc. | 3762 | 511105 |
|  Berkshire Hathaway, Inc., Class B<sup>(b)</sup>  | 1985 | 585754 |
|  Chubb Ltd. | 2424 | 520893 |
|  Cincinnati Financial Corp. | 4063 | 419789 |
|  Comerica, Inc. | 5729 | 403895 |
|  Discover Financial Services. | 4999 | 522196 |
|  Everest Re Group Ltd. | 2862 | 923453 |
|  Fifth Third Bancorp | 12627 | 450658 |
|  Hartford Financial Services Group, Inc. (The) | 8918 | 645752 |
|  Lincoln National Corp. | 18155 | 978010 |
|  Loews Corp. | 12239 | 697868 |
|  M&T Bank Corp. | 2551 | 429512 |
|  MetLife, Inc. | 13092 | 958465 |
|  Morgan Stanley | 6039 | 496225 |
|  Principal Financial Group, Inc. | 7682 | 677015 |
|  Prudential Financial, Inc. | 9360 | 984578 |
|  Raymond James Financial, Inc. | 4128 | 487682 |
|  Regions Financial Corp. | 26678 | 585582 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Financials-(continued)** |  |  |
|  Travelers Cos., Inc. (The) | 3214 | $592854 |
|  W.R. Berkley Corp. | 5203 | 386999 |
|  Wells Fargo & Co. | 14938 | 686999 |
|  Zions Bancorporation N.A | 9845 | 511349 |
|  |  | 16136399 |
|  **Health Care-11.91%** |  |  |
|  AmerisourceBergen Corp. | 3810 | 599008 |
|  Centene Corp.<sup>(b)</sup>  | 8681 | 739014 |
|  CVS Health Corp. | 8557 | 810348 |
|  Elevance Health, Inc. | 847 | 463114 |
|  HCA Healthcare, Inc. | 1824 | 396665 |
|  Henry Schein, Inc.<sup>(b)</sup>  | 4981 | 340999 |
|  Hologic, Inc.<sup>(b)</sup>  | 4061 | 275336 |
|  McKesson Corp. | 1434 | 558357 |
|  Molina Healthcare, Inc.<sup>(b)</sup>  | 1591 | 570946 |
|  Organon & Co. | 10704 | 280231 |
|  Pfizer, Inc. | 6108 | 284327 |
|  Regeneron Pharmaceuticals, Inc.<sup>(b)</sup>  | 613 | 458984 |
|  |  | 5777329 |
|  **Industrials-6.67%** |  |  |
|  C.H. Robinson Worldwide, Inc. | 5090 | 497395 |
|  General Dynamics Corp. | 1356 | 338729 |
|  Leidos Holdings, Inc. | 3550 | 360644 |
|  Northrop Grumman Corp. | 657 | 360699 |
|  Quanta Services, Inc. | 2315 | 328823 |
|  Raytheon Technologies Corp. | 3124 | 296218 |
|  Robert Half International, Inc. | 3405 | 260346 |
|  Textron, Inc. | 6559 | 448898 |
|  Wabtec Corp. | 3689 | 344110 |
|  |  | 3235862 |
|  **Information Technology-2.96%** |  |  |
|  Hewlett Packard Enterprise Co. | 70707 | 1008989 |
|  HP, Inc. | 15426 | 426066 |
|  |  | 1435055 |
|  **Materials-7.81%** |  |  |
|  Celanese Corp. | 2950 | 283554 |
|  CF Industries Holdings, Inc. | 3337 | 354590 |
|  Corteva, Inc. | 5331 | 348328 |
|  Dow, Inc. | 10064 | 470391 |
|  Freeport-McMoRan, Inc. | 8550 | 270949 |
|  LyondellBasell Industries N.V., Class A | 6754 | 516343 |
|  Mosaic Co. (The) | 9748 | 523955 |
|  Nucor Corp. | 5954 | 782237 |
|  Packaging Corp. of America | 1973 | 237174 |
|  |  | 3787521 |
|  **Real Estate-2.32%** |  |  |
|  CBRE Group, Inc., Class A<sup>(b)</sup>  | 5880 | 417127 |
|  Kimco Realty Corp. | 18599 | 397646 |
|  Weyerhaeuser Co. | 10090 | 312084 |
|  |  | 1126857 |
|  **Utilities-7.47%** |  |  |
|  American Electric Power Co., Inc. | 3174 | 279058 |
|  Atmos Energy Corp. | 2861 | 304840 |
|  CenterPoint Energy, Inc. | 13200 | 377652 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**13**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**13**  |

---

------

**Invesco S&P 500 Value with Momentum ETF (SPVM)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Utilities-(continued)** |  |  |
|  CMS Energy Corp. | 4464 | $254671 |
|  Consolidated Edison, Inc. | 3742 | 329146 |
|  Duke Energy Corp. | 2945 | 274415 |
|  Edison International | 4650 | 279186 |
|  Entergy Corp. | 2874 | 307920 |
|  Evergy, Inc. | 5254 | 321177 |
|  Exelon Corp. | 8879 | 342641 |
|  FirstEnergy Corp. | 7525 | 283768 |
|  NiSource, Inc. | 10525 | 270387 |
|  |  | 3624861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $45,890,273) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $45,890,273) | 48487611 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds-0.09%** | **Money Market Funds-0.09%** | **Money Market Funds-0.09%** |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>3.07%<sup>(c)(d)</sup>(Cost $43,770) | 43770 | $43770 |
|  TOTAL INVESTMENTS IN SECURITIES-100.06%<br>(Cost $45,934,043) | TOTAL INVESTMENTS IN SECURITIES-100.06%<br>(Cost $45,934,043) | 48531381 |
|  OTHER ASSETS LESS LIABILITIES-(0.06)% | OTHER ASSETS LESS LIABILITIES-(0.06)% | (28884) |
|  NET ASSETS-100.00% | NET ASSETS-100.00% | $48502497 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain (Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; Invesco Ltd. | $618818 | $32269 | $(569591) | $197725 | $(279221) | $- | $6313 |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | 79573 | 895031 | (930834) |  |  | 43770 | 602 |
| &nbsp;&nbsp; Total | $698391 | $927300 | $(1500425) | $197725 | $(279221) | $43770 | $6915 |

---

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

---

| | |
|:---|:---|
| **Portfolio Composition**<br> **Sector Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** | **Portfolio Composition**<br> **Sector Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** |
| &nbsp;&nbsp; Financials | 33.27 |
| &nbsp;&nbsp; Health Care | 11.91 |
| &nbsp;&nbsp; Energy | 11.80 |
| &nbsp;&nbsp; Consumer Discretionary | 7.84 |
| &nbsp;&nbsp; Materials | 7.81 |
| &nbsp;&nbsp; Utilities | 7.47 |
| &nbsp;&nbsp; Consumer Staples | 7.11 |
| &nbsp;&nbsp; Industrials | 6.67 |
| &nbsp;&nbsp; Sector Types Each Less Than 3% | 6.09 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.03 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**14**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**14**  |

---

------

**Invesco S&P MidCap Momentum ETF (XMMO)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** |
|  **Communication Services-0.97%** |  |  |
|  World Wrestling Entertainment, Inc., Class A<sup>(b)</sup>  | 123855 | $9770921 |
|  **Consumer Discretionary-6.47%** |  |  |
|  H&R Block, Inc.<sup>(b)</sup>  | 550663 | 22659782 |
|  Murphy USA, Inc. | 74123 | 23312425 |
|  Service Corp. International | 322030 | 19518238 |
|  |  | 65490445 |
|  **Consumer Staples-5.63%** |  |  |
|  BJ's Wholesale Club Holdings, Inc.<sup>(c)</sup>  | 264567 | 20477486 |
|  Coca-Cola Consolidated, Inc.<sup>(b)</sup>  | 8029 | 3910203 |
|  Flowers Foods, Inc. | 467572 | 13423992 |
|  Grocery Outlet Holding Corp.<sup>(b)(c)</sup>  | 168619 | 5829159 |
|  Pilgrim's Pride Corp.<sup>(c)</sup>  | 110714 | 2551958 |
|  Post Holdings, Inc.<sup>(c)</sup>  | 119969 | 10847597 |
|  |  | 57040395 |
|  **Energy-16.00%** |  |  |
|  CNX Resources Corp.<sup>(b)(c)</sup>  | 425367 | 7150419 |
|  DT Midstream, Inc.<sup>(b)</sup>  | 256518 | 15314124 |
|  HF Sinclair Corp. | 411613 | 25178367 |
|  Matador Resources Co. | 331989 | 22060669 |
|  Murphy Oil Corp. | 360649 | 17495083 |
|  NOV, Inc.<sup>(b)</sup>  | 756740 | 16950976 |
|  PDC Energy, Inc.<sup>(b)</sup>  | 252534 | 18217803 |
|  Range Resources Corp. | 854910 | 24347837 |
|  Southwestern Energy Co.<sup>(c)</sup>  | 2207820 | 15300193 |
|  |  | 162015471 |
|  **Financials-13.62%** |  |  |
|  American Financial Group, Inc. | 150073 | 21777093 |
|  Cathay General Bancorp | 118770 | 5415912 |
|  Cullen/Frost Bankers, Inc.<sup>(b)</sup>  | 133247 | 20659947 |
|  Fulton Financial Corp. | 272778 | 4972743 |
|  Hancock Whitney Corp. | 132533 | 7404619 |
|  Home BancShares, Inc.<sup>(b)</sup>  | 304583 | 7763821 |
|  International Bancshares Corp.<sup>(b)</sup>  | 88933 | 4411077 |
|  Kinsale Capital Group, Inc.<sup>(b)</sup>  | 48719 | 15354767 |
|  Prosperity Bancshares, Inc. | 148795 | 10649258 |
|  United Bankshares, Inc.<sup>(b)</sup>  | 237779 | 10069941 |
|  Unum Group. | 333967 | 15225555 |
|  Washington Federal, Inc. | 94293 | 3649139 |
|  Wintrust Financial Corp. | 113088 | 10587299 |
|  |  | 137941171 |
|  **Health Care-6.99%** |  |  |
|  Acadia Healthcare Co., Inc.<sup>(c)</sup>  | 199405 | 16211627 |
|  Exelixis, Inc.<sup>(c)</sup>  | 576630 | 9560526 |
|  Halozyme Therapeutics, Inc.<sup>(b)(c)</sup>  | 222709 | 10647717 |
|  Option Care Health, Inc.<sup>(c)</sup>  | 451213 | 13653705 |
|  United Therapeutics Corp.<sup>(c)</sup>  | 89834 | 20709432 |
|  |  | 70783007 |
|  **Industrials-22.60%** |  |  |
|  AECOM | 229058 | 17243486 |
|  Avis Budget Group, Inc.<sup>(b)(c)</sup>  | 62360 | 14745646 |
|  Builders FirstSource, Inc.<sup>(b)(c)</sup>  | 392763 | 24217767 |
|  CACI International, Inc., Class A<sup>(c)</sup>  | 38958 | 11844401 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Industrials-(continued)** |  |  |
|  Carlisle Cos., Inc. | 167963 | $40109564 |
|  Chart Industries, Inc.<sup>(b)(c)</sup>  | 58447 | 13026667 |
|  Curtiss-Wright Corp. | 78710 | 13209899 |
|  Dycom Industries, Inc.<sup>(c)</sup>  | 67821 | 8015086 |
|  Fluor Corp.<sup>(b)(c)</sup>  | 344664 | 10429533 |
|  FTI Consulting, Inc.<sup>(b)(c)</sup>  | 57450 | 8940943 |
|  Insperity, Inc.<sup>(b)</sup>  | 54188 | 6395268 |
|  KBR, Inc. | 371509 | 18490003 |
|  Knight-Swift Transportation Holdings, Inc. | 234587 | 11267214 |
|  nVent Electric PLC | 265246 | 9681479 |
|  Science Applications International Corp. | 90853 | 9843014 |
|  Valmont Industries, Inc. | 35465 | 11321137 |
|  |  | 228781107 |
|  **Information Technology-2.90%** |  |  |
|  Aspen Technology, Inc.<sup>(b)(c)</sup>  | 66856 | 16142381 |
|  Avnet, Inc. | 170270 | 6843151 |
|  Belden, Inc.<sup>(b)</sup>  | 92214 | 6420861 |
|  |  | 29406393 |
|  **Materials-10.56%** |  |  |
|  Alcoa Corp. | 277832 | 10843783 |
|  Ashland, Inc. | 96875 | 10164125 |
|  Cabot Corp. | 132628 | 9745505 |
|  Commercial Metals Co. | 208846 | 9502493 |
|  Greif, Inc., Class A<sup>(b)</sup>  | 47126 | 3120213 |
|  Louisiana-Pacific Corp.<sup>(b)</sup>  | 106817 | 6051183 |
|  Reliance Steel & Aluminum Co. | 117621 | 23698279 |
|  Silgan Holdings, Inc. | 137266 | 6500918 |
|  Steel Dynamics, Inc. | 290120 | 27285786 |
|  |  | 106912285 |
|  **Real Estate-4.72%** |  |  |
|  Healthcare Realty Trust, Inc.<sup>(b)</sup>  | 689552 | 14018592 |
|  Independence Realty Trust, Inc.<sup>(b)</sup>  | 399570 | 6696793 |
|  Life Storage, Inc. | 126206 | 13959646 |
|  Rexford Industrial Realty, Inc. | 236827 | 13091796 |
|  |  | 47766827 |
|  **Utilities-9.50%** |  |  |
|  Black Hills Corp. | 131437 | 8592037 |
|  IDACORP, Inc. | 79151 | 8287110 |
|  National Fuel Gas Co. | 311970 | 21054855 |
|  New Jersey Resources Corp.<sup>(b)</sup>  | 229935 | 10264298 |
|  OGE Energy Corp. | 582471 | 21335913 |
|  ONE Gas, Inc. | 109406 | 8476777 |
|  Ormat Technologies, Inc.<sup>(b)</sup>  | 82518 | 7463753 |
|  Southwest Gas Holdings, Inc. | 145986 | 10667197 |
|  |  | 96141940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests (Cost $955,327,672) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests (Cost $955,327,672) | 1012049962 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**15**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**15**  |

---

------

**Invesco S&P MidCap Momentum ETF (XMMO)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds-0.04%** | **Money Market Funds-0.04%** | **Money Market Funds-0.04%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup>(Cost $406,122) | 406122 | $406122 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.00%<br>(Cost $955,733,794) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.00%<br>(Cost $955,733,794) | 1012456084 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-14.85%** | **Money Market Funds-14.85%** | **Money Market Funds-14.85%** |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup>  | 44044500 | 44044500 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup> | 106262419 | $106262419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $150,308,001) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $150,308,001) | 150306919 |
|  TOTAL INVESTMENTS IN SECURITIES-114.85%<br>(Cost $1,106,041,795) | TOTAL INVESTMENTS IN SECURITIES-114.85%<br>(Cost $1,106,041,795) | 1162763003 |
|  OTHER ASSETS LESS LIABILITIES-(14.85)% | OTHER ASSETS LESS LIABILITIES-(14.85)% | (150349938) |
|  NET ASSETS-100.00% |  | $1012413065 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated<br>Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $531940 | $20388321 | $(20514139) | $- | $- | $406122 | $6406 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 19658589 | 174903038 | (150517127) |  |  | 44044500 | 316311 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 45795787 | 398818143 | (338347393) | (3121) | (997) | 106262419 | 861407 \* |
| &nbsp;&nbsp; Total | $65986316 | $594109502 | $(509378659) | $(3121) | $(997) | $150713041 | $1184124 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**16**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**16**  |

---

------

**Invesco S&P MidCap Momentum ETF (XMMO)–(continued)** 

October 31, 2022

*(Unaudited)* 

**Portfolio Composition** 

**Sector Breakdown (% of the Fund's Net Assets)** 

**as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Industrials | 22.60 |
| &nbsp;&nbsp; Energy | 16.00 |
| &nbsp;&nbsp; Financials | 13.62 |
| &nbsp;&nbsp; Materials | 10.56 |
| &nbsp;&nbsp; Utilities | 9.50 |
| &nbsp;&nbsp; Health Care | 6.99 |
| &nbsp;&nbsp; Consumer Discretionary | 6.47 |
| &nbsp;&nbsp; Consumer Staples | 5.63 |
| &nbsp;&nbsp; Real Estate | 4.72 |
| &nbsp;&nbsp; Sector Types Each Less Than 3% | 3.87 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.04 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**17**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**17**  |

---

------

**Invesco S&P MidCap Quality ETF (XMHQ)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** |
|  **Communication Services-0.78%** |  |  |
|  Ziff Davis, Inc.<sup>(b)(c)</sup>  | 32176 | $2490101 |
|  **Consumer Discretionary-17.39%** |  |  |
|  AutoNation, Inc.<sup>(b)(c)</sup>  | 29117 | 3095428 |
|  Capri Holdings Ltd.<sup>(b)(c)</sup>  | 85510 | 3906097 |
|  Carter's, Inc.<sup>(c)</sup>  | 25217 | 1711478 |
|  Choice Hotels International, Inc.<sup>(c)</sup>  | 26027 | 3379346 |
|  Deckers Outdoor Corp.<sup>(b)</sup>  | 23247 | 8134823 |
|  Dick's Sporting Goods, Inc. | 40681 | 4627870 |
|  Gentex Corp. | 136816 | 3624256 |
|  Grand Canyon Education, Inc.<sup>(b)</sup>  | 38468 | 3871035 |
|  Macy's, Inc. | 183218 | 3820095 |
|  Mattel, Inc.<sup>(b)(c)</sup>  | 234468 | 4445513 |
|  Texas Roadhouse, Inc. | 39402 | 3898828 |
|  Toll Brothers, Inc. | 67473 | 2906737 |
|  Williams-Sonoma, Inc. | 63429 | 7854413 |
|  |  | 55275919 |
|  **Energy-2.73%** |  |  |
|  Matador Resources Co. | 63873 | 4244361 |
|  PDC Energy, Inc. | 61519 | 4437980 |
|  |  | 8682341 |
|  **Financials-29.39%** |  |  |
|  American Financial Group, Inc. | 64998 | 9431860 |
|  Associated Banc-Corp | 86994 | 2118304 |
|  Cathay General Bancorp | 65106 | 2968834 |
|  Commerce Bancshares, Inc. | 90458 | 6408045 |
|  East West Bancorp, Inc. | 81667 | 5844907 |
|  Evercore, Inc., Class A<sup>(c)</sup>  | 26936 | 2830974 |
|  F.N.B. Corp.<sup>(c)</sup>  | 281575 | 4068759 |
|  Federated Hermes, Inc., Class B | 59902 | 2081595 |
|  Fulton Financial Corp. | 121275 | 2210843 |
|  Hanover Insurance Group, Inc. (The) | 22150 | 3244754 |
|  Home BancShares, Inc.<sup>(c)</sup>  | 128428 | 3273630 |
|  International Bancshares Corp. | 44615 | 2212904 |
|  Janus Henderson Group PLC<sup>(c)</sup>  | 102068 | 2324088 |
|  PacWest Bancorp | 74841 | 1860547 |
|  Pinnacle Financial Partners, Inc. | 49202 | 4083274 |
|  Prosperity Bancshares, Inc. | 61809 | 4423670 |
|  RLI Corp. | 24527 | 3190227 |
|  SEI Investments Co. | 69838 | 3792203 |
|  Texas Capital Bancshares, Inc.<sup>(b)</sup>  | 40577 | 2434620 |
|  Umpqua Holdings Corp. | 189630 | 3769844 |
|  United Bankshares, Inc.<sup>(c)</sup>  | 116707 | 4942541 |
|  Valley National Bancorp | 313377 | 3719785 |
|  Voya Financial, Inc.<sup>(c)</sup>  | 65917 | 4506086 |
|  Washington Federal, Inc. | 51072 | 1976486 |
|  Webster Financial Corp. | 105311 | 5714175 |
|  |  | 93432955 |
|  **Health Care-8.19%** |  |  |
|  Acadia Healthcare Co., Inc.<sup>(b)</sup>  | 56988 | 4633125 |
|  Azenta, Inc.<sup>(c)</sup>  | 64483 | 2863045 |
|  Chemed Corp. | 11280 | 5266294 |
|  Envista Holdings Corp.<sup>(b)(c)</sup>  | 95608 | 3156020 |
|  Exelixis, Inc.<sup>(b)</sup>  | 180492 | 2992557 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Health Care-(continued)** |  |  |
|  Medpace Holdings, Inc.<sup>(b)(c)</sup>  | 19951 | $4428723 |
|  QuidelOrtho Corp.<sup>(b)</sup>  | 30016 | 2696037 |
|  |  | 26035801 |
|  **Industrials-18.72%** |  |  |
|  ASGN, Inc.<sup>(b)</sup>  | 31424 | 2664127 |
|  Axon Enterprise, Inc.<sup>(b)</sup>  | 43238 | 6288535 |
|  Crane Holdings Co. | 31208 | 3131411 |
|  Donaldson Co., Inc. | 79894 | 4589910 |
|  Hubbell, Inc. | 31548 | 7492019 |
|  Landstar System, Inc. | 23583 | 3684136 |
|  Lincoln Electric Holdings, Inc. | 33899 | 4813658 |
|  MSC Industrial Direct Co., Inc., Class A | 27661 | 2295310 |
|  Owens Corning | 62214 | 5326140 |
|  Tetra Tech, Inc. | 31973 | 4517145 |
|  Toro Co. (The) | 66809 | 7043673 |
|  Trex Co., Inc.<sup>(b)(c)</sup>  | 67890 | 3264830 |
|  XPO Logistics, Inc.<sup>(b)(c)</sup>  | 85185 | 4407472 |
|  |  | 59518366 |
|  **Information Technology-7.96%** |  |  |
|  Cirrus Logic, Inc.<sup>(b)(c)</sup>  | 34763 | 2333292 |
|  CommVault Systems, Inc.<sup>(b)</sup>  | 37483 | 2282340 |
|  Manhattan Associates, Inc.<sup>(b)</sup>  | 70809 | 8615331 |
|  Qualys, Inc.<sup>(b)</sup>  | 23972 | 3417448 |
|  Semtech Corp.<sup>(b)</sup>  | 39687 | 1098933 |
|  Silicon Laboratories, Inc.<sup>(b)(c)</sup>  | 43065 | 4949030 |
|  Teradata Corp.<sup>(b)(c)</sup>  | 82401 | 2603048 |
|  |  | 25299422 |
|  **Materials-13.03%** |  |  |
|  Ashland, Inc. | 33684 | 3534125 |
|  Chemours Co. (The) | 107484 | 3077267 |
|  Cleveland-Cliffs, Inc.<sup>(b)(c)</sup>  | 313950 | 4078210 |
|  Eagle Materials, Inc. | 28789 | 3521183 |
|  Louisiana-Pacific Corp.<sup>(c)</sup>  | 87176 | 4938520 |
|  Olin Corp. | 104995 | 5559485 |
|  Royal Gold, Inc. | 37910 | 3599934 |
|  Steel Dynamics, Inc. | 129611 | 12189915 |
|  Worthington Industries, Inc.<sup>(c)</sup>  | 19814 | 942354 |
|  |  | 41440993 |
|  **Real Estate-1.79%** |  |  |
|  Apartment Income REIT Corp. | 97907 | 3762566 |
|  PotlatchDeltic Corp.<sup>(c)</sup>  | 43011 | 1913559 |
|  |  | 5676125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $307,139,994) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $307,139,994) | 317852023 |
|  **Money Market Funds-0.04%** | **Money Market Funds-0.04%** |  |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>3.07%<sup>(d)(e)</sup>(Cost $139,508) | 139508 | 139508 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.02%<br>(Cost $307,279,502) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.02%<br>(Cost $307,279,502) | 317991531 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**18**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**18**  |

---

------

**Invesco S&P MidCap Quality ETF (XMHQ)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-16.20%** |  |  |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup>  | 14426396 | $14426396 |
|  Invesco Private Prime Fund, <br>3.28%<sup>(d)(e)(f)</sup> | 37084883 | 37084883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $51,510,858) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $51,510,858) | 51511279 |
|  TOTAL INVESTMENTS IN SECURITIES-116.22%<br>(Cost $358,790,360) | TOTAL INVESTMENTS IN SECURITIES-116.22%<br>(Cost $358,790,360) | 369502810 |
|  OTHER ASSETS LESS LIABILITIES-(16.22)% | OTHER ASSETS LESS LIABILITIES-(16.22)% | (51572415) |
|  NET ASSETS-100.00%. |  | $317930395 |

---

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money<br>Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $250806 | $22821286 | $(22932584) | $- | $- | $139508 | $5476 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 23130522 | 90663712 | (99367838) |  |  | 14426396 | 163048 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 50865558 | 195436377 | (209215928) | (2840) | 1716 | 37084883 | 444274 \* |
| &nbsp;&nbsp; Total | $74246886 | $308921375 | $(331516350) | $(2840) | $1716 | $51650787 | $612798 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**19**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**19**  |

---

------

**Invesco S&P MidCap Quality ETF (XMHQ)–(continued)** 

October 31, 2022

*(Unaudited)* 

**Portfolio Composition** 

**Sector Breakdown (% of the Fund's Net Assets)** 

**as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Financials | 29.39 |
| &nbsp;&nbsp; Industrials | 18.72 |
| &nbsp;&nbsp; Consumer Discretionary | 17.39 |
| &nbsp;&nbsp; Materials | 13.03 |
| &nbsp;&nbsp; Health Care | 8.19 |
| &nbsp;&nbsp; Information Technology | 7.96 |
| &nbsp;&nbsp; Sector Types Each Less Than 3% | 5.30 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.02 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**20**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**20**  |

---

------

**Invesco S&P MidCap Value with Momentum ETF (XMVM)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.03%** | **Common Stocks & Other Equity Interests-100.03%** | **Common Stocks & Other Equity Interests-100.03%** |
|  **Communication Services-0.91%** | **Communication Services-0.91%** | **Communication Services-0.91%** |
|  TEGNA, Inc. | 89889 | $1876882 |
|  **Consumer Discretionary-15.03%** | **Consumer Discretionary-15.03%** | **Consumer Discretionary-15.03%** |
|  AutoNation, Inc.<sup>(b)(c)</sup>  | 31813 | 3382040 |
|  Dick's Sporting Goods, Inc.<sup>(c)</sup>  | 36370 | 4137451 |
|  Goodyear Tire & Rubber Co. (The)<sup>(b)(c)</sup>  | 446273 | 5667667 |
|  Graham Holdings Co., Class B | 5759 | 3592867 |
|  Kohl's Corp. | 101194 | 3030760 |
|  Macy's, Inc. | 183246 | 3820679 |
|  Murphy USA, Inc. | 9419 | 2962370 |
|  Nordstrom, Inc.<sup>(c)</sup>  | 93827 | 1908441 |
|  Victoria's Secret & Co.<sup>(b)(c)</sup>  | 65131 | 2448926 |
|  |  | 30951201 |
|  **Consumer Staples-4.29%** | **Consumer Staples-4.29%** | **Consumer Staples-4.29%** |
|  BJ's Wholesale Club Holdings, Inc.<sup>(b)</sup>  | 28181 | 2181210 |
|  Pilgrim's Pride Corp.<sup>(b)</sup>  | 56047 | 1291883 |
|  Post Holdings, Inc.<sup>(b)</sup>  | 30596 | 2766490 |
|  Sprouts Farmers Market, Inc.<sup>(b)(c)</sup>  | 87777 | 2589422 |
|  |  | 8829005 |
|  **Energy-2.44%** | **Energy-2.44%** | **Energy-2.44%** |
|  DT Midstream, Inc.<sup>(c)</sup>  | 25466 | 1520320 |
|  HF Sinclair Corp. | 57413 | 3511953 |
|  |  | 5032273 |
|  **Financials-33.22%** | **Financials-33.22%** | **Financials-33.22%** |
|  American Financial Group, Inc. | 14702 | 2133407 |
|  Associated Banc-Corp | 138496 | 3372378 |
|  Bank OZK<sup>(c)</sup>  | 54249 | 2331622 |
|  Brighthouse Financial, Inc.<sup>(b)</sup>  | 105642 | 6028989 |
|  Cathay General Bancorp | 46990 | 2142744 |
|  CNO Financial Group, Inc. | 203714 | 4493931 |
|  East West Bancorp, Inc. | 20603 | 1474557 |
|  First American Financial Corp. | 56621 | 2853698 |
|  First Horizon Corp. | 68155 | 1670479 |
|  Hancock Whitney Corp. | 44935 | 2510518 |
|  Hanover Insurance Group, Inc. (The) | 13573 | 1988309 |
|  Janus Henderson Group PLC<sup>(c)</sup>  | 97317 | 2215908 |
|  Jefferies Financial Group, Inc. | 116947 | 4024146 |
|  Navient Corp. | 274607 | 4157550 |
|  Old Republic International Corp. | 155005 | 3597666 |
|  Pinnacle Financial Partners, Inc. | 24719 | 2051430 |
|  Selective Insurance Group, Inc. | 21877 | 2145696 |
|  Stifel Financial Corp. | 33079 | 2046598 |
|  Synovus Financial Corp. | 50183 | 1999792 |
|  UMB Financial Corp.<sup>(c)</sup>  | 18142 | 1509777 |
|  Unum Group | 106254 | 4844120 |
|  Valley National Bancorp<sup>(c)</sup>  | 180341 | 2140648 |
|  Washington Federal, Inc. | 65138 | 2520841 |
|  Webster Financial Corp. | 37212 | 2019123 |
|  Wintrust Financial Corp. | 22960 | 2149515 |
|  |  | 68423442 |
|  **Health Care-3.19%** | **Health Care-3.19%** | **Health Care-3.19%** |
|  Patterson Cos., Inc. | 68092 | 1768349 |
|  QuidelOrtho Corp.<sup>(b)</sup>  | 31670 | 2844600 |
|  Tenet Healthcare Corp.<sup>(b)</sup>  | 43964 | 1950243 |
|  |  | 6563192 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Industrials-12.11%** | **Industrials-12.11%** | **Industrials-12.11%** |
|  AGCO Corp. | 14977 | $1859694 |
|  ASGN, Inc.<sup>(b)</sup>  | 17037 | 1444397 |
|  Avis Budget Group, Inc.<sup>(b)(c)</sup>  | 9301 | 2199315 |
|  Builders FirstSource, Inc.<sup>(b)(c)</sup>  | 46008 | 2836853 |
|  CACI International, Inc., Class A<sup>(b)</sup>  | 5732 | 1742700 |
|  EMCOR Group, Inc. | 19601 | 2765701 |
|  Fluor Corp.<sup>(b)(c)</sup>  | 62838 | 1901478 |
|  Knight-Swift Transportation Holdings, Inc. | 52296 | 2511777 |
|  Owens Corning | 21594 | 1848662 |
|  Ryder System, Inc.<sup>(c)</sup>  | 45245 | 3642675 |
|  Univar Solutions, Inc.<sup>(b)</sup>  | 85561 | 2180094 |
|  |  | 24933346 |
|  **Information Technology-8.86%** | **Information Technology-8.86%** | **Information Technology-8.86%** |
|  Amkor Technology, Inc.<sup>(c)</sup>  | 137448 | 2857544 |
|  Arrow Electronics, Inc.<sup>(b)</sup>  | 35502 | 3594933 |
|  Avnet, Inc. | 90316 | 3629800 |
|  First Solar, Inc.<sup>(b)</sup>  | 20920 | 3045324 |
|  Jabil, Inc. | 50476 | 3243083 |
|  Silicon Laboratories, Inc.<sup>(b)(c)</sup>  | 16336 | 1877333 |
|  |  | 18248017 |
|  **Materials-15.13%** | **Materials-15.13%** | **Materials-15.13%** |
|  Alcoa Corp. | 26410 | 1030782 |
|  Ashland, Inc. | 20455 | 2146139 |
|  Avient Corp. | 30887 | 1065293 |
|  Chemours Co. (The)<sup>(c)</sup>  | 35026 | 1002794 |
|  Cleveland-Cliffs, Inc.<sup>(b)(c)</sup>  | 167373 | 2174175 |
|  Commercial Metals Co. | 81483 | 3707476 |
|  Greif, Inc., Class A<sup>(c)</sup>  | 49558 | 3281235 |
|  Louisiana-Pacific Corp.<sup>(c)</sup>  | 37800 | 2141370 |
|  Olin Corp. | 29974 | 1587123 |
|  Reliance Steel & Aluminum Co. | 13460 | 2711921 |
|  Silgan Holdings, Inc. | 38430 | 1820045 |
|  Steel Dynamics, Inc. | 38510 | 3621866 |
|  United States Steel Corp.<sup>(c)</sup>  | 239377 | 4873716 |
|  |  | 31163935 |
|  **Real Estate-3.37%** | **Real Estate-3.37%** | **Real Estate-3.37%** |
|  Cousins Properties, Inc. | 52739 | 1253079 |
|  Jones Lang LaSalle, Inc.<sup>(b)(c)</sup>  | 12919 | 2055284 |
|  Macerich Co. (The)<sup>(c)</sup>  | 181472 | 2019783 |
|  PotlatchDeltic Corp.<sup>(c)</sup>  | 36308 | 1615343 |
|  |  | 6943489 |
|  **Utilities-1.48%** | **Utilities-1.48%** | **Utilities-1.48%** |
|  OGE Energy Corp. | 44445 | 1628020 |
|  Spire, Inc. | 20245 | 1413304 |
|  |  | 3041324 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.03%<br>(Cost $203,835,025) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.03%<br>(Cost $203,835,025) | 206006106 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**21**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**21**  |

---

------

**Invesco S&P MidCap Value with Momentum ETF (XMVM)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-18.27%** | **Money Market Funds-18.27%** | **Money Market Funds-18.27%** |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup>  | 10535034 | $10535034 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup>  | 27081455 | 27081455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $37,615,999) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $37,615,999) | 37616489 |
|  TOTAL INVESTMENTS IN SECURITIES-118.30%<br>(Cost $241,451,024) | TOTAL INVESTMENTS IN SECURITIES-118.30%<br>(Cost $241,451,024) | 243622595 |
|  OTHER ASSETS LESS LIABILITIES-(18.30)% | OTHER ASSETS LESS LIABILITIES-(18.30)% | (37685651) |
|  NET ASSETS-100.00%. |  | $205936944 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $17751 | $2405038 | $(2422789) | $- | $- | $- | $1880 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 13433427 | 66905120 | (69803513) |  |  | 10535034 | 101397 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 25011750 | 145446609 | (143378700) | 221 | 1575 | 27081455 | 277002 \* |
| &nbsp;&nbsp; Total | $38462928 | $214756767 | $(215605002) | $221 | $1575 | $37616489 | $380279 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**22**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**22**  |

---

------

**Invesco S&P MidCap Value with Momentum ETF (XMVM)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | |
|:---|:---|
| **Portfolio Composition** | **Portfolio Composition** |
| **Sector Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** | **Sector Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** |
| &nbsp;&nbsp; Financials | 33.22 |
| &nbsp;&nbsp; Materials | 15.13 |
| &nbsp;&nbsp; Consumer Discretionary | 15.03 |
| &nbsp;&nbsp; Industrials | 12.11 |
| &nbsp;&nbsp; Information Technology | 8.86 |
| &nbsp;&nbsp; Consumer Staples | 4.29 |
| &nbsp;&nbsp; Real Estate | 3.37 |
| &nbsp;&nbsp; Health Care | 3.19 |
| &nbsp;&nbsp; Sector Types Each Less Than 3% | 4.83 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | (0.03) |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**23**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**23**  |

---

------

**Invesco S&P SmallCap Momentum ETF (XSMO)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** |
|  **Communication Services-1.07%** |  |  |
|  Gogo, Inc.<sup>(b)</sup>  | 50524 | $718451 |
|  Scholastic Corp. | 27544 | 1050528 |
|  |  | 1768979 |
|  **Consumer Discretionary-1.02%** | **Consumer Discretionary-1.02%** | **Consumer Discretionary-1.02%** |
|  Movado Group, Inc. | 7692 | 254374 |
|  Perdoceo Education Corp.<sup>(b)</sup>  | 37913 | 433346 |
|  Stride, Inc.<sup>(b)(c)</sup>  | 29761 | 997291 |
|  |  | 1685011 |
|  **Consumer Staples-8.75%** | **Consumer Staples-8.75%** | **Consumer Staples-8.75%** |
|  Andersons, Inc. (The) | 21593 | 761585 |
|  Cal-Maine Foods, Inc. | 39283 | 2219882 |
|  Hostess Brands, Inc.<sup>(b)</sup>  | 135161 | 3579063 |
|  Inter Parfums, Inc. | 8383 | 678017 |
|  MGP Ingredients, Inc.<sup>(c)</sup>  | 18130 | 2031467 |
|  National Beverage Corp.<sup>(c)</sup>  | 15157 | 718745 |
|  SpartanNash Co. | 43503 | 1553492 |
|  United Natural Foods, Inc.<sup>(b)</sup>  | 33695 | 1429005 |
|  Universal Corp. | 14065 | 711830 |
|  Vector Group Ltd. | 78435 | 832980 |
|  |  | 14516066 |
|  **Energy-18.60%** | **Energy-18.60%** | **Energy-18.60%** |
|  Civitas Resources, Inc. | 41935 | 2931676 |
|  CONSOL Energy, Inc. | 39470 | 2487399 |
|  Helmerich & Payne, Inc. | 87333 | 4323857 |
|  Laredo Petroleum, Inc.<sup>(b)(c)</sup>  | 10868 | 702616 |
|  Nabors Industries Ltd.<sup>(b)</sup>  | 6075 | 1057232 |
|  Patterson-UTI Energy, Inc. | 224329 | 3959407 |
|  PBF Energy, Inc., Class A<sup>(b)</sup>  | 129216 | 5717808 |
|  ProPetro Holding Corp.<sup>(b)</sup>  | 53868 | 637797 |
|  Ranger Oil Corp., Class A<sup>(c)</sup>  | 18034 | 737591 |
|  RPC, Inc. | 75058 | 835396 |
|  SM Energy Co. | 130263 | 5859230 |
|  Talos Energy, Inc.<sup>(b)</sup>  | 47103 | 1002352 |
|  US Silica Holdings, Inc.<sup>(b)</sup>  | 42127 | 606207 |
|  |  | 30858568 |
|  **Financials-27.03%** | **Financials-27.03%** | **Financials-27.03%** |
|  American Equity Investment Life Holding Co. | 38525 | 1659657 |
|  Assured Guaranty Ltd. | 40682 | 2407967 |
|  BancFirst Corp. | 20930 | 2005513 |
|  Banner Corp. | 21566 | 1612058 |
|  Blucora, Inc.<sup>(b)</sup>  | 26724 | 588730 |
|  City Holding Co. | 10079 | 1016467 |
|  CVB Financial Corp. | 156104 | 4483307 |
|  Encore Capital Group, Inc.<sup>(b)</sup>  | 26904 | 1369952 |
|  EZCORP, Inc., Class A<sup>(b)</sup>  | 40288 | 389182 |
|  FB Financial Corp. | 19657 | 824808 |
|  First Bancorp | 121697 | 1921596 |
|  First Commonwealth Financial Corp. | 55975 | 802681 |
|  Genworth Financial, Inc., Class A<sup>(b)</sup>  | 320884 | 1498528 |
|  Hanmi Financial Corp. | 27135 | 726675 |
|  Hope Bancorp, Inc. | 71140 | 965370 |
|  Independent Bank Corp. | 30587 | 2661375 |
|  Lakeland Financial Corp. | 16435 | 1358353 |
|  Mr. Cooper Group, Inc.<sup>(b)(c)</sup>  | 41129 | 1624184 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
|  National Bank Holdings Corp., Class A | 19403 | $| 850239 |
|  NBT Bancorp, Inc. | 29961 |  | 1419852 |
|  Northwest Bancshares, Inc. | 80601 |  | 1213851 |
|  OFG Bancorp | 29507 |  | 822655 |
|  Park National Corp.<sup>(c)</sup>  | 8934 |  | 1317765 |
|  Preferred Bank | 10160 |  | 780999 |
|  Provident Financial Services, Inc.<sup>(c)</sup>  | 50638 |  | 1135304 |
|  Safety Insurance Group, Inc. | 10469 |  | 910279 |
|  Seacoast Banking Corp. of Florida | 37078 |  | 1145710 |
|  ServisFirst Bancshares, Inc. | 32939 |  | 2481295 |
|  Southside Bancshares, Inc.<sup>(c)</sup>  | 18211 |  | 623545 |
|  StoneX Group, Inc.<sup>(b)</sup>  | 13055 |  | 1218293 |
|  United Community Banks, Inc. | 68100 |  | 2621850 |
|  United Fire Group, Inc. | 14546 |  | 394197 |
|  |  |  | 44852237 |
|  **Health Care-7.89%** | **Health Care-7.89%** | **Health Care-7.89%** | **Health Care-7.89%** |
|  Amphastar Pharmaceuticals, Inc.<sup>(b)</sup>  | 38990 |  | 1204791 |
|  Corcept Therapeutics, Inc.<sup>(b)</sup>  | 61848 |  | 1768853 |
|  CorVel Corp.<sup>(b)</sup>  | 5010 |  | 822692 |
|  Cross Country Healthcare, Inc.<sup>(b)(c)</sup>  | 25691 |  | 952879 |
|  Cytokinetics, Inc.<sup>(b)(c)</sup>  | 53478 |  | 2334849 |
|  Dynavax Technologies Corp.<sup>(b)(c)</sup>  | 73308 |  | 839377 |
|  Enanta Pharmaceuticals, Inc.<sup>(b)</sup>  | 10822 |  | 488180 |
|  Harmony Biosciences Holdings,<br>Inc.<sup>(b)(c)</sup>  | 31812 |  | 1654224 |
|  Prestige Consumer Healthcare, Inc.<sup>(b)</sup>  | 28132 |  | 1532631 |
|  Simulations Plus, Inc. | 10493 |  | 435460 |
|  Supernus Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 30811 |  | 1055893 |
|  |  |  | 13089829 |
|  **Industrials-19.72%** | **Industrials-19.72%** | **Industrials-19.72%** | **Industrials-19.72%** |
|  AAR Corp.<sup>(b)</sup>  | 21170 |  | 938254 |
|  Applied Industrial Technologies, Inc. | 20145 |  | 2505635 |
|  ArcBest Corp.<sup>(c)</sup>  | 17742 |  | 1409247 |
|  Atlas Air Worldwide Holdings, Inc.<sup>(b)(c)</sup>  | 12711 |  | 1285591 |
|  Boise Cascade Co. | 28556 |  | 1906684 |
|  Comfort Systems USA, Inc. | 30708 |  | 3785682 |
|  Encore Wire Corp.<sup>(c)</sup>  | 18660 |  | 2567429 |
|  Forward Air Corp. | 15205 |  | 1609753 |
|  Griffon Corp. | 33083 |  | 1063288 |
|  Hub Group, Inc., Class A<sup>(b)</sup>  | 17785 |  | 1380116 |
|  Marten Transport Ltd. | 48996 |  | 919655 |
|  Matson, Inc. | 27115 |  | 1995122 |
|  Mueller Industries, Inc. | 56893 |  | 3563777 |
|  NV5 Global, Inc.<sup>(b)</sup>  | 10388 |  | 1505741 |
|  Resources Connection, Inc. | 25745 |  | 470361 |
|  Titan International, Inc.<sup>(b)</sup>  | 46153 |  | 690449 |
|  UFP Industries, Inc. | 38939 |  | 2773625 |
|  Veritiv Corp.<sup>(b)(c)</sup>  | 14895 |  | 1731693 |
|  Wabash National Corp. | 28615 |  | 619515 |
|  |  |  | 32721617 |
|  **Information Technology-9.55%** | **Information Technology-9.55%** | **Information Technology-9.55%** | **Information Technology-9.55%** |
|  Alpha & Omega Semiconductor<br>Ltd.<sup>(b)(c)</sup>  | 15134 |  | 495639 |
|  Axcelis Technologies, Inc.<sup>(b)</sup>  | 29325 |  | 1700850 |
|  Clearfield, Inc.<sup>(b)(c)</sup>  | 13087 |  | 1589678 |
|  CSG Systems International, Inc. | 38628 |  | 2498073 |
|  Digi International, Inc.<sup>(b)</sup>  | 27292 |  | 1100686 |
|  ePlus, Inc.<sup>(b)</sup>  | 15853 |  | 772358 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**24**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**24**  |

---

------

**Invesco S&P SmallCap Momentum ETF (XSMO)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
|  Extreme Networks, Inc.<sup>(b)</sup>  | 63039 | $1130920 |
|  NetScout Systems, Inc.<sup>(b)(c)</sup>  | 44145 | 1585688 |
|  Onto Innovation, Inc.<sup>(b)</sup>  | 24097 | 1610643 |
|  PDF Solutions, Inc.<sup>(b)</sup>  | 20447 | 482140 |
|  Photronics, Inc.<sup>(b)</sup>  | 56249 | 912359 |
|  Sanmina Corp.<sup>(b)</sup>  | 34993 | 1961358 |
|  |  | 15840392 |
|  **Materials-3.98%** |  |  |
|  AdvanSix, Inc. | 13923 | 506519 |
|  American Vanguard Corp. | 22112 | 514546 |
|  Innospec, Inc. | 14767 | 1476552 |
|  Mercer International, Inc. (Germany) | 30737 | 412491 |
|  Myers Industries, Inc. | 21463 | 435484 |
|  Sylvamo Corp. | 21190 | 1020722 |
|  TimkenSteel Corp.<sup>(b)(c)</sup>  | 28127 | 490535 |
|  Warrior Met Coal, Inc. | 47236 | 1754345 |
|  |  | 6611194 |
|  **Real Estate-1.62%** |  |  |
|  Armada Hoffler Properties, Inc. | 39089 | 456951 |
|  LTC Properties, Inc. | 25876 | 1000625 |
|  NexPoint Residential Trust, Inc. | 12344 | 562886 |
|  Saul Centers, Inc. | 8183 | 335094 |
|  Whitestone REIT | 36051 | 339240 |
|  |  | 2694796 |
|  **Utilities-0.72%** |  |  |
|  Chesapeake Utilities Corp. | 9670 | 1202755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $152,575,909) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $152,575,909) | 165841444 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds-0.07%** | **Money Market Funds-0.07%** | **Money Market Funds-0.07%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup>(Cost $107,224) | 107224 | $107224 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.02%<br>(Cost $152,683,133) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.02%<br>(Cost $152,683,133) | 165948668 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-14.03%** | **Money Market Funds-14.03%** | **Money Market Funds-14.03%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup>  | 6520744 | 6520744 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup>  | 16763332 | 16763332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $23,284,094) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $23,284,094) | 23284076 |
|  TOTAL INVESTMENTS IN SECURITIES-114.05%<br>(Cost $175,967,227) | TOTAL INVESTMENTS IN SECURITIES-114.05%<br>(Cost $175,967,227) | 189232744 |
|  OTHER ASSETS LESS LIABILITIES-(14.05)% | OTHER ASSETS LESS LIABILITIES-(14.05)% | (23308121) |
|  NET ASSETS-100.00%. |  | $165924623 |

---

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $181679 | $1635616 | $(1710071) | $- | $- | $107224 | $896 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**25**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**25**  |

---

------

**Invesco S&P SmallCap Momentum ETF (XSMO)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | $7713992 | $27833170 | $(29026418) | $- | $- | $6520744 | $57363 \* |
| Invesco Private Prime Fund | 17982141 | 64883149 | (66102958) | (867) | 1867 | 16763332 | 156226 \* |
| Total | $25877812 | $94351935 | $(96839447) | $(867) | $1867 | $23391300 | $214485 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

**Portfolio Composition** 

**Sector Breakdown (% of the Fund's Net Assets)** 

**as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Financials | 27.03 |
| &nbsp;&nbsp; Industrials | 19.72 |
| &nbsp;&nbsp; Energy | 18.60 |
| &nbsp;&nbsp; Information Technology | 9.55 |
| &nbsp;&nbsp; Consumer Staples | 8.75 |
| &nbsp;&nbsp; Health Care | 7.89 |
| &nbsp;&nbsp; Materials | 3.98 |
| &nbsp;&nbsp; Sector Types Each Less Than 3% | 4.43 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.05 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**26**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**26**  |

---

------

**Invesco S&P SmallCap Value with Momentum ETF (XSVM)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.93%** | **Common Stocks & Other Equity Interests-99.93%** | **Common Stocks & Other Equity Interests-99.93%** |
|  **Communication Services-1.63%** |  |  |
|  Gannett Co., Inc.<sup>(b)(c)</sup>  | 2365325 | $3429722 |
|  Scholastic Corp. | 125016 | 4768110 |
|  Thryv Holdings, Inc.<sup>(b)(c)</sup>  | 144050 | 2947263 |
|  |  | 11145095 |
|  **Consumer Discretionary-18.18%** |  |  |
|  Abercrombie & Fitch Co., Class A<sup>(b)(c)</sup>  | 420584 | 7393867 |
|  Academy Sports & Outdoors, Inc.<sup>(c)</sup>  | 174727 | 7693230 |
|  Adtalem Global Education, Inc.<sup>(b)(c)</sup>  | 201477 | 8401591 |
|  Asbury Automotive Group, Inc.<sup>(b)(c)</sup>  | 38972 | 6147833 |
|  Caleres, Inc.<sup>(c)</sup>  | 185897 | 5080565 |
|  Cato Corp. (The), Class A | 636101 | 7575963 |
|  Chico's FAS, Inc.<sup>(b)(c)</sup>  | 1016487 | 5976944 |
|  Conn's, Inc.<sup>(b)(c)(d)</sup>  | 1247607 | 10242853 |
|  Ethan Allen Interiors, Inc.<sup>(c)</sup>  | 235080 | 6015697 |
|  Genesco, Inc.<sup>(b)(c)</sup>  | 129555 | 6094267 |
|  G-III Apparel Group Ltd.<sup>(b)(c)</sup>  | 336087 | 6553696 |
|  Group 1 Automotive, Inc.<sup>(c)</sup>  | 52929 | 9156717 |
|  Movado Group, Inc.<sup>(c)</sup>  | 128802 | 4259482 |
|  ODP Corp. (The)<sup>(b)(c)</sup>  | 145445 | 5755259 |
|  Perdoceo Education Corp.<sup>(b)(c)</sup>  | 537800 | 6147054 |
|  Shoe Carnival, Inc.<sup>(c)</sup>  | 227407 | 5453220 |
|  Signet Jewelers Ltd.<sup>(c)</sup>  | 111812 | 7294615 |
|  Standard Motor Products, Inc. | 122117 | 4631898 |
|  Vista Outdoor, Inc.<sup>(b)(c)</sup>  | 144726 | 4202843 |
|  |  | 124077594 |
|  **Consumer Staples-8.38%** |  |  |
|  Andersons, Inc. (The) | 247955 | 8745373 |
|  B&G Foods, Inc.<sup>(c)</sup>  | 171658 | 2811758 |
|  Edgewell Personal Care Co.<sup>(c)</sup>  | 124545 | 4880919 |
|  Fresh Del Monte Produce, Inc.<sup>(c)</sup>  | 377171 | 9836620 |
|  Seneca Foods Corp., Class A<sup>(b)(c)</sup>  | 143749 | 9071999 |
|  SpartanNash Co. | 253266 | 9044129 |
|  United Natural Foods, Inc.<sup>(b)(c)</sup>  | 207125 | 8784171 |
|  Universal Corp. | 79340 | 4015397 |
|  |  | 57190366 |
|  **Energy-4.87%** |  |  |
|  Callon Petroleum Co.<sup>(b)(c)</sup>  | 70745 | 3109950 |
|  Dorian LPG Ltd. | 365625 | 6606844 |
|  Helix Energy Solutions Group, Inc.<sup>(b)(c)</sup>  | 881561 | 6170927 |
|  Oil States International, Inc.<sup>(b)(c)</sup>  | 520139 | 3365299 |
|  PBF Energy, Inc., Class A<sup>(b)</sup>  | 194151 | 8591182 |
|  REX American Resources Corp.<sup>(b)(c)</sup>  | 179685 | 5388753 |
|  |  | 33232955 |
|  **Financials-29.95%** |  |  |
|  American Equity Investment Life Holding Co. | 190935 | 8225480 |
|  Assured Guaranty Ltd. | 110631 | 6548249 |
|  Banc of California, Inc. | 212146 | 3538595 |
|  Banner Corp. | 71419 | 5338570 |
|  Berkshire Hills Bancorp, Inc.<sup>(c)</sup>  | 175194 | 5124424 |
|  Brightsphere Investment Group, Inc. | 183338 | 3450421 |
|  Brookline Bancorp, Inc.<sup>(c)</sup>  | 323852 | 4452965 |
|  Central Pacific Financial Corp. | 183079 | 3756781 |
|  Customers Bancorp, Inc.<sup>(b)</sup>  | 164452 | 5540388 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Financials-(continued)** |  |  |
|  Dime Community Bancshares, Inc. | 149058 | $5146973 |
|  Eagle Bancorp, Inc. | 88508 | 4007642 |
|  Ellington Financial, Inc. | 328995 | 4401953 |
|  Employers Holdings, Inc.<sup>(c)</sup>  | 115093 | 5019206 |
|  Encore Capital Group, Inc.<sup>(b)(c)</sup>  | 113102 | 5759154 |
|  Enova International, Inc.<sup>(b)</sup>  | 217396 | 8150176 |
|  EZCORP, Inc., Class A<sup>(b)(c)</sup>  | 1007017 | 9727784 |
|  First Bancorp/Southern Pines NC | 108710 | 4845205 |
|  First Commonwealth Financial Corp. | 298239 | 4276747 |
|  Hanmi Financial Corp. | 220633 | 5908552 |
|  HomeStreet, Inc. | 119756 | 3108866 |
|  Hope Bancorp, Inc. | 402597 | 5463241 |
|  Horace Mann Educators Corp. | 125322 | 4945206 |
|  KKR Real Estate Finance Trust, Inc.<sup>(c)</sup>  | 282070 | 4913659 |
|  Mr. Cooper Group, Inc.<sup>(b)(c)</sup>  | 196902 | 7775660 |
|  OFG Bancorp | 149117 | 4157382 |
|  Piper Sandler Cos.<sup>(c)</sup>  | 35044 | 4484581 |
|  PRA Group, Inc.<sup>(b)</sup>  | 128872 | 4317212 |
|  ProAssurance Corp. | 266591 | 5920986 |
|  Provident Financial Services, Inc.<sup>(c)</sup>  | 198861 | 4458464 |
|  Ready Capital Corp.<sup>(c)</sup>  | 419226 | 5081019 |
|  Redwood Trust, Inc.<sup>(c)</sup>  | 719735 | 5131711 |
|  S&T Bancorp, Inc. | 171957 | 6501694 |
|  Stewart Information Services Corp. | 148282 | 5777067 |
|  StoneX Group, Inc.<sup>(b)</sup>  | 112973 | 10542640 |
|  United Community Banks, Inc.<sup>(c)</sup>  | 121982 | 4696307 |
|  United Fire Group, Inc. | 188240 | 5101304 |
|  Universal Insurance Holdings, Inc. | 529146 | 5312626 |
|  Veritex Holdings, Inc. | 110588 | 3492369 |
|  |  | 204401259 |
|  **Health Care-6.10%** |  |  |
|  Allscripts Healthcare Solutions, Inc.<sup>(b)(c)</sup>  | 218494 | 3211862 |
|  Community Health Systems, Inc.<sup>(b)</sup>  | 1771879 | 5085293 |
|  Cross Country Healthcare, Inc.<sup>(b)(c)</sup>  | 468673 | 17383081 |
|  Fulgent Genetics, Inc.<sup>(b)(c)</sup>  | 128422 | 5089364 |
|  iTeos Therapeutics, Inc.<sup>(b)(c)</sup>  | 397537 | 7744021 |
|  Owens & Minor, Inc.<sup>(c)</sup>  | 183006 | 3111102 |
|  |  | 41624723 |
|  **Industrials-16.42%** |  |  |
|  ABM Industries, Inc. | 84879 | 3777964 |
|  ArcBest Corp.<sup>(c)</sup>  | 73623 | 5847875 |
|  Atlas Air Worldwide Holdings, Inc.<sup>(b)(c)</sup>  | 137951 | 13952364 |
|  Boise Cascade Co.<sup>(c)</sup>  | 102183 | 6822759 |
|  CoreCivic, Inc.<sup>(b)</sup>  | 380299 | 3981731 |
|  DXP Enterprises, Inc.<sup>(b)</sup>  | 147914 | 4231820 |
|  Encore Wire Corp.<sup>(c)</sup>  | 45039 | 6196916 |
|  EnPro Industries, Inc.<sup>(c)</sup>  | 39049 | 4158718 |
|  GEO Group, Inc. (The)<sup>(b)(c)</sup>  | 1114801 | 9431216 |
|  GMS, Inc.<sup>(b)</sup>  | 94380 | 4454736 |
|  Greenbrier Cos., Inc. (The)<sup>(c)</sup>  | 126636 | 4471517 |
|  Hub Group, Inc., Class A<sup>(b)(c)</sup>  | 67110 | 5207736 |
|  Insteel Industries, Inc.<sup>(c)</sup>  | 87761 | 2312502 |
|  Interface, Inc. | 255587 | 2890689 |
|  Matson, Inc.<sup>(c)</sup>  | 78587 | 5782431 |
|  Mueller Industries, Inc.<sup>(c)</sup>  | 88820 | 5563685 |
|  NOW, Inc.<sup>(b)</sup>  | 335011 | 4264690 |
|  Resources Connection, Inc. | 238336 | 4354399 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**27**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**27**  |

---

------

**Invesco S&P SmallCap Value with Momentum ETF (XSVM)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Industrials-(continued)** |  |  |
|  TrueBlue, Inc.<sup>(b)</sup>  | 281941 | $5542960 |
|  UFP Industries, Inc. | 65721 | 4681307 |
|  Veritiv Corp.<sup>(b)(c)</sup>  | 35356 | 4110489 |
|  |  | 112038504 |
|  **Information Technology-5.73%** |  |  |
|  Alpha & Omega Semiconductor<br>Ltd.<sup>(b)(c)</sup>  | 161261 | 5281298 |
|  Ebix, Inc. | 149431 | 2957240 |
|  Insight Enterprises, Inc.<sup>(b)(c)</sup>  | 50953 | 4815568 |
|  PC Connection, Inc.<sup>(c)</sup>  | 123495 | 6562524 |
|  Sanmina Corp.<sup>(b)</sup>  | 136634 | 7658336 |
|  ScanSource, Inc.<sup>(b)</sup>  | 195486 | 6056156 |
|  TTM Technologies, Inc.<sup>(b)</sup>  | 378072 | 5788282 |
|  |  | 39119404 |
|  **Materials-6.63%** |  |  |
|  AdvanSix, Inc. | 100625 | 3660738 |
|  Clearwater Paper Corp.<sup>(b)</sup>  | 166824 | 7420332 |
|  Mercer International, Inc. (Germany) | 491544 | 6596520 |
|  Olympic Steel, Inc. | 382574 | 10409839 |
|  SunCoke Energy, Inc. | 754066 | 5474519 |
|  TimkenSteel Corp.<sup>(b)(c)</sup>  | 225632 | 3935022 |
|  Trinseo PLC<sup>(c)</sup>  | 152942 | 2878368 |
|  Warrior Met Coal, Inc. | 130925 | 4862554 |
|  |  | 45237892 |
|  **Real Estate-2.04%** |  |  |
|  Chatham Lodging Trust<sup>(b)</sup>  | 277856 | 3603792 |
|  Franklin Street Properties Corp. | 1841502 | 5303526 |
|  iStar, Inc. | 480230 | 5032810 |
|  |  | 13940128 |
|  Total Common Stocks & Other Equity Interests<br>(Cost $701,535,142) | Total Common Stocks & Other Equity Interests<br>(Cost $701,535,142) | 682007920 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds-0.09%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>3.07%<sup>(d)(e)</sup>(Cost $602,793) | 602793 | $602793 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.02%<br>(Cost $702,137,935) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.02%<br>(Cost $702,137,935) | 682610713 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-23.20%** |  |  |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup> | 44339856 | 44339856 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup>  | 113988601 | 113988601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $158,333,007) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $158,333,007) | 158328457 |
|  TOTAL INVESTMENTS IN SECURITIES-123.22%<br>(Cost $860,470,942) | TOTAL INVESTMENTS IN SECURITIES-123.22%<br>(Cost $860,470,942) | 840939170 |
|  OTHER ASSETS LESS LIABILITIES-(23.22)% | OTHER ASSETS LESS LIABILITIES-(23.22)% | (158471073) |
|  NET ASSETS-100.00% |  | $682468097 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an "affiliated person" under the Investment Company Act of 1940, as amended (the "1940 Act"), which defines "affiliated person" to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp; $576198 | $9536360 | $(9509765) | $- | $- | $602793 | $3374 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**28**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**28**  |

---

------

**Invesco S&P SmallCap Value with Momentum ETF (XSVM)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments Purchased with<br>Cash Collateral from Securities<br>on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | $26860446 | $123444119 | $(105964709) | $- | $- | $44339856 | $347371 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 62747381 | 273251009 | (222008493) | (9614) | 8318 | 113988601 | 947093 \* |
| &nbsp;&nbsp; **Investments in Other Affiliates:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Conn's, Inc. | 7151127 | 7921134 | (1200349) | (3248440) | (380619) | 10242853 |  |
| &nbsp;&nbsp; Olympic Steel, Inc.\*\* | 22825708 | 4114818 | (11500724) | (3760634) | (1269329) | 10409839 | 92914 |
| &nbsp;&nbsp; Total | $120160860 | $418267440 | $(350184040) | $(7018688) | $(1641630) | $179583942 | $1390752 |

---

\* 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 October 31, 2022, this security was not considered as an affiliate of the Fund.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

 **Portfolio Composition** 

 **Sector Breakdown (% of the Fund's Net Assets)** 

 **as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Financials | 29.95 |
| &nbsp;&nbsp; Consumer Discretionary | 18.18 |
| &nbsp;&nbsp; Industrials | 16.42 |
| &nbsp;&nbsp; Consumer Staples | 8.38 |
| &nbsp;&nbsp; Materials | 6.63 |
| &nbsp;&nbsp; Health Care | 6.10 |
| &nbsp;&nbsp; Information Technology | 5.73 |
| &nbsp;&nbsp; Energy | 4.87 |
| &nbsp;&nbsp; Sector Types Each Less Than 3% | 3.67 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.07 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**29**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**29**  |

---

------

**Invesco Zacks Mid-Cap ETF (CZA)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.92%** | **Common Stocks & Other Equity Interests-99.92%** | **Common Stocks & Other Equity Interests-99.92%** |
|  **Consumer Discretionary-4.67%** |  |  |
|  Columbia Sportswear Co.<sup>(b)</sup>  | 10044 | $748278 |
|  Garmin Ltd. | 31186 | 2745616 |
|  Gentex Corp. | 37069 | 981958 |
|  Genuine Parts Co. | 23012 | 4092914 |
|  Levi Strauss & Co., Class A | 65491 | 979745 |
|  |  | 9548511 |
|  **Consumer Staples-3.59%** |  |  |
|  Coca-Cola Europacific Partners PLC (United Kingdom) | 74990 | 3528279 |
|  Conagra Brands, Inc. | 79457 | 2916072 |
|  Pilgrim's Pride Corp.<sup>(c)</sup>  | 39239 | 904459 |
|  |  | 7348810 |
|  **Energy-4.02%** |  |  |
|  Cosan S.A., ADR (Brazil) | 65311 | 843818 |
|  ONEOK, Inc. | 74019 | 4390807 |
|  Pembina Pipeline Corp. (Canada) | 90514 | 2987867 |
|  |  | 8222492 |
|  **Financials-20.07%** |  |  |
|  Affiliated Managers Group, Inc. | 6212 | 771282 |
|  Arch Capital Group Ltd.<sup>(c)</sup>  | 59110 | 3398825 |
|  Assurant, Inc. | 8516 | 1156984 |
|  AXIS Capital Holdings Ltd. | 13810 | 754993 |
|  CNA Financial Corp. | 43768 | 1825126 |
|  Deutsche Bank AG (Germany)<sup>(b)</sup>  | 357106 | 3421075 |
|  East West Bancorp, Inc. | 22750 | 1628218 |
|  Everest Re Group Ltd. | 6320 | 2039211 |
|  Fifth Third Bancorp | 114134 | 4073442 |
|  Hanover Insurance Group, Inc. (The) | 5806 | 850521 |
|  Hartford Financial Services Group, Inc. (The) | 51674 | 3741714 |
|  Invesco Ltd.<sup>(d)</sup>  | 75941 | 1163416 |
|  KeyCorp | 153090 | 2735718 |
|  Lufax Holding Ltd., ADR (China) | 397693 | 632332 |
|  Selective Insurance Group, Inc. | 9656 | 947060 |
|  State Street Corp. | 61104 | 4521696 |
|  W.R. Berkley Corp. | 43336 | 3223332 |
|  Western Alliance Bancorporation | 17721 | 1190320 |
|  XP, Inc., Class A (Brazil)<sup>(b)(c)</sup>  | 93036 | 1705350 |
|  Zions Bancorporation N.A | 24813 | 1288787 |
|  |  | 41069402 |
|  **Health Care-5.57%** |  |  |
|  Avantor, Inc.<sup>(c)</sup>  | 110732 | 2233464 |
|  Bausch + Lomb Corp.<sup>(b)(c)</sup>  | 57511 | 820107 |
|  Chemed Corp. | 2418 | 1128892 |
|  ICON PLC<sup>(c)</sup>  | 13577 | 2686074 |
|  Premier, Inc., Class A | 19069 | 665127 |
|  Zimmer Biomet Holdings, Inc. | 34036 | 3857980 |
|  |  | 11391644 |
|  **Industrials-22.43%** |  |  |
|  AerCap Holdings N.V. (Ireland)<sup>(c)</sup>  | 38625 | 2062961 |
|  AGCO Corp. | 12247 | 1520710 |
|  Armstrong World Industries, Inc. | 7439 | 562165 |
|  Booz Allen Hamilton Holding Corp. | 21378 | 2326995 |
|  CACI International, Inc., Class A<sup>(c)</sup>  | 3846 | 1169299 |
|  Crane Holdings Co. | 8985 | 901555 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Industrials-(continued)** |  |  |
|  Donaldson Co., Inc. | 19932 | $1145093 |
|  Dover Corp. | 23591 | 3083108 |
|  Equifax, Inc. | 20246 | 3432507 |
|  Fortive Corp. | 58171 | 3717127 |
|  Fortune Brands Home & Security, Inc. | 21200 | 1278784 |
|  Graco, Inc. | 27522 | 1914981 |
|  IDEX Corp. | 12091 | 2687950 |
|  ITT, Inc. | 13333 | 1018508 |
|  Jacobs Solutions, Inc. | 21224 | 2445429 |
|  Leidos Holdings, Inc. | 21910 | 2225837 |
|  Lincoln Electric Holdings, Inc. | 9379 | 1331818 |
|  MDU Resources Group, Inc. | 33372 | 950435 |
|  Nordson Corp. | 9261 | 2083725 |
|  Regal Rexnord Corp. | 10736 | 1358534 |
|  Southwest Airlines Co.<sup>(c)</sup>  | 96638 | 3512791 |
|  Wabtec Corp. | 29973 | 2795882 |
|  Watts Water Technologies, Inc., Class A | 5323 | 779074 |
|  ZTO Express (Cayman), Inc., ADR (China)<sup>(b)</sup>  | 94376 | 1594011 |
|  |  | 45899279 |
|  **Information Technology-11.77%** |  |  |
|  Amdocs Ltd. | 21116 | 1822522 |
|  CDW Corp. | 21933 | 3790242 |
|  Check Point Software Technologies Ltd. |  |  |
| (Israel)<sup>(c)</sup>  | 20063 | 2592741 |
|  Concentrix Corp. | 8373 | 1023432 |
|  FleetCor Technologies, Inc.<sup>(c)</sup>  | 12647 | 2353860 |
|  Genpact Ltd. | 29919 | 1451071 |
|  Littelfuse, Inc.<sup>(b)</sup>  | 4009 | 882982 |
|  Skyworks Solutions, Inc. | 25900 | 2227659 |
|  TD SYNNEX Corp. | 15503 | 1418679 |
|  Teledyne Technologies, Inc.<sup>(c)</sup>  | 7673 | 3053701 |
|  TELUS International CDA, Inc. (Philippines)<sup>(b)(c)</sup>  | 41698 | 1037446 |
|  Trimble, Inc.<sup>(c)</sup>  | 40329 | 2426193 |
|  |  | 24080528 |
|  **Materials-9.30%** |  |  |
|  AptarGroup, Inc. | 10646 | 1055551 |
|  Avery Dennison Corp. | 13175 | 2233821 |
|  Berry Global Group, Inc.<sup>(c)</sup>  | 22290 | 1054763 |
|  Element Solutions, Inc. | 39860 | 685592 |
|  FMC Corp. | 20062 | 2385372 |
|  ICL Group Ltd. (Israel) | 205586 | 1854386 |
|  RPM International, Inc. | 20825 | 1969420 |
|  Sealed Air Corp. | 23708 | 1128975 |
|  Silgan Holdings, Inc. | 18059 | 855274 |
|  Suzano S.A., ADR (Brazil) | 218306 | 2246369 |
|  Vulcan Materials Co. | 21741 | 3559002 |
|  |  | 19028525 |
|  **Real Estate-5.50%** |  |  |
|  Camden Property Trust | 17670 | 2041768 |
|  Equity LifeStyle Properties, Inc. | 31847 | 2036934 |
|  Essex Property Trust, Inc. | 10817 | 2403970 |
|  Gaming and Leisure Properties, Inc. | 41449 | 2077424 |
|  Ventas, Inc. | 68805 | 2692340 |
|  |  | 11252436 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**30**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**30**  |

---

------

**Invesco Zacks Mid-Cap ETF (CZA)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Utilities-13.00%** |  |  |
|  AES Corp. (The) | 116800 | $3055488 |
|  Alliant Energy Corp. | 41930 | 2187488 |
|  Ameren Corp. | 43309 | 3530550 |
|  Avangrid, Inc.<sup>(b)</sup>  | 64195 | 2611453 |
|  CMS Energy Corp. | 49114 | 2801954 |
|  Entergy Corp. | 34357 | 3681009 |
|  Evergy, Inc. | 37802 | 2310836 |
|  FirstEnergy Corp. | 95906 | 3616615 |
|  Hawaiian Electric Industries, Inc. | 18273 | 695105 |
|  IDACORP, Inc. | 8472 | 887018 |
|  OGE Energy Corp. | 33430 | 1224541 |
|  |  | 26602057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $207,213,361) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $207,213,361) | 204443684 |
|  **Money Market Funds-0.12%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>3.07%<sup>(d)(e)</sup>(Cost $247,173) | 247173 | 247173 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.04%<br>(Cost $207,460,534) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.04%<br>(Cost $207,460,534) | 204690857 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-3.79%** |  |  |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup>  | 2165480 | $2165480 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup>  | 5586499 | 5586499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $7,751,868) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $7,751,868) | 7751979 |
|  TOTAL INVESTMENTS IN SECURITIES-103.83%<br>(Cost $215,212,402) | TOTAL INVESTMENTS IN SECURITIES-103.83%<br>(Cost $215,212,402) | 212442836 |
|  OTHER ASSETS LESS LIABILITIES-(3.83)% | OTHER ASSETS LESS LIABILITIES-(3.83)% | (7840458) |
|  NET ASSETS-100.00%. |  | $204602378 |

---

Investment Abbreviations:

ADR-American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; Invesco Ltd. | $1398167 | $94042 | $(93051) | $(220698) | $(15044) | $1163416 | $28076 |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | 405744 | 3799918 | (3958489) |  |  | 247173 | 1934 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 5151726 | 34674344 | (37660590) |  |  | 2165480 | 35947 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 12011712 | 64107519 | (70532188) | 111 | (655) | 5586499 | 97167 \* |
| &nbsp;&nbsp; Total | $18967349 | $102675823 | $(112244318) | $(220587) | $(15699) | $9162568 | $163124 |

---

\* 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**31**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**31**  |

---

------

**Invesco Zacks Mid-Cap ETF (CZA)–(continued)** 

October 31, 2022

*(Unaudited)* 

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

 **Portfolio Composition** 

 **Sector Breakdown (% of the Fund's Net Assets)** 

 **as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Industrials | 22.43 |
| &nbsp;&nbsp; Financials | 20.07 |
| &nbsp;&nbsp; Utilities | 13.00 |
| &nbsp;&nbsp; Information Technology | 11.77 |
| &nbsp;&nbsp; Materials | 9.30 |
| &nbsp;&nbsp; Health Care | 5.57 |
| &nbsp;&nbsp; Real Estate | 5.50 |
| &nbsp;&nbsp; Consumer Discretionary | 4.67 |
| &nbsp;&nbsp; Energy | 4.02 |
| &nbsp;&nbsp; Consumer Staples | 3.59 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.08 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**32**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**32**  |

---

------

**Invesco Zacks Multi-Asset Income ETF (CVY)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-81.00%** | **Common Stocks & Other Equity Interests-81.00%** | **Common Stocks & Other Equity Interests-81.00%** |
|  **Communication Services-1.29%** |  |  |
|  KT Corp., ADR (South Korea)<sup>(b)</sup>  | 74774 | $950377 |
|  Mobile TeleSystems PJSC, ADR<br>(Russia)<sup>(c)(d)</sup>  | 152493 | 0 |
|  Telefonica S.A., ADR (Spain)<sup>(b)</sup>  | 113582 | 391858 |
|  |  | 1342235 |
|  **Consumer Discretionary-6.21%** |  |  |
|  Best Buy Co., Inc. | 13729 | 939201 |
|  Bloomin' Brands, Inc. | 38785 | 931228 |
|  Camping World Holdings, Inc., Class A<sup>(b)</sup>  | 13579 | 377904 |
|  Carter's, Inc.<sup>(b)</sup>  | 9768 | 662954 |
|  Foot Locker, Inc.<sup>(b)</sup>  | 22820 | 723394 |
|  Guess?, Inc.<sup>(b)</sup>  | 19919 | 338225 |
|  Honda Motor Co. Ltd., ADR (Japan) | 30403 | 693796 |
|  LCI Industries<sup>(b)</sup>  | 3157 | 334989 |
|  M.D.C. Holdings, Inc. | 9908 | 301798 |
|  Smith & Wesson Brands, Inc.<sup>(b)</sup>  | 23994 | 270892 |
|  Whirlpool Corp.<sup>(b)</sup>  | 6325 | 874368 |
|  |  | 6448749 |
|  **Consumer Staples-2.14%** |  |  |
|  Bunge Ltd. | 9492 | 936860 |
|  Cal-Maine Foods, Inc. | 7865 | 444451 |
|  Tyson Foods, Inc., Class A | 12339 | 843371 |
|  |  | 2224682 |
|  **Energy-21.53%** |  |  |
|  Alliance Resource Partners L.P | 35236 | 855530 |
|  Black Stone Minerals L.P | 73472 | 1349681 |
|  BP PLC, ADR (United Kingdom) | 17771 | 591419 |
|  Chesapeake Energy Corp. | 11081 | 1133254 |
|  China Petroleum & Chemical Corp., ADR (China) | 21173 | 846920 |
|  Chord Energy Corp.<sup>(b)</sup>  | 4888 | 748304 |
|  Crescent Point Energy Corp. (Canada) | 131525 | 1029841 |
|  Crestwood Equity Partners L.P | 35227 | 1081469 |
|  Delek US Holdings, Inc. | 25400 | 753364 |
|  Diamondback Energy, Inc. | 7756 | 1218545 |
|  Energy Transfer L.P | 72391 | 924433 |
|  Eni S.p.A., ADR (Italy) | 26847 | 707150 |
|  Enterprise Products Partners L.P | 27367 | 691017 |
|  Genesis Energy L.P | 46417 | 533331 |
|  HF Sinclair Corp. | 14763 | 903053 |
|  Imperial Oil Ltd. (Canada) | 6708 | 365452 |
|  Marathon Petroleum Corp. | 11102 | 1261409 |
|  MPLX L.P | 28527 | 956795 |
|  Murphy Oil Corp. | 18853 | 914559 |
|  Northern Oil and Gas, Inc. | 12297 | 419820 |
|  NuStar Energy L.P | 69356 | 1116632 |
|  PDC Energy, Inc. | 15501 | 1118242 |
|  Plains All American Pipeline L.P | 70611 | 845214 |
|  Shell PLC, ADR (Netherlands)<sup>(b)</sup>  | 8004 | 445262 |
|  TotalEnergies SE, ADR (France) | 8364 | 458096 |
|  VAALCO Energy, Inc. | 52385 | 269783 |
|  Western Midstream Partners L.P | 28388 | 815019 |
|  |  | 22353594 |
|  **Financials-25.90%** |  |  |
|  Aflac, Inc. | 19041 | 1239760 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Financials-(continued)** |  |  |
|  Ally Financial, Inc. | 27262 | $751341 |
|  American International Group, Inc. | 19397 | 1105629 |
| B. Riley Financial, Inc.<sup>(b)</sup>  | 6964 | 283296 |
|  Banco de Chile, ADR (Chile) | 35761 | 643340 |
|  Banco Santander Chile, ADR (Chile) | 36981 | 533636 |
|  Bancolombia S.A., ADR (Colombia) | 27975 | 709726 |
|  Bank of America Corp. | 30669 | 1105311 |
|  BankUnited, Inc. | 8823 | 317187 |
|  Citigroup, Inc. | 20853 | 956319 |
|  CNO Financial Group, Inc. | 18008 | 397256 |
|  Discover Financial Services | 10217 | 1067268 |
|  Equitable Holdings, Inc. | 24884 | 761948 |
|  Evercore, Inc., Class A | 6677 | 701753 |
|  Everest Re Group Ltd. | 2670 | 861502 |
|  Fidelity National Financial, Inc. | 17974 | 707816 |
|  First Bancorp | 25266 | 398950 |
|  Goldman Sachs Group, Inc. (The) | 3492 | 1203029 |
|  HSBC Holdings PLC, ADR (United Kingdom)<sup>(b)</sup>  | 16352 | 423680 |
|  Invesco Ltd.<sup>(e)</sup>  | 39315 | 602306 |
|  Jackson Financial, Inc., Class A<sup>(b)</sup>  | 21947 | 841887 |
|  Jefferies Financial Group, Inc. | 23357 | 803714 |
|  Lincoln National Corp. | 13369 | 720188 |
|  MetLife, Inc. | 17032 | 1246913 |
|  MGIC Investment Corp. | 54874 | 749030 |
|  Morgan Stanley | 13372 | 1098777 |
|  NatWest Group PLC, ADR (United Kingdom)<sup>(b)</sup>  | 139765 | 757526 |
|  OneMain Holdings, Inc. | 17522 | 675648 |
|  PacWest Bancorp | 24141 | 600145 |
|  Popular, Inc. | 9204 | 650907 |
|  Radian Group, Inc. | 17402 | 363180 |
|  SLM Corp. | 39763 | 659668 |
|  Synchrony Financial | 32377 | 1151326 |
|  Virtu Financial, Inc., Class A | 13945 | 312089 |
|  Virtus Investment Partners, Inc. | 1955 | 335263 |
|  Wells Fargo & Co. | 24915 | 1145841 |
|  |  | 26883155 |
|  **Health Care-1.82%** |  |  |
|  Organon & Co. | 19201 | 502682 |
|  Takeda Pharmaceutical Co. Ltd., ADR (Japan)<sup>(b)</sup>  | 33748 | 446149 |
|  Viatris, Inc. | 92856 | 940631 |
|  |  | 1889462 |
|  **Industrials-2.29%** |  |  |
|  Allison Transmission Holdings, Inc. | 9478 | 400446 |
|  Danaos Corp. (Greece) | 4402 | 249593 |
|  Global Ship Lease, Inc., Class A (United Kingdom)<sup>(b)</sup>  | 16206 | 277123 |
|  Ryder System, Inc. | 9418 | 758243 |
|  Textainer Group Holdings Ltd.<br>(China)<sup>(b)</sup>  | 11339 | 339263 |
|  Triton International Ltd. (Bermuda) | 5725 | 347450 |
|  |  | 2372118 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**33**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**33**  |

---

------

**Invesco Zacks Multi-Asset Income ETF (CVY)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Information Technology-1.43%** |  |  |
|  Avnet, Inc. | 15840 | $636609 |
|  HP, Inc. | 30774 | 849978 |
|  |  | 1486587 |
|  **Materials-6.14%** |  |  |
|  Algoma Steel Group, Inc. (Canada)<sup>(b)</sup>  | 38680 | 263411 |
|  Celanese Corp. | 7250 | 696870 |
|  Chemours Co. (The)<sup>(b)</sup>  | 17742 | 507953 |
|  CVR Partners L.P | 11780 | 1425380 |
|  Gerdau S.A., ADR (Brazil) | 183805 | 915349 |
|  Huntsman Corp. | 20696 | 553825 |
|  LyondellBasell Industries N.V., Class A | 10044 | 767864 |
|  Ramaco Resources, Inc.<sup>(b)</sup>  | 24078 | 271841 |
|  Trinseo PLC<sup>(b)</sup>  | 8058 | 151652 |
|  Tronox Holdings PLC, Class A | 20403 | 244836 |
|  Vale S.A., ADR (Brazil)<sup>(b)</sup>  | 44277 | 572944 |
|  |  | 6371925 |
|  **Real Estate-10.43%** |  |  |
|  Agree Realty Corp. | 15160 | 1041492 |
|  Apple Hospitality REIT, Inc. | 30659 | 524882 |
|  Corporate Office Properties Trust | 14258 | 379976 |
|  EPR Properties | 8312 | 320843 |
|  Four Corners Property Trust, Inc.<sup>(b)</sup>  | 8228 | 210801 |
|  Gaming and Leisure Properties, Inc. | 24050 | 1205386 |
|  Iron Mountain, Inc.<sup>(b)</sup>  | 21361 | 1069545 |
|  LTC Properties, Inc. | 5111 | 197642 |
|  National Health Investors, Inc.<sup>(b)</sup>  | 5452 | 309128 |
|  National Retail Properties, Inc. | 22324 | 938278 |
|  Omega Healthcare Investors, Inc. | 36892 | 1172428 |
|  Phillips Edison & Co., Inc.<sup>(b)</sup>  | 22124 | 666817 |
|  Sabra Health Care REIT, Inc. | 44039 | 601573 |
|  VICI Properties, Inc. | 36970 | 1183780 |
|  W.P. Carey, Inc.<sup>(b)</sup>  | 13187 | 1006168 |
|  |  | 10828739 |
|  **Utilities-1.82%** |  |  |
|  NRG Energy, Inc. | 23464 | 1041801 |
|  Suburban Propane Partners L.P | 51736 | 845884 |
|  |  | 1887685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $87,029,784) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $87,029,784) | 84088931 |
|  **Preferred Stocks-9.45%** |  |  |
|  **Financials-9.45%** |  |  |
|  Arch Capital Group Ltd., Series G, Pfd., 4.55% | 27052 | 475033 |
|  Bank of America Corp., Series L, Conv. Pfd., 7.25% | 980 | 1137251 |
|  Bank of America Corp., Series QQ, Pfd., 4.25%<sup>(b)</sup>  | 62833 | 1048055 |
|  Capital One Financial Corp., Series L, Pfd., 4.38%<sup>(b)</sup>  | 42797 | 680472 |
|  First Republic Bank, Series N, Pfd., 4.50% | 48164 | 811082 |
|  JPMorgan Chase & Co., Series JJ, Pfd., 4.55% | 60082 | 1094093 |
|  JPMorgan Chase & Co., Series LL, Pfd., 4.63% | 59550 | 1104057 |
|  Prospect Capital Corp., Series A, Pfd., 5.35% | 9175 | 150011 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Financials-(continued)** |  |  |
|  Silvergate Capital Corp., Series A, Pfd., 5.38% | 9577 | $136568 |
|  Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50% | 972 | 1132895 |
|  Wells Fargo & Co., Series Z, Pfd., 4.75%<sup>(b)</sup> | 57799 | 1040382 |
|  Wells Fargo & Co., Series CC, Pfd., 4.38%<sup>(b)</sup>  | 60723 | 1006788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks<br>(Cost $13,068,014) |  | 9816687 |
|  **Closed-End Funds-9.13%** |  |  |
|  Allspring Income Opportunities Fund | 40807 | 260757 |
|  Ares Dynamic Credit Allocation Fund, Inc. | 17158 | 199548 |
|  Barings Global Short Duration High Yield Fund | 13663 | 172017 |
|  Blackstone Strategic Credit Fund<sup>(b)</sup>  | 24124 | 253784 |
|  DoubleLine Income Solutions Fund | 83679 | 929674 |
|  DoubleLine Yield Opportunities Fund | 40582 | 532842 |
|  Eaton Vance Ltd. Duration Income Fund | 75949 | 717718 |
|  First Trust High Yield Opportunities 2027 Term Fund<sup>(b)</sup>  | 31411 | 435356 |
|  Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc. | 19453 | 361826 |
|  GAMCO Global Gold Natural Resources & Income Trust | 141582 | 487042 |
|  Highland Income Fund | 45521 | 513022 |
|  Neuberger Berman Next Generation |  |  |
|  Connectivity Fund, Inc. | 74399 | 715718 |
|  Nuveen Global High Income Fund | 11503 | 131019 |
|  Nuveen Preferred & Income Opportunities Fund | 67913 | 500519 |
|  Oxford Lane Capital Corp.<sup>(b)</sup>  | 184544 | 981774 |
|  PGIM Global High Yield Fund, Inc. | 29532 | 313335 |
|  PGIM High Yield Bond Fund, Inc. | 27082 | 324442 |
|  PIMCO Dynamic Income Opportunities Fund | 79557 | 1055721 |
|  Western Asset Emerging Markets Debt Fund, Inc.<sup>(b)</sup>  | 51294 | 415481 |
|  Western Asset High Income Opportunity Fund, Inc. | 46597 | 176603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Closed-End Funds<br>(Cost $11,619,371) |  | 9478198 |
|  **Money Market Funds-0.31%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>3.07%<sup>(e)(f)</sup>(Cost $324,526) | 324526 | 324526 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.89%<br>(Cost $112,041,695) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.89%<br>(Cost $112,041,695) | 103708342 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-14.22%** |  |  |
|  Invesco Private Government Fund, 3.18%<sup>(e)(f)(g)</sup>  | 4131985 | 4131985 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**34**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**34**  |

---

------

**Invesco Zacks Multi-Asset Income ETF (CVY)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
|  Invesco Private Prime Fund, 3.28%<sup>(e)(f)(g)</sup>  | 10628663 | $10628663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $14,760,451) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $14,760,451) | 14760648 |
|  TOTAL INVESTMENTS IN SECURITIES-114.11%<br>(Cost $126,802,146) | TOTAL INVESTMENTS IN SECURITIES-114.11%<br>(Cost $126,802,146) | 118468990 |
|  OTHER ASSETS LESS LIABILITIES-(14.11)% | OTHER ASSETS LESS LIABILITIES-(14.11)% | (14653499) |
|  NET ASSETS-100.00%. |  | $103815491 |

---

Investment Abbreviations:

ADR -American Depositary Receipt

Conv. -Convertible

Pfd. -Preferred

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> Security valued using significant unobservable inputs (Level 3). See Note 5.

<sup>(e)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; Invesco Ltd. | $689140 | $533439 | $(435421) | $(128260) | $(56592) | $602306 | $18402 |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency<br> Portfolio, Institutional Class | 28298 | 4769177 | (4472949) |  |  | 324526 | 1600 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 5227180 | 25904193 | (26999388) |  |  | 4131985 | 41004 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 11906148 | 54263647 | (55541739) | (786) | 1393 | 10628663 | 110713 \* |
| &nbsp;&nbsp; Total | $17850766 | $85470456 | $(87449497) | $(129046) | $(55199) | $15687480 | $171719 |

---

\* 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.

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(g)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**35**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**35**  |

---

------

**Invesco Zacks Multi-Asset Income ETF (CVY)–(continued)** 

October 31, 2022

*(Unaudited)* 

 **Portfolio Composition** 

 **Sector Breakdown (% of the Fund's Net Assets)** 

 **as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Financials | 35.35 |
| &nbsp;&nbsp; Energy | 21.53 |
| &nbsp;&nbsp; Real Estate | 10.43 |
| &nbsp;&nbsp; Closed-End Funds | 9.13 |
| &nbsp;&nbsp; Consumer Discretionary | 6.21 |
| &nbsp;&nbsp; Materials | 6.14 |
| &nbsp;&nbsp; Sector Types Each Less Than 3% | 10.79 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.42 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**36**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**36**  |

---

------

(This Page Intentionally Left Blank)

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**37**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**37**  |

---

------

**Statements of Assets and Liabilities** 

October 31, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco<br>Dynamic<br>Large Cap<br>Growth<br>ETF (PWB)** | **Invesco<br>Dynamic Large<br>Cap Value<br>ETF (PWV)** | **Invesco<br>S&P 100<br>Equal Weight<br>ETF (EQWL)** | **Invesco**<br>**S&P 500**<br>**GARP<br>ETF (SPGP)** |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments in securities, at value<sup>(a)</sup>  | $553350643 | $797165436 | $136195274 | $1458414470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments in securities, at value | 75707532 | 26039478 | 1780738 | 54725779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 91729 | 1113257 | 170307 | 589009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending | 2846 | 1814 | 250 | 7379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  |  |  | 27108357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 15597 | 13668 | 8930 | 27866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | 629168347 | 824333653 | 138155499 | 1540872860 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian |  |  |  | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  |  | 149824 | 27099687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 75259737 | 25764733 | 1704370 | 53902985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares repurchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses recaptured |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued advisory fees | 224221 | 318604 | 12965 | 314156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officer's fees | 88564 | 122771 | 44116 | 42561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 102387 | 319756 | 50250 | 219728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | 75674909 | 26525864 | 1961525 | 81580424 |
|  **Net Assets** | $553493438 | $797807789 | $136193974 | $1459292436 |
|  **Net assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest | $793669701 | $1231366707 | $143087902 | $1598509265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (240176263) | (433558918) | (6893928) | (139216829) |
|  **Net Assets** | $553493438 | $797807789 | $136193974 | $1459292436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited amount authorized, $0.01 par value) | 8990000 | 17200000 | 1850000 | 17810000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $61.57 | $46.38 | $73.62 | $81.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price | $61.57 | $46.42 | $73.66 | $81.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments in securities, at cost | $560627318 | $773565688 | $136964537 | $1511643134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments in securities, at cost | $75703972 | $26038541 | $1780622 | $54724575 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(a)</sup> Includes securities on loan with an aggregate value of: | $73108404 | $25138719 | $1676386 | $52879849 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**38**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**38**  |

---

------

 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco**<br>**S&P 500<br>Value with Momentum<br>ETF (SPVM)** | **Invesco<br>S&P MidCap<br>Momentum<br>ETF (XMMO)** | **Invesco<br>S&P MidCap<br>Quality<br>ETF (XMHQ)** | **Invesco**<br>**S&P MidCap<br>Value with Momentum<br>ETF (XMVM)** | **Invesco<br>S&P SmallCap<br>Momentum<br>ETF (XSMO)** | **Invesco<br>S&P SmallCap Value<br>with Momentum<br>ETF (XSVM)** | **Invesco<br>Zacks Mid-Cap<br>ETF (CZA)** | **Invesco**<br>**Zacks Multi-Asset<br>Income ETF (CVY)** |
| $48487611 | $1012049962 | $317852023 | $206006106 | $165841444 | $671765067 | $203280268 | $102781510 |
| 43770 | 150713041 | 51650787 | 37616489 | 23391300 | 169174103 | 9162568 | 15687480 |
|  |  | 320 |  |  |  |  | 2790 |
| 35003 | 218094 | 104012 | 92798 | 85746 | 224828 | 140067 | 241970 |
|  | 15410 | 5357 | 4305 | 1854 | 18116 | 4588 | 18021 |
|  |  |  | 1767856 |  |  |  | 66328 |
|  | 6238442 |  |  |  | 1889198 |  |  |
|  |  |  |  |  |  |  | 14549 |
| 16543 | 36719 | 7175 | 9790 | 11053 | 26714 | 15499 | 14510 |
| 48582927 | 1169271668 | 369619674 | 245497344 | 189331397 | 843098026 | 212602990 | 118827158 |
|  | 902 |  | 17640 |  |  |  |  |
|  | 6236000 |  |  |  | 1886665 |  | 25272 |
|  | 150308001 | 51510858 | 37615999 | 23284094 | 158333007 | 7751868 | 14760451 |
|  |  |  | 1768705 |  |  |  |  |
|  |  |  | 2183 |  |  |  |  |
| 5639 | 231107 | 45294 | 46799 | 37836 | 154739 | 82065 | 34615 |
| 34563 | 64280 | 42762 | 46284 | 45005 | 49438 | 10234 | 9536 |
| 40228 | 18313 | 90365 | 62790 | 39839 | 206080 | 156445 | 181793 |
| 80430 | 156858603 | 51689279 | 39560400 | 23406774 | 160629929 | 8000612 | 15011667 |
| $48502497 | $1012413065 | $317930395 | $205936944 | $165924623 | $682468097 | $204602378 | $103815491 |
| $64849826 | $1208946307 | $359724361 | $259388967 | $226653919 | $821985019 | $339611890 | $555632917 |
| (16347329) | (196533242) | (41793966) | (53452023) | (60729296) | (139516922) | (135009512) | (451817426) |
| $48502497 | $1012413065 | $317930395 | $205936944 | $165924623 | $682468097 | $204602378 | $103815491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>970000 | 12960000 | 4560000 | 4670000 | 3350000 | 14450000 | 2360000 | 4810800 |
| $50.00 | $78.12 | $69.72 | $44.10 | $49.53 | $47.23 | $86.70 | $21.58 |
| $50.05 | $78.23 | $69.80 | $44.14 | $49.61 | $47.28 | $86.71 | $21.59 |
| $45890273 | $955327672 | $307139994 | $203835025 | $152575909 | $685001008 | $205403748 | $111175813 |
| $43770 | $150714123 | $51650366 | $37615999 | $23391318 | $175469934 | $9808654 | $15626333 |
| $- | $147036636 | $49880651 | $36393733 | $22809942 | $154372949 | $7567796 | $14404221 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**39**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**39**  |

---

------

**Statements of Operations** 

For the six months ended October 31, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco<br>Dynamic Large<br>Cap Growth<br>ETF (PWB)** | **Invesco<br>Dynamic Large<br>Cap Value<br>ETF (PWV)** | **Invesco<br>S&P 100<br>Equal Weight<br>ETF (EQWL)** | **Invesco<br>S&P 500<br>GARP<br>ETF (SPGP)** |
|  **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | $2712086 | $11168455 | $1496452 | $8716878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 2194 | 4801 | 587 | 4792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 13135 | 7400 | 2264 | 26092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax | (12065) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 2715350 | 11180656 | 1499303 | 8747762 |
|  **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 1446654 | 1940668 | 156880 | 1577737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-licensing fees | 86798 | 116438 | 15717 | 175093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting & administration fees | 32382 | 32963 | 10051 | 32345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 15918 | 15790 | 17307 | 15376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing fees | 28423 | 8915 | 6322 | 18483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian & transfer agent fees | 6120 | 5617 | 1944 | 4554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officer's fees | (11285) | (17454) | (4509) | (280) |
| &nbsp;&nbsp;&nbsp;&nbsp; Recapture (Note 3) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 17488 | 13422 | 10577 | 13816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1622498 | 2116359 | 214289 | 1837124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waivers | (88) | (280) | (57446) | (244) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1622410 | 2116079 | 156843 | 1836880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1092940 | 9064577 | 1342460 | 6910882 |
|  **Realized and unrealized gain (loss) from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (43843739) | (32569722) | (2886337) | (54836164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (3041) | 3098 | (231) | 7680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated in-kind redemptions | 19330344 | 36347830 | 3256641 | 17503675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated in-kind redemptions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (24516436) | 3781206 | 370073 | (37324809) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 1734782 | (9900963) | (4885002) | (10438396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 2725 | (443) | (30) | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 1737507 | (9901406) | (4885032) | (10437934) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (22778929) | (6120200) | (4514959) | (47762743) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $(21685989) | $2944377 | $(3172499) | $(40851861) |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**40**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**40**  |

---

------

 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco**<br> **S&P 500<br>Value with Momentum<br>ETF (SPVM)** | **Invesco<br>S&P MidCap<br>Momentum<br>ETF (XMMO)** | **Invesco**<br>**S&P MidCap<br>Quality<br>ETF (XMHQ)** | **Invesco<br>S&P MidCap<br>Value with Momentum<br>ETF (XMVM)** | **Invesco<br>S&P SmallCap<br>Momentum<br>ETF (XSMO)** | **Invesco<br>S&P SmallCap Value<br>with Momentum<br>ETF (XSVM)** | **Invesco<br>Zacks Mid-Cap<br>ETF (CZA)** | **Invesco<br>Zacks Multi-Asset<br>Income ETF (CVY)** |
| $696401 | $9696904 | $3040763 | $2688159 | $1345578 | $6470290 | $2091485 | $2817684 |
| 6915 | 6406 | 5476 | 1880 | 896 | 96288 | 30010 | 20002 |
|  | 54976 | 141649 | 21628 | 10834 | 92172 | 86937 | 120551 |
|  |  |  |  | (4469) | (9266) | (15511) | (38314) |
| 703316 | 9758286 | 3187888 | 2711667 | 1352839 | 6649484 | 2192921 | 2919923 |
| 74798 | 1324313 | 383761 | 306903 | 217048 | 966655 | 513680 | 268084 |
| 5159 | 91332 | 50531 | 34345 | 19093 | 125115 | 141503 | 67823 |
| 7591 | 38477 | 17077 | 12986 | 12299 | 25567 | 13925 | 11327 |
| 16680 | 16027 | 13886 | 13572 | 13526 | 14658 | 13801 | 13801 |
| 4442 | 28816 | 8826 | 10656 | 24508 | 13921 | 5609 | 5009 |
| 1577 | 8290 | 2266 | 1880 | 3478 | 5323 | 2974 | 3650 |
| (2681) | (4666) | (3300) | (4331) | (4515) | (3032) | 3862 | 3486 |
|  |  |  | 26196 |  |  | 55115 | 9709 |
| 10052 | 20003 | 11043 | 10524 | 11919 | 11510 | 7450 | 6636 |
| 117618 | 1522592 | 484090 | 412731 | 297356 | 1159717 | 757919 | 389525 |
| (17064) | (278) | (100690) | (124) | (5515) | (201) | (80) | (83) |
| 100554 | 1522314 | 383400 | 412607 | 291841 | 1159516 | 757839 | 389442 |
| 602762 | 8235972 | 2804488 | 2299060 | 1060998 | 5489968 | 1435082 | 2530481 |
| (4607089) | (107979876) | (41735508) | (22492146) | (17704634) | (81593193) | (10389654) | (1259379) |
| (279221) | (997) | 1716 | 1575 | 1867 | (1641630) | (7883) | (91407) |
| 1216005 | 2115048 | 1738547 | 3034114 | 611056 | 23534579 | 616237 | 684826 |
|  |  |  |  |  |  | (7816) | 36208 |
|  |  |  |  |  |  | (1090) | (259) |
| (3670305) | (105865825) | (39995245) | (19456457) | (17091711) | (59700244) | (9790206) | (630011) |
| 1680062 | 64631118 | 37109692 | 13579490 | 21670545 | 24224558 | 934240 | (4307141) |
| 197725 | (3121) | (2840) | 221 | (867) | (10663980) | (220587) | (129046) |
|  |  |  |  |  |  | 143 |  |
| 1877787 | 64627997 | 37106852 | 13579711 | 21669678 | 13560578 | 713796 | (4436187) |
| (1792518) | (41237828) | (2888393) | (5876746) | 4577967 | (46139666) | (9076410) | (5066198) |
| $(1189756) | $(33001856) | $(83905) | $(3577686) | $5638965 | $(40649698) | $(7641328) | $(2535717) |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**41**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**41**  |

---

------

**Statements of Changes in Net Assets** 

For the six months ended October 31, 2022 and the year ended April 30, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco Dynamic**<br>**Large Cap Growth ETF (PWB)** | **Invesco Dynamic**<br>**Large Cap Growth ETF (PWB)** | **Invesco Dynamic**<br>**Large Cap Value ETF (PWV)** | **Invesco Dynamic**<br>**Large Cap Value ETF (PWV)** |
|  | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1092940 | $376783 | $9064577 | $16769438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (24516436) | 95003839 | 3781206 | 99233903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 1737507 | (166843881) | (9901406) | (70470743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (21685989) | (71463259) | 2944377 | 45532598 |
|  **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (621253) | (365218) | (9194094) | (15751004) |
|  **Shareholder Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 115185537 | 683790394 | 197844914 | 862210535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares repurchased | (152802431) | (751700890) | (195870546) | (826385789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (37616894) | (67910496) | 1974368 | 35824746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (59924136) | (139738973) | (4275349) | 65606340 |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 613417574 | 753156547 | 802083138 | 736476798 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $553493438 | $613417574 | $797807789 | $802083138 |
|  **Changes in Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1780000 | 9010000 | 4120000 | 18430000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (2420000) | (9950000) | (4110000) | (17900000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | 9630000 | 10570000 | 17190000 | 16660000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of period | 8990000 | 9630000 | 17200000 | 17190000 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**42**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**42**  |

---

------

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco S&P**<br>**100 Equal Weight ETF (EQWL)** | **Invesco S&P**<br>**100 Equal Weight ETF (EQWL)** | **Invesco S&P**<br>**500 GARP ETF (SPGP)** | **Invesco S&P**<br>**500 GARP ETF (SPGP)** | **Invesco S&P**<br>**500 Value with Momentum ETF (SPVM)** | **Invesco S&P**<br>**500 Value with Momentum ETF (SPVM)** |
| **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** |
| $1342460 | $2086410 | $6910882 | $5850729 | $602762 | $693535 |
| 370073 | 12799261 | (37324809) | 59816066 | (3670305) | 4923278 |
| (4885032) | (16759791) | (10437934) | (95486047) | 1877787 | (4980772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>(3172499) | (1874120) | (40851861) | (29819252) | (1189756) | 636041 |
| (1318079) | (2001177) | (7017584) | (5341272) | (625237) | (604427) |
| 35096493 | 64567907 | 910085165 | 1038392786 | 3129114 | 58806721 |
| (12004846) | (32717663) | (236673675) | (581218960) | (10492444) | (36529195) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>23091647 | 31850244 | 673411490 | 457173826 | (7363330) | 22277526 |
| 18601069 | 27974947 | 625542045 | 422013302 | (9178323) | 22309140 |
| 117592905 | 89617958 | 833750391 | 411737089 | 57680820 | 35371680 |
| $136193974 | $117592905 | $1459292436 | $833750391 | $48502497 | $57680820 |
| 480000 | 780000 | 11050000 | 11450000 | 60000 | 1140000 |
| (160000) | (400000) | (2990000) | (6530000) | (220000) | (740000) |
| 1530000 | 1150000 | 9750000 | 4830000 | 1130000 | 730000 |
| 1850000 | 1530000 | 17810000 | 9750000 | 970000 | 1130000 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**43**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**43**  |

---

------

**Statements of Changes in Net Assets–(continued)** 

For the six months ended October 31, 2022 and the year ended April 30, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P**<br>**MidCap Momentum ETF (XMMO)** | **Invesco S&P**<br>**MidCap Momentum ETF (XMMO)** | **Invesco S&P**<br>**MidCap Quality ETF (XMHQ)** | **Invesco S&P**<br>**MidCap Quality ETF (XMHQ)** |
|  | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $8235972 | $6330288 | $2804488 | $3813837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (105865825) | 119896964 | (39995245) | 16501103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 64627997 | (159804900) | 37106852 | (58434417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (33001856) | (33577648) | (83905) | (38119477) |
|  **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (7005787) | (5860692) | (2476906) | (3640191) |
|  **Shareholder Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 178055581 | 823003559 | 24438560 | 284230745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares repurchased | (20045029) | (833089042) | (33771105) | (158514963) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 158010552 | (10085483) | (9332545) | 125715782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 118002909 | (49523823) | (11893356) | 83956114 |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 894410156 | 943933979 | 329823751 | 245867637 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1012413065 | $894410156 | $317930395 | $329823751 |
|  **Changes in Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2310000 | 9520000 | 360000 | 3660000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (260000) | (9650000) | (510000) | (2100000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | 10910000 | 11040000 | 4710000 | 3150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of period | 12960000 | 10910000 | 4560000 | 4710000 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**44**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**44**  |

---

------

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco S&P**<br>**MidCap Value with Momentum ETF (XMVM)** | **Invesco S&P**<br>**MidCap Value with Momentum ETF (XMVM)** | **Invesco S&P<br>SmallCap Momentum ETF (XSMO)** | **Invesco S&P<br>SmallCap Momentum ETF (XSMO)** | **Invesco S&P SmallCap<br>Value with Momentum ETF (XSVM)** | **Invesco S&P SmallCap<br>Value with Momentum ETF (XSVM)** |
| **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** |
| $2299060 | $2925259 | $1060998 | $835815 | $5489968 | $6652864 |
| (19456457) | 9464877 | (17091711) | 10419114 | (59700244) | 46748587 |
| 13579711 | (31025967) | 21669678 | (22609377) | 13560578 | (83506267) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>(3577686) | (18635831) | 5638965 | (11354448) | (40649698) | (30104816) |
| (2145459) | (2951914) | (937502) | (643957) | (5500812) | (7211062) |
| 21694747 | 329697440 | 21584038 | 134709434 | 174282487 | 826529006 |
| (67104532) | (183761913) | (6012876) | (148607414) | (156739118) | (337456810) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>(45409785) | 145935527 | 15571162 | (13897980) | 17543369 | 489072196 |
| (51132930) | 124347782 | 20272625 | (25896385) | (28607141) | 451756318 |
| 257069874 | 132722092 | 145651998 | 171548383 | 711075238 | 259318920 |
| $205936944 | $&nbsp;&nbsp;&nbsp;&nbsp;257069874 | $&nbsp;&nbsp;&nbsp;&nbsp;165924623 | $&nbsp;&nbsp;&nbsp;&nbsp;145651998 | $&nbsp;&nbsp;&nbsp;&nbsp;682468097 | $&nbsp;&nbsp;&nbsp;&nbsp;711075238 |
| 500000 | 6950000 | 450000 | 2490000 | 3680000 | 15650000 |
| (1590000) | (4050000) | (130000) | (2810000) | (3440000) | (6710000) |
| 5760000 | 2860000 | 3030000 | 3350000 | 14210000 | 5270000 |
| 4670000 | 5760000 | 3350000 | 3030000 | 14450000 | 14210000 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**45**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**45**  |

---

------

**Statements of Changes in Net Assets–(continued)** 

For the six months ended October 31, 2022 and the year ended April 30, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco Zacks**<br>**Mid-Cap ETF (CZA)** | **Invesco Zacks**<br>**Mid-Cap ETF (CZA)** | **Invesco Zacks**<br>**Multi-Asset**<br>**Income ETF (CVY)** | **Invesco Zacks**<br>**Multi-Asset**<br>**Income ETF (CVY)** |
|  | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1435082 | $2605072 | $2530481 | $3567812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (9790206) | 42731341 | (630011) | 16936252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 713796 | (39236166) | (4436187) | (23467869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (7641328) | 6100247 | (2535717) | (2963805) |
|  **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings |  | (2026356) | (2372355) | (3371434) |
|  **Shareholder Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 12663945 | 262504961 | 5356914 | 52051477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares repurchased | (12155401) | (281641386) | (10783169) | (65102764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 508544 | (19136425) | (5426255) | (13051287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (7132784) | (15062534) | (10334327) | (19386526) |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 211735162 | 226797696 | 114149818 | 133536344 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $204602378 | $211735162 | $103815491 | $114149818 |
|  **Changes in Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 140000 | 2840000 | 250000 | 2110000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (140000) | (3030000) | (480000) | (2620000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | 2360000 | 2550000 | 5040800 | 5550800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of period | 2360000 | 2360000 | 4810800 | 5040800 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**46**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**46**  |

---

------

**Financial Highlights** 

Invesco Dynamic Large Cap Growth ETF (PWB)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**October 31,**<br>**2022**<br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended**<br>**October 31,**<br>**2022**<br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended**<br>**October 31,**<br>**2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $63.70 | $71.25 | $48.91 | $48.75 | $43.32 | $35.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | 0.04 | 0.08 | 0.19 | 0.48 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (2.18) | (7.55) | 22.34 | 0.24 | 5.39 | 8.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.06) | (7.51) | 22.42 | 0.43 | 5.87 | 8.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.07) | (0.04) | (0.08) | (0.27) | (0.44) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $61.57 | $63.70 | $71.25 | $48.91 | $48.75 | $43.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup> | $61.57 | $63.74 | $71.25 | $48.93 | $48.77 | $43.38 |
|  **Net Asset Value Total Return<sup>(c)</sup>** | (3.23)% | (10.55)% | 45.89% | 0.92% | 13.69% | 24.63% |
|  **Market Price Total Return<sup>(c)</sup>** | (3.29)% | (10.50)% | 45.83% | 0.91% | 13.57% | 24.73% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $553493 | $613418 | $753157 | $613853 | $758057 | $569715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.56 %<sup>(d)</sup> | 0.55% | 0.56% | 0.56% | 0.55% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.38 %<sup>(d)</sup> | 0.05% | 0.13% | 0.38% | 1.06% | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 56% | 129% | 118% | 166% | 181% | 119% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**47**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**47**  |

---

------

**Financial Highlights–(continued)** 

Invesco Dynamic Large Cap Value ETF (PWV)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>October 31,**<br>**2022**<br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br>**2022**<br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br>**2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $46.66 | $44.21 | $33.19 | $36.73 | $36.10 | $35.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.53 | 0.99 | 0.91 | 0.91 | 0.84 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.27) | 2.40 | 11.05 | (3.52) | 0.68 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.26 | 3.39 | 11.96 | (2.61) | 1.52 | 1.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.54) | (0.94) | (0.94) | (0.93) | (0.89) | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $46.38 | $46.66 | $44.21 | $33.19 | $36.73 | $36.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup> | $46.42 | $46.66 | $44.20 | $33.23 | $36.74 | $36.13 |
|  **Net Asset Value Total Return<sup>(c)</sup>** | 0.62% | 7.72% | 36.68% | (7.12)% | 4.32% | 4.39% |
|  **Market Price Total Return<sup>(c)</sup>** | 0.71% | 7.75% | 36.50% | (7.04)% | 4.26% | 4.44% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $797808 | $802083 | $736477 | $678709 | $1041362 | $1373520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.55 %<sup>(d)</sup> | 0.55% | 0.58% | 0.56% | 0.55% | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.34 %<sup>(d)</sup> | 2.12% | 2.47% | 2.43% | 2.33% | 1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 58% | 113% | 149% | 142% | 189% | 128% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**48**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**48**  |

---

------

**Financial Highlights—(continued)** 

Invesco S&P 100 Equal Weight ETF (EQWL)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**October 31,**<br>**2022**<br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended**<br>**October 31,**<br>**2022**<br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended**<br>**October 31,**<br>**2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $76.86 | $77.93 | $53.60 | $56.90 | $52.38 | $46.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.79 | 1.57 | 1.34 | 1.30 | 1.14 | 0.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (3.23) | (1.14) | 24.35 | (3.22) | 4.52 | 5.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.44) | 0.43 | 25.69 | (1.92) | 5.66 | 6.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.80) | (1.50) | (1.36) | (1.38) | (1.14) | (0.84) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $73.62 | $76.86 | $77.93 | $53.60 | $56.90 | $52.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup> | $73.66 | $76.71 | $77.98 | $53.54 | $56.91 | $52.42 |
|  **Net Asset Value Total Return<sup>(c)</sup>** | (3.15)% | 0.46% | 48.53% | (3.34)% | 11.04% | 14.02% |
|  **Market Price Total Return<sup>(c)</sup>** | (2.92)% | 0.20% | 48.79% | (3.46)% | 10.98% | 14.01% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $136194 | $117593 | $89618 | $53604 | $59749 | $60232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.25 %<sup>(d)</sup> | 0.25% | 0.25% | 0.26 %<sup>(e)</sup> | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.34 %<sup>(d)</sup> | 0.35% | 0.40% | 0.40 %<sup>(e)</sup> | 0.41% | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.14 %<sup>(d)</sup> | 1.90% | 2.08% | 2.28 %<sup>(e)</sup> | 2.13% | 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 9% | 15% | 20% | 51% | 24% | 32% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Ratios include non-recurring costs associated with a proxy statement of 0.01%. 

<sup>(f)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**49**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**49**  |

---

------

**Financial Highlights—(continued)** 

Invesco S&P 500 GARP ETF (SPGP)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**October 31,**<br>**2022**<br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended**<br>**October 31,**<br>**2022**<br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended**<br>**October 31,**<br>**2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $85.51 | $85.25 | $51.39 | $55.20 | $47.90 | $38.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.52 | 0.75 | 0.71 | 0.71 | 0.47 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (3.57) | 0.17 <sup>(b)</sup> | 33.95 | (3.81) | 7.29 | 9.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.05) | 0.92 | 34.66 | (3.10) | 7.76 | 9.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.52) | (0.66) | (0.80) | (0.71) | (0.46) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $81.94 | $85.51 | $85.25 | $51.39 | $55.20 | $47.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup> | $81.97 | $85.51 | $85.34 | $51.43 | $55.18 | $47.94 |
|  **Net Asset Value Total Return<sup>(d)</sup>** | (3.55)% | 1.04% | 67.94% | (5.56)% | 16.35% | 25.36% |
|  **Market Price Total Return<sup>(d)</sup>** | (3.51)% | 0.94% | 67.99% | (5.45)% | 16.20% | 25.44% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $1459292 | $833750 | $411737 | $244088 | $229088 | $208355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.34 %<sup>(e)</sup> | 0.33% | 0.36% | 0.34% | 0.36% | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.27 %<sup>(e)</sup> | 0.83% | 1.07% | 1.23% | 0.92% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 33% | 50% | 68% | 110% | 17% | 19% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> 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.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Annualized.

<sup>(f)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**50**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**50**  |

---

------

**Financial Highlights–(continued)** 

Invesco S&P 500 Value with Momentum ETF (SPVM)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>October 31,**<br>**2022**<br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br>**2022**<br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br>**2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $51.04 | $48.45 | $31.56 | $40.00 | $38.01 | $35.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.57 | 0.84 | 0.78 | 0.87 | 1.03 | 0.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.03) | 2.50 <sup>(b)</sup> | 16.94 | (8.26) | 2.06 | 2.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.46) | 3.34 | 17.72 | (7.39) | 3.09 | 3.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.58) | (0.75) | (0.83) | (1.05) | (1.10) | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $50.00 | $51.04 | $48.45 | $31.56 | $40.00 | $38.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup> | $50.05 | $50.98 | $48.46 | $31.62 | $39.99 | $38.03 |
|  **Net Asset Value Total Return<sup>(d)</sup>** | (0.83)% | 6.94% | 56.93% | (18.74)% | 8.40% | 9.07% |
|  **Market Price Total Return<sup>(d)</sup>** | (0.62)% | 6.80% | 56.68% | (18.57)% | 8.31% | 9.04% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $48502 | $57681 | $35372 | $44190 | $96009 | $104539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.39 %<sup>(e)</sup> | 0.39% | 0.39% | 0.40 %<sup>(f)</sup> | 0.39% | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.46 %<sup>(e)</sup> | 0.48% | 0.57% | 0.45 %<sup>(f)</sup> | 0.41% | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.34 %<sup>(e)</sup> | 1.64% | 2.07% | 2.24 %<sup>(f)</sup> | 2.70% | 2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 44% | 71% | 83% | 127% | 32% | 25% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> 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.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Ratios include non-recurring costs associated with a proxy statement of 0.01%. 

<sup>(g)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**51**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**51**  |

---

------

**Financial Highlights–(continued)** 

Invesco S&P MidCap Momentum ETF (XMMO)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>October 31,**<br>**2022**<br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br>**2022**<br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br>**2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $81.98 | $85.50 | $54.07 | $59.05 | $45.61 | $34.85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.69 | 0.58 | 0.32 | 0.49 | 0.06 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (3.96) | (3.56) | 31.45 | (4.92) | 13.47 | 10.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.27) | (2.98) | 31.77 | (4.43) | 13.53 | 10.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.59) | (0.54) | (0.34) | (0.55) | (0.09) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $78.12 | $81.98 | $85.50 | $54.07 | $59.05 | $45.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup> | $78.23 | $82.00 | $85.51 | $54.17 | $59.07 | $45.71 |
|  **Net Asset Value Total Return<sup>(c)</sup>** | (3.95)% | (3.50)% | 58.94% | (7.45)% | 29.72% | 31.05% |
|  **Market Price Total Return<sup>(c)</sup>** | (3.84)% | (3.49)% | 58.66% | (7.32)% | 29.48% | 31.34% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $1012413 | $894410 | $943934 | $519048 | $625899 | $132259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.33 %<sup>(d)</sup> | 0.33% | 0.33% | 0.34% | 0.39% | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.33 %<sup>(d)</sup> | 0.33% | 0.33% | 0.34% | 0.39% | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.80 %<sup>(d)</sup> | 0.67% | 0.44% | 0.84% | 0.12% | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 72% | 135% | 100% | 194% | 30% | 29% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**52**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**52**  |

---

------

**Financial Highlights–(continued)** 

Invesco S&P MidCap Quality ETF (XMHQ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>October 31,**<br>**2022**<br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br>**2022**<br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br>**2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $70.03 | $78.05 | $47.16 | $50.74 | $47.29 | $43.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.62 | 1.00 | 0.77 | 0.67 | 0.66 | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.38) | (8.07) | 30.84 | (3.49) | 3.46 | 3.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.24 | (7.07) | 31.61 | (2.82) | 4.12 | 4.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.55) | (0.95) | (0.72) | (0.76) | (0.67) | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $69.72 | $70.03 | $78.05 | $47.16 | $50.74 | $47.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup> | $69.80 | $70.16 | $78.13 | $47.33 | $50.72 | $47.30 |
|  **Net Asset Value Total Return<sup>(c)</sup>** | 0.40% | (9.16)% | 67.43% | (5.52)% | 8.85% | 9.50% |
|  **Market Price Total Return<sup>(c)</sup>** | 0.32% | (9.07)% | 67.00% | (5.15)% | 8.78% | 9.52% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $317930 | $329824 | $245868 | $23578 | $25372 | $23645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.25 %<sup>(d)</sup> | 0.25% | 0.25% | 0.27 %<sup>(e)</sup> | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.32 %<sup>(d)</sup> | 0.31% | 0.37% | 0.56 %<sup>(e)</sup> | 0.61% | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.83 %<sup>(d)</sup> | 1.30% | 1.17% | 1.35 %<sup>(e)</sup> | 1.36% | 1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 51% | 83% | 56% | 130% | 30% | 28% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Ratios include non-recurring costs associated with a proxy statement of 0.02%. 

<sup>(f)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**53**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**53**  |

---

------

**Financial Highlights–(continued)** 

Invesco S&P MidCap Value with Momentum ETF (XMVM)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>October 31,**<br>**2022**<br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br>**2022**<br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br>**2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $44.63 | $46.41 | $25.75 | $32.38 | $30.69 | $31.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.46 | 0.64 | 0.38 | 0.54 | 0.84 | 0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.56) | (1.79) | 20.73 | (6.49) | 1.64 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.10) | (1.15) | 21.11 | (5.95) | 2.48 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.43) | (0.63) | (0.45) | (0.68) | (0.79) | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $44.10 | $44.63 | $46.41 | $25.75 | $32.38 | $30.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup> | $44.14 | $44.65 | $46.51 | $25.81 | $32.36 | $30.69 |
|  **Net Asset Value Total Return<sup>(c)</sup>** | (0.14)% | (2.51)% | 82.77% | (18.59)% | 8.36% | 1.39% |
|  **Market Price Total Return<sup>(c)</sup>** | (0.10)% | (2.67)% | 82.75% | (18.34)% | 8.30% | 1.39% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $205937 | $257070 | $132722 | $45060 | $51809 | $46028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.39 %<sup>(d)</sup> | 0.39% | 0.39% | 0.40 %<sup>(e)</sup> | 0.39% | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.39 %<sup>(d)</sup> | 0.39% | 0.46% | 0.44 %<sup>(e)</sup> | 0.48% | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.17 %<sup>(d)</sup> | 1.38% | 1.09% | 1.72 %<sup>(e)</sup> | 2.73% | 2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 36% | 76% | 78% | 128% | 49% | 52% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Ratios include non-recurring costs associated with a proxy statement of 0.01%. 

<sup>(f)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**54**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**54**  |

---

------

**Financial Highlights–(continued)** 

Invesco S&P SmallCap Momentum ETF (XSMO)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**October 31,**<br>**2022**<br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended**<br>**October 31,**<br>**2022**<br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended**<br>**October 31,**<br>**2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $48.07 | $51.21 | $32.48 | $37.29 | $33.25 | $28.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.34 | 0.26 | 0.24 | 0.34 | 0.13 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.42 | (3.20) | 18.77 | (4.71) | 4.04 | 4.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.76 | (2.94) | 19.01 | (4.37) | 4.17 | 4.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.30) | (0.20) | (0.28) | (0.44) | (0.13) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $49.53 | $48.07 | $51.21 | $32.48 | $37.29 | $33.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup> | $49.61 | $48.05 | $51.16 | $32.56 | $37.31 | $33.31 |
|  **Net Asset Value Total Return<sup>(c)</sup>** | 3.72% | (5.78)% | 58.74% | (11.70)% | 12.55% | 17.18% |
|  **Market Price Total Return<sup>(c)</sup>** | 3.93% | (5.72)% | 58.20% | (11.53)% | 12.41% | 17.43% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $165925 | $145652 | $171548 | $74694 | $89495 | $48215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.39 %<sup>(d)</sup> | 0.37% | 0.39% | 0.39% | 0.39% | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.40 %<sup>(d)</sup> | 0.37% | 0.40% | 0.40% | 0.44% | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.42 %<sup>(d)</sup> | 0.48% | 0.53% | 0.92% | 0.37% | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 61% | 147% | 132% | 180% | 44% | 43% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**55**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**55**  |

---

------

**Financial Highlights–(continued)** 

Invesco S&P SmallCap Value with Momentum ETF (XSVM)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>October 31,**<br>**2022**<br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br>**2022**<br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,**<br>**2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $50.04 | $49.21 | $22.95 | $30.31 | $30.37 | $29.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.39 | 0.74 | 0.38 | 0.51 | 0.58 | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (2.81) | 0.84 <sup>(b)</sup> | 26.23 | (7.27) | 0.03 | 1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.42) | 1.58 | 26.61 | (6.76) | 0.61 | 1.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.39) | (0.75) | (0.35) | (0.60) | (0.67) | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period. | $47.23 | $50.04 | $49.21 | $22.95 | $30.31 | $30.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup> | $47.28 | $50.03 | $49.27 | $22.92 | $30.30 | $30.40 |
|  **Net Asset Value Total Return<sup>(d)</sup>** | (4.78)% | 3.18% | 116.75% | (22.43)% | 2.13% | 5.73% |
|  **Market Price Total Return<sup>(d)</sup>** | (4.66)% | 3.04% | 117.30% | (22.51)% | 2.00% | 5.87% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $682468 | $711075 | $259319 | $52778 | $78794 | $72883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.35 %<sup>(e)</sup> | 0.36% | 0.39% | 0.40 %<sup>(f)</sup> | 0.39% | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.35 %<sup>(e)</sup> | 0.36% | 0.41% | 0.40 %<sup>(f)</sup> | 0.44% | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.65 %<sup>(e)</sup> | 1.41% | 1.11% | 1.73 %<sup>(f)</sup> | 1.88% | 2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 39% | 73% | 75% | 136% | 52% | 56% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> 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.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Ratios include non-recurring costs associated with a proxy statement of 0.01%. 

<sup>(g)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**56**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**56**  |

---

------

**Financial Highlights–(continued)** 

Invesco Zacks Mid-Cap ETF (CZA)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Eight Months Ended**<br>**April 30,**<br>**2018** | **Year Ended<br>August 31,**<br>**2017** |
| | **Six Months Ended**<br> **October 31,**<br> **2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **Eight Months Ended**<br>**April 30,**<br>**2018** | **Year Ended<br>August 31,**<br>**2017** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $89.72 | $88.94 | $57.49 | $70.67 | $64.70 | $61.60 | $53.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.61 | 1.06 | 0.83 | 1.03 | 0.90 | 0.53 | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (3.63) | 0.57 | 31.70 | (13.14) | 5.82 | 3.29 | 8.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.02) | 1.63 | 32.53 | (12.11) | 6.72 | 3.82 | 9.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.85) | (1.08) | (1.07) | (0.75) | (0.72) | (1.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $86.70 | $89.72 | $88.94 | $57.49 | $70.67 | $64.70 | $61.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period | $86.71 <sup>(b)</sup> | $89.97 <sup>(b)</sup> | $88.93 <sup>(b)</sup> | $57.59 <sup>(b)</sup> | $70.75 <sup>(b)</sup> | $64.75 <sup>(b)</sup> | $61.67 |
|  **Net Asset Value Total Return<sup>(c)</sup>** | (3.36)% | 1.82% | 56.93% | (17.51)% | 10.68% | 6.19% | 18.40% |
|  **Market Price Total Return<sup>(c)</sup>** | (3.62)% | 2.12% | 56.65% | (17.46)% | 10.72% | 6.14% |  |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $204602 | $211735 | $226798 | $232835 | $265019 | $255584 | $203284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.74 %<sup>(d)</sup> | 0.74% | 0.69% | 0.65 %<sup>(e)(f)</sup> | 0.65 %<sup>(e)</sup> | 0.65 %<sup>(d)</sup> | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.74 %<sup>(d)</sup> | 0.74% | 0.69% | 0.68 %<sup>(e)(f)</sup> | 0.70 %<sup>(e)</sup> | 0.74 %<sup>(d)</sup> | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.40 %<sup>(d)</sup> | 1.16% | 1.18% | 1.46 %<sup>(f)</sup> | 1.36% | 1.23 %<sup>(d)</sup> | 1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 51% | 121% | 162% | 144% | 170% | 136% | 181% |

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<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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. 

<sup>(f)</sup> Ratios include non-recurring costs associated with a proxy statement of less than 0.005%. 

<sup>(g)</sup> 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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| <br> &nbsp;&nbsp;&nbsp;&nbsp;**57**  |
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**Financial Highlights–(continued)** 

Invesco Zacks Multi-Asset Income ETF (CVY)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Eight Months Ended<br>April 30,**<br>**2018** | **Year Ended<br>August 31,**<br>**2017** |
| | **Six Months Ended<br>October 31,<br>2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **Eight Months Ended<br>April 30,**<br>**2018** | **Year Ended<br>August 31,**<br>**2017** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $22.65 | $24.06 | $15.82 | $22.25 | $21.87 | $21.11 | $19.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)(b)</sup> | 0.52 | 0.67 | 0.65 | 0.77 | 0.81 | 0.49 | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.10) | (1.44) | 8.20 | (6.45) | 0.38 | 0.94 | 1.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.58) | (0.77) | 8.85 | (5.68) | 1.19 | 1.43 | 2.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.49) | (0.64) | (0.61) | (0.75) | (0.81) | (0.59) | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  |  | (0.08) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.49) | (0.64) | (0.61) | (0.75) | (0.81) | (0.67) | (0.90) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $21.58 | $22.65 | $24.06 | $15.82 | $22.25 | $21.87 | $21.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period | $21.59 <sup>(c)</sup> | $22.61 <sup>(c)</sup> | $24.08 <sup>(c)</sup> | $15.84 <sup>(c)</sup> | $22.27 <sup>(c)</sup> | $21.87 <sup>(c)</sup> | $21.08 |
|  **Net Asset Value Total Return<sup>(d)</sup>** | (2.50)% | (3.30)% | 57.19% | (25.93)% | 5.67% | 6.83% | 11.73% |
|  **Market Price Total Return<sup>(d)</sup>** | (2.27)% | (3.54)% | 57.13% | (25.91)% | 5.76% | 6.98% |  |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $103815 | $114150 | $133536 | $125007 | $229220 | $286460 | $346144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.73 %<sup>(e)(f)</sup> | 0.73 %<sup>(f)</sup> | 0.73% | 0.65 %<sup>(f)(g)</sup> | 0.65 %<sup>(f)</sup> | 0.65 %<sup>(e)(f)</sup> | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.73 %<sup>(e)(f)</sup> | 0.74 %<sup>(f)</sup> | 0.73% | 0.69 %<sup>(f)(g)</sup> | 0.71 %<sup>(f)</sup> | 0.74 %<sup>(e)(f)</sup> | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 4.72 %<sup>(e)</sup> | 2.77% | 3.48% | 3.64 %<sup>(g)</sup> | 3.71% | 3.38 %<sup>(e)</sup> | 3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup> | 71% | 161% | 176% | 203% | 196% | 142% | 203% |

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<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> 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.

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Annualized.

<sup>(f)</sup> 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. 

<sup>(g)</sup> Ratios include non-recurring costs associated with a proxy statement of less than 0.005%. 

<sup>(h)</sup> 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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| <br> &nbsp;&nbsp;&nbsp;&nbsp;**58**  |
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**Notes to Financial Statements** 

Invesco Exchange-Traded Fund Trust

October 31, 2022

*(Unaudited)* 

**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:

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| | |
|:---|:---|
| **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" |

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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 ("APs"), 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"):

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| | |
|:---|:---|
| **Fund** | **Underlying Index** |
|  Dynamic Large Cap Growth ETF | Dynamic Large Cap Growth Intellidex<sup>®</sup> Index |
|  Dynamic Large Cap Value ETF | Dynamic Large Cap Value Intellidex<sup>®</sup> Index |
|  S&P 100 Equal Weight ETF | S&P 100<sup>®</sup> Equal Weight Index |
|  S&P 500 GARP ETF | S&P 500<sup>®</sup> GARP Index |
|  S&P 500 Value with Momentum ETF | S&P 500<sup>®</sup> High Momentum Value Index |
|  S&P MidCap Momentum ETF | S&P MidCap 400<sup>®</sup> Momentum Index |
|  S&P MidCap Quality ETF | S&P MidCap 400<sup>®</sup> Quality Index |
|  S&P MidCap Value with Momentum ETF | S&P MidCap 400<sup>®</sup> 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 |

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**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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| <br> &nbsp;&nbsp;&nbsp;&nbsp;**59**  |
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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 trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value. Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

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 are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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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| <br> &nbsp;&nbsp;&nbsp;&nbsp;**60**  |
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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, significant governmental actions 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.

The price a Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**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 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, the country that has the primary market for the issuer's securities and
its "country of risk" as determined by a third party service provider, 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

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| <br> &nbsp;&nbsp;&nbsp;&nbsp;**61**  |
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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 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.

Invesco Advisers, Inc. ("Invesco"), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon ("BNYM") also serves as a lending agent. To the

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| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**62**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**62**  |

---

------

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 six months ended October 31, 2022, each Fund (except for S&P 500 Value with Momentum 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 Fund as listed below:

---

| | |
|:---|:---|
|  | **Amount** |
|  Dynamic Large Cap Growth ETF | $1279 |
|  Dynamic Large Cap Value ETF | 611 |
|  S&P 100 Equal Weight ETF | 252 |
|  S&P 500 GARP ETF | 1435 |
|  S&P MidCap Momentum ETF | 3263 |
|  S&P MidCap Quality ETF | 5311 |
|  S&P MidCap Value with Momentum ETF | 1400 |
|  S&P SmallCap Momentum ETF | 607 |
|  S&P SmallCap Value with Momentum ETF | 4442 |
|  Zacks Mid-Cap ETF | 5478 |
|  Zacks Multi-Asset Income ETF | 8964 |

---

**J.** **Other Risks** 

*AP Concentration Risk*. Only 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 the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

*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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**63**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**63**  |

---

------

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.

*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 each 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 an 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 can a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase 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,

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**64**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**64**  |

---

------

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.

*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 six months ended October 31, 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 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 six months ended October 31, 2022, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

---

| | |
|:---|:---|
| &nbsp;&nbsp; Dynamic Large Cap Growth ETF | $88 |
| &nbsp;&nbsp; Dynamic Large Cap Value ETF | 280 |
| &nbsp;&nbsp; S&P 100 Equal Weight ETF | 57446 |
| &nbsp;&nbsp; S&P 500 GARP ETF | 244 |
| &nbsp;&nbsp; S&P 500 Value with Momentum ETF | 17064 |
| &nbsp;&nbsp; S&P MidCap Momentum ETF | 278 |
| &nbsp;&nbsp; S&P MidCap Quality ETF | 100690 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**65**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**65**  |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; S&P MidCap Value with Momentum ETF | $124 |
| &nbsp;&nbsp; S&P SmallCap Momentum ETF | 5515 |
| &nbsp;&nbsp; S&P SmallCap Value with Momentum ETF | 201 |
| &nbsp;&nbsp; Zacks Mid-Cap ETF | 80 |
| &nbsp;&nbsp; Zacks Multi-Asset Income ETF | 83 |

---

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 October 31, 2022 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Total<br>Potential<br>Recapture** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** |
| | **Amounts** | **4/30/23** | **4/30/24** | **4/30/25** | **10/31/25** |
| &nbsp;&nbsp; S&P 100 Equal Weight ETF | $297879 | $34496 | $102337 | $103638 | $57408 |
| &nbsp;&nbsp; S&P 500 Value with Momentum ETF | 125574 | 11808 | 58042 | 38697 | 17027 |
| &nbsp;&nbsp; S&P MidCap Quality ETF | 431754 | 25604 | 120587 | 185234 | 100329 |
| &nbsp;&nbsp; S&P MidCap Value with Momentum ETF | 22390 |  | 22390 |  |  |
| &nbsp;&nbsp; S&P SmallCap Momentum ETF | 22518 | 4985 | 12069 |  | 5464 |
| &nbsp;&nbsp; Zacks Multi-Asset Income ETF | 9144 |  |  | 9144 |  |

---

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 six months ended October 31, 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:

---

| | |
|:---|:---|
| &nbsp;&nbsp; Dynamic Large Cap Growth ETF | $12117 |
| &nbsp;&nbsp; Dynamic Large Cap Value ETF | 56162 |
| &nbsp;&nbsp; S&P 100 Equal Weight ETF | 1922 |
| &nbsp;&nbsp; S&P 500 GARP ETF | 37675 |
| &nbsp;&nbsp; S&P MidCap Momentum ETF | 43312 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**66**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**66**  |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; S&P MidCap Quality ETF | $822 |
| &nbsp;&nbsp; S&P MidCap Value with Momentum ETF | 27506 |
| &nbsp;&nbsp; S&P SmallCap Momentum ETF | 25452 |
| &nbsp;&nbsp; S&P SmallCap Value with Momentum ETF | 13749 |
| &nbsp;&nbsp; Zacks Mid-Cap ETF | 29569 |
| &nbsp;&nbsp; Zacks Multi-Asset Income ETF | 25400 |

---

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 securities from or sell securities 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 Invesco ETF from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7.

For the six months ended October 31, 2022, the following Funds engaged in transactions with affiliates as listed below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Securities Purchases** | **Securities Sales** | **Net Realized Gains (Losses)\*** |
| &nbsp;&nbsp; S&P MidCap Momentum ETF | $– | $92822279 | $(922454) |
| &nbsp;&nbsp; S&P MidCap Quality ETF | – | 1123907 | (61063) |
| &nbsp;&nbsp; S&P SmallCap Momentum ETF | – | 1005274 | (172393) |

---

\* 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. 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 the Adviser's 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 October 31, 2022, for each Fund (except for S&P 500 Value with Momentum ETF). As of October 31, 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** |
| &nbsp;&nbsp; Dynamic Large Cap Growth ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $553350643 | $- | $- | $553350643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 444235 | 75263297 |  | 75707532 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $553794878 | $75263297 | $- | $629058175 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**67**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**67**  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp; Dynamic Large Cap Value ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $797165436 | $- | $- | $797165436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 273808 | 25765670 |  | 26039478 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $797439244 | $25765670 | $- | $823204914 |
| &nbsp;&nbsp; S&P 100 Equal Weight ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $136195274 | $- | $- | $136195274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 76252 | 1704486 |  | 1780738 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $136271526 | $1704486 | $- | $137976012 |
| &nbsp;&nbsp; S&P 500 GARP ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $1458414470 | $- | $- | $1458414470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 821590 | 53904189 |  | 54725779 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $1459236060 | $53904189 | $- | $1513140249 |
| &nbsp;&nbsp; S&P MidCap Momentum ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $1012049962 | $- | $- | $1012049962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 406122 | 150306919 |  | 150713041 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $1012456084 | $150306919 | $- | $1162763003 |
| &nbsp;&nbsp; S&P MidCap Quality ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $317852023 | $- | $- | $317852023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 139508 | 51511279 |  | 51650787 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $317991531 | $51511279 | $- | $369502810 |
| &nbsp;&nbsp; S&P MidCap Value with Momentum ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $206006106 | $- | $- | $206006106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds |  | 37616489 |  | 37616489 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $206006106 | $37616489 | $- | $243622595 |
| &nbsp;&nbsp; S&P SmallCap Momentum ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $165841444 | $- | $- | $165841444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 107224 | 23284076 |  | 23391300 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $165948668 | $23284076 | $- | $189232744 |
| &nbsp;&nbsp; S&P SmallCap Value with Momentum ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $682007920 | $- | $- | $682007920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 602793 | 158328457 |  | 158931250 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $682610713 | $158328457 | $- | $840939170 |
| &nbsp;&nbsp; Zacks Mid-Cap ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $204443684 | $- | $- | $204443684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 247173 | 7751979 |  | 7999152 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $204690857 | $7751979 | $- | $212442836 |
| &nbsp;&nbsp; Zacks Multi-Asset Income ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $84088931 | $- | $0 | $84088931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 9816687 |  |  | 9816687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Closed-End Funds | 9478198 |  |  | 9478198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 324526 | 14760648 |  | 15085174 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $103708342 | $14760648 | $0 | $118468990 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**68**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**68**  |

---

------

**NOTE 6–Tax Information** 

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds' capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds' fiscal year-end.

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 had capital loss carryforwards as of April 30, 2022, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** | |
|  | **Short-Term** | **Long-Term** |<br>**Total\*** |
| &nbsp;&nbsp; Dynamic Large Cap Growth ETF | $203726021 | $3639830 | $207365851 |
| &nbsp;&nbsp; Dynamic Large Cap Value ETF | 386362311 | 69323482 | 455685793 |
| &nbsp;&nbsp; S&P 100 Equal Weight ETF | 1722221 | 3497984 | 5220205 |
| &nbsp;&nbsp; S&P 500 GARP ETF | 29928775 | 12195943 | 42124718 |
| &nbsp;&nbsp; S&P 500 Value with Momentum ETF | 9931515 | 5226601 | 15158116 |
| &nbsp;&nbsp; S&P MidCap Momentum ETF | 145585788 |  | 145585788 |
| &nbsp;&nbsp; S&P MidCap Quality ETF | 6654006 | 2777556 | 9431562 |
| &nbsp;&nbsp; S&P MidCap Value with Momentum ETF | 26808944 | 6247726 | 33056670 |
| &nbsp;&nbsp; S&P SmallCap Momentum ETF | 48672098 | 7210978 | 55883076 |
| &nbsp;&nbsp; S&P SmallCap Value with Momentum ETF | 39584920 | 14597411 | 54182331 |
| &nbsp;&nbsp; Zacks Mid-Cap ETF | 111245125 | 10126229 | 121371354 |
| &nbsp;&nbsp; Zacks Multi-Asset Income ETF | 365162583 | 76294024 | 441456607 |

---

\* 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 six months ended October 31, 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** |
| &nbsp;&nbsp; Dynamic Large Cap Growth ETF | $330766147 | $328453016 |
| &nbsp;&nbsp; Dynamic Large Cap Value ETF | 464637159 | 463511878 |
| &nbsp;&nbsp; S&P 100 Equal Weight ETF | 11273523 | 11267612 |
| &nbsp;&nbsp; S&P 500 GARP ETF | 362807255 | 357175667 |
| &nbsp;&nbsp; S&P 500 Value with Momentum ETF | 22334448 | 22329659 |
| &nbsp;&nbsp; S&P MidCap Momentum ETF | 663347271 | 661680925 |
| &nbsp;&nbsp; S&P MidCap Quality ETF | 157465887 | 157023074 |
| &nbsp;&nbsp; S&P MidCap Value with Momentum ETF | 77162926 | 77202992 |
| &nbsp;&nbsp; S&P SmallCap Momentum ETF | 91127414 | 90970273 |
| &nbsp;&nbsp; S&P SmallCap Value with Momentum ETF | 259219751 | 257790699 |
| &nbsp;&nbsp; Zacks Mid-Cap ETF | 105115742 | 103646874 |
| &nbsp;&nbsp; Zacks Multi-Asset Income ETF | 75437861 | 75556418 |

---

For the six months ended October 31, 2022, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind<br>Purchases** | **In-kind**<br>**Sales** |
| &nbsp;&nbsp; Dynamic Large Cap Growth ETF | $115254360 | $154946066 |
| &nbsp;&nbsp; Dynamic Large Cap Value ETF | 197702667 | 196857762 |
| &nbsp;&nbsp; S&P 100 Equal Weight ETF | 35159788 | 11981670 |
| &nbsp;&nbsp; S&P 500 GARP ETF | 907379878 | 240645617 |
| &nbsp;&nbsp; S&P 500 Value with Momentum ETF | 3124765 | 10480901 |
| &nbsp;&nbsp; S&P MidCap Momentum ETF | 177858637 | 20025729 |
| &nbsp;&nbsp; S&P MidCap Quality ETF | 24432024 | 33733363 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**69**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**69**  |

---

------

---

| | | |
|:---|:---|:---|
|  | **In-kind<br>Purchases** | **In-kind**<br>**Sales** |
| &nbsp;&nbsp; S&P MidCap Value with Momentum ETF | $21648321 | $66909822 |
| &nbsp;&nbsp; S&P SmallCap Momentum ETF | 21570372 | 6006436 |
| &nbsp;&nbsp; S&P SmallCap Value with Momentum ETF | 174075036 | 157903811 |
| &nbsp;&nbsp; Zacks Mid-Cap ETF | 12660356 | 12144560 |
| &nbsp;&nbsp; Zacks Multi-Asset Income ETF | 4795106 | 9650492 |

---

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

As of October 31, 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**<br>**Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>(Depreciation)** | **Net**<br>**Unrealized<br>Appreciation<br>(Depreciation)** | **Cost** |
| &nbsp;&nbsp; Dynamic Large Cap Growth ETF | $43777672 | $(52464813) | $(8687141) | $637745316 |
| &nbsp;&nbsp; Dynamic Large Cap Value ETF | 63388383 | (46775270) | 16613113 | 806591801 |
| &nbsp;&nbsp; S&P 100 Equal Weight ETF | 9516582 | (11693515) | (2176933) | 140152945 |
| &nbsp;&nbsp; S&P 500 GARP ETF | 76879955 | (137010400) | (60130445) | 1573270694 |
| &nbsp;&nbsp; S&P 500 Value with Momentum ETF | 4989389 | (2558793) | 2430596 | 46100785 |
| &nbsp;&nbsp; S&P MidCap Momentum ETF | 85877780 | (32596663) | 53281117 | 1109481886 |
| &nbsp;&nbsp; S&P MidCap Quality ETF | 29182994 | (22101471) | 7081523 | 362421287 |
| &nbsp;&nbsp; S&P MidCap Value with Momentum ETF | 19194067 | (20235663) | (1041596) | 244664191 |
| &nbsp;&nbsp; S&P SmallCap Momentum ETF | 19152220 | (7179252) | 11972968 | 177259776 |
| &nbsp;&nbsp; S&P SmallCap Value with Momentum ETF | 59155236 | (84724169) | (25568933) | 866508103 |
| &nbsp;&nbsp; Zacks Mid-Cap ETF | 15285836 | (21890021) | (6604185) | 219047021 |
| &nbsp;&nbsp; Zacks Multi-Asset Income ETF | 7619509 | (15635625) | (8016116) | 126485106 |

---

**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 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 APs 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 AP 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 AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP'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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**70**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**70**  |

---

------

**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 May 1, 2022 through October 31, 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 a Fund. If transaction costs and indirect expenses were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning**<br> **Account Value**<br> **May 1, 2022** | **Ending**<br> **Account Value**<br> **October 31, 2022** | **Annualized**<br> **Expense Ratio**<br> **Based on the**<br> **Six-Month Period** | **Expenses Paid**<br> **During the**<br> **Six-Month Period<sup>(1)</sup>** |
| &nbsp;&nbsp; Invesco Dynamic Large Cap Growth ETF (PWB) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $967.70 | 0.56% | $2.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.38 | 0.56 | 2.85 |
| &nbsp;&nbsp; Invesco Dynamic Large Cap Value ETF (PWV) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1006.20 | 0.55 | 2.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.43 | 0.55 | 2.80 |
| &nbsp;&nbsp; Invesco S&P 100 Equal Weight ETF (EQWL) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 968.50 | 0.25 | 1.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.95 | 0.25 | 1.28 |
| &nbsp;&nbsp; Invesco S&P 500 GARP ETF (SPGP) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 964.50 | 0.34 | 1.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.49 | 0.34 | 1.73 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**71**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**71**  |

---

------

**Calculating your ongoing Fund expenses–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning**<br> **Account Value<br>May 1, 2022** | **Ending**<br> **Account Value<br>October 31, 2022** | **Annualized**<br> **Expense Ratio<br>Based on the<br>Six-Month Period** | **Expenses Paid<br>During the<br>Six-Month Period<sup>(1)</sup>** |
| &nbsp;&nbsp; Invesco S&P 500 Value with Momentum ETF (SPVM) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $991.70 | 0.39% | $1.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.24 | 0.39 | 1.99 |
| &nbsp;&nbsp; Invesco S&P MidCap Momentum ETF (XMMO) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 960.50 | 0.33 | 1.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.54 | 0.33 | 1.68 |
| &nbsp;&nbsp; Invesco S&P MidCap Quality ETF (XMHQ) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1004.00 | 0.25 | 1.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.95 | 0.25 | 1.28 |
| &nbsp;&nbsp; Invesco S&P MidCap Value with Momentum ETF (XMVM) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 998.60 | 0.39 | 1.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.24 | 0.39 | 1.99 |
| &nbsp;&nbsp; Invesco S&P SmallCap Momentum ETF (XSMO) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1037.20 | 0.39 | 2.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.24 | 0.39 | 1.99 |
| &nbsp;&nbsp; Invesco S&P SmallCap Value with Momentum ETF (XSVM) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 952.20 | 0.35 | 1.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.44 | 0.35 | 1.79 |
| &nbsp;&nbsp; Invesco Zacks Mid-Cap ETF (CZA) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 966.40 | 0.74 | 3.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1021.48 | 0.74 | 3.77 |
| &nbsp;&nbsp; Invesco Zacks Multi-Asset Income ETF (CVY) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 975.00 | 0.73 | 3.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1021.53 | 0.73 | 3.72 |

---

<sup>(1)</sup> 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 October 31, 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 184/365. 

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**72**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**72**  |

---

------

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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 ***<u>www.sec.gov</u>***.

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 ***<u>www.sec.gov</u>.***

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 ***<u>www.sec.gov</u>***.

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 ***<u>www.invesco.com/ETFs</u>***.

------

---

| | |
|:---|:---|
| **©2022 Invesco Capital Management LLC**<br> **3500 Lacey Road, Suite 700** |  |
| **Downers Grove, IL 60515** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P-PS-SAR-5 invesco.com/ETFs |

---

------

---

| | | |
|:---|:---|:---|
| <br> ![LOGO](g397944sp1.jpg)  |  |  |
| <br> ![LOGO](g397944sp1.jpg)  | **Invesco Semi-Annual Report to Shareholders** | **Invesco Semi-Annual Report to Shareholders** |
|  | October 31, 2022 | October 31, 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 |

---

------

---

| | |
|:---|:---|
|  [Schedules of Investments](#edg397944_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco Dynamic Biotechnology & Genome ETF (PBE)](#edg397944_2) | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco Dynamic Building & Construction ETF (PKB)](#edg397944_3) | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco Dynamic Energy Exploration & Production ETF (PXE)](#edg397944_4) | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco Dynamic Food & Beverage ETF (PBJ)](#edg397944_5) | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco Dynamic Leisure and Entertainment ETF (PEJ)](#edg397944_6) | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco Dynamic Media ETF (PBS)](#edg397944_7) | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco Dynamic Networking ETF (PXQ)](#edg397944_8) | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco Dynamic Oil & Gas Services ETF (PXJ)](#edg397944_9) | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco Dynamic Pharmaceuticals ETF (PJP)](#edg397944_10) | **20** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco Dynamic Semiconductors ETF (PSI)](#edg397944_11) | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco Dynamic Software ETF (PSJ)](#edg397944_12) | **24** |
|  [Statements of Assets and Liabilities](#edg397944_13) | **26** |
|  [Statements of Operations](#edg397944_14) | **28** |
|  [Statements of Changes in Net Assets](#edg397944_15) | **30** |
|  [Financial Highlights](#edg397944_16) | **34** |
|  [Notes to Financial Statements](#edg397944_17) | **45** |
|  [Fund Expenses](#edg397944_18) | **56** |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**2**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**2**  |

---

------

**Invesco Dynamic Biotechnology & Genome ETF (PBE)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-100.04%** | **Common Stocks & Other Equity Interests-100.04%** | **Common Stocks & Other Equity Interests-100.04%** |
|  **Biotechnology-89.02%** |  |  |
|  Acadia Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 402958 | $6459417 |
|  Alkermes PLC<sup>(b)</sup>  | 273057 | 6198394 |
|  Amgen, Inc. | 51007 | 13789742 |
|  Amicus Therapeutics, Inc.<sup>(b)</sup>  | 563067 | 5630670 |
|  Biogen, Inc.<sup>(b)</sup>  | 61485 | 17427308 |
|  BioMarin Pharmaceutical, Inc.<sup>(b)</sup>  | 136155 | 11795108 |
|  Catalyst Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 456197 | 6327452 |
|  Dynavax Technologies Corp.<sup>(b)(c)</sup>  | 579382 | 6633924 |
|  Emergent BioSolutions, Inc.<sup>(b)</sup>  | 249244 | 5199230 |
|  Enanta Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 99789 | 4501482 |
|  Exelixis, Inc.<sup>(b)</sup>  | 355929 | 5901303 |
|  FibroGen, Inc.<sup>(b)(c)</sup>  | 497213 | 8094627 |
|  Gilead Sciences, Inc. | 195826 | 15364508 |
|  Halozyme Therapeutics, Inc.<sup>(b)(c)</sup>  | 160273 | 7662652 |
|  Incyte Corp.<sup>(b)</sup>  | 170850 | 12700989 |
|  Ionis Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 155085 | 6854757 |
|  Ironwood Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 587886 | 6431473 |
|  Neurocrine Biosciences, Inc.<sup>(b)</sup>  | 64397 | 7413382 |
|  Regeneron Pharmaceuticals, Inc.<sup>(b)</sup>  | 20704 | 15502120 |
|  REGENXBIO, Inc.<sup>(b)(c)</sup>  | 214369 | 5074114 |
|  Sarepta Therapeutics, Inc.<sup>(b)(c)</sup>  | 62334 | 7107323 |
|  United Therapeutics Corp.<sup>(b)</sup>  | 30028 | 6922355 |
|  Veracyte, Inc.<sup>(b)(c)</sup>  | 316954 | 6373945 |
|  Vericel Corp.<sup>(b)(c)</sup>  | 249153 | 6697233 |
|  Vertex Pharmaceuticals, Inc.<sup>(b)</sup>  | 43570 | 13593840 |
|  Xencor, Inc.<sup>(b)(c)</sup>  | 234791 | 6574148 |
|  |  | 222231496 |
|  **Health Care Services-4.39%** |  |  |
|  Fulgent Genetics, Inc.<sup>(b)(c)</sup>  | 144847 | 5740287 |
|  OPKO Health, Inc.<sup>(b)(c)</sup>  | 2742701 | 5211132 |
|  |  | 10951419 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Life Sciences Tools & Services-6.63%** | **Life Sciences Tools & Services-6.63%** | **Life Sciences Tools & Services-6.63%** |
|  QIAGEN N.V.<sup>(b)</sup>  | 146438 | $6378839 |
|  Repligen Corp.<sup>(b)(c)</sup>  | 55666 | 10158489 |
|  |  | 16537328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $240,968,643) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $240,968,643) | 249720243 |
|  **Money Market Funds-0.05%** |  |  |
|  Invesco Government & Agency Portfolio,<br>Institutional Class, 3.07%<sup>(d)(e)</sup>(Cost $125,977) | 125977 | 125977 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.09% (Cost $241,094,620) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.09% (Cost $241,094,620) | 249846220 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
| **Money Market Funds-28.24%** | **Money Market Funds-28.24%** | **Money Market Funds-28.24%** |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup>  | 20544016 | 20544016 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup>  | 49953795 | 49953795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $70,499,234) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $70,499,234) | 70497811 |
|  TOTAL INVESTMENTS IN SECURITIES-128.33% (Cost $311,593,854) | TOTAL INVESTMENTS IN SECURITIES-128.33% (Cost $311,593,854) | 320344031 |
|  OTHER ASSETS LESS LIABILITIES-(28.33)% | OTHER ASSETS LESS LIABILITIES-(28.33)% | (70712883) |
|  NET ASSETS-100.00%. | NET ASSETS-100.00%. | $249631148 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $138087 | $&nbsp;&nbsp;&nbsp;&nbsp;5557115 | $&nbsp;&nbsp;&nbsp;&nbsp;(5569225) | $- | $- | $125977 | $878 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**3**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**3**  |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | $16183722 | $82446281 | $(78085987) | $- | $- | $20544016 | $155625 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 37737721 | 163083833 | (150867004) | (2756) | 2001 | 49953795 | 427377 \* |
| &nbsp;&nbsp; Total | $54059530 | $251087229 | $(234522216) | $(2756) | $2001 | $70623788 | $583880 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

---

| | |
|:---|:---|
| **Portfolio Composition**<br> **Sub-Industry Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** | **Portfolio Composition**<br> **Sub-Industry Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** |
| &nbsp;&nbsp; Biotechnology | 89.02 |
| &nbsp;&nbsp; Life Sciences Tools & Services | 6.63 |
| &nbsp;&nbsp; Health Care Services | 4.39 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | (0.04) |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**4**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**4**  |

---

------

**Invesco Dynamic Building & Construction ETF (PKB)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-100.06%** | **Common Stocks & Other Equity Interests-100.06%** | **Common Stocks & Other Equity Interests-100.06%** |
|  **Building Products-12.03%** |  |  |
|  Carlisle Cos., Inc. | 18768 | $4481799 |
|  Owens Corning | 36246 | 3103020 |
|  PGT Innovations, Inc.<sup>(b)</sup>  | 141262 | 3010293 |
|  Tecnoglass, Inc.<sup>(c)</sup>  | 126053 | 2587868 |
|  |  | 13182980 |
|  **Construction & Engineering-8.95%** | **Construction & Engineering-8.95%** | **Construction & Engineering-8.95%** |
|  AECOM | 41656 | 3135864 |
|  Dycom Industries, Inc.<sup>(b)</sup>  | 27964 | 3304785 |
|  NV5 Global, Inc.<sup>(b)(c)</sup>  | 23202 | 3363130 |
|  |  | 9803779 |
|  **Construction Materials-15.31%** | **Construction Materials-15.31%** | **Construction Materials-15.31%** |
|  Eagle Materials, Inc. | 24770 | 3029619 |
|  Martin Marietta Materials, Inc. | 16225 | 5451275 |
|  Summit Materials, Inc., Class A<sup>(b)(c)</sup>  | 105441 | 2778370 |
|  Vulcan Materials Co. | 33717 | 5519473 |
|  |  | 16778737 |
|  **Forest Products-2.83%** |  |  |
|  Louisiana-Pacific Corp.<sup>(c)</sup>  | 54653 | 3096092 |
|  **Gas Utilities-2.67%** |  |  |
|  Southwest Gas Holdings, Inc. | 39977 | 2921119 |
|  **Home Improvement Retail-10.03%** | **Home Improvement Retail-10.03%** | **Home Improvement Retail-10.03%** |
|  Home Depot, Inc. (The) | 18795 | 5565763 |
|  Lowe's Cos., Inc. | 27810 | 5421560 |
|  |  | 10987323 |
|  **Homebuilding-39.99%** | **Homebuilding-39.99%** | **Homebuilding-39.99%** |
|  Cavco Industries, Inc.<sup>(b)(c)</sup>  | 12071 | 2736134 |
|  Century Communities, Inc.<sup>(c)</sup>  | 64880 | 2887809 |
|  D.R. Horton, Inc. | 79200 | 6088896 |
|  Green Brick Partners, Inc.<sup>(b)(c)</sup>  | 118504 | 2740998 |
|  Installed Building Products, Inc.<sup>(c)</sup>  | 31947 | 2747442 |
|  Lennar Corp., Class A | 70280 | 5671596 |
|  M/I Homes, Inc.<sup>(b)</sup>  | 71588 | 2970186 |
|  Meritage Homes Corp.<sup>(b)</sup>  | 38798 | 2954856 |
|  PulteGroup, Inc. | 76492 | 3058915 |
|  Skyline Champion Corp.<sup>(b)(c)</sup>  | 51895 | 3020808 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Homebuilding-(continued)** |  |  |
|  Taylor Morrison Home Corp.,<br>Class A<sup>(b)(c)</sup>  | 120448 | $3172600 |
|  Toll Brothers, Inc. | 68974 | 2971400 |
|  TopBuild Corp.<sup>(b)</sup>  | 16418 | 2793358 |
|  |  | 43814998 |
|  **Specialized Consumer Services-2.46%** | **Specialized Consumer Services-2.46%** | **Specialized Consumer Services-2.46%** |
|  frontdoor, inc.<sup>(b)(c)</sup>  | 122420 | 2700585 |
|  **Specialty Stores-5.79%** |  |  |
|  Tractor Supply Co. | 28854 | 6341244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $117,427,813) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $117,427,813) | 109626857 |
| **Money Market Funds-0.04%** | **Money Market Funds-0.04%** | **Money Market Funds-0.04%** |
|  Invesco Government & Agency Portfolio,<br>Institutional Class, 3.07%<sup>(d)(e)</sup>(Cost $41,701) | 41701 | 41701 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.10%<br>(Cost $117,469,514) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.10%<br>(Cost $117,469,514) | 109668558 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
| **Money Market Funds-15.51%** | **Money Market Funds-15.51%** | **Money Market Funds-15.51%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup>  | 4760750 | 4760750 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup>  | 12238935 | 12238935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $16,999,987) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $16,999,987) | 16999685 |
|  TOTAL INVESTMENTS IN SECURITIES-115.61%<br>(Cost $134,469,501) | TOTAL INVESTMENTS IN SECURITIES-115.61%<br>(Cost $134,469,501) | 126668243 |
|  OTHER ASSETS LESS LIABILITIES-(15.61)% | OTHER ASSETS LESS LIABILITIES-(15.61)% | (17103087) |
|  NET ASSETS-100.00%. | NET ASSETS-100.00%. | $109565156 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $142552 | $6769576 | $(6870427) | $- | $- | $41701 | $2330 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**5**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**5**  |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | $834839 | $26886520 | $(22960609) | $- | $- | $4760750 | $42356 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 1948889 | 66099508 | (55809461) | (302) | 301 | 12238935 | 115493 \* |
| &nbsp;&nbsp; Total | $2926280 | $99755604 | $(85640497) | $(302) | $301 | $17041386 | $160179 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

---

| | |
|:---|:---|
| **Portfolio Composition**<br> **Sub-Industry Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** | **Portfolio Composition**<br> **Sub-Industry Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** |
| &nbsp;&nbsp; Homebuilding | 39.99 |
| &nbsp;&nbsp; Construction Materials | 15.31 |
| &nbsp;&nbsp; Building Products | 12.03 |
| &nbsp;&nbsp; Home Improvement Retail | 10.03 |
| &nbsp;&nbsp; Construction & Engineering | 8.95 |
| &nbsp;&nbsp; Specialty Stores | 5.79 |
| &nbsp;&nbsp; Sub-Industry Types Each Less Than 3% | 7.96 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | (0.06) |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**6**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**6**  |

---

------

**Invesco Dynamic Energy Exploration & Production ETF (PXE)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** |
|  **Gas Utilities-2.38%** |  |  |
|  National Fuel Gas Co. | 117291 | $7915970 |
| **Industrial Conglomerates-2.71%** | **Industrial Conglomerates-2.71%** | **Industrial Conglomerates-2.71%** |
|  Icahn Enterprises L.P. | 165093 | 9004172 |
|  **Integrated Oil & Gas-4.59%** |  |  |
|  Occidental Petroleum Corp. | 210660 | 15293916 |
|  **Oil & Gas Exploration & Production-68.98%** | **Oil & Gas Exploration & Production-68.98%** | **Oil & Gas Exploration & Production-68.98%** |
|  APA Corp. | 218587 | 9936965 |
|  Callon Petroleum Co.<sup>(b)(c)</sup>  | 199069 | 8751073 |
|  Chord Energy Corp.<sup>(c)</sup>  | 58722 | 8989751 |
|  Comstock Resources, Inc.<sup>(b)(c)</sup>  | 446980 | 8394284 |
|  ConocoPhillips | 145200 | 18308268 |
|  Continental Resources, Inc.<sup>(c)</sup>  | 219561 | 16240927 |
|  Devon Energy Corp. | 219329 | 16965098 |
|  Diamondback Energy, Inc. | 115027 | 18071892 |
|  Earthstone Energy, Inc.,<br>Class A<sup>(b)(c)</sup>  | 554224 | 8956260 |
|  Laredo Petroleum, Inc.<sup>(b)(c)</sup>  | 110360 | 7134774 |
|  Magnolia Oil & Gas Corp., Class A | 347545 | 8924956 |
|  Marathon Oil Corp. | 329823 | 10043110 |
|  Matador Resources Co. | 138035 | 9172426 |
|  Murphy Oil Corp. | 225903 | 10958554 |
|  Ovintiv, Inc. | 161658 | 8187978 |
|  PDC Energy, Inc. | 127970 | 9231756 |
|  Permian Resources Corp.<sup>(b)(c)</sup>  | 1095554 | 10703563 |
|  Pioneer Natural Resources Co. | 61747 | 15832548 |
|  SM Energy Co. | 187749 | 8444950 |
|  Southwestern Energy Co.<sup>(b)</sup>  | 1094111 | 7582189 |
|  Talos Energy, Inc.<sup>(b)(c)</sup>  | 414021 | 8810367 |
|  |  | 229641689 |
|  **Oil & Gas Refining & Marketing-21.29%** | **Oil & Gas Refining & Marketing-21.29%** | **Oil & Gas Refining & Marketing-21.29%** |
|  CVR Energy, Inc.<sup>(c)</sup>  | 247288 | 9659069 |
|  Delek US Holdings, Inc.<sup>(c)</sup>  | 284853 | 8448740 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Oil & Gas Refining & Marketing-(continued)** | **Oil & Gas Refining & Marketing-(continued)** | **Oil & Gas Refining & Marketing-(continued)** |
|  HF Sinclair Corp.<sup>(c)</sup>  | 158948 | $9722849 |
|  Marathon Petroleum Corp. | 150236 | 17069815 |
|  PBF Energy, Inc., Class A<sup>(b)(c)</sup>  | 225621 | 9983729 |
|  Valero Energy Corp. | 127330 | 15986282 |
|  |  | 70870484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $295,931,950) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $295,931,950) | 332726231 |
|  **Money Market Funds-0.10%** |  |  |
|  Invesco Government & Agency Portfolio,<br>Institutional Class, 3.07%<sup>(d)(e)</sup>(Cost $330,383) | 330383 | 330383 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.05%<br>(Cost $296,262,333) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.05%<br>(Cost $296,262,333) | 333056614 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |  |
| **Money Market Funds-15.62%** | **Money Market Funds-15.62%** |  |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup>  | 14567828 | 14567828 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup>  | 37449550 | 37449550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $52,017,034) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $52,017,034) | 52017378 |
|  TOTAL INVESTMENTS IN SECURITIES-115.67%<br>(Cost $348,279,367) | TOTAL INVESTMENTS IN SECURITIES-115.67%<br>(Cost $348,279,367) | 385073992 |
|  OTHER ASSETS LESS LIABILITIES-(15.67)% | OTHER ASSETS LESS LIABILITIES-(15.67)% | (52170828) |
|  NET ASSETS-100.00%. | NET ASSETS-100.00%. | $332903164 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $340711 | $19228117 | $(19238445) | $- | $- | $330383 | $2977 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**7**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**7**  |

---

------

**Invesco Dynamic Energy Exploration & Production ETF (PXE)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | $11513827 | $96777893 | $(93723892) | $- | $- | $14567828 | $168830 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 26845754 | 242108015 | (231499136) | (2160) | (2923) | 37449550 | 461193 \* |
| &nbsp;&nbsp; Total | $38700292 | $358114025 | $(344461473) | $(2160) | $(2923) | $52347761 | $633000 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

---

| | |
|:---|:---|
| **Portfolio Composition**<br> **Sub-Industry Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** | **Portfolio Composition**<br> **Sub-Industry Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** |
| &nbsp;&nbsp; Oil & Gas Exploration & Production | 68.98 |
| &nbsp;&nbsp; Oil & Gas Refining & Marketing | 21.29 |
| &nbsp;&nbsp; Integrated Oil & Gas | 4.59 |
| &nbsp;&nbsp; Sub-Industry Types Each Less Than 3% | 5.09 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.05 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**8**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**8**  |

---

------

**Invesco Dynamic Food & Beverage ETF (PBJ)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** |
|  **Agricultural Products-5.53%** |  |  |
|  Archer-Daniels-Midland Co. | 192431 | $18661958 |
|  **Brewers-2.47%** |  |  |
|  Molson Coors Beverage Co., Class B | 165389 | 8340567 |
|  **Distillers & Vintners-2.69%** |  |  |
|  MGP Ingredients, Inc.<sup>(b)</sup>  | 81046 | 9081204 |
|  **Food Distributors-19.03%** |  |  |
|  Andersons, Inc. (The) | 230068 | 8114498 |
|  Chefs' Warehouse, Inc. (The)<sup>(b)(c)</sup>  | 271261 | 9936290 |
|  Performance Food Group Co.<sup>(c)</sup>  | 184875 | 9620895 |
|  SpartanNash Co.<sup>(b)</sup>  | 295457 | 10550770 |
|  Sysco Corp. | 198680 | 17197741 |
|  US Foods Holding Corp.<sup>(c)</sup>  | 295645 | 8798395 |
|  |  | 64218589 |
|  **Food Retail-15.88%** |  |  |
|  Albertsons Cos., Inc., Class A | 436708 | 8956881 |
|  Grocery Outlet Holding Corp.<sup>(b)(c)</sup>  | 231567 | 8005271 |
|  Ingles Markets, Inc., Class A | 91904 | 8672981 |
|  Kroger Co. (The) | 186328 | 8811451 |
|  Sprouts Farmers Market, Inc.<sup>(b)(c)</sup>  | 304409 | 8980066 |
|  Weis Markets, Inc.<sup>(b)</sup>  | 108536 | 10166567 |
|  |  | 53593217 |
|  **Packaged Foods & Meats-36.87%** |  |  |
|  Cal-Maine Foods, Inc.<sup>(b)</sup>  | 175102 | 9895014 |
|  Campbell Soup Co.<sup>(b)</sup>  | 180646 | 9557980 |
|  General Mills, Inc. | 217587 | 17750748 |
|  Hershey Co. (The) | 72857 | 17396066 |
|  Hormel Foods Corp. | 180260 | 8373077 |
|  Hostess Brands, Inc.<sup>(b)(c)</sup>  | 404459 | 10710074 |
|  Kellogg Co. | 121302 | 9318420 |
|  Kraft Heinz Co. (The) | 437589 | 16834049 |
|  Pilgrim's Pride Corp.<sup>(b)(c)</sup>  | 312649 | 7206559 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Packaged Foods & Meats-(continued)** | **Packaged Foods & Meats-(continued)** | **Packaged Foods & Meats-(continued)** |
|  Post Holdings, Inc.<sup>(c)</sup>  | 104322 | $9432795 |
|  Tyson Foods, Inc., Class A | 115769 | 7912811 |
|  |  | 124387593 |
|  **Restaurants-2.75%** |  |  |
|  Arcos Dorados Holdings, Inc., Class A (Brazil) | 1230614 | 9278830 |
|  **Soft Drinks-14.73%** |  |  |
|  Coca-Cola Co. (The) | 263630 | 15778256 |
|  Keurig Dr Pepper, Inc. | 429057 | 16664574 |
|  PepsiCo, Inc. | 94990 | 17248284 |
|  |  | 49691114 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.95%<br>(Cost $328,230,404) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.95%<br>(Cost $328,230,404) | 337253072 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |  |
| **Money Market Funds-13.10%** | **Money Market Funds-13.10%** | **Money Market Funds-13.10%** |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup>  | 12374620 | 12374620 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup>  | 31811315 | 31811315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $44,185,612) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $44,185,612) | 44185935 |
|  TOTAL INVESTMENTS IN SECURITIES-113.05%<br>(Cost $372,416,016) | TOTAL INVESTMENTS IN SECURITIES-113.05%<br>(Cost $372,416,016) | 381439007 |
|  OTHER ASSETS LESS LIABILITIES-(13.05)% | OTHER ASSETS LESS LIABILITIES-(13.05)% | (44030514) |
|  NET ASSETS-100.00%. | NET ASSETS-100.00%. | $337408493 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $364851 | $16220887 | $(16585738) | $- | $- | $- | $1894 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**9**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**9**  |

---

------

**Invesco Dynamic Food & Beverage ETF (PBJ)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities<br>on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | $11654821 | $50598020 | $(49878221) | $- | $- | $12374620 | $89430 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 27185071 | 105433315 | (100809160) | 323 | 1766 | 31811315 | 246802 \* |
| &nbsp;&nbsp; Total | $39204743 | $172252222 | $(167273119) | $323 | $1766 | $44185935 | $338126 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

---

| | |
|:---|:---|
| **Portfolio Composition**<br> **Sub-Industry Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** | **Portfolio Composition**<br> **Sub-Industry Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** |
| &nbsp;&nbsp; Packaged Foods & Meats | 36.87 |
| &nbsp;&nbsp; Food Distributors | 19.03 |
| &nbsp;&nbsp; Food Retail | 15.88 |
| &nbsp;&nbsp; Soft Drinks | 14.73 |
| &nbsp;&nbsp; Agricultural Products | 5.53 |
| &nbsp;&nbsp; Sub-Industry Types Each Less Than 3% | 7.91 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.05 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**10**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**10**  |

---

------

**Invesco Dynamic Leisure and Entertainment ETF (PEJ)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** |
|  **Airlines-5.73%** |  |  |
|  Alaska Air Group, Inc.<sup>(b)</sup>  | 386334 | $17176409 |
|  Copa Holdings S.A., Class A (Panama)<sup>(b)(c)</sup>  | 236099 | 17761728 |
|  |  | 34938137 |
|  **Broadcasting-8.87%** | **Broadcasting-8.87%** |  |
|  AMC Networks, Inc., Class A<sup>(b)</sup>  | 654815 | 14739886 |
|  Fox Corp., Class A | 914025 | 26387902 |
|  Paramount Global, Class B<sup>(c)</sup>  | 704022 | 12897683 |
|  |  | 54025471 |
|  **Casinos & Gaming-5.74%** | **Casinos & Gaming-5.74%** |  |
|  Churchill Downs, Inc.<sup>(c)</sup>  | 82857 | 17226799 |
|  Red Rock Resorts, Inc., Class A | 425942 | 17740484 |
|  |  | 34967283 |
|  **Food Distributors-10.88%** | **Food Distributors-10.88%** |  |
|  Performance Food Group Co.<sup>(b)(c)</sup>  | 343966 | 17899991 |
|  Sysco Corp. | 370135 | 32038886 |
|  US Foods Holding Corp.<sup>(b)</sup>  | 550423 | 16380588 |
|  |  | 66319465 |
|  **Hotels, Resorts & Cruise Lines-21.90%** | **Hotels, Resorts & Cruise Lines-21.90%** |  |
|  Choice Hotels International, Inc.<sup>(c)</sup>  | 145062 | 18834850 |
|  Hilton Worldwide Holdings, Inc. | 238541 | 32265056 |
|  Hyatt Hotels Corp., Class A<sup>(b)(c)</sup>  | 187488 | 17663245 |
|  Marriott International, Inc., Class A | 198849 | 31837713 |
|  Marriott Vacations Worldwide<br>Corp.<sup>(c)</sup>  | 117948 | 17427996 |
|  Playa Hotels & Resorts N.V.<sup>(b)</sup>  | 2492331 | 15377682 |
|  |  | 133406542 |
|  **Interactive Media & Services-2.66%** | **Interactive Media & Services-2.66%** |  |
|  TripAdvisor, Inc.<sup>(b)(c)</sup>  | 686090 | 16205446 |
|  **Leisure Facilities-3.51%** |  |  |
|  Bowlero Corp.<sup>(b)(c)</sup>  | 1468842 | 21386340 |
|  **Movies & Entertainment-29.74%** |  |  |
|  Cinemark Holdings, Inc.<sup>(b)(c)</sup>  | 1127802 | 11965979 |
|  Endeavor Group Holdings, Inc., Class A<sup>(b)</sup>  | 754581 | 16480049 |
|  Liberty Media Corp.-Liberty Formula One, Class A<sup>(b)(c)</sup>  | 280419 | 14587396 |
|  Lions Gate Entertainment Corp., Class A<sup>(b)(c)</sup>  | 1749847 | 14103767 |
|  Live Nation Entertainment, Inc.<sup>(b)</sup>  | 340118 | 27076794 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Movies & Entertainment-(continued)** | **Movies & Entertainment-(continued)** | **Movies & Entertainment-(continued)** |
|  Walt Disney Co. (The)<sup>(b)</sup>  | 274662 | $29262490 |
|  Warner Bros Discovery, Inc.<sup>(b)(c)</sup>  | 2466937 | 32070181 |
|  Warner Music Group Corp., Class A<sup>(c)</sup>  | 607602 | 15809804 |
|  World Wrestling Entertainment, Inc., Class A<sup>(c)</sup>  | 251648 | 19852511 |
|  |  | 181208971 |
|  **Restaurants-10.93%** | **Restaurants-10.93%** |  |
|  Arcos Dorados Holdings, Inc., Class A (Brazil)<sup>(c)</sup>  | 2290204 | 17268138 |
|  Dave & Buster's Entertainment,<br>Inc.<sup>(b)(c)</sup>  | 409953 | 16336627 |
|  McDonald's Corp. | 120885 | 32960504 |
|  |  | 66565269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $685,218,176) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $685,218,176) | 609022924 |
| **Money Market Funds-0.12%** | **Money Market Funds-0.12%** | **Money Market Funds-0.12%** |
|  Invesco Government & Agency Portfolio,<br>Institutional Class, 3.07%<sup>(d)(e)</sup>(Cost $707,847) | 707847 | 707847 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.08%<br>(Cost $685,926,023) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.08%<br>(Cost $685,926,023) | 609730771 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |  |
| **Money Market Funds-31.73%** | **Money Market Funds-31.73%** | **Money Market Funds-31.73%** |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup>  | 54301357 | 54301357 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup>  | 139051504 | 139051504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $193,354,402) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $193,354,402) | 193352861 |
|  TOTAL INVESTMENTS IN SECURITIES-131.81%<br>(Cost $879,280,425) | TOTAL INVESTMENTS IN SECURITIES-131.81%<br>(Cost $879,280,425) | 803083632 |
|  OTHER ASSETS LESS LIABILITIES-(31.81)% | OTHER ASSETS LESS LIABILITIES-(31.81)% | (193796356) |
|  NET ASSETS-100.00% | NET ASSETS-100.00% | $609287276 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**11**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**11**  |

---

------

**Invesco Dynamic Leisure and Entertainment ETF (PEJ)–(continued)** 

October 31, 2022

*(Unaudited)* 

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an "affiliated person" under the Investment Company Act of 1940, as amended (the "1940 Act"), which defines "affiliated person" to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $- | $96295511 | $(95587664) | $- | $- | $707847 | $5846 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 33799807 | 195778259 | (175276709) |  |  | 54301357 | 299417 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 78835195 | 450173825 | (389964039) | (2723) | 9246 | 139051504 | 826024 \* |
| &nbsp;&nbsp; **Investments in Other Affiliates:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Manchester United PLC, Class A | 41148669 | 2411581 | (40351378) | 3718614 | (6927486) |  |  |
| &nbsp;&nbsp; Total | $153783671 | $744659176 | $(701179790) | $3715891 | $(6918240) | $194060708 | $1131287 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**12**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**12**  |

---

------

**Invesco Dynamic Leisure and Entertainment ETF (PEJ)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | |
|:---|:---|
| **Portfolio Composition**<br> **Sub-Industry Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** | **Portfolio Composition**<br> **Sub-Industry Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** |
| &nbsp;&nbsp; Movies & Entertainment | 29.74 |
| &nbsp;&nbsp; Hotels, Resorts & Cruise Lines | 21.90 |
| &nbsp;&nbsp; Restaurants | 10.93 |
| &nbsp;&nbsp; Food Distributors | 10.88 |
| &nbsp;&nbsp; Broadcasting | 8.87 |
| &nbsp;&nbsp; Casinos & Gaming | 5.74 |
| &nbsp;&nbsp; Airlines | 5.73 |
| &nbsp;&nbsp; Leisure Facilities | 3.51 |
| &nbsp;&nbsp; Interactive Media & Services | 2.66 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.04 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**13**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**13**  |

---

------

**Invesco Dynamic Media ETF (PBS)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.99%** | **Common Stocks & Other Equity Interests-99.99%** | **Common Stocks & Other Equity Interests-99.99%** |
|  **Advertising-11.59%** |  |  |
|  Advantage Solutions, Inc.<sup>(b)</sup>  | 243322 | $822428 |
|  Interpublic Group of Cos., Inc. (The) | 33625 | 1001689 |
|  Omnicom Group, Inc. | 13893 | 1010716 |
|  TechTarget, Inc.<sup>(b)(c)</sup>  | 14261 | 920547 |
|  |  | 3755380 |
|  **Broadcasting-19.96%** |  |  |
|  AMC Networks, Inc., Class A<sup>(b)</sup>  | 36850 | 829493 |
|  E.W. Scripps Co. (The), Class A<sup>(b)(c)</sup>  | 64263 | 911892 |
|  Fox Corp., Class A | 28063 | 810179 |
|  Gray Television, Inc. | 49458 | 699831 |
|  iHeartMedia, Inc., Class A<sup>(b)(c)</sup>  | 109180 | 904010 |
|  Nexstar Media Group, Inc., Class A | 5002 | 856843 |
|  Paramount Global, Class B | 39528 | 724153 |
|  Sinclair Broadcast Group, Inc., Class A<sup>(c)</sup>  | 41190 | 733594 |
|  |  | 6469995 |
|  **Cable & Satellite-5.27%** |  |  |
|  Sirius XM Holdings, Inc.<sup>(c)</sup>  | 282712 | 1707581 |
|  **Interactive Media & Services-19.30%** | **Interactive Media & Services-19.30%** | **Interactive Media & Services-19.30%** |
|  Alphabet, Inc., Class A<sup>(b)</sup>  | 15594 | 1473789 |
|  Cargurus, Inc.<sup>(b)(c)</sup>  | 51648 | 751995 |
|  Meta Platforms, Inc., Class A<sup>(b)</sup>  | 11020 | 1026623 |
|  Yelp, Inc.<sup>(b)</sup>  | 28308 | 1087310 |
|  Ziff Davis, Inc.<sup>(b)(c)</sup>  | 11793 | 912660 |
|  ZipRecruiter, Inc., Class A<sup>(b)(c)</sup>  | 59742 | 1001874 |
|  |  | 6254251 |
|  **IT Consulting & Other Services-5.48%** | **IT Consulting & Other Services-5.48%** | **IT Consulting & Other Services-5.48%** |
|  Gartner, Inc.<sup>(b)</sup>  | 5878 | 1774686 |
|  **Movies & Entertainment-30.47%** |  |  |
|  Lions Gate Entertainment Corp., Class A<sup>(b)(c)</sup>  | 98517 | 794047 |
|  Netflix, Inc.<sup>(b)</sup>  | 7907 | 2307895 |
|  Spotify Technology S.A.<sup>(b)</sup>  | 16435 | 1324332 |
|  Walt Disney Co. (The)<sup>(b)</sup>  | 15457 | 1646789 |
|  Warner Bros Discovery, Inc.<sup>(b)</sup>  | 138815 | 1804595 |
|  Warner Music Group Corp., Class A<sup>(c)</sup>  | 34111 | 887568 |
|  World Wrestling Entertainment, Inc., Class A<sup>(c)</sup>  | 14068 | 1109825 |
|  |  | 9875051 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Publishing-7.92%** |  |  |
|  John Wiley & Sons, Inc., Class A | 18952 | $799585 |
|  News Corp., Class A | 55945 | 943792 |
|  Scholastic Corp. | 21573 | 822794 |
|  |  | 2566171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $44,340,347) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $44,340,347) | 32403115 |
| **Money Market Funds-0.22%** | **Money Market Funds-0.22%** |  |
|  Invesco Government & Agency Portfolio,<br>Institutional Class, 3.07%<sup>(d)(e)</sup>(Cost $70,979) | 70979 | 70979 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.21%<br>(Cost $44,411,326) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.21%<br>(Cost $44,411,326) | 32474094 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |  |
| **Money Market Funds-29.62%** | **Money Market Funds-29.62%** |  |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup>  | 2688461 | 2688461 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup>  | 6911370 | 6911370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $9,599,846) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $9,599,846) | 9599831 |
|  TOTAL INVESTMENTS IN SECURITIES-129.83%<br>(Cost $54,011,172) | TOTAL INVESTMENTS IN SECURITIES-129.83%<br>(Cost $54,011,172) | 42073925 |
|  OTHER ASSETS LESS LIABILITIES-(29.83)% | OTHER ASSETS LESS LIABILITIES-(29.83)% | (9667990) |
|  NET ASSETS-100.00% |  | $32405935 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $85837 | $305134 | $(319992) | $- | $- | $70979 | $700 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**14**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**14**  |

---

------

**Invesco Dynamic Media ETF (PBS)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | $1846466 | $12403891 | $(11561896) | $- | $- | $2688461 | $19669 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 4304883 | 23894387 | (21287972) | (47) | 119 | 6911370 | 52624 \* |
| &nbsp;&nbsp; Total | $6237186 | $36603412 | $(33169860) | $(47) | $119 | $9670810 | $72993 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

---

| | |
|:---|:---|
| **Portfolio Composition**<br> **Sub-Industry Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** | **Portfolio Composition**<br> **Sub-Industry Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** |
| &nbsp;&nbsp; Movies & Entertainment | 30.47 |
| &nbsp;&nbsp; Broadcasting | 19.96 |
| &nbsp;&nbsp; Interactive Media & Services | 19.30 |
| &nbsp;&nbsp; Advertising | 11.59 |
| &nbsp;&nbsp; Publishing | 7.92 |
| &nbsp;&nbsp; IT Consulting & Other Services | 5.48 |
| &nbsp;&nbsp; Cable & Satellite | 5.27 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.01 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**15**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**15**  |

---

------

**Invesco Dynamic Networking ETF (PXQ)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-100.02%** | **Common Stocks & Other Equity Interests-100.02%** | **Common Stocks & Other Equity Interests-100.02%** |
|  **Application Software-4.82%** |  |  |
|  Datadog, Inc., Class A<sup>(b)</sup>  | 11422 | $919585 |
|  New Relic, Inc.<sup>(b)</sup>  | 18740 | 1110158 |
|  |  | 2029743 |
|  **Communications Equipment-40.08%** | **Communications Equipment-40.08%** | **Communications Equipment-40.08%** |
|  ADTRAN Holdings, Inc.<sup>(c)</sup>  | 48053 | 1079270 |
|  Arista Networks, Inc.<sup>(b)</sup>  | 9265 | 1119768 |
|  Ciena Corp.<sup>(b)(c)</sup>  | 21736 | 1041154 |
|  Cisco Systems, Inc. | 45489 | 2066565 |
|  Clearfield, Inc.<sup>(b)(c)</sup>  | 9395 | 1141211 |
|  CommScope Holding Co., Inc.<sup>(b)</sup>  | 114653 | 1518006 |
|  Extreme Networks, Inc.<sup>(b)</sup>  | 83964 | 1506314 |
|  F5, Inc.<sup>(b)(c)</sup>  | 7095 | 1013947 |
|  Harmonic, Inc.<sup>(b)(c)</sup>  | 105785 | 1634378 |
|  Lumentum Holdings, Inc.<sup>(b)(c)</sup>  | 12821 | 954524 |
|  Motorola Solutions, Inc. | 4778 | 1193114 |
|  NetScout Systems, Inc.<sup>(b)(c)</sup>  | 36251 | 1302136 |
|  Ubiquiti, Inc. | 3707 | 1285402 |
|  |  | 16855789 |
|  **Electronic Components-9.58%** |  |  |
|  Amphenol Corp., Class A | 27827 | 2110121 |
|  Belden, Inc.<sup>(c)</sup>  | 17335 | 1207036 |
|  Coherent Corp.<sup>(b)(c)</sup>  | 21142 | 710583 |
|  |  | 4027740 |
|  **Semiconductors-8.23%** |  |  |
|  Marvell Technology, Inc. | 41811 | 1659061 |
|  QUALCOMM, Inc. | 15326 | 1803257 |
|  |  | 3462318 |
|  **Systems Software-32.61%** |  |  |
|  A10 Networks, Inc. | 76685 | 1288308 |
|  Check Point Software Technologies<br>Ltd. (Israel)<sup>(b)</sup>  | 9647 | 1246682 |
|  Crowdstrike Holdings, Inc., Class A<sup>(b)</sup>  | 11211 | 1807213 |
|  CyberArk Software Ltd.<sup>(b)</sup>  | 7926 | 1243669 |
|  Fortinet, Inc.<sup>(b)</sup>  | 42630 | 2436731 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Systems Software-(continued)** |  |  |
|  KnowBe4, Inc., Class A<sup>(b)</sup>  | 60950 | $1498151 |
|  Palo Alto Networks, Inc.<sup>(b)</sup>  | 11360 | 1949262 |
|  Qualys, Inc.<sup>(b)(c)</sup>  | 7671 | 1093578 |
|  Tenable Holdings, Inc.<sup>(b)(c)</sup>  | 28332 | 1151412 |
|  |  | 13715006 |
|  **Technology Hardware, Storage & Peripherals-4.70%** | **Technology Hardware, Storage & Peripherals-4.70%** |  |
|  Apple, Inc. | 12897 | 1977626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $39,664,554) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $39,664,554) | 42068222 |
| **Money Market Funds-0.18%** |  |  |
|  Invesco Government & Agency Portfolio,<br>Institutional Class, 3.07%<sup>(d)(e)</sup>(Cost $74,280) | 74280 | 74280 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.20%<br>(Cost $39,738,834) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.20%<br>(Cost $39,738,834) | 42142502 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |  |
| **Money Market Funds-20.74%** |  |  |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup>  | 2442416 | 2442416 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup>  | 6279381 | 6279381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $8,721,799) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $8,721,799) | 8721797 |
|  TOTAL INVESTMENTS IN SECURITIES-120.94%<br>(Cost $48,460,633) | TOTAL INVESTMENTS IN SECURITIES-120.94%<br>(Cost $48,460,633) | 50864299 |
|  OTHER ASSETS LESS LIABILITIES-(20.94)% | OTHER ASSETS LESS LIABILITIES-(20.94)% | (8805661) |
|  NET ASSETS-100.00% |  | $42058638 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $&nbsp;&nbsp;&nbsp;&nbsp;41355 | $&nbsp;&nbsp;&nbsp;&nbsp;797574 | $&nbsp;&nbsp;&nbsp;&nbsp;(764649) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;74280 | $&nbsp;&nbsp;&nbsp;&nbsp;709 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**16**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**16**  |

---

------

**Invesco Dynamic Networking ETF (PXQ)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments Purchased with Cash**<br> **Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | $1436610 | $17421135 | $(16415329) | $- | $- | $2442416 | $14687 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 3350983 | 32793179 | (29864745) | (2) | (34) | 6279381 | 39360 \* |
| &nbsp;&nbsp; Total | $4828948 | $51011888 | $(47044723) | $(2) | $(34) | $8796077 | $54756 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

**Portfolio Composition** 

**Sub-Industry Breakdown (% of the Fund's Net Assets)** 

**as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Communications Equipment | 40.08 |
| &nbsp;&nbsp; Systems Software | 32.61 |
| &nbsp;&nbsp; Electronic Components | 9.58 |
| &nbsp;&nbsp; Semiconductors | 8.23 |
| &nbsp;&nbsp; Application Software | 4.82 |
| &nbsp;&nbsp; Technology Hardware, Storage &<br>Peripherals | 4.70 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets<br> Less Liabilities | (0.02) |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**17**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**17**  |

---

------

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

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** |
|  **Oil & Gas Drilling-22.25%** |  |  |
|  Helmerich & Payne, Inc. | 53172 | $2632546 |
|  Nabors Industries Ltd.<sup>(b)(c)</sup>  | 10006 | 1741344 |
|  Noble Corp. PLC<sup>(b)</sup>  | 43286 | 1560027 |
|  Patterson-UTI Energy, Inc. | 85347 | 1506375 |
|  Transocean Ltd.<sup>(b)(c)</sup>  | 371325 | 1366476 |
|  Valaris Ltd.<sup>(b)</sup>  | 48428 | 3241286 |
|  |  | 12048054 |
|  **Oil & Gas Equipment & Services-63.14%** | **Oil & Gas Equipment & Services-63.14%** | **Oil & Gas Equipment & Services-63.14%** |
|  Archrock, Inc.<sup>(c)</sup>  | 174221 | 1308400 |
|  Baker Hughes Co., Class A | 91147 | 2521126 |
|  Cactus, Inc., Class A<sup>(c)</sup>  | 31622 | 1635490 |
|  ChampionX Corp.<sup>(c)</sup>  | 105194 | 3010652 |
|  Expro Group Holdings N.V.<sup>(b)</sup>  | 106734 | 2020475 |
|  Halliburton Co. | 76164 | 2773893 |
|  Liberty Energy, Inc., Class A<sup>(b)(c)</sup>  | 89464 | 1512836 |
|  NexTier Oilfield Solutions, Inc.<sup>(b)</sup>  | 141132 | 1422610 |
|  NOV, Inc. | 129581 | 2902614 |
|  Oceaneering International, Inc.<sup>(b)</sup>  | 144528 | 2021947 |
|  ProPetro Holding Corp.<sup>(b)(c)</sup>  | 142181 | 1683423 |
|  RPC, Inc. | 165247 | 1839199 |
|  Schlumberger Ltd. | 60484 | 3146983 |
|  TechnipFMC PLC (United Kingdom)<sup>(b)(c)</sup>  | 278193 | 2946064 |
|  USA Compression Partners L.P. | 72669 | 1314582 |
|  Weatherford International PLC<sup>(b)</sup>  | 51154 | 2132099 |
|  |  | 34192393 |
|  **Oil & Gas Storage & Transportation-14.61%** | **Oil & Gas Storage & Transportation-14.61%** | **Oil & Gas Storage & Transportation-14.61%** |
|  DHT Holdings, Inc. | 175039 | 1559597 |
|  Frontline Ltd. (Norway)<sup>(c)</sup>  | 117117 | 1470989 |
|  Golar LNG Ltd. (Cameroon)<sup>(b)</sup>  | 47957 | 1334164 |
|  International Seaways, Inc. | 45561 | 1932242 |
|  Scorpio Tankers, Inc. (Monaco) | 33736 | 1617304 |
|  |  | 7914296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $51,206,613) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $51,206,613) | 54154743 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds-0.14%** | **Money Market Funds-0.14%** | **Money Market Funds-0.14%** |
|  Invesco Government & Agency Portfolio,<br>Institutional Class, 3.07%<sup>(d)(e)</sup>(Cost $75,608) | 75608 | $75608 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.14%<br>(Cost $51,282,221) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.14%<br>(Cost $51,282,221) | 54230351 |
| **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** | **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** | **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** |
| **Money Market Funds-16.81%** | **Money Market Funds-16.81%** | **Money Market Funds-16.81%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup>  | 2548644 | 2548644 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup>  | 6551637 | 6551637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $9,100,244) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $9,100,244) | 9100281 |
|  TOTAL INVESTMENTS IN SECURITIES-116.95%<br>(Cost $60,382,465) | TOTAL INVESTMENTS IN SECURITIES-116.95%<br>(Cost $60,382,465) | 63330632 |
|  OTHER ASSETS LESS LIABILITIES-(16.95)% | OTHER ASSETS LESS LIABILITIES-(16.95)% | (9177211) |
|  NET ASSETS-100.00% |  | $54153421 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money**<br> **Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency<br>Portfolio, Institutional Class | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126244 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(903926) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;75608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**18**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**18**  |

---

------

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

October 31, 2022

*(Unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | $5339810 | $16547767 | $(19338933) | $- | $- | $2548644 | $21031 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 12457065 | 33747469 | (39652244) | (164) | (489) | 6551637 | 56780 \* |
| &nbsp;&nbsp; Total | $17923119 | $51148526 | $(59895103) | $(164) | $(489) | $9175889 | $78662 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

**Portfolio Composition** 

**Sub-Industry Breakdown (% of the Fund's Net Assets)** 

**as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Oil & Gas Equipment & Services | 63.14 |
| &nbsp;&nbsp; Oil & Gas Drilling | 22.25 |
| &nbsp;&nbsp; Oil & Gas Storage & Transportation | 14.61 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets<br>Less Liabilities | (0.00) |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**19**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**19**  |

---

------

**Invesco Dynamic Pharmaceuticals ETF (PJP)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** |
|  **Biotechnology-44.42%** |  |  |
|  AbbVie, Inc. | 123886 | $18136910 |
|  Amgen, Inc. | 70434 | 19041832 |
|  Biogen, Inc.<sup>(b)</sup>  | 50922 | 14433331 |
|  Emergent BioSolutions, Inc.<sup>(b)</sup>  | 379379 | 7913846 |
|  Enanta Pharmaceuticals, Inc.<sup>(b)</sup>  | 151903 | 6852344 |
|  Gilead Sciences, Inc. | 270467 | 21220841 |
|  Horizon Therapeutics PLC<sup>(b)</sup>  | 168959 | 10529525 |
|  Ligand Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 101909 | 8932324 |
|  Regeneron Pharmaceuticals, Inc.<sup>(b)</sup>  | 17144 | 12836570 |
|  Travere Therapeutics, Inc.<sup>(b)(c)</sup>  | 381332 | 8267278 |
|  United Therapeutics Corp.<sup>(b)</sup>  | 45709 | 10537296 |
|  |  | 138702097 |
|  **Health Care Equipment-5.15%** |  |  |
|  Abbott Laboratories | 162459 | 16073694 |
|  **Pharmaceuticals-50.41%** |  |  |
|  Amphastar Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 319448 | 9870943 |
|  Bausch Health Cos., Inc.<sup>(b)(c)</sup>  | 1964565 | 12769673 |
|  Corcept Therapeutics, Inc.<sup>(b)</sup>  | 382474 | 10938756 |
|  Eli Lilly and Co. | 54655 | 19790029 |
|  Jazz Pharmaceuticals PLC<sup>(b)</sup>  | 66022 | 9493303 |
|  Johnson & Johnson | 103671 | 18035644 |
|  Merck & Co., Inc. | 190924 | 19321509 |
|  Pacira BioSciences, Inc.<sup>(b)(c)</sup>  | 183925 | 9519958 |
|  Perrigo Co. PLC<sup>(c)</sup>  | 260881 | 10508287 |
|  Pfizer, Inc. | 358699 | 16697438 |
|  Prestige Consumer Healthcare,<br>Inc.<sup>(b)(c)</sup>  | 190738 | 10391406 |
|  Supernus Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 294722 | 10100123 |
|  |  | 157437069 |
|  Total Common Stocks & Other Equity Interests<br>(Cost $289,637,008) | Total Common Stocks & Other Equity Interests<br>(Cost $289,637,008) | 312212860 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds-0.04%** |  |  |
|  Invesco Government & Agency Portfolio,<br>Institutional Class, 3.07%<sup>(d)(e)</sup><br>(Cost $118,329) | 118329 | $118329 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.02%<br>(Cost $289,755,337) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.02%<br>(Cost $289,755,337) | 312331189 |
| **Investments Purchased with Cash Collateral<br>from Securities on Loan** | **Investments Purchased with Cash Collateral<br>from Securities on Loan** | **Investments Purchased with Cash Collateral<br>from Securities on Loan** |
| **Money Market Funds-14.00%** |  |  |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup>  | 12245803 | 12245803 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup>  | 31481271 | 31481271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $43,727,713) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $43,727,713) | 43727074 |
|  TOTAL INVESTMENTS IN SECURITIES-114.02%<br>(Cost $333,483,050) | TOTAL INVESTMENTS IN SECURITIES-114.02%<br>(Cost $333,483,050) | 356058263 |
|  OTHER ASSETS LESS LIABILITIES-(14.02)% | OTHER ASSETS LESS LIABILITIES-(14.02)% | (43769329) |
|  NET ASSETS-100.00%. |  | $312288934 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated**<br> **Money Market Funds:** | &nbsp;&nbsp; **Investments in Affiliated**<br> **Money Market Funds:** |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency<br>Portfolio, Institutional Class | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137871 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2608784 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2628326) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;118329 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**20**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**20**  |

---

------

**Invesco Dynamic Pharmaceuticals ETF (PJP)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments Purchased with<br>Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | $18280630 | $59469544 | $(65504371) | $- | $- | $12245803 | $94933 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 42636270 | 140110321 | (151263895) | (912) | (513) | 31481271 | 258555 \* |
| &nbsp;&nbsp; Total | $61054771 | $202188649 | $(219396592) | $(912) | $(513) | $43845403 | $355133 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

**Portfolio Composition** 

**Sub-Industry Breakdown (% of the Fund's Net Assets)** 

**as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Pharmaceuticals | 50.41 |
| &nbsp;&nbsp; Biotechnology | 44.42 |
| &nbsp;&nbsp; Health Care Equipment | 5.15 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets<br>Less Liabilities | 0.02 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**21**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**21**  |

---

------

**Invesco Dynamic Semiconductors ETF (PSI)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** |
|  **Electronic Components-3.22%** | **Electronic Components-3.22%** | **Electronic Components-3.22%** |
|  Vishay Intertechnology, Inc.<sup>(b)</sup>  | 685159 | $14326675 |
|  **Semiconductor Equipment-34.73%** |  |  |
|  Amkor Technology, Inc.<sup>(b)</sup>  | 668012 | 13887969 |
|  Applied Materials, Inc. | 254009 | 22426455 |
|  Axcelis Technologies, Inc.<sup>(b)(c)</sup>  | 195916 | 11363128 |
|  Cohu, Inc.<sup>(b)(c)</sup>  | 498798 | 16420430 |
|  FormFactor, Inc.<sup>(b)(c)</sup>  | 432414 | 8739087 |
|  KLA Corp. | 38943 | 12323512 |
|  Kulicke & Soffa Industries, Inc. (Singapore)<sup>(b)</sup> | 311303 | 13056048 |
|  Lam Research Corp. | 55813 | 22591986 |
|  Onto Innovation, Inc.<sup>(b)(c)</sup>  | 182766 | 12216079 |
|  Photronics, Inc.<sup>(b)(c)</sup>  | 607757 | 9857819 |
|  Veeco Instruments, Inc.<sup>(b)(c)</sup>  | 642513 | 11713012 |
|  |  | 154595525 |
|  **Semiconductors-61.99%** |  |  |
|  Alpha & Omega Semiconductor<br>Ltd.<sup>(b)(c)</sup> | 342667 | 11222344 |
|  Analog Devices, Inc. | 157463 | 22457373 |
|  Broadcom, Inc. | 48868 | 22973824 |
|  Cirrus Logic, Inc.<sup>(b)(c)</sup>  | 167438 | 11238439 |
|  Diodes, Inc.<sup>(c)</sup>  | 181703 | 13022654 |
|  GLOBALFOUNDRIES, Inc.<sup>(b)(c)</sup>  | 235831 | 13371618 |
|  Lattice Semiconductor Corp.<sup>(c)</sup>  | 237340 | 11513363 |
|  MaxLinear, Inc.<sup>(b)(c)</sup>  | 372708 | 11509223 |
|  Microchip Technology, Inc. | 204217 | 12608358 |
|  Micron Technology, Inc.<sup>(b)</sup>  | 447441 | 24206558 |
|  Monolithic Power Systems, Inc. | 28435 | 9652261 |
|  NVIDIA Corp. | 150663 | 20334985 |
|  NXP Semiconductors N.V. (China) | 81144 | 11853516 |
|  ON Semiconductor Corp.<sup>(c)</sup>  | 198124 | 12170757 |
|  QUALCOMM, Inc. | 183973 | 21646263 |
|  Silicon Laboratories, Inc.<sup>(b)(c)</sup>  | 105558 | 12130725 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Semiconductors-(continued)** |  |  |
|  Texas Instruments, Inc. | 150073 | $24106226 |
|  Wolfspeed, Inc.<sup>(b)(c)</sup>  | 126037 | 9925414 |
|  |  | 275943901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $535,702,508) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $535,702,508) | 444866101 |
| **Money Market Funds-0.09%** | **Money Market Funds-0.09%** | **Money Market Funds-0.09%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class,<br>3.07%<sup>(d)(e)</sup>(Cost $417,123) | 417123 | 417123 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.03%<br>(Cost $536,119,631) | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.03%<br>(Cost $536,119,631) | 445283224 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |  |
| **Money Market Funds-20.86%** | **Money Market Funds-20.86%** | **Money Market Funds-20.86%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup>  | 25999305 | 25999305 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup> | 66837263 | 66837263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $92,836,394) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $92,836,394) | 92836568 |
|  TOTAL INVESTMENTS IN SECURITIES-120.89%<br>(Cost $628,956,025) | TOTAL INVESTMENTS IN SECURITIES-120.89%<br>(Cost $628,956,025) | 538119792 |
|  OTHER ASSETS LESS LIABILITIES-(20.89)% | OTHER ASSETS LESS LIABILITIES-(20.89)% | (92983366) |
|  NET ASSETS-100.00% |  | $445136426 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022. <sup></sup>

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br> at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br> Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated**<br> **Money Market Funds:** | &nbsp;&nbsp; **Investments in Affiliated**<br> **Money Market Funds:** |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $114354 | $2696169 | $(2393400) | $- | $- | $417123 | $1816 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**22**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**22**  |

---

------

**Invesco Dynamic Semiconductors ETF (PSI)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br> at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br> Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments Purchased with**<br> **Cash Collateral from Securities**<br> **on Loan:** | &nbsp;&nbsp; **Investments Purchased with**<br> **Cash Collateral from Securities**<br> **on Loan:** | &nbsp;&nbsp; **Investments Purchased with**<br> **Cash Collateral from Securities**<br> **on Loan:** | &nbsp;&nbsp; **Investments Purchased with**<br> **Cash Collateral from Securities**<br> **on Loan:** | &nbsp;&nbsp; **Investments Purchased with**<br> **Cash Collateral from Securities**<br> **on Loan:** | &nbsp;&nbsp; **Investments Purchased with**<br> **Cash Collateral from Securities**<br> **on Loan:** |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | $11548793 | $141822550 | $(127372038) | $- | $- | $25999305 | $214167 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 26909169 | 288560475 | (248633838) | (1086) | 2543 | 66837263 | 585336 \* |
| &nbsp;&nbsp; Total | $38572316 | $433079194 | $(378399276) | $(1086) | $2543 | $93253691 | $801319 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

**Portfolio Composition** 

**Sub-Industry Breakdown (% of the Fund's Net Assets)** 

**as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Semiconductors | 61.99 |
| &nbsp;&nbsp; Semiconductor Equipment | 34.73 |
| &nbsp;&nbsp; Electronic Components | 3.22 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets<br>Less Liabilities | 0.06 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**23**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**23**  |

---

------

**Invesco Dynamic Software ETF (PSJ)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-100.03%** | **Common Stocks & Other Equity Interests-100.03%** | **Common Stocks & Other Equity Interests-100.03%** |
|  **Aerospace & Defense-3.20%** | **Aerospace & Defense-3.20%** | **Aerospace & Defense-3.20%** |
|  Parsons Corp.<sup>(b)</sup>  | 135556 | $6354865 |
|  **Application Software-30.70%** |  |  |
|  Box, Inc., Class A<sup>(b)</sup>  | 196875 | 5719219 |
|  Cadence Design Systems, Inc.<sup>(b)</sup>  | 57870 | 8760939 |
|  Consensus Cloud Solutions, Inc.<sup>(b)(c)</sup>  | 107575 | 6039261 |
|  EngageSmart, Inc.<sup>(b)(c)</sup>  | 281744 | 5533452 |
|  Fair Isaac Corp.<sup>(b)(c)</sup>  | 12151 | 5818385 |
|  Instructure Holdings, Inc.<sup>(b)(c)</sup>  | 250295 | 5911968 |
|  Manhattan Associates, Inc.<sup>(b)(c)</sup>  | 40038 | 4871424 |
|  New Relic, Inc.<sup>(b)(c)</sup>  | 92150 | 5458966 |
|  Synopsys, Inc.<sup>(b)</sup>  | 29539 | 8641634 |
|  Verint Systems, Inc.<sup>(b)(c)</sup>  | 119507 | 4234133 |
|  |  | 60989381 |
|  **Communications Equipment-3.22%** |  |  |
|  NetScout Systems, Inc.<sup>(b)(c)</sup>  | 178251 | 6402776 |
|  **Data Processing & Outsourced Services-11.76%** | **Data Processing & Outsourced Services-11.76%** | **Data Processing & Outsourced Services-11.76%** |
|  Broadridge Financial Solutions, Inc. | 61062 | 9162964 |
|  CSG Systems International, Inc.<sup>(c)</sup>  | 100774 | 6517055 |
|  Jack Henry & Associates, Inc. | 28790 | 5730937 |
|  WeTrade Group, Inc. (China)<sup>(b)(c)</sup>  | 1796356 | 1958028 |
|  |  | 23368984 |
|  **Health Care Technology-10.11%** | **Health Care Technology-10.11%** | **Health Care Technology-10.11%** |
|  Allscripts Healthcare Solutions, Inc.<sup>(b)(c)</sup>  | 346987 | 5100709 |
|  Multiplan Corp.<sup>(b)(c)</sup>  | 1522174 | 4368639 |
|  NextGen Healthcare, Inc.<sup>(b)(c)</sup>  | 333962 | 6692598 |
|  Simulations Plus, Inc. | 94759 | 3932499 |
|  |  | 20094445 |
|  **Interactive Home Entertainment-18.88%** | **Interactive Home Entertainment-18.88%** | **Interactive Home Entertainment-18.88%** |
|  Electronic Arts, Inc. | 83680 | 10540333 |
|  Playtika Holding Corp.<sup>(b)</sup>  | 561035 | 5301781 |
|  ROBLOX Corp., Class A<sup>(b)(c)</sup>  | 258207 | 11552181 |
|  Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 85272 | 10103026 |
|  |  | 37497321 |
|  **Interactive Media & Services-7.79%** |  |  |
|  Bumble, Inc., Class A<sup>(b)(c)</sup>  | 218768 | 5556707 |
|  Snap, Inc., Class A<sup>(b)(c)</sup>  | 1000421 | 9914172 |
|  |  | 15470879 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Semiconductors-3.18%** |  |  |
|  Rambus, Inc.<sup>(b)(c)</sup>  | 209350 | $6313996 |
|  **Systems Software-11.19%** |  |  |
|  Check Point Software Technologies Ltd.<br>(Israel)<sup>(b)</sup>  | 86965 | 11238487 |
|  NortonLifeLock, Inc.<sup>(c)</sup>  | 249104 | 5612313 |
|  Qualys, Inc.<sup>(b)(c)</sup>  | 37722 | 5377649 |
|  |  | 22228449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $216,471,197) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $216,471,197) | 198721096 |
| **Money Market Funds-0.02%** | **Money Market Funds-0.02%** | **Money Market Funds-0.02%** |
|  Invesco Government & Agency Portfolio,<br>Institutional Class, 3.07%<sup>(d)(e)</sup>(Cost $31,340) | 31340 | 31340 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.05%<br>(Cost $216,502,537) |  | 198752436 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
| **Money Market Funds-30.56%** | **Money Market Funds-30.56%** | **Money Market Funds-30.56%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup>  | 17004704 | 17004704 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup> | 43716240 | 43716240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $60,721,614) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $60,721,614) | 60720944 |
|  TOTAL INVESTMENTS IN SECURITIES-130.61%<br>(Cost $277,224,151) | TOTAL INVESTMENTS IN SECURITIES-130.61%<br>(Cost $277,224,151) | 259473380 |
|  OTHER ASSETS LESS LIABILITIES-(30.61)% | OTHER ASSETS LESS LIABILITIES-(30.61)% | (60813415) |
|  NET ASSETS-100.00%. |  | $198659965 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**24**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**24**  |

---

------

**Invesco Dynamic Software ETF (PSJ)–(continued)** 

October 31, 2022

*(Unaudited)* 

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br> at Cost**  | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br> Gain**  | **Value<br>October 31, 2022** | **Dividend<br> Income**  |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $10951 | $20371834 | $(20351445) | $- | $- | $31340 | $1953 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 11459301 | 78679696 | (73134293) |  |  | 17004704 | 104382 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 26722975 | 171903623 | (154909281) | (1979) | 902 | 43716240 | 288251 \* |
| &nbsp;&nbsp; Total | $38193227 | $270955153 | $(248395019) | $(1979) | $902 | $60752284 | $394586 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

---

| | |
|:---|:---|
|  **Portfolio Composition** |  |
|  **Sub-Industry Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** | **Sub-Industry Breakdown (% of the Fund's Net Assets)**<br> **as of October 31, 2022** |
| &nbsp;&nbsp; Application Software | 30.70 |
| &nbsp;&nbsp; Interactive Home Entertainment | 18.88 |
| &nbsp;&nbsp; Data Processing & Outsourced Services | 11.76 |
| &nbsp;&nbsp; Systems Software | 11.19 |
| &nbsp;&nbsp; Health Care Technology | 10.11 |
| &nbsp;&nbsp; Interactive Media & Services | 7.79 |
| &nbsp;&nbsp; Communications Equipment | 3.22 |
| &nbsp;&nbsp; Aerospace & Defense | 3.20 |
| &nbsp;&nbsp; Semiconductors | 3.18 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | (0.03) |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**25**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**25**  |

---

------

**Statements of Assets and Liabilities** 

October 31, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco**<br> **Dynamic**<br> **Biotechnology &**<br> **Genome**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ETF (PBE)**  | **Invesco**<br> **Dynamic Building &**<br> **Construction**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ETF (PKB)**  | **Invesco**<br> **Dynamic Energy**<br> **Exploration &**<br> **Production**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ETF (PXE)**  | **Invesco**<br> **Dynamic Food &**<br> **Beverage**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ETF (PBJ)**  |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments in securities, at value<sup>(a)</sup>  | $249720243 | $109626857 | $332726231 | $337253072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments in securities, at value | 70623788 | 17041386 | 52347761 | 44185935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash |  |  | 2993 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 428 | 42692 | 80512 | 3363665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending | 6101 | 1678 | 10418 | 4065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  |  | 1669522 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 18681 | 23606 | 24738 | 25389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | 320369241 | 126736219 | 386862175 | 384832126 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian |  |  |  | 2970525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  |  | 1668838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 70499234 | 16999987 | 52017034 | 44185612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares repurchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses recaptured |  |  | 5233 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued advisory fees | 100740 | 45962 | 126797 | 134749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officer's fees | 72359 | 50536 | 51572 | 59697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 65760 | 74578 | 89217 | 73050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued tax expenses |  |  | 320 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | 70738093 | 17171063 | 53959011 | 47423633 |
|  **Net Assets** | $249631148 | $109565156 | $332903164 | $337408493 |
|  **Net assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest | $519664297 | $224031663 | $359712824 | $408949302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (270033149) | (114466507) | (26809660) | (71540809) |
|  **Net Assets** | $249631148 | $109565156 | $332903164 | $337408493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited amount authorized, $0.01 par value) | 3940000 | 2740000 | 9970000 | 7200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $63.36 | $39.99 | $33.39 | $46.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price | $63.36 | $40.00 | $33.41 | $46.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments in securities, at cost | $240968643 | $117427813 | $295931950 | $328230404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments in securities, at cost | $70625211 | $17041688 | $52347417 | $44185612 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(a)</sup> Includes securities on loan with an aggregate value of: | $67673289 | $16358152 | $51772026 | $43080091 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**26**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**26**  |

---

------

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Invesco**<br>**Dynamic Leisure**<br>**and**<br>**Entertainment**<br> **ETF (PEJ)** | **Invesco**<br>**Dynamic Media**<br> **ETF (PBS)** | **Invesco**<br>**Dynamic**<br>**Networking**<br> **ETF (PXQ)** | **Invesco**<br>**Dynamic Oil &**<br>**Gas Services**<br> **ETF (PXJ)** | **Invesco**<br>**Dynamic**<br>**Pharmaceuticals**<br> **ETF (PJP)** | **Invesco**<br>**Dynamic**<br>**Semiconductors**<br> **ETF (PSI)** | **Invesco**<br>**Dynamic**<br>**Software**<br> **ETF (PSJ)** |
| $609022924 | $32403115 | $42068222 | $54154743 | $312212860 | $444866101 | $198721096 |
| 194060708 | 9670810 | 8796077 | 9175889 | 43845403 | 93253691 | 60752284 |
| 1617 | 4481 | 165 | 218 | 252655 | 187112 | 5750 |
| 34688 | 12450 | 617 | 2222 | 3944 | 36851 | 68129 |
| 4626710 |  |  | 22674 |  |  |  |
|  |  |  | 797840 |  |  |  |
| 52164 | 20228 | 20439 | 22530 | 19450 | 24119 | 19908 |
| 807798811 | 42111084 | 50885520 | 64176116 | 356334312 | 538367874 | 259567167 |
|  |  |  |  |  |  | 224 |
|  |  |  | 797575 |  |  |  |
| 193354402 | 9599846 | 8721799 | 9100244 | 43727713 | 92836394 | 60721614 |
| 4627510 |  |  |  |  |  |  |
| 257447 | 12721 | 13010 | 21202 | 128440 | 187667 | 92928 |
| 53878 | 52940 | 44869 | 60479 | 111334 | 50149 | 51639 |
| 218298 | 39642 | 47204 | 43195 | 77891 | 157238 | 40797 |
| 198511535 | 9705149 | 8826882 | 10022695 | 44045378 | 93231448 | 60907202 |
| $609287276 | $32405935 | $42058638 | $54153421 | $312288934 | $445136426 | $198659965 |
| $1220076556 | $142141293 | $92206783 | $161777103 | $727204243 | $653461122 | $390083109 |
| (610789280) | (109735358) | (50148145) | (107623682) | (414915309) | (208324696) | (191423144) |
| $609287276 | $32405935 | $42058638 | $54153421 | $312288934 | $445136426 | $198659965 |
| 15800000 | 950000 | 540000 | 10860000 | 4080000 | 4750000 | 2080000 |
| $38.56 | $34.11 | $77.89 | $4.99 | $76.54 | $93.71 | $95.51 |
| $38.59 | $34.11 | $77.97 | $5.00 | $76.57 | $93.68 | $95.47 |
| $685218176 | $44340347 | $39664554 | $51206613 | $289637008 | $535702508 | $216471197 |
| $194062249 | $9670825 | $8796079 | $9175852 | $43846042 | $93253517 | $60752954 |
| $188452451 | $9175988 | $8482818 | $9040529 | $42277227 | $88835593 | $58927333 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**27**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**27**  |

---

------

**Statements of Operations** 

For the six months ended October 31, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco**<br>**Dynamic**<br>**Biotechnology &**<br>**Genome**<br>**ETF (PBE)** | **Invesco**<br>**Dynamic Building &**<br>**Construction**<br>**ETF (PKB)** | **Invesco<br>Dynamic Energy**<br>**Exploration &**<br>**Production**<br>**ETF (PXE)** | **Invesco**<br>**Dynamic Food &**<br>**Beverage**<br>**ETF (PBJ)** |
|  **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | $462190 | $740660 | $5451009 | $6020544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 878 | 2330 | 2977 | 1894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 27040 | 11896 | 168276 | 16055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 490108 | 754886 | 5622262 | 6038493 |
|  **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees | 584502 | 311313 | 734059 | 774985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub-licensing fees | 35070 | 18678 | 44043 | 46498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting & administration fees | 15109 | 15257 | 10951 | 7090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 13798 | 13870 | 13845 | 13340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian & transfer agent fees | 4583 | 2849 | 1883 | 1547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and officer's fees | (10156) | (5498) | (5427) | (7374) |
| &nbsp;&nbsp;&nbsp;&nbsp; Recapture (Note 3) |  |  | 99282 | 5173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax expenses |  |  | 628 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 20248 | 17694 | 11525 | 13349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 663154 | 374163 | 910789 | 854608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waivers | (47) | (76) | (189) | (127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 663107 | 374087 | 910600 | 854481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (172999) | 380799 | 4711662 | 5184012 |
|  **Realized and unrealized gain (loss) from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (19479740) | (10618793) | 162804 | (12151644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 2001 | 301 | (2923) | 1766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 15991309 | (1184127) | 62746613 | 15129724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3486430) | (11802619) | 62906494 | 2979846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 30665619 | 6895606 | (30048897) | (6804386) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (2756) | (302) | (2160) | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 30662863 | 6895304 | (30051057) | (6804063) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 27176433 | (4907315) | 32855437 | (3824217) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $27003434 | $(4526516) | $37567099 | $1359795 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**28**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**28**  |

---

------

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Invesco**<br>**Dynamic Leisure**<br>**and**<br> **Entertainment** <br>**ETF (PEJ)** | **Invesco**<br>**Dynamic Media**<br> **ETF (PBS)** | **Invesco**<br>**Dynamic**<br>**Networking**<br> **ETF (PXQ)** | **Invesco**<br>**Dynamic Oil &**<br>**Gas Services**<br> **ETF (PXJ)** | **Invesco**<br>**Dynamic**<br>**Pharmaceuticals**<br> **ETF (PJP)** | **Invesco**<br>**Dynamic**<br>**Semiconductors**<br> **ETF (PSI)** | **Invesco**<br>**Dynamic**<br>**Software**<br> **ETF (PSJ)** |
| $3905302 | $163173 | $115235 | $240141 | $2226555 | $2989105 | $287545 |
| 5846 | 700 | 709 | 851 | 1645 | 1816 | 1953 |
| 313845 | 64376 | 48569 | 19755 | 16925 | 143749 | 3237357 |
|  |  |  | (186) |  | (10787) | (13414) |
| 4224993 | 228249 | 164513 | 260561 | 2245125 | 3123883 | 3513441 |
| 2488535 | 90987 | 103841 | 109118 | 792975 | 1356116 | 538720 |
| 149309 | 5459 | 6230 | 6547 | 47578 | 81365 | 32323 |
| 59459 | 8897 | 7763 | 7028 | 13649 | 33227 | 18883 |
| 17728 | 13688 | 17106 | 13459 | 14253 | 15756 | 14213 |
| 11253 | 874 | 1402 | 1108 | 1901 | 5770 | 77748 |
| (908) | (6850) | (5040) | (8500) | (18157) | (2979) | (5107) |
| 43978 | 13279 | 12470 | 11328 | 18934 | 23876 | 24895 |
| 2769354 | 126334 | 143772 | 140088 | 871133 | 1513131 | 701675 |
| (534) | (11729) | (12973) | (2647) | (96) | (85) | (37188) |
| 2768820 | 114605 | 130799 | 137441 | 871037 | 1513046 | 664487 |
| 1456173 | 113644 | 33714 | 123120 | 1374088 | 1610837 | 2848954 |
| (172650552) | (6768738) | (5564393) | (1215313) | (12771843) | (83581651) | (40283347) |
| (6918240) | 119 | (34) | (489) | (513) | 2543 | 902 |
| (35533454) | (27672) | 142580 | 179902 | 11009397 | 1865589 | (637371) |
| (215102246) | (6796291) | (5421847) | (1035900) | (1762959) | (81713519) | (40919816) |
| 56313386 | 585222 | 4254814 | 707523 | 3306946 | 976321 | 31182226 |
| 3715891 | (47) | (2) | (164) | (912) | (1086) | (1979) |
| 60029277 | 585175 | 4254812 | 707359 | 3306034 | 975235 | 31180247 |
| (155072969) | (6211116) | (1167035) | (328541) | 1543075 | (80738284) | (9739569) |
| $(153616796) | $(6097472) | $(1133321) | $(205421) | $2917163 | $(79127447) | $(6890615) |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**29**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**29**  |

---

------

**Statements of Changes in Net Assets** 

For the six months ended October 31, 2022 and the year ended April 30, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco Dynamic**<br>**Biotechnology & Genome**<br>**ETF (PBE)** | **Invesco Dynamic**<br>**Biotechnology & Genome**<br>**ETF (PBE)** | **Invesco Dynamic**<br>**Building & Construction**<br>**ETF (PKB)** | **Invesco Dynamic**<br>**Building & Construction**<br>**ETF (PKB)** |
|  | **Six Months Ended**<br>**October 31,**<br>**2022** | **Year Ended**<br>**April 30,**<br>**2022** | **Six Months Ended**<br>**October 31,**<br>**2022** | **Year Ended**<br>**April 30,**<br>**2022** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(172999) | $(374703) | $380799 | $772861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3486430) | (21173123) | (11802619) | 14530032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 30662863 | (53263434) | 6895304 | (67504990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 27003434 | (74811260) | (4526516) | (52202097) |
|  **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings |  |  | (274805) | (775962) |
|  **Shareholder Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 83033474 | 75848619 |  | 262827248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares repurchased | (68596494) | (80679558) | (32955347) | (342320529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 14436980 | (4830939) | (32955347) | (79493281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 41440414 | (79642199) | (37756668) | (132471340) |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 208190734 | 287832933 | 147321824 | 279793164 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $249631148 | $208190734 | $109565156 | $147321824 |
|  **Changes in Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1370000 | 1050000 |  | 5050000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (1130000) | (1170000) | (820000) | (6930000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | 3700000 | 3820000 | 3560000 | 5440000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of period | 3940000 | 3700000 | 2740000 | 3560000 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**30**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**30**  |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco Dynamic Energy**<br>**Exploration & Production**<br> **ETF (PXE)** | **Invesco Dynamic Energy**<br>**Exploration & Production**<br> **ETF (PXE)** | **Invesco Dynamic Food &**<br>**Beverage ETF (PBJ)** | **Invesco Dynamic Food &**<br>**Beverage ETF (PBJ)** | **Invesco Dynamic Leisure**<br>**and Entertainment**<br>**ETF (PEJ)** | **Invesco Dynamic Leisure**<br>**and Entertainment**<br>**ETF (PEJ)** | **Invesco Dynamic Media**<br>**ETF (PBS)** | **Invesco Dynamic Media**<br>**ETF (PBS)** |
| **Six Months Ended**<br> **October 31,**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2022**  | **Year Ended**<br> **April 30,**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022**  | **Six Months Ended**<br> **October 31,**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2022**  | **Year Ended**<br> **April 30,**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022**  | **Six Months Ended**<br> **October 31,**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2022**  | **Year Ended**<br> **April 30,**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022**  | **Six Months Ended**<br> **October 31,**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2022**  | **Year Ended**<br> **April 30,**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022**  |
| $4711662 | $3287551 | $5184012 | $944073 | $1456173 | $5394365 | $113644 | $106392 |
| 62906494 | 14207105 | 2979846 | 9338352 | (215102246) | 118870100 | (6796291) | 6982328 |
| (30051057) | 67347165 | (6804063) | 3401747 | 60029277 | (136953823) | 585175 | (20717644) |
| 37567099 | 84841821 | 1359795 | 13684172 | (153616796) | (12689358) | (6097472) | (13628924) |
| (4834816) | (2912994) | (1794401) | (1060636) | (1814967) | (5931416) | (121025) | (290662) |
| 269064814 | 182255982 | 181812242 | 295475317 | 93256131 | 1001348301 | 4044070 | 81740045 |
| (233110160) | (59561855) | (146821881) | (88981438) | (677958808) | (1420572743) | (3869531) | (112055816) |
| 35954654 | 122694127 | 34990361 | 206493879 | (584702677) | (419224442) | 174539 | (30315771) |
| 68686937 | 204622954 | 34555755 | 219117415 | (740134440) | (437845216) | (6043958) | (44235357) |
| 264216227 | 59593273 | 302852738 | 83735323 | 1349421716 | 1787266932 | 38449893 | 82685250 |
| $332903164 | $264216227 | $337408493 | $302852738 | $609287276 | $1349421716 | $32405935 | $38449893 |
| 8240000 | 8470000 | 3990000 | 6510000 | 2260000 | 20770000 | 110000 | 1560000 |
| (7760000) | (2930000) | (3280000) | (2050000) | (17630000) | (28450000) | (110000) | (2200000) |
| 9490000 | 3950000 | 6490000 | 2030000 | 31170000 | 38850000 | 950000 | 1590000 |
| 9970000 | 9490000 | 7200000 | 6490000 | 15800000 | 31170000 | 950000 | 950000 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**31**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**31**  |

---

------

**Statements of Changes in Net Assets–(continued)** 

For the six months ended October 31, 2022 and the year ended April 30, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco Dynamic<br>Networking ETF (PXQ)** | **Invesco Dynamic<br>Networking ETF (PXQ)** | **Invesco Dynamic Oil & Gas<br>Services ETF (PXJ)** | **Invesco Dynamic Oil & Gas<br>Services ETF (PXJ)** |
|  | **Six Months Ended**<br>**October 31,**<br>**2022** | **Year Ended**<br>**April 30,**<br>**2022** | **Six Months Ended**<br>**October 31,**<br>**2022** | **Year Ended**<br>**April 30,**<br>**2022** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $33714 | $1094891 | $123120 | $44996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (5421847) | 4954846 | (1035900) | (4015700) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 4254812 | (9231646) | 707359 | 11505886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (1133321) | (3181909) | (205421) | 7535182 |
|  **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (388204) | (519279) | (175081) | (138481) |
|  **Shareholder Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold |  | 43601425 | 36975689 | 47048626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares repurchased | (1501704) | (36666587) | (50388232) | (42416400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (1501704) | 6934838 | (13412543) | 4632226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (3023229) | 3233650 | (13793045) | 12028927 |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 45081867 | 41848217 | 67946466 | 55917539 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $42058638 | $45081867 | $54153421 | $67946466 |
|  **Changes in Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | 470000 | 7980000 | 10540000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (20000) | (400000) | (12810000) | (12000000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | 560000 | 490000 | 15690000 | 17150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of period | 540000 | 560000 | 10860000 | 15690000 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**32**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**32**  |

---

------

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco Dynamic**<br>**Pharmaceuticals ETF (PJP)** | **Invesco Dynamic**<br>**Pharmaceuticals ETF (PJP)** | **Invesco Dynamic**<br>**Semiconductors ETF (PSI)** | **Invesco Dynamic**<br>**Semiconductors ETF (PSI)** | **Invesco Dynamic Software**<br>**ETF (PSJ)** | **Invesco Dynamic Software**<br>**ETF (PSJ)** |
| **Six Months Ended**<br>**October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** | **Six Months Ended**<br>**October 31,**<br>**2022** | **Year Ended**<br>**April 30,**<br>**2022** | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** |
| $1374088 | $3592671 | $1610837 | $1919551 | $2848954 | $1957130 |
| (1762959) | 30141042 | (81713519) | 118746733 | (40919816) | (82001377) |
| 3306034 | (37448594) | 975235 | (212525790) | 31180247 | (88601357) |
| 2917163 | (3714881) | (79127447) | (91859506) | (6890615) | (168645604) |
| (1575341) | (3500523) | (1587547) | (1713558) | (1666396) | (23142175) |
| 30557043 | 113139478 | 36879020 | 644996347 | 2006325 | 188174802 |
| (40092281) | (143944893) | (101337294) | (594389766) | (35027538) | (378234226) |
| (9535238) | (30805415) | (64458274) | 50606581 | (33021213) | (190059424) |
| (8193416) | (38020819) | (145173268) | (42966483) | (41578224) | (381847203) |
| 320482350 | 358503169 | 590309694 | 633276177 | 240238189 | 622085392 |
| $312288934 | $320482350 | $445136426 | $590309694 | $198659965 | $240238189 |
| 400000 | 1430000 | 320000 | 4740000 | 20000 | 1220000 |
| (540000) | (1800000) | (970000) | (4570000) | (370000) | (2600000) |
| 4220000 | 4590000 | 5400000 | 5230000 | 2430000 | 3810000 |
| 4080000 | 4220000 | 4750000 | 5400000 | 2080000 | 2430000 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**33**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**33**  |

---

------

**Financial Highlights** 

Invesco Dynamic Biotechnology & Genome ETF (PBE)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,<br>2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $56.27 | $75.35 | $53.16 | $52.22 | $48.02 | $43.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | (0.04) | (0.10) | (0.19) | 0.00 <sup>(b)</sup> | (0.16) | 0.00 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 7.13 | (18.98) | 22.38 | 0.97 | 4.36 | 5.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 7.09 | (19.08) | 22.19 | 0.97 | 4.20 | 5.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  |  | (0.03) | (0.00)<sup>(c)</sup> | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $63.36 | $56.27 | $75.35 | $53.16 | $52.22 | $48.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(d)</sup>  | $63.36 | $56.24 | $75.31 | $53.27 | $52.22 | $48.08 |
|  **Net Asset Value Total Return<sup>(e)</sup>**  | 12.60% | (25.32)% | 41.74% | 1.87% | 8.75% | 11.94% |
|  **Market Price Total Return<sup>(e)</sup>**  | 12.66% | (25.32)% | 41.37% | 2.08% | 8.62% | 12.04% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $249631 | $208191 | $287833 | $220611 | $248027 | $232910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.57 %<sup>(f)</sup> | 0.57% | 0.59% | 0.58% | 0.57% | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.15)%<sup>(f)</sup> | (0.14)% | (0.30)% | 0.01% | (0.29)% | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 38% | 121% | 151% | 252% | 117% | 141% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Amount represents less than $0.005. 

<sup>(c)</sup> Amount represents less than $(0.005). 

<sup>(d)</sup> The mean between the last bid and ask prices.

<sup>(e)</sup> 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. 

<sup>(f)</sup> Annualized.

<sup>(g)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**34**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**34**  |

---

------

**Financial Highlights–(continued)** 

Invesco Dynamic Building & Construction ETF (PKB)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,<br>2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $41.38 | $51.43 | $25.83 | $30.04 | $30.33 | $29.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.12 | 0.14 | 0.10 | 0.12 | 0.13 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.42) | (10.05) | 25.62 | (4.19) | (0.29) | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.30) | (9.91) | 25.72 | (4.07) | (0.16) | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.09) | (0.14) | (0.12) | (0.14) | (0.13) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $39.99 | $41.38 | $51.43 | $25.83 | $30.04 | $30.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $40.00 | $41.38 | $51.48 | $25.89 | $30.05 | $30.34 |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | (3.13)% | (19.31)% | 99.81% | (13.59)% | (0.47)% | 2.73% |
|  **Market Price Total Return<sup>(c)</sup>**  | (3.10)% | (19.39)% | 99.54% | (13.42)% | (0.47)% | 2.70% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $109565 | $147322 | $279793 | $69753 | $118639 | $280510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.60 %<sup>(d)</sup> | 0.57% | 0.60% | 0.59% | 0.60% | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.61 %<sup>(d)</sup> | 0.29% | 0.25% | 0.38% | 0.44% | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 53% | 151% | 136% | 139% | 148% | 143% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**35**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**35**  |

---

------

**Financial Highlights–(continued)** 

Invesco Dynamic Energy Exploration & Production ETF (PXE)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,<br>2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $27.84 | $15.09 | $10.12 | $19.55 | $24.06 | $20.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.48 | 0.51 | 0.15 | 0.26 | 0.20 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 5.54 | 12.68 | 5.22 | (9.41) | (4.48) | 3.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 6.02 | 13.19 | 5.37 | (9.15) | (4.28) | 4.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.47) | (0.44) | (0.40) | (0.28) | (0.23) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $33.39 | $27.84 | $15.09 | $10.12 | $19.55 | $24.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $33.41 | $27.79 | $15.12 | $10.11 | $19.57 | $24.12 |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | 21.88% | 88.75% | 55.47% | (47.06)% | (17.84)% | 21.00% |
|  **Market Price Total Return<sup>(c)</sup>**  | 22.17% | 88.04% | 55.94% | (47.17)% | (17.96)% | 21.31% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $332903 | $264216 | $59593 | $16693 | $40078 | $49324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.62 %<sup>(d)</sup> | 0.63% | 0.63% | 0.65 %<sup>(e)</sup> | 0.63% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.62 %<sup>(d)</sup> | 0.63% | 0.95% | 0.86 %<sup>(e)</sup> | 0.64% | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.21 %<sup>(d)</sup> | 2.41% | 1.30% | 1.80 %<sup>(e)</sup> | 0.82% | 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 41% | 63% | 73% | 126% | 110% | 87% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Ratios include non-recurring costs associated with a proxy statement of 0.02%. 

<sup>(f)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**36**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**36**  |

---

------

**Financial Highlights–(continued)** 

Invesco Dynamic Food & Beverage ETF (PBJ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,<br>2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $46.66 | $41.25 | $30.36 | $34.21 | $32.81 | $33.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.75 | 0.34 | 0.47 | 0.41 | 0.34 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.29) | 5.46 | 10.87 | (3.81) | 1.39 | (0.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.46 | 5.80 | 11.34 | (3.40) | 1.73 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.26) | (0.39) | (0.45) | (0.45) | (0.33) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $46.86 | $46.66 | $41.25 | $30.36 | $34.21 | $32.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $46.91 | $46.70 | $41.27 | $30.38 | $34.19 | $32.76 |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | 1.03% | 14.14% | 37.65% | (10.00)% | 5.37% | (1.70)% |
|  **Market Price Total Return<sup>(c)</sup>**  | 1.05% | 14.18% | 37.63% | (9.90)% | 5.47% | (1.82)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $337408 | $302853 | $83735 | $63746 | $71831 | $78732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.55 %<sup>(d)</sup> | 0.63% | 0.63% | 0.64 %<sup>(e)</sup> | 0.63% | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.55 %<sup>(d)</sup> | 0.63% | 0.68% | 0.64 %<sup>(e)</sup> | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.34 %<sup>(d)</sup> | 0.78% | 1.35% | 1.23 %<sup>(e)</sup> | 1.05% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 50% | 98% | 116% | 136% | 122% | 147% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Ratios include non-recurring costs associated with a proxy statement of 0.01%. 

<sup>(f)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**37**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**37**  |

---

------

**Financial Highlights–(continued)** 

Invesco Dynamic Leisure and Entertainment ETF (PEJ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,<br>2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $43.29 | $46.00 | $27.39 | $44.80 | $44.89 | $42.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.06 | 0.18 | 0.31 <sup>(b)</sup> | 0.18 | 0.19 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (4.73) | (2.68) | 18.62 | (17.35) | (0.05) | 2.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (4.67) | (2.50) | 18.93 | (17.17) | 0.14 | 3.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.06) | (0.21) | (0.32) | (0.24) | (0.23) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $38.56 | $43.29 | $46.00 | $27.39 | $44.80 | $44.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup>  | $38.59 | $43.29 | $45.93 | $27.48 | $44.78 | $44.96 |
|  **Net Asset Value Total Return<sup>(d)</sup>**  | (10.77)% | (5.47)% | 69.34% | (38.42)% | 0.33% | 7.84% |
|  **Market Price Total Return<sup>(d)</sup>**  | (10.70)% | (5.32)% | 68.53% | (38.19)% | 0.12% | 8.01% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $609287 | $1349422 | $1787267 | $135590 | $67201 | $116724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.56 %<sup>(e)</sup> | 0.54% | 0.55% | 0.64 %<sup>(f)</sup> | 0.63% | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.56 %<sup>(e)</sup> | 0.55% | 0.55% | 0.70 %<sup>(f)</sup> | 0.63% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.29 %<sup>(e)</sup> | 0.38% | 0.76 %<sup>(b)</sup> | 0.47 %<sup>(f)</sup> | 0.42% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 77% | 153% | 126% | 163% | 207% | 177% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Ratios include non-recurring costs associated with a proxy statement of 0.01%. 

<sup>(g)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**38**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**38**  |

---

------

**Financial Highlights–(continued)** 

Invesco Dynamic Media ETF (PBS)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,<br>2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $40.47 | $52.00 | $27.88 | $34.65 | $29.14 | $27.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.11 | 0.06 | 0.40 <sup>(b)</sup> | 0.12 | 0.16 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (6.35) | (11.42) | 23.96 | (6.75) | 5.58 | 1.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (6.24) | (11.36) | 24.36 | (6.63) | 5.74 | 1.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.12) | (0.17) | (0.24) | (0.14) | (0.23) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $34.11 | $40.47 | $52.00 | $27.88 | $34.65 | $29.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup>  | $34.11 | $40.43 | $51.96 | $27.85 | $34.65 | $29.16 |
|  **Net Asset Value Total Return<sup>(d)</sup>**  | (15.43)% | (21.90)% | 87.47% | (19.20)% | 19.81% | 4.64% |
|  **Market Price Total Return<sup>(d)</sup>**  | (15.34)% | (21.92)% | 87.53% | (19.28)% | 19.73% | 4.67% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $32406 | $38450 | $82685 | $30668 | $88348 | $48080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.63 %<sup>(e)</sup> | 0.63% | 0.63% | 0.64 %<sup>(f)</sup> | 0.63% | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.69 %<sup>(e)</sup> | 0.64% | 0.72% | 0.67 %<sup>(f)</sup> | 0.67% | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.62 %<sup>(e)</sup> | 0.12% | 0.94 %<sup>(b)</sup> | 0.36 %<sup>(f)</sup> | 0.49% | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 42% | 99% | 99% | 146% | 103% | 150% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Ratios include non-recurring costs associated with a proxy statement of 0.01%. 

<sup>(g)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**39**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**39**  |

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------

**Financial Highlights–(continued)** 

Invesco Dynamic Networking ETF (PXQ)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,<br>2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $80.50 | $85.40 | $57.59 | $63.16 | $50.08 | $43.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.06 | 2.23 <sup>(b)</sup> | 0.08 | 0.10 | 0.66 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.96) | (6.10) | 27.86 | (5.51) | 13.13 | 6.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.90) | (3.87) | 27.94 | (5.41) | 13.79 | 6.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.71) | (1.03) | (0.13) | (0.16) | (0.71) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $77.89 | $80.50 | $85.40 | $57.59 | $63.16 | $50.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup>  | $77.97 | $80.36 | $85.46 | $57.51 | $63.14 | $50.10 |
|  **Net Asset Value Total Return<sup>(d)</sup>**  | (2.29)% | (4.67)% | 48.59% | (8.56)% | 27.90% | 15.70% |
|  **Market Price Total Return<sup>(d)</sup>**  | (2.02)% | (4.91)% | 48.90% | (8.66)% | 27.81% | 15.73% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $42059 | $45082 | $41848 | $46070 | $101051 | $60091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.63 %<sup>(e)</sup> | 0.63% | 0.63% | 0.64 %<sup>(f)</sup> | 0.63% | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.69 %<sup>(e)</sup> | 0.69% | 0.73% | 0.65 %<sup>(f)</sup> | 0.64% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.16 %<sup>(e)</sup> | 2.42 %<sup>(b)</sup> | 0.11% | 0.17 %<sup>(f)</sup> | 1.21% | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 60% | 109% | 103% | 99% | 98% | 79% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Ratios include non-recurring costs associated with a proxy statement of 0.01%. 

<sup>(g)</sup> 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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| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**40**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**40**  |

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**Financial Highlights–(continued)** 

Invesco Dynamic Oil & Gas Services ETF (PXJ)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,<br>2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $4.33 | $3.26 | $2.39 | $6.87 | $9.70 | $10.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.01 | 0.00 | 0.07 <sup>(b)</sup> | 0.07 | 0.04 | 0.27 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.67 <sup>(d)</sup> | 1.09 | 0.94 <sup>(d)</sup> | (4.47) | (2.81) | (1.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.68 | 1.09 | 1.01 | (4.40) | (2.77) | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.02) | (0.02) | (0.14) | (0.08) | (0.06) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $4.99 | $4.33 | $3.26 | $2.39 | $6.87 | $9.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(e)</sup>  | $5.00 | $4.33 | $3.27 | $2.40 | $6.87 | $9.70 |
|  **Net Asset Value Total Return<sup>(f)</sup>**  | 15.67% | 33.40% | 43.34% | (63.87)% | (28.69)% | (6.71)% |
|  **Market Price Total Return<sup>(f)</sup>**  | 15.90% | 33.00% | 43.19% | (63.72)% | (28.69)% | (6.72)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $54153 | $67946 | $55918 | $5971 | $17519 | $37827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.63 %<sup>(g)</sup> | 0.63% | 0.63% | 0.67 %<sup>(h)</sup> | 0.63% | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.64 %<sup>(g)</sup> | 0.74% | 1.17% | 1.09 %<sup>(h)</sup> | 0.83% | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.56 %<sup>(g)</sup> | 0.12% | 2.32 %<sup>(b)</sup> | 1.51 %<sup>(h)</sup> | 0.48% | 2.90 %<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(i)</sup>  | 27% | 109% | 63% | 82% | 81% | 91% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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. 

<sup>(d)</sup> 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.

<sup>(e)</sup> The mean between the last bid and ask prices.

<sup>(f)</sup> 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. 

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Ratios include non-recurring costs associated with a proxy statement of 0.04%. 

<sup>(i)</sup> 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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| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**41**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**41**  |

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**Financial Highlights–(continued)** 

Invesco Dynamic Pharmaceuticals ETF (PJP)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,<br>2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $75.94 | $78.11 | $62.54 | $62.65 | $61.49 | $60.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.32 | 0.73 | 0.53 | 0.55 | 0.69 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.66 | (2.19) | 15.60 | (0.08) | 1.17 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.98 | (1.46) | 16.13 | 0.47 | 1.86 | 1.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.38) | (0.71) | (0.56) | (0.58) | (0.70) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $76.54 | $75.94 | $78.11 | $62.54 | $62.65 | $61.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $76.57 | $75.97 | $78.17 | $62.49 | $62.64 | $61.53 |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | 1.32% | (1.91)% | 25.91% | 0.83% | 3.02% | 1.99% |
|  **Market Price Total Return<sup>(c)</sup>**  | 1.32% | (1.94)% | 26.10% | 0.77% | 2.94% | 2.05% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $312289 | $320482 | $358503 | $356497 | $416591 | $525754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.55 %<sup>(d)</sup> | 0.56% | 0.58% | 0.56% | 0.56% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.87 %<sup>(d)</sup> | 0.92% | 0.76% | 0.92% | 1.03% | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 17% | 40% | 48% | 63% | 81% | 98% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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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|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**42**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**42**  |

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**Financial Highlights–(continued)** 

Invesco Dynamic Semiconductors ETF (PSI)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,<br>2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $109.32 | $121.09 | $63.60 | $58.09 | $48.91 | $42.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.31 | 0.35 | 0.19 | 0.29 | 0.38 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (15.61) | (11.81) | 57.49 | 5.60 | 9.19 | 6.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (15.30) | (11.46) | 57.68 | 5.89 | 9.57 | 6.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.31) | (0.31) | (0.19) | (0.38) | (0.39) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $93.71 | $109.32 | $121.09 | $63.60 | $58.09 | $48.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $93.68 | $109.31 | $120.96 | $63.71 | $58.04 | $48.94 |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | (14.01)% | (9.50)% | 90.85% | 10.23% | 19.71% | 15.42% |
|  **Market Price Total Return<sup>(c)</sup>**  | (14.03)% | (9.41)% | 90.32% | 10.51% | 19.53% | 15.38% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $445136 | $590310 | $633276 | $228946 | $200423 | $315455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.56 %<sup>(d)</sup> | 0.55% | 0.56% | 0.57% | 0.58% | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.59 %<sup>(d)</sup> | 0.26% | 0.20% | 0.49% | 0.73% | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 65% | 84% | 95% | 94% | 98% | 65% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**43**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**43**  |

---

------

**Financial Highlights–(continued)** 

Invesco Dynamic Software ETF (PSJ)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** |
|  | **Six Months Ended<br>October 31,<br>2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $98.86 | $163.28 | $98.85 | $96.10 | $70.81 | $53.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | 1.28 | 0.63 <sup>(b)</sup> | (0.43) | 0.03 | (0.22) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (3.85) | (57.12) | 64.86 | 2.83 | 25.51 | 17.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.57) | (56.49) | 64.43 | 2.86 | 25.29 | 17.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.78) | (0.71) |  | (0.11) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  | (7.22) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.78) | (7.93) |  | (0.11) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $95.51 | $98.86 | $163.28 | $98.85 | $96.10 | $70.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup>  | $95.47 | $98.80 | $163.23 | $98.80 | $96.13 | $70.90 |
|  **Net Asset Value Total Return<sup>(d)</sup>**  | (2.59)% | (35.58)% | 65.17% | 2.99% | 35.71% | 32.51% |
|  **Market Price Total Return<sup>(d)</sup>**  | (2.57)% | (35.59)% | 65.21% | 2.91% | 35.58% | 32.80% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $198660 | $240238 | $622085 | $400339 | $437243 | $155784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.62 %<sup>(e)</sup> | 0.56% | 0.56% | 0.56% | 0.58% | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.65 %<sup>(e)</sup> | 0.56% | 0.56% | 0.56% | 0.58% | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.64 %<sup>(e)</sup> | 0.44 %<sup>(b)</sup> | (0.31)% | 0.03% | (0.27)% | (0.42)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 103% | 209% | 176% | 190% | 157% | 145% |

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<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Annualized.

<sup>(f)</sup> 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

October 31, 2022

*(Unaudited)* 

**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:

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| | |
|:---|:---|
|  **<u>Full Name</u>** | **Short Name** |
|  &nbsp;&nbsp;&nbsp;&nbsp;Invesco Dynamic Biotechnology & Genome ETF (PBE) | "Dynamic Biotechnology & Genome ETF" |
|  &nbsp;&nbsp;&nbsp;&nbsp;Invesco Dynamic Building & Construction ETF (PKB) | "Dynamic Building & Construction ETF" |
|  &nbsp;&nbsp;&nbsp;&nbsp;Invesco Dynamic Energy Exploration & Production ETF (PXE) | "Dynamic Energy Exploration & Production ETF" |
|  &nbsp;&nbsp;&nbsp;&nbsp;Invesco Dynamic Food & Beverage ETF (PBJ) | "Dynamic Food & Beverage ETF" |
|  &nbsp;&nbsp;&nbsp;&nbsp;Invesco Dynamic Leisure and Entertainment ETF (PEJ) | "Dynamic Leisure and Entertainment ETF" |
|  &nbsp;&nbsp;&nbsp;&nbsp;Invesco Dynamic Media ETF (PBS) | "Dynamic Media ETF" |
|  &nbsp;&nbsp;&nbsp;&nbsp;Invesco Dynamic Networking ETF (PXQ) | "Dynamic Networking ETF" |
|  &nbsp;&nbsp;&nbsp;&nbsp;Invesco Dynamic Oil & Gas Services ETF (PXJ) | "Dynamic Oil & Gas Services ETF" |
|  &nbsp;&nbsp;&nbsp;&nbsp;Invesco Dynamic Pharmaceuticals ETF (PJP) | "Dynamic Pharmaceuticals ETF" |
|  &nbsp;&nbsp;&nbsp;&nbsp;Invesco Dynamic Semiconductors ETF (PSI) | "Dynamic Semiconductors ETF" |
|  &nbsp;&nbsp;&nbsp;&nbsp;Invesco Dynamic Software ETF (PSJ) | "Dynamic Software ETF" |

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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 ("APs"), 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"):

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| | |
|:---|:---|
|  **<u>Fund</u>** | **Underlying Index** |
|  &nbsp;&nbsp;&nbsp;&nbsp;Dynamic Biotechnology & Genome ETF | Dynamic Biotech & Genome Intellidex<sup>®</sup> Index |
|  &nbsp;&nbsp;&nbsp;&nbsp;Dynamic Building & Construction ETF | Dynamic Building & Construction Intellidex<sup>®</sup> Index |
|  &nbsp;&nbsp;&nbsp;&nbsp;Dynamic Energy Exploration & Production ETF | Dynamic Energy Exploration & Production Intellidex<sup>®</sup> Index |
|  &nbsp;&nbsp;&nbsp;&nbsp;Dynamic Food & Beverage ETF | Dynamic Food & Beverage Intellidex<sup>®</sup> Index |
|  &nbsp;&nbsp;&nbsp;&nbsp;Dynamic Leisure and Entertainment ETF | Dynamic Leisure & Entertainment Intellidex<sup>®</sup> Index |
|  &nbsp;&nbsp;&nbsp;&nbsp;Dynamic Media ETF | Dynamic Media Intellidex<sup>®</sup> Index |
|  &nbsp;&nbsp;&nbsp;&nbsp;Dynamic Networking ETF | Dynamic Networking Intellidex<sup>®</sup> Index |
|  &nbsp;&nbsp;&nbsp;&nbsp;Dynamic Oil & Gas Services ETF | Dynamic Oil Services Intellidex<sup>®</sup> Index |
|  &nbsp;&nbsp;&nbsp;&nbsp;Dynamic Pharmaceuticals ETF | Dynamic Pharmaceutical Intellidex<sup>®</sup> Index |
|  &nbsp;&nbsp;&nbsp;&nbsp;Dynamic Semiconductors ETF | Dynamic Semiconductor Intellidex<sup>®</sup> Index |
|  &nbsp;&nbsp;&nbsp;&nbsp;Dynamic Software ETF | Dynamic Software Intellidex<sup>®</sup> Index |

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**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 trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day,

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the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value. Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

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 are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions or adverse investor sentiment generally and market

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| <br> &nbsp;&nbsp;&nbsp;&nbsp;**46**  |
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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.

The price a Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**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.

**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, the country that has the primary market for the issuer's securities and
its "country of risk" as determined by a third party service provider, 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.

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| <br> &nbsp;&nbsp;&nbsp;&nbsp;**47**  |
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**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 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.

Invesco Advisers, Inc. ("Invesco"), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon ("BNYM") also serves as a lending agent. 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 six months ended October 31, 2022, each Fund had affiliated securities lending transactions with Invesco. Fees paid to

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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** |
| &nbsp;&nbsp; Dynamic Biotechnology & Genome ETF | $1619 |
| &nbsp;&nbsp; Dynamic Building & Construction ETF | 638 |
| &nbsp;&nbsp; Dynamic Energy Exploration & Production ETF | 14686 |
| &nbsp;&nbsp; Dynamic Food & Beverage ETF | 1260 |
| &nbsp;&nbsp; Dynamic Leisure and Entertainment ETF | 14575 |
| &nbsp;&nbsp; Dynamic Media ETF | 2260 |
| &nbsp;&nbsp; Dynamic Networking ETF | 1724 |
| &nbsp;&nbsp; Dynamic Oil & Gas Services ETF | 1746 |
| &nbsp;&nbsp; Dynamic Pharmaceuticals ETF | 1118 |
| &nbsp;&nbsp; Dynamic Semiconductors ETF | 11655 |
| &nbsp;&nbsp; Dynamic Software ETF | 28689 |

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**J.** **Other Risks** 

*AP Concentration Risk*. Only 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 the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

*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 each 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 an 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. 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 can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund's volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund's performance.

*Portfolio Turnover Risk.* Certain Funds may engage in frequent trading of their 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**50**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**50**  |

---

------

For the six months ended October 31, 2022, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

---

| | |
|:---|:---|
| &nbsp;&nbsp; Dynamic Biotechnology & Genome ETF | $47 |
| &nbsp;&nbsp; Dynamic Building & Construction ETF | 76 |
| &nbsp;&nbsp; Dynamic Energy Exploration & Production ETF | 189 |
| &nbsp;&nbsp; Dynamic Food & Beverage ETF | 127 |
| &nbsp;&nbsp; Dynamic Leisure and Entertainment ETF | 534 |
| &nbsp;&nbsp; Dynamic Media ETF | 11729 |
| &nbsp;&nbsp; Dynamic Networking ETF | 12973 |
| &nbsp;&nbsp; Dynamic Oil & Gas Services ETF | 2647 |
| &nbsp;&nbsp; Dynamic Pharmaceuticals ETF | 96 |
| &nbsp;&nbsp; Dynamic Semiconductors ETF | 85 |
| &nbsp;&nbsp; Dynamic Software ETF | 37188 |

---

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 October 31, 2022 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total**<br> **Potential**<br> **Recapture**<br> **Amounts**  | | | | |
|  | **Total**<br> **Potential**<br> **Recapture**<br> **Amounts**  | | | | |
|  | **Total**<br> **Potential**<br> **Recapture**<br> **Amounts**  | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** |
|  | **Total**<br> **Potential**<br> **Recapture**<br> **Amounts**  |  |  |  |  |
|  | **Total**<br> **Potential**<br> **Recapture**<br> **Amounts**  | **4/30/23** | **4/30/24** | **4/30/25** | **10/31/25** |
| &nbsp;&nbsp; Dynamic Media ETF | $83303 | $13872 | $45381 | $12359 | $11691 |
| &nbsp;&nbsp; Dynamic Networking ETF | 98199 | 8945 | 48084 | 28238 | 12932 |
| &nbsp;&nbsp; Dynamic Oil & Gas Services ETF | 148300 | 25254 | 81170 | 39278 | 2598 |
| &nbsp;&nbsp; Dynamic Software ETF | 37103 |  |  |  | 37103 |

---

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 six months ended October 31, 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:

---

| | |
|:---|:---|
| &nbsp;&nbsp; Dynamic Biotechnology & Genome ETF | $22008 |
| &nbsp;&nbsp; Dynamic Building & Construction ETF | 13516 |
| &nbsp;&nbsp; Dynamic Energy Exploration & Production ETF | 26002 |
| &nbsp;&nbsp; Dynamic Food & Beverage ETF | 11801 |
| &nbsp;&nbsp; Dynamic Leisure and Entertainment ETF | 61781 |
| &nbsp;&nbsp; Dynamic Media ETF | 8396 |
| &nbsp;&nbsp; Dynamic Networking ETF | 5948 |
| &nbsp;&nbsp; Dynamic Oil & Gas Services ETF | 8008 |
| &nbsp;&nbsp; Dynamic Pharmaceuticals ETF | 18160 |
| &nbsp;&nbsp; Dynamic Semiconductors ETF | 30874 |
| &nbsp;&nbsp; Dynamic Software ETF | 40482 |

---

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.*

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**51**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**51**  |

---

------

**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. 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 the Adviser's 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 October 31, 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** |
| &nbsp;&nbsp; Dynamic Biotechnology & Genome ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $249720243 | $- | $- | $249720243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 125977 | 70497811 |  | 70623788 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $249846220 | $70497811 | $- | $320344031 |
| &nbsp;&nbsp; Dynamic Building & Construction ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $109626857 | $- | $- | $109626857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 41701 | 16999685 |  | 17041386 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $109668558 | $16999685 | $- | $126668243 |
| &nbsp;&nbsp; Dynamic Energy Exploration & Production ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $332726231 | $- | $- | $332726231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 330383 | 52017378 |  | 52347761 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $333056614 | $52017378 | $- | $385073992 |
| &nbsp;&nbsp; Dynamic Food & Beverage ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $337253072 | $- | $- | $337253072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds |  | 44185935 |  | 44185935 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $337253072 | $44185935 | $- | $381439007 |
| &nbsp;&nbsp; Dynamic Leisure and Entertainment ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $609022924 | $- | $- | $609022924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 707847 | 193352861 |  | 194060708 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $609730771 | $193352861 | $- | $803083632 |
| &nbsp;&nbsp; Dynamic Media ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $32403115 | $- | $- | $32403115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 70979 | 9599831 |  | 9670810 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $32474094 | $9599831 | $- | $42073925 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**52**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**52**  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp; Dynamic Networking ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $42068222 | $- | $- | $42068222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 74280 | 8721797 |  | 8796077 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $42142502 | $8721797 | $- | $50864299 |
| &nbsp;&nbsp; Dynamic Oil & Gas Services ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $54154743 | $- | $- | $54154743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 75608 | 9100281 |  | 9175889 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $54230351 | $9100281 | $- | $63330632 |
| &nbsp;&nbsp; Dynamic Pharmaceuticals ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $312212860 | $- | $- | $312212860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 118329 | 43727074 |  | 43845403 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $312331189 | $43727074 | $- | $356058263 |
| &nbsp;&nbsp; Dynamic Semiconductors ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $444866101 | $- | $- | $444866101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 417123 | 92836568 |  | 93253691 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $445283224 | $92836568 | $- | $538119792 |
| &nbsp;&nbsp; Dynamic Software ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $198721096 | $- | $- | $198721096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 31340 | 60720944 |  | 60752284 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $198752436 | $60720944 | $- | $259473380 |

---

**NOTE 5–Tax Information** 

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds' capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds' fiscal year-end.

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 had capital loss carryforwards as of April 30, 2022, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** | |
|  | **Short-Term** | **Long-Term** |<br>**Total\*** |
| &nbsp;&nbsp; Dynamic Biotechnology & Genome ETF | $246055592 | $27265057 | $273320649 |
| &nbsp;&nbsp; Dynamic Building & Construction ETF | 86209891 | 8004968 | 94214859 |
| &nbsp;&nbsp; Dynamic Energy Exploration & Production ETF | 89055187 | 35636899 | 124692086 |
| &nbsp;&nbsp; Dynamic Food & Beverage ETF | 77003014 | 8769352 | 85772366 |
| &nbsp;&nbsp; Dynamic Leisure and Entertainment ETF | 306244861 | 3478324 | 309723185 |
| &nbsp;&nbsp; Dynamic Media ETF | 86678244 | 3437277 | 90115521 |
| &nbsp;&nbsp; Dynamic Networking ETF | 37595173 | 9451243 | 47046416 |
| &nbsp;&nbsp; Dynamic Oil & Gas Services ETF | 59801100 | 48223255 | 108024355 |
| &nbsp;&nbsp; Dynamic Pharmaceuticals ETF | 178303547 | 254808693 | 433112240 |
| &nbsp;&nbsp; Dynamic Semiconductors ETF | 30192127 |  | 30192127 |
| &nbsp;&nbsp; Dynamic Software ETF | 129943145 | 1995280 | 131938425 |

---

\* 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**53**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**53**  |

---

------

**NOTE 6–Investment Transactions** 

For the six months ended October 31, 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** |
| &nbsp;&nbsp; Dynamic Biotechnology & Genome ETF | $88936233 | $88323843 |
| &nbsp;&nbsp; Dynamic Building & Construction ETF | 66008034 | 65764599 |
| &nbsp;&nbsp; Dynamic Energy Exploration & Production ETF | 126631887 | 124439714 |
| &nbsp;&nbsp; Dynamic Food & Beverage ETF | 159814228 | 155520168 |
| &nbsp;&nbsp; Dynamic Leisure and Entertainment ETF | 754790299 | 759303936 |
| &nbsp;&nbsp; Dynamic Media ETF | 15048562 | 15116752 |
| &nbsp;&nbsp; Dynamic Networking ETF | 24805998 | 25117538 |
| &nbsp;&nbsp; Dynamic Oil & Gas Services ETF | 13226573 | 12752512 |
| &nbsp;&nbsp; Dynamic Pharmaceuticals ETF | 53209878 | 53464894 |
| &nbsp;&nbsp; Dynamic Semiconductors ETF | 348810177 | 349430810 |
| &nbsp;&nbsp; Dynamic Software ETF | 221344701 | 220244885 |

---

For the six months ended October 31, 2022, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind<br>Purchases** | **In-kind<br>Sales** |
| &nbsp;&nbsp; Dynamic Biotechnology & Genome ETF | $83137834 | $69475452 |
| &nbsp;&nbsp; Dynamic Building & Construction ETF |  | 32990365 |
| &nbsp;&nbsp; Dynamic Energy Exploration & Production ETF | 268549902 | 234904196 |
| &nbsp;&nbsp; Dynamic Food & Beverage ETF | 181726323 | 147516041 |
| &nbsp;&nbsp; Dynamic Leisure and Entertainment ETF | 93090478 | 675096758 |
| &nbsp;&nbsp; Dynamic Media ETF | 4033434 | 3820243 |
| &nbsp;&nbsp; Dynamic Networking ETF |  | 1500851 |
| &nbsp;&nbsp; Dynamic Oil & Gas Services ETF | 36951453 | 50594723 |
| &nbsp;&nbsp; Dynamic Pharmaceuticals ETF | 30544531 | 40071682 |
| &nbsp;&nbsp; Dynamic Semiconductors ETF | 36909937 | 101337526 |
| &nbsp;&nbsp; Dynamic Software ETF | 2007726 | 34960196 |

---

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

As of October 31, 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<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>(Depreciation)** | **Net**<br>**Unrealized<br>Appreciation<br>(Depreciation)** | **Cost** |
| &nbsp;&nbsp; Dynamic Biotechnology & Genome ETF | $28275450 | $(21105919) | $7169531 | $313174500 |
| &nbsp;&nbsp; Dynamic Building & Construction ETF | 1599070 | (10100971) | (8501901) | 135170144 |
| &nbsp;&nbsp; Dynamic Energy Exploration & Production ETF | 46884943 | (12110085) | 34774858 | 350299134 |
| &nbsp;&nbsp; Dynamic Food & Beverage ETF | 23291894 | (15390212) | 7901682 | 373537325 |
| &nbsp;&nbsp; Dynamic Leisure and Entertainment ETF | 27967210 | (113513242) | (85546032) | 888629664 |
| &nbsp;&nbsp; Dynamic Media ETF | 874607 | (13634665) | (12760058) | 54833983 |
| &nbsp;&nbsp; Dynamic Networking ETF | 5929227 | (3785163) | 2144064 | 48720235 |
| &nbsp;&nbsp; Dynamic Oil & Gas Services ETF | 3968001 | (2195663) | 1772338 | 61558294 |
| &nbsp;&nbsp; Dynamic Pharmaceuticals ETF | 51193222 | (31326136) | 19867086 | 336191177 |
| &nbsp;&nbsp; Dynamic Semiconductors ETF | 9599376 | (106244520) | (96645144) | 634764936 |
| &nbsp;&nbsp; Dynamic Software ETF | 6534545 | (26226705) | (19692160) | 279165540 |

---

**NOTE 7–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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**54**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**54**  |

---

------

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 8–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 APs 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 AP 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 AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP'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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**55**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**55**  |

---

------

**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 May 1, 2022 through October 31, 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<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Annualized<br>Expense Ratio<br>Based on the<br>Six-Month Period** | **Expenses Paid<br>During the<br>Six-Month Period<sup>(1)</sup>** |
| &nbsp;&nbsp; Invesco Dynamic Biotechnology & Genome ETF (PBE) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1126.00 | 0.57% | $3.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.33 | 0.57 | 2.91 |
| &nbsp;&nbsp; Invesco Dynamic Building & Construction ETF (PKB) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 968.70 | 0.60 | 2.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.18 | 0.60 | 3.06 |
| &nbsp;&nbsp; Invesco Dynamic Energy Exploration & Production ETF (PXE) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1218.80 | 0.62 | 3.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.08 | 0.62 | 3.16 |
| &nbsp;&nbsp; Invesco Dynamic Food & Beverage ETF (PBJ) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1010.30 | 0.55 | 2.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.43 | 0.55 | 2.80 |
| &nbsp;&nbsp; Invesco Dynamic Leisure and Entertainment ETF (PEJ) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 892.30 | 0.56 | 2.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.38 | 0.56 | 2.85 |
| &nbsp;&nbsp; Invesco Dynamic Media ETF (PBS) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 845.70 | 0.63 | 2.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.03 | 0.63 | 3.21 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**56**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**56**  |

---

------

**Calculating your ongoing Fund expenses–(continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Annualized<br>Expense Ratio<br>Based on the<br>Six-Month Period** | **Expenses Paid<br>During the<br>Six-Month Period<sup>(1)</sup>** |
| &nbsp;&nbsp; Invesco Dynamic Networking ETF (PXQ) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $977.10 | 0.63% | $3.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.03 | 0.63 | 3.21 |
| &nbsp;&nbsp; Invesco Dynamic Oil & Gas Services ETF (PXJ) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1156.70 | 0.63 | 3.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.03 | 0.63 | 3.21 |
| &nbsp;&nbsp; Invesco Dynamic Pharmaceuticals ETF (PJP) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1013.20 | 0.55 | 2.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.43 | 0.55 | 2.80 |
| &nbsp;&nbsp; Invesco Dynamic Semiconductors ETF (PSI) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 859.90 | 0.56 | 2.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.38 | 0.56 | 2.85 |
| &nbsp;&nbsp; Invesco Dynamic Software ETF (PSJ) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 974.10 | 0.62 | 3.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1022.08 | 0.62 | 3.16 |

---

<sup>(1)</sup> 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 October 31, 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 184/365. 

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**57**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**57**  |

---

------

(This Page Intentionally Left Blank)

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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 ***<u>www.sec.gov</u>.***

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 ***<u>www.sec.gov</u>.***

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 ***<u>www.sec.gov</u>.***

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 ***<u>www.invesco.com/ETFs</u>.***

------

**©2022 Invesco Capital Management LLC** 

**3500 Lacey Road, Suite 700** 

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| | | |
|:---|:---|:---|
| **Downers Grove, IL 60515** | P-PS-SAR-7 | invesco.com/ETFs |

---

------

---

| | |
|:---|:---|
| ![LOGO](g406739g11i58.jpg) | <br>**Invesco Semi-Annual Report to Shareholders** |
| ![LOGO](g406739g11i58.jpg) | October 31, 2022 |
| ![LOGO](g406739g11i58.jpg) | **RSP** Invesco S&P 500<sup>®</sup> Equal Weight ETF |
|  | **EWCO** Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF |
|  | **RCD** Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF |
|  | **RHS** Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF |
|  | **RYE** Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF |
|  | **RYF** Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF |
|  | **RYH** Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF |
|  | **RGI** Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF |
|  | **RTM** Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF |
|  | **EWRE** Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF |
|  | **RYT** Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF |
|  | **RYU** Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF |
|  | **EWMC** Invesco S&P MidCap 400<sup>®</sup> Equal Weight ETF |
|  | **EWSC** Invesco S&P SmallCap 600<sup>®</sup> Equal Weight ETF |

---

------

---

| | |
|:---|:---|
|  Schedules of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P 500<sup>®</sup> Equal Weight ETF (RSP)](#edg406739_1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF (EWCO)](#edg406739_2) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF (RCD)](#edg406739_3) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF (RHS)](#edg406739_4) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF (RYE)](#edg406739_5) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF (RYF)](#edg406739_6) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF (RYH)](#edg406739_7) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF (RGI)](#edg406739_8) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF (RTM)](#edg406739_9) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF (EWRE)](#edg406739_10) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF (RYT)](#edg406739_11) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF (RYU)](#edg406739_12) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P MidCap 400<sup>®</sup> Equal Weight ETF (EWMC)](#edg406739_13) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P SmallCap 600<sup>®</sup> Equal Weight ETF (EWSC)](#edg406739_14) | 39 |
|  [Statements of Assets and Liabilities](#edg406739_15) | 46 |
|  [Statements of Operations](#edg406739_16) | 50 |
|  [Statements of Changes in Net Assets](#edg406739_17) | 54 |
|  [Financial Highlights](#edg406739_18) | 60 |
|  [Notes to Financial Statements](#edg406739_19) | 74 |
|  [Fund Expenses](#edg406739_20) | 86 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**2**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**2**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight ETF (RSP)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.93%** | **Common Stocks & Other Equity Interests-99.93%** | **Common Stocks & Other Equity Interests-99.93%** |
|  **Communication Services-4.15%** |  |  |
|  Activision Blizzard, Inc. | 819553 | $59663458 |
|  Alphabet, Inc., Class A<sup>(b)</sup> | 305040 | 28829330 |
|  Alphabet, Inc., Class C<sup>(b)</sup> | 272595 | 25803843 |
|  AT&T, Inc. | 3778440 | 68880961 |
|  Charter Communications, Inc.,<br>Class A<sup>(b)(c)</sup> | 158178 | 58149396 |
|  Comcast Corp., Class A | 1819699 | 57757246 |
|  DISH Network Corp., Class A<sup>(b)(c)</sup> | 3322629 | 49540398 |
|  Electronic Arts, Inc. | 499277 | 62888931 |
|  Fox Corp., Class A | 1305429 | 37687735 |
|  Fox Corp., Class B | 599410 | 16303952 |
|  Interpublic Group of Cos., Inc. (The)<sup>(c)</sup> | 2253819 | 67141268 |
|  Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 692238 | 55109067 |
|  Lumen Technologies, Inc.<sup>(c)</sup> | 6442029 | 47413334 |
|  Match Group, Inc.<sup>(b)(c)</sup> | 1036088 | 44759002 |
|  Meta Platforms, Inc., Class A<sup>(b)</sup> | 379652 | 35368380 |
|  Netflix, Inc.<sup>(b)</sup> | 275270 | 80345808 |
|  News Corp., Class A | 2797290 | 47190282 |
|  News Corp., Class B<sup>(c)</sup> | 866548 | 14843967 |
|  Omnicom Group, Inc. | 913714 | 66472694 |
|  Paramount Global, Class B<sup>(c)</sup> | 2725696 | 49934751 |
|  Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 503672 | 59675059 |
|  T-Mobile US, Inc.<sup>(b)(c)</sup> | 441643 | 66935413 |
|  Verizon Communications, Inc. | 1523383 | 56928823 |
|  Walt Disney Co. (The)<sup>(b)</sup> | 559684 | 59628733 |
|  Warner Bros Discovery, Inc.<sup>(b)(c)</sup> | 4938105 | 64195365 |
|  |  | 1281447196 |
|  **Consumer Discretionary-11.10%** | **Consumer Discretionary-11.10%** | **Consumer Discretionary-11.10%** |
|  Advance Auto Parts, Inc.<sup>(c)</sup> | 356138 | 67637729 |
|  Amazon.com, Inc.<sup>(b)</sup> | 482899 | 49468174 |
|  Aptiv PLC<sup>(b)</sup> | 665101 | 60570748 |
|  AutoZone, Inc.<sup>(b)</sup> | 29095 | 73694144 |
|  Bath & Body Works, Inc. | 1622653 | 54164157 |
|  Best Buy Co., Inc.<sup>(c)</sup> | 845526 | 57842434 |
|  Booking Holdings, Inc.<sup>(b)</sup> | 32259 | 60307555 |
|  BorgWarner, Inc. | 1668068 | 62602592 |
|  Caesars Entertainment, Inc.<sup>(b)(c)</sup> | 1328916 | 58113497 |
|  CarMax, Inc.<sup>(b)(c)</sup> | 705833 | 44474537 |
|  Carnival Corp.<sup>(b)(c)</sup> | 6175687 | 55951724 |
|  Chipotle Mexican Grill, Inc.<sup>(b)(c)</sup> | 37511 | 56203857 |
|  D.R. Horton, Inc.<sup>(c)</sup> | 877629 | 67472118 |
|  Darden Restaurants, Inc.<sup>(c)</sup> | 490940 | 70273152 |
|  Dollar General Corp. | 260676 | 66485414 |
|  Dollar Tree, Inc.<sup>(b)(c)</sup> | 445383 | 70593205 |
|  Domino's Pizza, Inc. | 175306 | 58243665 |
|  eBay, Inc. | 1430016 | 56971837 |
|  Etsy, Inc.<sup>(b)(c)</sup> | 582567 | 54708867 |
|  Expedia Group, Inc.<sup>(b)</sup> | 589570 | 55107108 |
|  Ford Motor Co. | 4165125 | 55687721 |
|  Garmin Ltd. | 708323 | 62360757 |
|  General Motors Co. | 1555418 | 61050157 |
|  Genuine Parts Co. | 395302 | 70308414 |
|  Hasbro, Inc. | 790129 | 51555917 |
|  Hilton Worldwide Holdings, Inc. | 473248 | 64011524 |
|  Home Depot, Inc. (The) | 215084 | 63692825 |
|  Las Vegas Sands Corp.<sup>(b)(c)</sup> | 1685650 | 64071556 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
|  Lennar Corp., Class A<sup>(c)</sup> | 805917 | $| 65037502 |
|  LKQ Corp. | 1199244 |  | 66725936 |
|  Lowe's Cos., Inc. | 312818 |  | 60983869 |
|  Marriott International, Inc., Class A | 396350 |  | 63459598 |
|  McDonald's Corp. | 248272 |  | 67693844 |
|  MGM Resorts International | 1835298 |  | 65281550 |
|  Mohawk Industries, Inc.<sup>(b)(c)</sup> | 566262 |  | 53653325 |
|  Newell Brands, Inc.<sup>(c)</sup> | 3551058 |  | 49040111 |
|  NIKE, Inc., Class B | 578728 |  | 53636511 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(b)(c)</sup> | 4407080 |  | 74435581 |
|  NVR, Inc.<sup>(b)</sup> | 14826 |  | 62828881 |
|  O'Reilly Automotive, Inc.<sup>(b)</sup> | 89225 |  | 74696493 |
|  Pool Corp.<sup>(c)</sup> | 180683 |  | 54969189 |
|  PulteGroup, Inc.<sup>(c)</sup> | 1540647 |  | 61610474 |
|  Ralph Lauren Corp.<sup>(c)</sup> | 666449 |  | 61773158 |
|  Ross Stores, Inc. | 688057 |  | 65840174 |
|  Royal Caribbean Cruises Ltd.<sup>(b)(c)</sup> | 1362305 |  | 72719841 |
|  Starbucks Corp. | 725600 |  | 62829704 |
|  Tapestry, Inc.<sup>(c)</sup> | 1811565 |  | 57390379 |
|  Target Corp. | 370662 |  | 60881234 |
|  Tesla, Inc.<sup>(b)</sup> | 215171 |  | 48960009 |
|  TJX Cos., Inc. (The) | 966010 |  | 69649321 |
|  Tractor Supply Co. | 320026 |  | 70332114 |
|  Ulta Beauty, Inc.<sup>(b)(c)</sup> | 145665 |  | 61087531 |
|  VF Corp.<sup>(c)</sup> | 1481282 |  | 41846217 |
|  Whirlpool Corp.<sup>(c)</sup> | 401555 |  | 55510963 |
|  Wynn Resorts Ltd.<sup>(b)(c)</sup> | 1024770 |  | 65482803 |
|  Yum! Brands, Inc. | 554241 |  | 65538998 |
|  |  |  | 3427520695 |
|  **Consumer Staples-6.86%** | **Consumer Staples-6.86%** | **Consumer Staples-6.86%** | **Consumer Staples-6.86%** |
|  Altria Group, Inc. | 1412083 |  | 65337080 |
|  Archer-Daniels-Midland Co. | 703549 |  | 68230182 |
|  Brown-Forman Corp., Class B | 875893 |  | 59560724 |
|  Campbell Soup Co. | 1342625 |  | 71038289 |
|  Church & Dwight Co., Inc. | 789087 |  | 58495019 |
|  Clorox Co. (The) | 434468 |  | 63449707 |
|  Coca-Cola Co. (The) | 1032647 |  | 61803923 |
|  Colgate-Palmolive Co. | 824487 |  | 60880120 |
|  Conagra Brands, Inc. | 1872317 |  | 68714034 |
|  Constellation Brands, Inc.,Class A | 261291 |  | 64559780 |
|  Costco Wholesale Corp. | 119555 |  | 59956832 |
|  Estee Lauder Cos., Inc. (The), Class A | 253797 |  | 50883761 |
|  General Mills, Inc. | 847497 |  | 69138805 |
|  Hershey Co. (The) | 284838 |  | 68010769 |
|  Hormel Foods Corp. | 1373097 |  | 63780356 |
|  JM Smucker Co. (The) | 462123 |  | 69623451 |
|  Kellogg Co. | 892763 |  | 68582054 |
|  Keurig Dr Pepper, Inc. | 1663004 |  | 64591075 |
|  Kimberly-Clark Corp. | 507324 |  | 63141545 |
|  Kraft Heinz Co. (The) | 1764914 |  | 67896242 |
|  Kroger Co. (The) | 1242248 |  | 58745908 |
|  Lamb Weston Holdings, Inc. | 810639 |  | 69893295 |
|  McCormick & Co., Inc. | 805226 |  | 63322973 |
|  Molson Coors Beverage Co., Class B<sup>(c)</sup> | 1233487 |  | 62204749 |
|  Mondelez International, Inc., Class A | 1048957 |  | 64489876 |
|  Monster Beverage Corp.<sup>(b)</sup> | 695926 |  | 65222185 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**3**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**3**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight ETF (RSP)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Consumer Staples-(continued)** | **Consumer Staples-(continued)** | **Consumer Staples-(continued)** | **Consumer Staples-(continued)** |
|  PepsiCo, Inc. | 371562 | $| 67468228 |
|  Philip Morris International, Inc. | 662955 |  | 60892417 |
|  Procter & Gamble Co. (The) | 459841 |  | 61926787 |
|  Sysco Corp. | 767170 |  | 66406235 |
|  Tyson Foods, Inc., Class A | 853496 |  | 58336452 |
|  Walgreens Boots Alliance, Inc. | 1775398 |  | 64802027 |
|  Walmart, Inc. | 470099 |  | 66909191 |
|  |  |  | 2118294071 |
|  **Energy-5.30%** | **Energy-5.30%** | **Energy-5.30%** | **Energy-5.30%** |
|  APA Corp. | 1689115 |  | 76787168 |
|  Baker Hughes Co., Class A | 2548221 |  | 70483793 |
|  Chevron Corp. | 402145 |  | 72748030 |
|  ConocoPhillips<sup>(c)</sup> | 574673 |  | 72460519 |
|  Coterra Energy, Inc.<sup>(c)</sup> | 2161558 |  | 67289300 |
|  Devon Energy Corp. | 938989 |  | 72630799 |
|  Diamondback Energy, Inc.<sup>(c)</sup> | 476792 |  | 74908791 |
|  EOG Resources, Inc. | 521802 |  | 71236409 |
|  EQT Corp. | 1275527 |  | 53368050 |
|  Exxon Mobil Corp. | 666720 |  | 73879243 |
|  Halliburton Co. | 2169385 |  | 79009002 |
|  Hess Corp.<sup>(c)</sup> | 525512 |  | 74139233 |
|  Kinder Morgan, Inc. | 3514263 |  | 63678445 |
|  Marathon Oil Corp. | 2441750 |  | 74351287 |
|  Marathon Petroleum Corp. | 643345 |  | 73096859 |
|  Occidental Petroleum Corp. | 980561 |  | 71188729 |
|  ONEOK, Inc. | 1032051 |  | 61221265 |
|  Phillips 66 | 730923 |  | 76227960 |
|  Pioneer Natural Resources Co.<sup>(c)</sup> | 268463 |  | 68836598 |
|  Schlumberger Ltd.<sup>(c)</sup> | 1622653 |  | 84426636 |
|  Targa Resources Corp. | 1021761 |  | 69857800 |
|  Valero Energy Corp. | 568759 |  | 71407692 |
|  Williams Cos., Inc. (The) | 1963645 |  | 64270101 |
|  |  |  | 1637503709 |
|  **Financials-13.68%** | **Financials-13.68%** | **Financials-13.68%** | **Financials-13.68%** |
|  Aflac, Inc. | 1039831 |  | 67703396 |
|  Allstate Corp. (The)<sup>(c)</sup> | 508895 |  | 64247994 |
|  American Express Co. | 406726 |  | 60378475 |
|  American International Group, Inc. | 1169130 |  | 66640410 |
|  Ameriprise Financial, Inc. | 224433 |  | 69376729 |
|  Aon PLC, Class A | 220311 |  | 62015343 |
|  Arch Capital Group Ltd.<sup>(b)</sup> | 1422108 |  | 81771210 |
|  Arthur J. Gallagher & Co. | 341864 |  | 63955917 |
|  Assurant, Inc. | 393176 |  | 53416891 |
|  Bank of America Corp. | 1841466 |  | 66366435 |
|  Bank of New York Mellon Corp. (The) | 1457795 |  | 61387747 |
|  Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 225079 |  | 66418562 |
|  BlackRock, Inc. | 92292 |  | 59612326 |
|  Brown & Brown, Inc. | 983495 |  | 57819671 |
|  Capital One Financial Corp. | 594096 |  | 62986058 |
|  Cboe Global Markets, Inc. | 518817 |  | 64592716 |
|  Charles Schwab Corp. (The) | 863216 |  | 68772419 |
|  Chubb Ltd. | 330014 |  | 70916708 |
|  Cincinnati Financial Corp.<sup>(c)</sup> | 639093 |  | 66031089 |
|  Citigroup, Inc. | 1272960 |  | 58377946 |
|  Citizens Financial Group, Inc. | 1679192 |  | 68678953 |
|  CME Group, Inc., Class A | 318886 |  | 55262944 |
|  Comerica, Inc. | 762177 |  | 53733479 |
|  Discover Financial Services | 627457 |  | 65544158 |
|  Everest Re Group Ltd. | 227480 |  | 73398697 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
|  FactSet Research Systems, Inc. | 141523 | $| 60216621 |
|  Fifth Third Bancorp | 1800180 |  | 64248424 |
|  First Republic Bank | 412842 |  | 49582324 |
|  Franklin Resources, Inc.<sup>(c)</sup> | 2439032 |  | 57195300 |
|  Globe Life, Inc.<sup>(c)</sup> | 626082 |  | 72324993 |
|  Goldman Sachs Group, Inc. (The) | 189371 |  | 65240203 |
|  Hartford Financial Services Group, Inc. (The) | 959896 |  | 69506069 |
|  Huntington Bancshares, Inc.<sup>(c)</sup> | 4550716 |  | 69079869 |
|  Intercontinental Exchange, Inc. | 622230 |  | 59466521 |
|  Invesco Ltd.<sup>(d)</sup> | 3668141 |  | 56195920 |
|  JPMorgan Chase & Co. | 540199 |  | 68000250 |
|  KeyCorp | 3448339 |  | 61621818 |
|  Lincoln National Corp. | 1266267 |  | 68213803 |
|  Loews Corp. | 1131564 |  | 64521779 |
|  M&T Bank Corp.<sup>(c)</sup> | 343345 |  | 57808998 |
|  MarketAxess Holdings, Inc. | 241991 |  | 59055484 |
|  Marsh & McLennan Cos., Inc. | 385644 |  | 62277650 |
|  MetLife, Inc. | 951284 |  | 69643502 |
|  Moody's Corp.<sup>(c)</sup> | 214949 |  | 56933542 |
|  Morgan Stanley | 717953 |  | 58994198 |
|  MSCI, Inc. | 131017 |  | 61428631 |
|  Nasdaq, Inc. | 1017160 |  | 63308038 |
|  Northern Trust Corp. | 649127 |  | 54753862 |
|  PNC Financial Services Group, Inc. (The) | 391678 |  | 63385251 |
|  Principal Financial Group, Inc.<sup>(c)</sup> | 821807 |  | 72425851 |
|  Progressive Corp. (The) | 500226 |  | 64229018 |
|  Prudential Financial, Inc. | 653617 |  | 68753972 |
|  Raymond James Financial, Inc.<sup>(c)</sup> | 593560 |  | 70123178 |
|  Regions Financial Corp. | 2897132 |  | 63592047 |
|  S&P Global, Inc. | 174238 |  | 55973958 |
|  Signature Bank | 350238 |  | 55523230 |
|  State Street Corp. | 881511 |  | 65231814 |
|  SVB Financial Group<sup>(b)</sup> | 152185 |  | 35148648 |
|  Synchrony Financial | 1925326 |  | 68464593 |
| T. Rowe Price Group, Inc.<sup>(c)</sup> | 516223 |  | 54802234 |
|  Travelers Cos., Inc. (The) | 392121 |  | 72330640 |
|  Truist Financial Corp. | 1327248 |  | 59447438 |
|  U.S. Bancorp | 1352290 |  | 57404710 |
|  W.R. Berkley Corp. | 951422 |  | 70766768 |
|  Wells Fargo & Co. | 1419399 |  | 65278160 |
|  Willis Towers Watson PLC | 301546 |  | 65800353 |
|  Zions Bancorporation N.A. | 1096943 |  | 56975219 |
|  |  |  | 4224681154 |
|  **Health Care-13.12%** | **Health Care-13.12%** | **Health Care-13.12%** | **Health Care-13.12%** |
|  Abbott Laboratories | 593238 |  | 58694968 |
|  AbbVie, Inc. | 455815 |  | 66731316 |
|  ABIOMED, Inc.<sup>(b)</sup> | 227432 |  | 57331059 |
|  Agilent Technologies, Inc. | 467458 |  | 64672814 |
|  Align Technology, Inc.<sup>(b)</sup> | 244098 |  | 47428241 |
|  AmerisourceBergen Corp. | 437036 |  | 68710800 |
|  Amgen, Inc.<sup>(c)</sup> | 259902 |  | 70264506 |
|  Baxter International, Inc. | 1080948 |  | 58749524 |
|  Becton, Dickinson and Co. | 244766 |  | 57757433 |
|  Biogen, Inc.<sup>(b)</sup> | 304043 |  | 86177948 |
|  Bio-Rad Laboratories, Inc., Class A<sup>(b)</sup> | 126457 |  | 44476191 |
|  Bio-Techne Corp.<sup>(c)</sup> | 185082 |  | 54832393 |
|  Boston Scientific Corp.<sup>(b)(c)</sup> | 1498608 |  | 64604991 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**4**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**4**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight ETF (RSP)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Health Care-(continued)** |  |  |
|  Bristol-Myers Squibb Co. | 916900 | $71032243 |
|  Cardinal Health, Inc.<sup>(c)</sup> | 920841 | 69891832 |
|  Catalent, Inc.<sup>(b)(c)</sup> | 669160 | 43983887 |
|  Centene Corp.<sup>(b)</sup> | 699657 | 59561800 |
|  Charles River Laboratories International, Inc.<sup>(b)(c)</sup> | 294680 | 62545830 |
|  Cigna Corp. | 219759 | 70995343 |
|  Cooper Cos., Inc. (The) | 204013 | 55775114 |
|  CVS Health Corp. | 629682 | 59630885 |
|  Danaher Corp. | 221551 | 55757740 |
|  DaVita, Inc.<sup>(b)(c)</sup> | 694528 | 50707489 |
|  DENTSPLY SIRONA, Inc. | 1898890 | 58523790 |
|  DexCom, Inc.<sup>(b)(c)</sup> | 692552 | 83646431 |
|  Edwards Lifesciences Corp.<sup>(b)</sup> | 661687 | 47925989 |
|  Elevance Health, Inc. | 130591 | 71403241 |
|  Eli Lilly and Co. | 202460 | 73308741 |
|  Gilead Sciences, Inc. | 985902 | 77353871 |
|  HCA Healthcare, Inc. | 292763 | 63667170 |
|  Henry Schein, Inc.<sup>(b)</sup> | 865945 | 59282595 |
|  Hologic, Inc.<sup>(b)</sup> | 930351 | 63077798 |
|  Humana, Inc. | 134435 | 75025485 |
|  IDEXX Laboratories, Inc.<sup>(b)</sup> | 172092 | 61898051 |
|  Illumina, Inc.<sup>(b)</sup> | 305976 | 70013428 |
|  Incyte Corp.<sup>(b)</sup> | 891068 | 66241995 |
|  Intuitive Surgical, Inc.<sup>(b)</sup> | 290665 | 71640203 |
|  IQVIA Holdings, Inc.<sup>(b)(c)</sup> | 288947 | 60583517 |
|  Johnson & Johnson | 388976 | 67670155 |
|  Laboratory Corp. of America Holdings | 270416 | 59994494 |
|  McKesson Corp. | 175732 | 68424769 |
|  Medtronic PLC<sup>(c)</sup> | 716898 | 62613871 |
|  Merck & Co., Inc. | 736574 | 74541289 |
|  Mettler-Toledo International, Inc.<sup>(b)(c)</sup> | 49289 | 62347135 |
|  Moderna, Inc.<sup>(b)</sup> | 451276 | 67840321 |
|  Molina Healthcare, Inc.<sup>(b)</sup> | 184890 | 66349625 |
|  Organon & Co. | 2162075 | 56603124 |
|  PerkinElmer, Inc.<sup>(c)</sup> | 453347 | 60558092 |
|  Pfizer, Inc.<sup>(c)</sup> | 1345097 | 62614265 |
|  Quest Diagnostics, Inc. | 494784 | 71075722 |
|  Regeneron Pharmaceuticals, Inc.<sup>(b)</sup> | 88827 | 66509216 |
|  ResMed, Inc. | 272460 | 60946577 |
|  STERIS PLC<sup>(c)</sup> | 306964 | 52975847 |
|  Stryker Corp.<sup>(c)</sup> | 279928 | 64170695 |
|  Teleflex, Inc. | 266300 | 57137328 |
|  Thermo Fisher Scientific, Inc. | 112954 | 58054967 |
|  UnitedHealth Group, Inc. | 123044 | 68307877 |
|  Universal Health Services, Inc., Class B | 624535 | 72364870 |
|  Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 220581 | 68821272 |
|  Viatris, Inc. | 6512454 | 65971159 |
|  Waters Corp.<sup>(b)</sup> | 205570 | 61500377 |
|  West Pharmaceutical Services, Inc. | 204776 | 47118958 |
|  Zimmer Biomet Holdings, Inc. | 561774 | 63677083 |
|  Zoetis, Inc. | 391748 | 59067763 |
|  |  | 4051163503 |
|  **Industrials-14.58%** |  |  |
|  3M Co. | 522880 | 65773075 |
|  A.O. Smith Corp. | 1143251 | 62627290 |
|  Alaska Air Group, Inc.<sup>(b)(c)</sup> | 1381755 | 61432827 |
|  Allegion PLC<sup>(c)</sup> | 645747 | 67654913 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Industrials-(continued)** |  |  |
|  American Airlines Group, Inc.<sup>(b)(c)</sup> | 4534535 | $64299706 |
|  AMETEK, Inc. | 511508 | 66322127 |
|  Boeing Co. (The)<sup>(b)</sup> | 407593 | 58086078 |
|  C.H. Robinson Worldwide, Inc.<sup>(c)</sup> | 561831 | 54902125 |
|  Carrier Global Corp. | 1525858 | 60668114 |
|  Caterpillar, Inc. | 339403 | 73467173 |
|  Cintas Corp. | 149504 | 63920435 |
|  Copart, Inc.<sup>(b)</sup> | 554148 | 63738103 |
|  CoStar Group, Inc.<sup>(b)(c)</sup> | 820474 | 67869609 |
|  CSX Corp. | 1975911 | 57419974 |
|  Cummins, Inc.<sup>(c)</sup> | 294377 | 71978120 |
|  Deere & Co. | 172942 | 68453902 |
|  Delta Air Lines, Inc.<sup>(b)</sup> | 1970116 | 66846036 |
|  Dover Corp. | 496767 | 64922479 |
|  Eaton Corp. PLC | 441614 | 66273013 |
|  Emerson Electric Co. | 759431 | 65766725 |
|  Equifax, Inc.<sup>(c)</sup> | 326476 | 55350741 |
|  Expeditors International of Washington, Inc.<sup>(c)</sup> | 621994 | 60862113 |
|  Fastenal Co.<sup>(c)</sup> | 1256827 | 60742449 |
|  FedEx Corp. | 307246 | 49245389 |
|  Fortive Corp. | 974600 | 62276940 |
|  Fortune Brands Home & Security, Inc. | 994683 | 59999279 |
|  Generac Holdings, Inc.<sup>(b)(c)</sup> | 269795 | 31271939 |
|  General Dynamics Corp. | 278407 | 69546069 |
|  General Electric Co. | 868921 | 67610743 |
|  Honeywell International, Inc. | 335590 | 68467072 |
|  Howmet Aerospace, Inc. | 1767286 | 62827017 |
|  Huntington Ingalls Industries, Inc. | 273288 | 70254146 |
|  IDEX Corp. | 306418 | 68119786 |
|  Illinois Tool Works, Inc. | 311542 | 66523563 |
|  Ingersoll Rand, Inc.<sup>(c)</sup> | 1281050 | 64693025 |
|  J.B. Hunt Transport Services, Inc. | 369808 | 63263055 |
|  Jacobs Solutions, Inc. | 514471 | 59277349 |
|  Johnson Controls International PLC<sup>(c)</sup> | 1106524 | 64001348 |
|  L3Harris Technologies, Inc. | 272336 | 67122654 |
|  Leidos Holdings, Inc. | 672243 | 68293166 |
|  Lockheed Martin Corp.<sup>(c)</sup> | 152693 | 74312629 |
|  Masco Corp. | 1230947 | 56955918 |
|  Nordson Corp.<sup>(c)</sup> | 274013 | 61652925 |
|  Norfolk Southern Corp. | 257704 | 58774551 |
|  Northrop Grumman Corp. | 131159 | 72007603 |
|  Old Dominion Freight Line, Inc.<sup>(c)</sup> | 239810 | 65851826 |
|  Otis Worldwide Corp. | 876810 | 61937858 |
|  PACCAR, Inc. | 727285 | 70423007 |
|  Parker-Hannifin Corp. | 230073 | 66863815 |
|  Pentair PLC<sup>(c)</sup> | 1365682 | 58656042 |
|  Quanta Services, Inc.<sup>(c)</sup> | 438522 | 62287665 |
|  Raytheon Technologies Corp. | 730842 | 69298438 |
|  Republic Services, Inc. | 435762 | 57790756 |
|  Robert Half International, Inc.<sup>(c)</sup> | 799545 | 61133211 |
|  Rockwell Automation, Inc. | 251370 | 64174761 |
|  Rollins, Inc. | 1781171 | 74951676 |
|  Snap-on, Inc.<sup>(c)</sup> | 287978 | 63945515 |
|  Southwest Airlines Co.<sup>(b)(c)</sup> | 1677051 | 60960804 |
|  Stanley Black & Decker, Inc.<sup>(c)</sup> | 718702 | 56410920 |
|  Textron, Inc. | 976482 | 66830428 |
|  Trane Technologies PLC<sup>(c)</sup> | 392870 | 62713838 |
|  TransDigm Group, Inc. | 104094 | 59933161 |
|  Union Pacific Corp. | 277708 | 54747355 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**5**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**5**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight ETF (RSP)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Industrials-(continued)** |  |  |  |
|  United Airlines Holdings, Inc.<sup>(b)(c)</sup> | 1638902 | $| 70603898 |
|  United Parcel Service, Inc., Class B | 324016 |  | 54360164 |
|  United Rentals, Inc.<sup>(b)(c)</sup> | 206312 |  | 65134762 |
|  Verisk Analytics, Inc. | 334991 |  | 61246405 |
|  W.W. Grainger, Inc. | 112512 |  | 65746387 |
|  Wabtec Corp. | 705360 |  | 65795981 |
|  Waste Management, Inc. | 371185 |  | 58784569 |
|  Xylem, Inc.<sup>(c)</sup> | 664227 |  | 68036772 |
|  |  |  | 4504493307 |
|  **Information Technology-14.57%** | **Information Technology-14.57%** | **Information Technology-14.57%** | **Information Technology-14.57%** |
|  Accenture PLC, Class A<sup>(c)</sup> | 221454 |  | 62870791 |
|  Adobe, Inc.<sup>(b)</sup> | 162569 |  | 51778227 |
|  Advanced Micro Devices, Inc.<sup>(b)</sup> | 751649 |  | 45144039 |
|  Akamai Technologies, Inc.<sup>(b)</sup> | 701897 |  | 61998562 |
|  Amphenol Corp., Class A | 847607 |  | 64274039 |
|  Analog Devices, Inc. | 417400 |  | 59529588 |
|  ANSYS, Inc.<sup>(b)</sup> | 248099 |  | 54869575 |
|  Apple, Inc. | 407975 |  | 62558887 |
|  Applied Materials, Inc. | 666652 |  | 58858705 |
|  Arista Networks, Inc.<sup>(b)</sup> | 517021 |  | 62487158 |
|  Autodesk, Inc.<sup>(b)</sup> | 304095 |  | 65167558 |
|  Automatic Data Processing, Inc. | 263429 |  | 63670789 |
|  Broadcom, Inc. | 123544 |  | 58080505 |
|  Broadridge Financial Solutions, Inc. | 373270 |  | 56012896 |
|  Cadence Design Systems, Inc.<sup>(b)</sup> | 369029 |  | 55867300 |
|  CDW Corp. | 366696 |  | 63368736 |
|  Ceridian HCM Holding, Inc.<sup>(b)(c)</sup> | 1012306 |  | 67004534 |
|  Cisco Systems, Inc. | 1406062 |  | 63877397 |
|  Cognizant Technology Solutions Corp., Class A | 982026 |  | 61131119 |
|  Corning, Inc. | 1912530 |  | 61526090 |
|  DXC Technology Co.<sup>(b)</sup> | 2404680 |  | 69134550 |
|  Enphase Energy, Inc.<sup>(b)</sup> | 209927 |  | 64447589 |
|  EPAM Systems, Inc.<sup>(b)(c)</sup> | 148925 |  | 52123750 |
|  F5, Inc.<sup>(b)</sup> | 401580 |  | 57389798 |
|  Fidelity National Information Services, Inc. | 703473 |  | 58381224 |
|  Fiserv, Inc.<sup>(b)</sup> | 604252 |  | 62080850 |
|  FleetCor Technologies, Inc.<sup>(b)</sup> | 291276 |  | 54212289 |
|  Fortinet, Inc.<sup>(b)</sup> | 1200558 |  | 68623895 |
|  Gartner, Inc.<sup>(b)(c)</sup> | 209630 |  | 63291490 |
|  Global Payments, Inc.<sup>(c)</sup> | 485179 |  | 55436553 |
|  Hewlett Packard Enterprise Co.<sup>(c)</sup> | 4790859 |  | 68365558 |
|  HP, Inc.<sup>(c)</sup> | 2276925 |  | 62888669 |
|  Intel Corp. | 2050096 |  | 58284229 |
|  International Business Machines Corp. | 498311 |  | 68911428 |
|  Intuit, Inc. | 142561 |  | 60944828 |
|  Jack Henry & Associates, Inc. | 321212 |  | 63940461 |
|  Juniper Networks, Inc.<sup>(c)</sup> | 2215658 |  | 67799135 |
|  Keysight Technologies, Inc.<sup>(b)</sup> | 373376 |  | 65023430 |
|  KLA Corp. | 179347 |  | 56754358 |
|  Lam Research Corp. | 142328 |  | 57611528 |
|  Mastercard, Inc., Class A | 191749 |  | 62928187 |
|  Microchip Technology, Inc.<sup>(c)</sup> | 960738 |  | 59315964 |
|  Micron Technology, Inc.<sup>(c)</sup> | 1120382 |  | 60612666 |
|  Microsoft Corp. | 243307 |  | 56478854 |
|  Monolithic Power Systems, Inc. | 143450 |  | 48694103 |
|  Motorola Solutions, Inc. | 257706 |  | 64351765 |
|  NetApp, Inc. | 888059 |  | 61515847 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Information Technology-(continued)** |  |  |  |
|  NortonLifeLock, Inc. | 2830853 | $| 63779118 |
|  NVIDIA Corp. | 447141 |  | 60350621 |
|  NXP Semiconductors N.V. (China) | 382545 |  | 55882174 |
|  ON Semiconductor Corp.<sup>(b)(c)</sup> | 898008 |  | 55164631 |
|  Oracle Corp. | 849247 |  | 66300713 |
|  Paychex, Inc. | 507363 |  | 60026117 |
|  Paycom Software, Inc.<sup>(b)</sup> | 173893 |  | 60166978 |
|  PayPal Holdings, Inc.<sup>(b)(c)</sup> | 668551 |  | 55877493 |
|  PTC, Inc.<sup>(b)</sup> | 536226 |  | 63183510 |
|  Qorvo, Inc.<sup>(b)</sup> | 687913 |  | 59215551 |
|  QUALCOMM, Inc. | 487264 |  | 57331482 |
|  Roper Technologies, Inc. | 156834 |  | 65013966 |
|  salesforce.com, Inc.<sup>(b)</sup> | 395802 |  | 64353447 |
|  Seagate Technology Holdings PLC<sup>(c)</sup> | 933073 |  | 46336405 |
|  ServiceNow, Inc.<sup>(b)(c)</sup> | 136584 |  | 57466352 |
|  Skyworks Solutions, Inc. | 625657 |  | 53812759 |
|  SolarEdge Technologies, Inc.<sup>(b)(c)</sup> | 205104 |  | 47180073 |
|  Synopsys, Inc.<sup>(b)</sup> | 189615 |  | 55471868 |
|  TE Connectivity Ltd. (Switzerland) | 497561 |  | 60816881 |
|  Teledyne Technologies, Inc.<sup>(b)(c)</sup> | 165514 |  | 65871262 |
|  Teradyne, Inc.<sup>(c)</sup> | 724401 |  | 58930021 |
|  Texas Instruments, Inc. | 376842 |  | 60532130 |
|  Trimble, Inc.<sup>(b)</sup> | 1020000 |  | 61363200 |
|  Tyler Technologies, Inc.<sup>(b)(c)</sup> | 167474 |  | 54149368 |
|  VeriSign, Inc.<sup>(b)</sup> | 337537 |  | 67662667 |
|  Visa, Inc., Class A<sup>(c)</sup> | 314059 |  | 65060462 |
|  Western Digital Corp.<sup>(b)</sup> | 1466287 |  | 50396284 |
|  Zebra Technologies Corp., Class A<sup>(b)</sup> | 208490 |  | 59048538 |
|  |  |  | 4500363564 |
|  **Materials-5.39%** | **Materials-5.39%** | **Materials-5.39%** | **Materials-5.39%** |
|  Air Products and Chemicals, Inc. | 250248 |  | 62662099 |
|  Albemarle Corp.<sup>(c)</sup> | 214693 |  | 60086130 |
|  Amcor PLC | 5235724 |  | 60629684 |
|  Avery Dennison Corp. | 337331 |  | 57194471 |
|  Ball Corp.<sup>(c)</sup> | 1086682 |  | 53671224 |
|  Celanese Corp. | 557034 |  | 53542108 |
|  CF Industries Holdings, Inc. | 620585 |  | 65943362 |
|  Corteva, Inc. | 1029432 |  | 67263087 |
|  Dow, Inc. | 1274117 |  | 59552229 |
|  DuPont de Nemours, Inc. | 1102073 |  | 63038576 |
|  Eastman Chemical Co. | 685827 |  | 52678372 |
|  Ecolab, Inc.<sup>(c)</sup> | 372783 |  | 58553026 |
|  FMC Corp. | 571030 |  | 67895467 |
|  Freeport-McMoRan, Inc. | 1999956 |  | 63378606 |
|  International Flavors & Fragrances, Inc. | 560865 |  | 54746033 |
|  International Paper Co. | 1539638 |  | 51747233 |
|  Linde PLC (United Kingdom)<sup>(c)</sup> | 224112 |  | 66639703 |
|  LyondellBasell Industries N.V., Class A | 765046 |  | 58487767 |
|  Martin Marietta Materials, Inc. | 180515 |  | 60649430 |
|  Mosaic Co. (The)<sup>(c)</sup> | 1144246 |  | 61503222 |
|  Newmont Corp. | 1490322 |  | 63070427 |
|  Nucor Corp.<sup>(c)</sup> | 447315 |  | 58768245 |
|  Packaging Corp.of America | 462437 |  | 55589552 |
|  PPG Industries, Inc. | 502403 |  | 57364374 |
|  Sealed Air Corp. | 1161060 |  | 55289677 |
|  Sherwin-Williams Co. (The) | 267665 |  | 60232655 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**6**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**6**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight ETF (RSP)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Materials-(continued)** |  |  |
|  Vulcan Materials Co. | 374545 | $61313016 |
|  WestRock Co. | 1573774 | 53602742 |
|  |  | 1665092517 |
|  **Real Estate-5.64%** |  |  |
|  Alexandria Real Estate Equities, Inc.<sup>(c)</sup> | 404258 | 58738687 |
|  American Tower Corp. | 245494 | 50863902 |
|  AvalonBay Communities, Inc. | 300239 | 52577854 |
|  Boston Properties, Inc. | 749988 | 54524128 |
|  Camden Property Trust | 477397 | 55163223 |
|  CBRE Group, Inc., Class A<sup>(b)</sup> | 792796 | 56240948 |
|  Crown Castle, Inc.<sup>(c)</sup> | 368792 | 49145222 |
|  Digital Realty Trust, Inc.<sup>(c)</sup> | 515978 | 51726794 |
|  Equinix, Inc. | 97483 | 55218270 |
|  Equity Residential | 833425 | 52522443 |
|  Essex Property Trust, Inc. | 230668 | 51263656 |
|  Extra Space Storage, Inc. | 318062 | 56436921 |
|  Federal Realty Investment Trust | 619066 | 61275153 |
|  Healthpeak Properties, Inc. | 2357343 | 55939749 |
|  Host Hotels & Resorts, Inc. | 3527461 | 66598464 |
|  Invitation Homes, Inc. | 1630681 | 51676281 |
|  Iron Mountain, Inc.<sup>(c)</sup> | 1165194 | 58341264 |
|  Kimco Realty Corp. | 2923368 | 62501608 |
|  Mid-America Apartment Communities, Inc. | 372657 | 58674845 |
|  Prologis, Inc. | 495331 | 54857908 |
|  Public Storage | 190213 | 58918477 |
|  Realty Income Corp. | 965574 | 60126293 |
|  Regency Centers Corp. | 1033296 | 62524741 |
|  SBA Communications Corp., Class A | 194628 | 52530097 |
|  Simon Property Group, Inc. | 620058 | 67573921 |
|  UDR, Inc. | 1338457 | 53217050 |
|  Ventas, Inc. | 1295077 | 50676363 |
|  VICI Properties, Inc. | 1908089 | 61097010 |
|  Vornado Realty Trust | 2318756 | 54699454 |
|  Welltower, Inc.<sup>(c)</sup> | 827638 | 50519024 |
|  Weyerhaeuser Co. | 1863958 | 57652221 |
|  |  | 1743821971 |
|  **Utilities-5.54%** |  |  |
|  AES Corp. (The) | 2345767 | 61365265 |
|  Alliant Energy Corp. | 1022368 | 53336939 |
|  Ameren Corp. | 671640 | 54752093 |
|  American Electric Power Co., Inc. | 614611 | 54036599 |
|  American Water Works Co., Inc. | 415502 | 60389061 |
|  Atmos Energy Corp.<sup>(c)</sup> | 545055 | 58075610 |
|  CenterPoint Energy, Inc. | 1958982 | 56046475 |
|  CMS Energy Corp. | 921357 | 52563417 |
|  Consolidated Edison, Inc. | 638101 | 56127364 |
|  Constellation Energy Corp.<sup>(c)</sup> | 735174 | 69503350 |
|  Dominion Energy, Inc. | 775483 | 54260546 |
|  DTE Energy Co. | 473857 | 53124108 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Utilities-(continued)** |  |  |
|  Duke Energy Corp. | 584379 | $54452435 |
|  Edison International | 932963 | 56015099 |
|  Entergy Corp. | 537395 | 57576500 |
|  Evergy, Inc. | 915442 | 55960969 |
|  Eversource Energy | 702347 | 53575029 |
|  Exelon Corp. | 1406919 | 54293004 |
|  FirstEnergy Corp. | 1550073 | 58453253 |
|  NextEra Energy, Inc. | 715571 | 55456752 |
|  NiSource, Inc. | 2117291 | 54393206 |
|  NRG Energy, Inc. | 1486279 | 65990788 |
|  PG&E Corp.<sup>(b)(c)</sup> | 5261353 | 78552000 |
|  Pinnacle West Capital Corp. | 835330 | 56142529 |
|  PPL Corp. | 2155399 | 57096520 |
|  Public Service Enterprise Group, Inc. | 946355 | 53062125 |
|  Sempra Energy | 370432 | 55913006 |
|  Southern Co. (The) | 808113 | 52915239 |
|  WEC Energy Group, Inc. | 603321 | 55101307 |
|  Xcel Energy, Inc. | 835967 | 54429811 |
|  |  | 1712960399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $32,003,383,155) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $32,003,383,155) | 30867342086 |
|  **Money Market Funds-0.01%** | **Money Market Funds-0.01%** | **Money Market Funds-0.01%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup><br>(Cost $2,037,687) | 2037687 | 2037687 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.94%<br>(Cost $32,005,420,842) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.94%<br>(Cost $32,005,420,842) | 30869379773 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-5.74%** | **Money Market Funds-5.74%** | **Money Market Funds-5.74%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup> | 492313323 | 492313323 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup> | 1279640366 | 1279640366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $1,771,953,232) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $1,771,953,232) | 1771953689 |
|  TOTAL INVESTMENTS IN SECURITIES-105.68%<br>(Cost $33,777,374,074) | TOTAL INVESTMENTS IN SECURITIES-105.68%<br>(Cost $33,777,374,074) | 32641333462 |
|  OTHER ASSETS LESS LIABILITIES-(5.68)% | OTHER ASSETS LESS LIABILITIES-(5.68)% | (1753804920) |
|  NET ASSETS-100.00% | NET ASSETS-100.00% | $30887528542 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**7**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**7**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight ETF (RSP)–(continued)** 

October 31, 2022

*(Unaudited)* 

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(</sup><sup>b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2022** | **Purchases**<br>**at Cost** | **Proceeds**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**from Sales**  | **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Realized<br>Gain** | **Value**<br> **October 31, 2022** | **Dividend**<br> **Income** |
| &nbsp;&nbsp; Invesco Ltd. | $59558699 | $13702081 | $(6903222) | $(10455729) | $294091 | $56195920 | $1264931 |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government<br> & Agency Portfolio, Institutional Class | 17804249 | 340008268 | (355774830) |  |  | 2037687 | 95748 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 367592691 | 2667186468 | (2542465836) |  |  | 492313323 | 4803338 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 845183990 | 5142021579 | (4707503230) | (129780) | 67807 | 1279640366 | 13343826 \* |
| &nbsp;&nbsp; Total | $1290139629 | $8162918396 | $(7612647118) | $(10585509) | $361898 | $1830187296 | $19507843 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**8**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**8**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight ETF (RSP)–(continued)** 

October 31, 2022

*(Unaudited)* 

 **Portfolio Composition** 

 **Sector Breakdown (% of the Fund's Net Assets)** 

 **as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Industrials | 14.58 |
| &nbsp;&nbsp; Information Technology | 14.57 |
| &nbsp;&nbsp; Financials | 13.68 |
| &nbsp;&nbsp; Health Care | 13.12 |
| &nbsp;&nbsp; Consumer Discretionary | 11.10 |
| &nbsp;&nbsp; Consumer Staples | 6.86 |
| &nbsp;&nbsp; Real Estate | 5.64 |
| &nbsp;&nbsp; Utilities | 5.54 |
| &nbsp;&nbsp; Materials | 5.39 |
| &nbsp;&nbsp; Energy | 5.30 |
| &nbsp;&nbsp; Communication Services | 4.15 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.07 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**9**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**9**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF (EWCO)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** |
|  **Diversified Telecommunication Services-13.52%** | **Diversified Telecommunication Services-13.52%** | **Diversified Telecommunication Services-13.52%** |
|  AT&T, Inc. | 90914 | $1657362 |
|  Lumen Technologies, Inc.<sup>(b)</sup> | 155292 | 1142949 |
|  Verizon Communications, Inc. | 36654 | 1369760 |
|  |  | 4170071 |
|  **Entertainment-34.44%** | **Entertainment-34.44%** | **Entertainment-34.44%** |
|  Activision Blizzard, Inc. | 19721 | 1435689 |
|  Electronic Arts, Inc. | 12009 | 1512654 |
|  Live Nation Entertainment, Inc.<sup>(c)</sup> | 16626 | 1323596 |
|  Netflix, Inc.<sup>(c)</sup> | 6629 | 1934872 |
|  Take-Two Interactive Software, Inc.<sup>(c)</sup> | 12117 | 1435622 |
|  Walt Disney Co. (The)<sup>(c)</sup> | 13442 | 1432111 |
|  Warner Bros Discovery, Inc.<sup>(c)</sup> | 118823 | 1544699 |
|  |  | 10619243 |
|  **Interactive Media & Services-10.52%** | **Interactive Media & Services-10.52%** | **Interactive Media & Services-10.52%** |
|  Alphabet, Inc., Class A<sup>(c)</sup> | 7351 | 694743 |
|  Alphabet, Inc., Class C<sup>(c)</sup> | 6574 | 622295 |
|  Match Group, Inc.<sup>(c)</sup> | 24872 | 1074470 |
|  Meta Platforms, Inc., Class A<sup>(c)</sup> | 9153 | 852694 |
|  |  | 3244202 |
|  **Media-36.30%** | **Media-36.30%** | **Media-36.30%** |
|  Charter Communications, Inc., Class A<sup>(c)</sup> | 3814 | 1402103 |
|  Comcast Corp., Class A | 43699 | 1387006 |
|  DISH Network Corp., Class A<sup>(b)(c)</sup> | 80096 | 1194231 |
|  Fox Corp., Class A | 31468 | 908481 |
|  Fox Corp., Class B | 14450 | 393040 |
|  Interpublic Group of Cos., Inc. (The) | 54230 | 1615512 |
|  News Corp., Class A | 67435 | 1137629 |
|  News Corp., Class B | 20890 | 357846 |
|  Omnicom Group, Inc. | 21989 | 1599700 |
|  Paramount Global, Class B | 65438 | 1198824 |
|  |  | 11194372 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Wireless Telecommunication Services-5.22%** | **Wireless Telecommunication Services-5.22%** |  |
|  T-Mobile US, Inc.<sup>(c)</sup> | 10626 | $1610476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $42,925,311) |  | 30838364 |
|  **Money Market Funds-6.06%** | **Money Market Funds-6.06%** | **Money Market Funds-6.06%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup><br>(Cost $1,868,646) | 1868646 | 1868646 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-106.06%<br>(Cost $44,793,957) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-106.06%<br>(Cost $44,793,957) | 32707010 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-7.02%** | **Money Market Funds-7.02%** | **Money Market Funds-7.02%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup> | 606797 | 606797 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup> | 1560216 | 1560216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $2,167,070) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $2,167,070) | 2167013 |
|  TOTAL INVESTMENTS IN SECURITIES-113.08%<br>(Cost $46,961,027) | TOTAL INVESTMENTS IN SECURITIES-113.08%<br>(Cost $46,961,027) | 34874023 |
|  OTHER ASSETS LESS LIABILITIES-(13.08)% | OTHER ASSETS LESS LIABILITIES-(13.08)% | (4034901) |
|  NET ASSETS-100.00% | NET ASSETS-100.00% | $30839122 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds**<br>**from Sales** | **Change in**<br>**Unrealized<br>Appreciation**<br>**(Depreciation)** | **Realized**<br>**Gain** | **Value<br>October 31, 2022** | **Dividend**<br>**Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203273 | $(334627) | $- | $- | $1868646 | $342 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**10**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**10**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF (EWCO)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases**<br>**at Cost** | **Proceeds**<br> &nbsp;&nbsp;&nbsp;&nbsp;**from Sales**  | **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Realized**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gain**  | **Value**<br> **October 31, 2022** | **Dividend**<br> **Income**  |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | $910132 | $6879622 | $(7182957) | $- | $- | $606797 | $8786 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 2122766 | 12729291 | (13291917) | (192) | 268 | 1560216 | 23372 \* |
| &nbsp;&nbsp; Total | $3032898 | $21812186 | $(20809501) | $(192) | $268 | $4035659 | $32500 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

 **Portfolio Composition** 

 **Industry Breakdown (% of the Fund's Net Assets)** 

 **as of October 31, 2022** 

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; Media | 36.30 |
| &nbsp;&nbsp; Entertainment | 34.44 |
| &nbsp;&nbsp; Diversified Telecommunication Services | 13.52 |
| &nbsp;&nbsp; Interactive Media & Services | 10.52 |
| &nbsp;&nbsp; Wireless Telecommunication Services | 5.22 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.00 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**11**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**11**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF (RCD)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** |
|  **Auto Components-3.59%** |  |  |
|  Aptiv PLC<sup>(b)(c)</sup> | 68823 | $6267711 |
|  BorgWarner, Inc. | 172595 | 6477490 |
|  |  | 12745201 |
|  **Automobiles-4.83%** |  |  |
|  Ford Motor Co. | 431695 | 5771762 |
|  General Motors Co. | 161260 | 6329455 |
|  Tesla, Inc.<sup>(b)</sup> | 22210 | 5053664 |
|  |  | 17154881 |
|  **Distributors-5.60%** |  |  |
|  Genuine Parts Co. | 40900 | 7274474 |
|  LKQ Corp. | 124088 | 6904256 |
|  Pool Corp. | 18740 | 5701270 |
|  |  | 19880000 |
|  **Hotels, Restaurants & Leisure-31.53%** |  |  |
|  Booking Holdings, Inc.<sup>(b)</sup> | 3371 | 6302017 |
|  Caesars Entertainment, Inc.<sup>(b)</sup> | 137791 | 6025600 |
|  Carnival Corp.<sup>(b)(c)</sup> | 640202 | 5800230 |
|  Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 3907 | 5853975 |
|  Darden Restaurants, Inc.<sup>(c)</sup> | 50932 | 7290406 |
|  Domino's Pizza, Inc. | 18127 | 6022514 |
|  Expedia Group, Inc.<sup>(b)</sup> | 61112 | 5712139 |
|  Hilton Worldwide Holdings, Inc. | 49107 | 6642213 |
|  Las Vegas Sands Corp.<sup>(b)</sup> | 174462 | 6631301 |
|  Marriott International, Inc., Class A | 41120 | 6583723 |
|  McDonald's Corp. | 25732 | 7016087 |
|  MGM Resorts International | 189937 | 6756059 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(b)(c)</sup> | 455990 | 7701671 |
|  Royal Caribbean Cruises Ltd.<sup>(b)(c)</sup> | 140920 | 7522310 |
|  Starbucks Corp. | 75237 | 6514772 |
|  Wynn Resorts Ltd.<sup>(b)(c)</sup> | 106140 | 6782346 |
|  Yum! Brands, Inc. | 57338 | 6780219 |
|  |  | 111937582 |
|  **Household Durables-13.94%** |  |  |
|  D.R. Horton, Inc. | 90806 | 6981165 |
|  Garmin Ltd. | 73286 | 6452099 |
|  Lennar Corp., Class A | 83428 | 6732640 |
|  Mohawk Industries, Inc.<sup>(b)</sup> | 58560 | 5548560 |
|  Newell Brands, Inc. | 366765 | 5065025 |
|  NVR, Inc.<sup>(b)</sup> | 1556 | 6593939 |
|  PulteGroup, Inc. | 159396 | 6374246 |
|  Whirlpool Corp.<sup>(c)</sup> | 41530 | 5741107 |
|  |  | 49488781 |
|  **Internet & Direct Marketing Retail-4.69%** |  |  |
|  Amazon.com, Inc.<sup>(b)</sup> | 49963 | 5118210 |
|  eBay, Inc. | 147581 | 5879627 |
|  Etsy, Inc.<sup>(b)(c)</sup> | 60387 | 5670943 |
|  |  | 16668780 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Leisure Products-1.50%** |  |  |
|  Hasbro, Inc. | 81740 | $5333535 |
|  **Multiline Retail-5.77%** |  |  |
|  Dollar General Corp. | 26994 | 6884820 |
|  Dollar Tree, Inc.<sup>(b)</sup> | 46099 | 7306691 |
|  Target Corp. | 38335 | 6296524 |
|  |  | 20488035 |
|  **Specialty Retail-22.29%** |  |  |
|  Advance Auto Parts, Inc. | 36857 | 6999882 |
|  AutoZone, Inc.<sup>(b)</sup> | 3044 | 7710087 |
|  Bath & Body Works, Inc. | 167935 | 5605670 |
|  Best Buy Co., Inc. | 87254 | 5969046 |
|  CarMax, Inc.<sup>(b)(c)</sup> | 73132 | 4608047 |
|  Home Depot, Inc.(The) | 22209 | 6576751 |
|  Lowe's Cos., Inc. | 32455 | 6327102 |
|  O'Reilly Automotive, Inc.<sup>(b)</sup> | 9227 | 7724568 |
|  Ross Stores, Inc. | 71211 | 6814181 |
|  TJX Cos., Inc. (The) | 100004 | 7210288 |
|  Tractor Supply Co. | 33133 | 7281639 |
|  Ulta Beauty, Inc.<sup>(b)</sup> | 15026 | 6301454 |
|  |  | 79128715 |
|  **Textiles, Apparel & Luxury Goods-6.26%** | **Textiles, Apparel & Luxury Goods-6.26%** |  |
|  NIKE, Inc., Class B | 60078 | 5568029 |
|  Ralph Lauren Corp. | 68874 | 6383931 |
|  Tapestry, Inc.<sup>(c)</sup> | 187361 | 5935597 |
|  VF Corp. | 153544 | 4337618 |
|  |  | 22225175 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00%<br>(Cost $439,828,669) | TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00%<br>(Cost $439,828,669) | 355050685 |
|  **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** | **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** | **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** |
|  **Money Market Funds-10.09%** |  |  |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup> | 10031381 | 10031381 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup> | 25788492 | 25788492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $35,819,547) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $35,819,547) | 35819873 |
|  TOTAL INVESTMENTS IN SECURITIES-110.09%<br>(Cost $475,648,216) | TOTAL INVESTMENTS IN SECURITIES-110.09%<br>(Cost $475,648,216) | 390870558 |
|  OTHER ASSETS LESS LIABILITIES-(10.09)% | OTHER ASSETS LESS LIABILITIES-(10.09)% | (35829910) |
|  NET ASSETS-100.00% |  | $355040648 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**12**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**12**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF (RCD)–(continued)** 

October 31, 2022

*(Unaudited)* 

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases**<br>**at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized**<br> **Gain** | **Value<br>October 31, 2022** | **Dividend<br> Income** |
| &nbsp;&nbsp; **Investments in Affiliated**<br> **Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $- | $6352771 | $(6352771) | $- | $- | $- | $2329 |
| &nbsp;&nbsp; **Investments Purchased**<br> **with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 17585005 | 80021707 | (87575331) |  |  | 10031381 | 123992 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 38490048 | 176323502 | (189024704) | (2652) | 2298 | 25788492 | 339848 \* |
| &nbsp;&nbsp; Total | $56075053 | $262697980 | $(282952806) | $(2652) | $2298 | $35819873 | $466169 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

 **Portfolio Composition** 

 **Industry Breakdown (% of the Fund's Net Assets)** 

 **as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Hotels, Restaurants & Leisure | 31.53 |
| &nbsp;&nbsp; Specialty Retail | 22.29 |
| &nbsp;&nbsp; Household Durables | 13.94 |
| &nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 6.26 |
| &nbsp;&nbsp; Multiline Retail | 5.77 |
| &nbsp;&nbsp; Distributors | 5.60 |
| &nbsp;&nbsp; Automobiles | 4.83 |
| &nbsp;&nbsp; Internet & Direct Marketing Retail | 4.69 |
| &nbsp;&nbsp; Auto Components | 3.59 |
| &nbsp;&nbsp; Leisure Products | 1.50 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.00 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**13**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**13**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF (RHS)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.90%** | **Common Stocks & Other Equity Interests-99.90%** | **Common Stocks & Other Equity Interests-99.90%** |
|  **Beverages-21.00%** |  |  |
|  Brown-Forman Corp., Class B | 272271 | $18514428 |
|  Coca-Cola Co. (The) | 321022 | 19213167 |
|  Constellation Brands, Inc., Class A | 81096 | 20037200 |
|  Keurig Dr Pepper, Inc.<sup>(b)</sup> | 517085 | 20083581 |
|  Molson Coors Beverage Co., Class B<sup>(b)</sup> | 383474 | 19338594 |
|  Monster Beverage Corp.<sup>(c)</sup> | 216444 | 20285132 |
|  PepsiCo, Inc. | 115501 | 20972671 |
|  |  | 138444773 |
|  **Food & Staples Retailing-14.95%** |  |  |
|  Costco Wholesale Corp. | 37283 | 18697425 |
|  Kroger Co. (The) | 385181 | 18215209 |
|  Sysco Corp. | 238475 | 20642396 |
|  Walgreens Boots Alliance, Inc. | 552040 | 20149460 |
|  Walmart, Inc. | 146202 | 20808931 |
|  |  | 98513421 |
|  **Food Products-41.07%** |  |  |
|  Archer-Daniels-Midland Co.<sup>(b)</sup> | 218718 | 21211272 |
|  Campbell Soup Co.<sup>(b)</sup> | 417403 | 22084793 |
|  Conagra Brands, Inc. | 582080 | 21362336 |
|  General Mills, Inc. | 263543 | 21499838 |
|  Hershey Co. (The)<sup>(b)</sup> | 88431 | 21114670 |
|  Hormel Foods Corp. | 426932 | 19830991 |
|  JM Smucker Co. (The)<sup>(b)</sup> | 143473 | 21615642 |
|  Kellogg Co. | 277627 | 21327306 |
|  Kraft Heinz Co. (The) | 548715 | 21109066 |
|  Lamb Weston Holdings, Inc. | 251649 | 21697177 |
|  McCormick & Co., Inc.<sup>(b)</sup> | 250422 | 19693186 |
|  Mondelez International, Inc., Class A | 326201 | 20054838 |
|  Tyson Foods, Inc., Class A | 264729 | 18094227 |
|  |  | 270695342 |
|  **Household Products-14.52%** |  |  |
|  Church & Dwight Co., Inc. | 245296 | 18183792 |
|  Clorox Co. (The) | 135023 | 19718759 |
|  Colgate-Palmolive Co. | 256389 | 18931764 |
|  Kimberly-Clark Corp. | 157721 | 19629956 |
|  Procter & Gamble Co. (The) | 142947 | 19250672 |
|  |  | 95714943 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Personal Products-2.41%** |  |  |
|  Estee Lauder Cos., Inc. (The), Class A | 79111 | $15860964 |
|  **Tobacco-5.95%** |  |  |
|  Altria Group, Inc. | 439017 | 20313317 |
|  Philip Morris International, Inc. | 206123 | 18932397 |
|  |  | 39245714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $619,557,048) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $619,557,048) | 658475157 |
|  **Money Market Funds-0.03%** |  |  |
|  Invesco Government & Agency Portfolio,<br>Institutional Class, 3.07%<sup>(d)(e)</sup><br>(Cost $159,115) | 159115 | 159115 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash<br>collateral from securities on loan)-99.93%<br>(Cost $619,716,163) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash<br>collateral from securities on loan)-99.93%<br>(Cost $619,716,163) | 658634272 |
|  **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** | **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** | **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** |
|  **Money Market Funds-4.97%** |  |  |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup> | 9170455 | 9170455 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup> | 23576056 | 23576056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $32,744,544) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $32,744,544) | 32746511 |
|  TOTAL INVESTMENTS IN SECURITIES-104.90%<br>(Cost $652,460,707) | TOTAL INVESTMENTS IN SECURITIES-104.90%<br>(Cost $652,460,707) | 691380783 |
|  OTHER ASSETS LESS LIABILITIES-(4.90)% | OTHER ASSETS LESS LIABILITIES-(4.90)% | (32265864) |
|  NET ASSETS-100.00% |  | $659114919 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022. <sup></sup>

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases**<br>**at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8956923 | $(8797808) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**14**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**14**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF (RHS)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | $7669376 | $102902763 | $(101401684) | $- | $- | $9170455 | $56669 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 17886073 | 181101172 | (175415059) | 1967 | 1903 | 23576056 | 158062 \* |
| &nbsp;&nbsp; Total | $25555449 | $292960858 | $(285614551) | $1967 | $1903 | $32905626 | $216696 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

 **Portfolio Composition** 

 **Industry Breakdown (% of the Fund's Net Assets)** 

 **as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Food Products | 41.07 |
| &nbsp;&nbsp; Beverages | 21.00 |
| &nbsp;&nbsp; Food & Staples Retailing | 14.95 |
| &nbsp;&nbsp; Household Products | 14.52 |
| &nbsp;&nbsp; Tobacco | 5.95 |
| &nbsp;&nbsp; Personal Products | 2.41 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.10 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**15**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**15**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF (RYE)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.92%** | **Common Stocks & Other Equity Interests-99.92%** | **Common Stocks & Other Equity Interests-99.92%** |
|  **Energy Equipment & Services-14.34%** | **Energy Equipment & Services-14.34%** | **Energy Equipment & Services-14.34%** |
|  Baker Hughes Co., Class A<sup>(b)</sup> | 918146 | $25395918 |
|  Halliburton Co. | 781627 | 28466855 |
|  Schlumberger Ltd. | 584680 | 30420901 |
|  |  | 84283674 |
|  **Oil, Gas & Consumable Fuels-85.58%** | **Oil, Gas & Consumable Fuels-85.58%** | **Oil, Gas & Consumable Fuels-85.58%** |
|  APA Corp. | 608633 | 27668456 |
|  Chevron Corp. | 144934 | 26218561 |
|  ConocoPhillips | 207058 | 26107943 |
|  Coterra Energy, Inc.<sup>(b)</sup> | 778770 | 24243110 |
|  Devon Energy Corp.<sup>(b)</sup> | 338391 | 26174544 |
|  Diamondback Energy, Inc.<sup>(b)</sup> | 171692 | 26974530 |
|  EOG Resources, Inc. | 187925 | 25655521 |
|  EQT Corp. | 469196 | 19631161 |
|  Exxon Mobil Corp. | 240260 | 26623211 |
|  Hess Corp.<sup>(b)</sup> | 189301 | 26706585 |
|  Kinder Morgan, Inc. | 1266176 | 22943109 |
|  Marathon Oil Corp. | 879834 | 26790945 |
|  Marathon Petroleum Corp. | 231823 | 26339729 |
|  Occidental Petroleum Corp. | 353336 | 25652194 |
|  ONEOK, Inc. | 370990 | 22007127 |
|  Phillips 66 | 263341 | 27463833 |
|  Pioneer Natural Resources Co. | 96765 | 24811514 |
|  Targa Resources Corp. | 322630 | 22058213 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** |
|  Valero Energy Corp. | 204599 | $25687404 |
|  Williams Cos., Inc. (The) | 707472 | 23155558 |
|  |  | 502913248 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.92%<br>(Cost $478,179,405) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.92%<br>(Cost $478,179,405) | 587196922 |
|  **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** | **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** | **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** |
|  **Money Market Funds-7.38%** | **Money Market Funds-7.38%** |  |
|  Invesco Private Government Fund, 3.18%<sup>(c)(d)(e)</sup> | 12329717 | 12329717 |
|  Invesco Private Prime Fund, 3.28%<sup>(c)(d)(e)</sup> | 31065647 | 31065647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $43,392,257) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $43,392,257) | 43395364 |
|  TOTAL INVESTMENTS IN SECURITIES-107.30%<br>(Cost $521,571,662) | TOTAL INVESTMENTS IN SECURITIES-107.30%<br>(Cost $521,571,662) | 630592286 |
|  OTHER ASSETS LESS LIABILITIES-(7.30)% | OTHER ASSETS LESS LIABILITIES-(7.30)% | (42919947) |
|  NET ASSETS-100.00% | NET ASSETS-100.00% | $587672339 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(c)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br> from Sales**  | **Change in<br>Unrealized<br>Appreciation** | **Realized<br> Gain**  | **Value<br>October 31, 2022** | **Dividend<br> Income**  |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $181238 | $11208202 | $(11389440) | $- | $- | $- | $2676 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 15203522 | 95395226 | (98269031) |  |  | 12329717 | 51798 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 35462109 | 195954644 | (200359524) | 1307 | 7111 | 31065647 | 153118 \* |
| &nbsp;&nbsp; Total | $50846869 | $302558072 | $(310017995) | $1307 | $7111 | $43395364 | $207592 |

---

\* 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.

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(e)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**16**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**16**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF (RYE)–(continued)** 

October 31, 2022

*(Unaudited)* 

 **Portfolio Composition** 

 **Industry Breakdown (% of the Fund's Net Assets) as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Oil, Gas & Consumable Fuels | 85.58 |
| &nbsp;&nbsp; Energy Equipment & Services | 14.34 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.08 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**17**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**17**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF (RYF)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-100.01%** | **Common Stocks & Other Equity Interests-100.01%** | **Common Stocks & Other Equity Interests-100.01%** |
|  **Banks-25.42%** |  |  |
|  Bank of America Corp. | 180063 | $6489470 |
|  Citigroup, Inc. | 124131 | 5692648 |
|  Citizens Financial Group, Inc. | 164159 | 6714103 |
|  Comerica, Inc. | 74364 | 5242662 |
|  Fifth Third Bancorp | 176019 | 6282118 |
|  First Republic Bank | 40322 | 4842672 |
|  Huntington Bancshares, Inc. | 444727 | 6750956 |
|  JPMorgan Chase & Co. | 52790 | 6645205 |
|  KeyCorp | 336968 | 6021618 |
|  M&T Bank Corp. | 33518 | 5643426 |
|  PNC Financial Services Group, Inc. (The) | 38283 | 6195338 |
|  Regions Financial Corp. | 283245 | 6217228 |
|  Signature Bank | 34239 | 5427909 |
|  SVB Financial Group<sup>(b)</sup> | 14863 | 3432758 |
|  Truist Financial Corp. | 129700 | 5809263 |
|  U.S. Bancorp | 132192 | 5611550 |
|  Wells Fargo & Co. | 138748 | 6381021 |
|  Zions Bancorporation N.A. | 107232 | 5569630 |
|  |  | 104969575 |
|  **Capital Markets-30.25%** |  |  |
|  Ameriprise Financial, Inc. | 21945 | 6783638 |
|  Bank of New York Mellon Corp. (The) | 142540 | 6002359 |
|  BlackRock, Inc. | 9042 | 5840318 |
|  Cboe Global Markets, Inc. | 50723 | 6315013 |
|  Charles Schwab Corp. (The) | 84365 | 6721360 |
|  CME Group, Inc., Class A | 31236 | 5413199 |
|  FactSet Research Systems, Inc. | 13869 | 5901121 |
|  Franklin Resources, Inc. | 238413 | 5590785 |
|  Goldman Sachs Group, Inc. (The) | 18495 | 6371712 |
|  Intercontinental Exchange, Inc. | 60849 | 5815339 |
|  Invesco Ltd.<sup>(c)</sup> | 357871 | 5482584 |
|  MarketAxess Holdings, Inc. | 23654 | 5772522 |
|  Moody's Corp.<sup>(d)</sup> | 20998 | 5561740 |
|  Morgan Stanley | 70283 | 5775154 |
|  MSCI, Inc. | 12800 | 6001408 |
|  Nasdaq, Inc. | 99448 | 6189644 |
|  Northern Trust Corp. | 63480 | 5354538 |
|  Raymond James Financial, Inc. | 58012 | 6853538 |
|  S&P Global, Inc. | 17025 | 5469281 |
|  State Street Corp. | 86137 | 6374138 |
| T. Rowe Price Group, Inc.<sup>(d)</sup> | 50555 | 5366919 |
|  |  | 124956310 |
|  **Consumer Finance-6.09%** |  |  |
|  American Express Co. | 39694 | 5892574 |
|  Capital One Financial Corp. | 58063 | 6155839 |
|  Discover Financial Services | 61349 | 6408517 |
|  Synchrony Financial | 188246 | 6694028 |
|  |  | 25150958 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Diversified Financial Services-1.57%** |  |  |
|  Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 22006 | $6493751 |
|  **Insurance-36.68%** |  |  |
|  Aflac, Inc. | 101625 | 6616804 |
|  Allstate Corp. (The) | 49729 | 6278286 |
|  American International Group, Inc. | 114301 | 6515157 |
|  Aon PLC, Class A | 21536 | 6062169 |
|  Arch Capital Group Ltd.<sup>(b)</sup> | 141244 | 8121530 |
|  Arthur J. Gallagher & Co. | 33370 | 6242860 |
|  Assurant, Inc. | 38437 | 5222051 |
|  Brown & Brown, Inc. | 96191 | 5655069 |
|  Chubb Ltd. | 32264 | 6933211 |
|  Cincinnati Financial Corp. | 62449 | 6452231 |
|  Everest Re Group Ltd. | 22244 | 7177249 |
|  Globe Life, Inc. | 61216 | 7071672 |
|  Hartford Financial Services Group, Inc. (The) | 93841 | 6795027 |
|  Lincoln National Corp. | 123782 | 6668136 |
|  Loews Corp. | 110602 | 6306526 |
|  Marsh & McLennan Cos., Inc. | 37719 | 6091241 |
|  MetLife, Inc. | 92962 | 6805748 |
|  Principal Financial Group, Inc. | 80336 | 7080012 |
|  Progressive Corp. (The) | 48883 | 6276577 |
|  Prudential Financial, Inc. | 63885 | 6720063 |
|  Travelers Cos., Inc. (The) | 38320 | 7068507 |
|  W.R. Berkley Corp. | 92982 | 6916001 |
|  Willis Towers Watson PLC | 29410 | 6417556 |
|  |  | 151493683 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.01%<br>(Cost $440,091,687) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.01%<br>(Cost $440,091,687) | 413064277 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-1.88%** |  |  |
|  Invesco Private Government Fund,<br>3.18%<sup>(c)(e)(f)</sup> | 2173243 | 2173243 |
|  Invesco Private Prime Fund, 3.28%<sup>(c)(e)(f)</sup> | 5587113 | 5587113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral<br>from Securities on Loan<br>(Cost $7,760,024) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral<br>from Securities on Loan<br>(Cost $7,760,024) | 7760356 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-101.89%<br> (Cost $447,851,711) | &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-101.89%<br> (Cost $447,851,711) | 420824633 |
|  OTHER ASSETS LESS LIABILITIES-(1.89)% | OTHER ASSETS LESS LIABILITIES-(1.89)% | (7790591) |
|  NET ASSETS-100.00% | NET ASSETS-100.00% | $413034042 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**18**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**18**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF (RYF)–(continued)** 

October 31, 2022

*(Unaudited)* 

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br> from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br> Gain <br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br> Income** |
| &nbsp;&nbsp; Invesco Ltd. | $7012025 | $2614264 | $(2944274) | $132127 | $(1331558) | $5482584 | $137884 |
| &nbsp;&nbsp; **Investments in Affiliated**<br> **Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government &<br> Agency Portfolio, Institutional Class | 28273 | 5528223 | (5556496) |  |  |  | 1965 |
| &nbsp;&nbsp; **Investments Purchased with**<br> **Cash Collateral from**<br> **Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 6115131 | 33145994 | (37087882) |  |  | 2173243 | 29957 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 14063546 | 78712463 | (87192441) | 332 | 3213 | 5587113 | 79479 \* |
| &nbsp;&nbsp; Total | $27218975 | $120000944 | $(132781093) | $132459 | $(1328345) | $13242940 | $249285 |

---

\* 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.

<sup>(d)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

**Portfolio Composition** 

**Industry Breakdown (% of the Fund's Net Assets)** 

**as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Insurance | 36.68 |
| &nbsp;&nbsp; Capital Markets | 30.25 |
| &nbsp;&nbsp; Banks | 25.42 |
| &nbsp;&nbsp; Consumer Finance | 6.09 |
| &nbsp;&nbsp; Diversified Financial Services | 1.57 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | (0.01) |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**19**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**19**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF (RYH)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** |
|  **Biotechnology-14.06%** |  |  |
|  AbbVie, Inc. | 104316 | $15271863 |
|  Amgen, Inc.<sup>(b)</sup> | 59560 | 16102046 |
|  Biogen, Inc.<sup>(c)</sup> | 69639 | 19738478 |
|  Gilead Sciences, Inc. | 225987 | 17730940 |
|  Incyte Corp.<sup>(b)(c)</sup> | 204327 | 15189669 |
|  Moderna, Inc.<sup>(b)(c)</sup> | 103686 | 15587116 |
|  Regeneron Pharmaceuticals, Inc.<sup>(c)</sup> | 20367 | 15249791 |
|  Vertex Pharmaceuticals, Inc.<sup>(c)</sup> | 50503 | 15756936 |
|  |  | 130626839 |
|  **Health Care Equipment & Supplies-28.33%** | **Health Care Equipment & Supplies-28.33%** | **Health Care Equipment & Supplies-28.33%** |
|  Abbott Laboratories | 135992 | 13455049 |
|  ABIOMED, Inc.<sup>(c)</sup> | 52262 | 13174205 |
|  Align Technology, Inc.<sup>(c)</sup> | 56069 | 10894207 |
|  Baxter International, Inc. | 247815 | 13468745 |
|  Becton, Dickinson and Co. | 56125 | 13243816 |
|  Boston Scientific Corp.<sup>(c)</sup> | 343559 | 14810829 |
|  Cooper Cos., Inc. (The) | 46878 | 12815976 |
|  DENTSPLY SIRONA, Inc. | 434406 | 13388393 |
|  DexCom, Inc.<sup>(b)(c)</sup> | 158816 | 19181797 |
|  Edwards Lifesciences Corp.<sup>(c)</sup> | 151696 | 10987341 |
|  Hologic, Inc.<sup>(c)</sup> | 213309 | 14462350 |
|  IDEXX Laboratories, Inc.<sup>(c)</sup> | 39431 | 14182542 |
|  Intuitive Surgical, Inc.<sup>(c)</sup> | 66657 | 16428951 |
|  Medtronic PLC | 164409 | 14359482 |
|  ResMed, Inc. | 62502 | 13981072 |
|  STERIS PLC<sup>(b)</sup> | 70149 | 12106314 |
|  Stryker Corp. | 64141 | 14703683 |
|  Teleflex, Inc. | 60923 | 13071639 |
|  Zimmer Biomet Holdings, Inc. | 128842 | 14604241 |
|  |  | 263320632 |
|  **Health Care Providers & Services-26.03%** | **Health Care Providers & Services-26.03%** | **Health Care Providers & Services-26.03%** |
|  AmerisourceBergen Corp. | 100173 | 15749199 |
|  Cardinal Health, Inc.<sup>(b)</sup> | 211081 | 16021048 |
|  Centene Corp.<sup>(c)</sup> | 160370 | 13652298 |
|  Cigna Corp. | 50377 | 16274794 |
|  CVS Health Corp. | 144419 | 13676479 |
|  DaVita, Inc.<sup>(b)(c)</sup> | 159279 | 11628960 |
|  Elevance Health, Inc. | 29887 | 16341315 |
|  HCA Healthcare, Inc. | 67148 | 14602676 |
|  Henry Schein, Inc.<sup>(b)(c)</sup> | 198552 | 13592870 |
|  Humana, Inc. | 30831 | 17206164 |
|  Laboratory Corp.of America Holdings | 61902 | 13733578 |
|  McKesson Corp. | 40284 | 15685381 |
|  Molina Healthcare, Inc.<sup>(c)</sup> | 42364 | 15202745 |
|  Quest Diagnostics, Inc. | 113462 | 16298816 |
|  UnitedHealth Group, Inc. | 28135 | 15619145 |
|  Universal Health Services, Inc., Class B<sup>(b)</sup> | 143213 | 16594090 |
|  |  | 241879558 |
|  **Life Sciences Tools & Services-17.34%** | **Life Sciences Tools & Services-17.34%** | **Life Sciences Tools & Services-17.34%** |
|  Agilent Technologies, Inc. | 107189 | 14829598 |
|  Bio-Rad Laboratories, Inc., Class A<sup>(c)</sup> | 28962 | 10186225 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Life Sciences Tools & Services-(continued)** | **Life Sciences Tools & Services-(continued)** | **Life Sciences Tools & Services-(continued)** |
|  Bio-Techne Corp. | 42541 | $12603197 |
|  Charles River Laboratories International, Inc.<sup>(b)(c)</sup> | 67597 | 14347463 |
|  Danaher Corp. | 50797 | 12784081 |
|  Illumina, Inc.<sup>(b)(c)</sup> | 70133 | 16047833 |
|  IQVIA Holdings, Inc.<sup>(c)</sup> | 66104 | 13860026 |
|  Mettler-Toledo International, Inc.<sup>(c)</sup> | 11340 | 14344306 |
|  PerkinElmer, Inc.<sup>(b)</sup> | 104169 | 13914895 |
|  Thermo Fisher Scientific, Inc. | 25909 | 13316449 |
|  Waters Corp.<sup>(c)</sup> | 47241 | 14133090 |
|  West Pharmaceutical Services, Inc. | 47056 | 10827585 |
|  |  | 161194748 |
|  **Pharmaceuticals-14.18%** |  |  |
|  Bristol-Myers Squibb Co. | 210268 | 16289462 |
|  Catalent, Inc.<sup>(c)</sup> | 153719 | 10103950 |
|  Eli Lilly and Co. | 46435 | 16813649 |
|  Johnson & Johnson | 89026 | 15487853 |
|  Merck & Co., Inc. | 168908 | 17093490 |
|  Organon & Co. | 494550 | 12947319 |
|  Pfizer, Inc. | 308370 | 14354623 |
|  Viatris, Inc. | 1493160 | 15125711 |
|  Zoetis, Inc. | 89784 | 13537632 |
|  |  | 131753689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br> (Cost $849,160,540) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br> (Cost $849,160,540) | 928775466 |
|  **Money Market Funds-0.04%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup><br>(Cost $399,420) | 399420 | 399420 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.98%<br>(Cost $849,559,960) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.98%<br>(Cost $849,559,960) | 929174886 |
| **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** | **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** | **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** |
|  **Money Market Funds-3.44%** |  |  |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup> | 9398248 | 9398248 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup> | 22566886 | 22566886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from<br>Securities on Loan<br>(Cost $31,964,463) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from<br>Securities on Loan<br>(Cost $31,964,463) | 31965134 |
|  TOTAL INVESTMENTS IN SECURITIES-103.42%<br>(Cost $881,524,423) | TOTAL INVESTMENTS IN SECURITIES-103.42%<br>(Cost $881,524,423) | 961140020 |
|  OTHER ASSETS LESS LIABILITIES-(3.42)% | OTHER ASSETS LESS LIABILITIES-(3.42)% | (31821590) |
|  NET ASSETS-100.00% |  | $929318430 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**20**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**20**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF (RYH)–(continued)** 

October 31, 2022

*(Unaudited)* 

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br>**April 30, 2022** | **Purchases**<br>**at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation**<br>**(Depreciation)** | **Realized<br> Gain** | **Value<br>October 31, 2022** | **Dividend<br> Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $363099 | $4904806 | $(4868485) | $- | $- | $399420 | $3804 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 6702093 | 100294579 | (97598424) |  |  | 9398248 | 60597 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 16417660 | 229188846 | (223042524) | (205) | 3109 | 22566886 | 168715 \* |
| &nbsp;&nbsp; Total | $23482852 | $334388231 | $(325509433) | $(205) | $3109 | $32364554 | $233116 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

 **Portfolio Composition** 

 **Industry Breakdown (% of the Fund's Net Assets)** 

 **as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Health Care Equipment & Supplies | 28.33 |
| &nbsp;&nbsp; Health Care Providers & Services | 26.03 |
| &nbsp;&nbsp; Life Sciences Tools & Services | 17.34 |
| &nbsp;&nbsp; Pharmaceuticals | 14.18 |
| &nbsp;&nbsp; Biotechnology | 14.06 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets<br>Less Liabilities | 0.06 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**21**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**21**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF (RGI)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** |
|  **Aerospace & Defense-14.87%** |  |  |
|  Boeing Co. (The)<sup>(b)</sup> | 28449 | $4054267 |
|  General Dynamics Corp. | 19350 | 4833630 |
|  Howmet Aerospace, Inc. | 123080 | 4375494 |
|  Huntington Ingalls Industries, Inc. | 19045 | 4895898 |
|  L3Harris Technologies, Inc. | 18978 | 4677508 |
|  Lockheed Martin Corp.<sup>(c)</sup> | 10631 | 5173895 |
|  Northrop Grumman Corp. | 9119 | 5006422 |
|  Raytheon Technologies Corp. | 50901 | 4826433 |
|  Textron, Inc. | 68012 | 4654741 |
|  TransDigm Group, Inc. | 7229 | 4162169 |
|  |  | 46660457 |
|  **Air Freight & Logistics-4.87%** | **Air Freight & Logistics-4.87%** | **Air Freight & Logistics-4.87%** |
|  C.H. Robinson Worldwide, Inc.<sup>(c)</sup> | 39210 | 3831601 |
|  Expeditors International of Washington, Inc. | 43323 | 4239156 |
|  FedEx Corp. | 21435 | 3435602 |
|  United Parcel Service, Inc., Class B | 22555 | 3784052 |
|  |  | 15290411 |
|  **Airlines-7.20%** | **Airlines-7.20%** | **Airlines-7.20%** |
|  Alaska Air Group, Inc.<sup>(b)(c)</sup> | 96248 | 4279186 |
|  American Airlines Group, Inc.<sup>(b)(c)</sup> | 315810 | 4478186 |
|  Delta Air Lines, Inc.<sup>(b)</sup> | 137213 | 4655637 |
|  Southwest Airlines Co.<sup>(b)</sup> | 116793 | 4245425 |
|  United Airlines Holdings, Inc.<sup>(b)</sup> | 114146 | 4917410 |
|  |  | 22575844 |
|  **Building Products-9.65%** | **Building Products-9.65%** | **Building Products-9.65%** |
|  A.O. Smith Corp. | 79612 | 4361145 |
|  Allegion PLC<sup>(c)</sup> | 44980 | 4712555 |
|  Carrier Global Corp. | 106269 | 4225255 |
|  Fortune Brands Home & Security, Inc. | 69274 | 4178608 |
|  Johnson Controls International PLC | 77066 | 4457498 |
|  Masco Corp. | 85719 | 3966218 |
|  Trane Technologies PLC | 27354 | 4366519 |
|  |  | 30267798 |
|  **Commercial Services & Supplies-7.08%** | **Commercial Services & Supplies-7.08%** | **Commercial Services & Supplies-7.08%** |
|  Cintas Corp. | 10389 | 4441817 |
|  Copart, Inc.<sup>(b)</sup> | 38597 | 4439427 |
|  Republic Services, Inc. | 30338 | 4023426 |
|  Rollins, Inc. | 124069 | 5220823 |
|  Waste Management, Inc. | 25843 | 4092756 |
|  |  | 22218249 |
|  **Construction & Engineering-1.38%** | **Construction & Engineering-1.38%** | **Construction & Engineering-1.38%** |
|  Quanta Services, Inc. | 30534 | 4337049 |
|  **Electrical Equipment-6.53%** | **Electrical Equipment-6.53%** | **Electrical Equipment-6.53%** |
|  AMETEK, Inc. | 35628 | 4619527 |
|  Eaton Corp. PLC | 30755 | 4615403 |
|  Emerson Electric Co. | 52902 | 4581313 |
|  Generac Holdings, Inc.<sup>(b)</sup> | 18828 | 2182353 |
|  Rockwell Automation, Inc. | 17549 | 4480260 |
|  |  | 20478856 |
|  **Industrial Conglomerates-4.48%** | **Industrial Conglomerates-4.48%** | **Industrial Conglomerates-4.48%** |
|  3M Co. | 36405 | 4579385 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Industrial Conglomerates-(continued)** | **Industrial Conglomerates-(continued)** | **Industrial Conglomerates-(continued)** | **Industrial Conglomerates-(continued)** |
|  General Electric Co. | 60527 | $| 4709606 |
|  Honeywell International, Inc. | 23378 |  | 4769579 |
|  |  |  | 14058570 |
|  **Machinery-24.74%** | **Machinery-24.74%** | **Machinery-24.74%** | **Machinery-24.74%** |
|  Caterpillar, Inc. | 23650 |  | 5119279 |
|  Cummins, Inc. | 20512 |  | 5015389 |
|  Deere & Co. | 12038 |  | 4764881 |
|  Dover Corp. | 34614 |  | 4523704 |
|  Fortive Corp. | 67879 |  | 4337468 |
|  IDEX Corp. | 21335 |  | 4742984 |
|  Illinois Tool Works, Inc. | 21699 |  | 4633387 |
|  Ingersoll Rand, Inc.<sup>(c)</sup> | 89216 |  | 4505408 |
|  Nordson Corp. | 19129 |  | 4304025 |
|  Otis Worldwide Corp. | 61054 |  | 4312854 |
|  PACCAR, Inc. | 50649 |  | 4904343 |
|  Parker-Hannifin Corp. | 16063 |  | 4668229 |
|  Pentair PLC | 95106 |  | 4084803 |
|  Snap-on, Inc. | 20058 |  | 4453879 |
|  Stanley Black & Decker, Inc. | 50071 |  | 3930073 |
|  Wabtec Corp. | 49121 |  | 4582007 |
|  Xylem, Inc. | 46261 |  | 4738514 |
|  |  |  | 77621227 |
|  **Professional Services-8.28%** | **Professional Services-8.28%** | **Professional Services-8.28%** | **Professional Services-8.28%** |
|  CoStar Group, Inc.<sup>(b)</sup> | 57146 |  | 4727117 |
|  Equifax, Inc.<sup>(c)</sup> | 22730 |  | 3853644 |
|  Jacobs Solutions, Inc. | 35840 |  | 4129485 |
|  Leidos Holdings, Inc. | 46832 |  | 4757663 |
|  Robert Half International, Inc.<sup>(c)</sup> | 55690 |  | 4258058 |
|  Verisk Analytics, Inc. | 23335 |  | 4266338 |
|  |  |  | 25992305 |
|  **Road & Rail-6.65%** | **Road & Rail-6.65%** | **Road & Rail-6.65%** | **Road & Rail-6.65%** |
|  CSX Corp. | 137338 |  | 3991042 |
|  J.B. Hunt Transport Services, Inc. | 25746 |  | 4404368 |
|  Norfolk Southern Corp. | 17935 |  | 4090436 |
|  Old Dominion Freight Line, Inc. | 16672 |  | 4578131 |
|  Union Pacific Corp. | 19327 |  | 3810125 |
|  |  |  | 20874102 |
|  **Trading Companies & Distributors-4.25%** | **Trading Companies & Distributors-4.25%** | **Trading Companies & Distributors-4.25%** | **Trading Companies & Distributors-4.25%** |
|  Fastenal Co. | 87527 |  | 4230180 |
|  United Rentals, Inc.<sup>(b)</sup> | 14403 |  | 4547171 |
|  W.W. Grainger, Inc. | 7825 |  | 4572539 |
|  |  |  | 13349890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $338,404,357) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $338,404,357) |  | 313724758 |
|  **Money Market Funds-0.02%** | **Money Market Funds-0.02%** | **Money Market Funds-0.02%** | **Money Market Funds-0.02%** |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>3.07%<sup>(d)(e)</sup><br>(Cost $72,927) | 72927 |  | 72927 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.00%<br>(Cost $338,477,284) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.00%<br>(Cost $338,477,284) |  | 313797685 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**22**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**22**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF (RGI)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** | **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** | **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** |
|  **Money Market Funds-6.26%** | **Money Market Funds-6.26%** | **Money Market Funds-6.26%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup> | 5496821 | $5496821 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup> | 14130740 | 14130740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $19,626,791) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $19,626,791) | 19627561 |
|  TOTAL INVESTMENTS IN SECURITIES-106.26%<br>(Cost $358,104,075) | TOTAL INVESTMENTS IN SECURITIES-106.26%<br>(Cost $358,104,075) | 333425246 |
|  OTHER ASSETS LESS LIABILITIES-(6.26)% | OTHER ASSETS LESS LIABILITIES-(6.26)% | (19646345) |
|  NET ASSETS-100.00% | NET ASSETS-100.00% | $313778901 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $23375 | $2968597 | $(2919045) | $- | $- | $72927 | $1605 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 11480647 | 65582252 | (71566078) |  |  | 5496821 | 49506 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 18975917 | 120984127 | (125829371) | 770 | (703) | 14130740 | 128933 \* |
| &nbsp;&nbsp; Total | $30479939 | $189534976 | $(200314494) | $770 | $(703) | $19700488 | $180044 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**23**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**23**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF (RGI)–(continued)** 

October 31, 2022

*(Unaudited)* 

 **Portfolio Composition** 

 **Industry Breakdown (% of the Fund's Net Assets)** 

 **as of October 31, 2022** 

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; Machinery | 24.74 |
| &nbsp;&nbsp; Aerospace & Defense | 14.87 |
| &nbsp;&nbsp; Building Products | 9.65 |
| &nbsp;&nbsp; Professional Services | 8.28 |
| &nbsp;&nbsp; Airlines | 7.20 |
| &nbsp;&nbsp; Commercial Services & Supplies | 7.08 |
| &nbsp;&nbsp; Road & Rail | 6.65 |
| &nbsp;&nbsp; Electrical Equipment | 6.53 |
| &nbsp;&nbsp; Air Freight & Logistics | 4.87 |
| &nbsp;&nbsp; Industrial Conglomerates | 4.48 |
| &nbsp;&nbsp; Trading Companies & Distributors | 4.25 |
| &nbsp;&nbsp; Construction & Engineering | 1.38 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.02 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**24**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**24**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF (RTM)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.92%** | **Common Stocks & Other Equity Interests-99.92%** | **Common Stocks & Other Equity Interests-99.92%** |
|  **Chemicals-58.23%** | **Chemicals-58.23%** | **Chemicals-58.23%** |
|  Air Products and Chemicals, Inc. | 51773 | $12963959 |
|  Albemarle Corp. | 44344 | 12410555 |
|  Celanese Corp. | 115393 | 11091575 |
|  CF Industries Holdings, Inc. | 128463 | 13650478 |
|  Corteva, Inc. | 213052 | 13920818 |
|  Dow, Inc. | 263377 | 12310241 |
|  DuPont de Nemours, Inc. | 228142 | 13049722 |
|  Eastman Chemical Co. | 142058 | 10911475 |
|  Ecolab, Inc. | 77059 | 12103657 |
|  FMC Corp. | 118186 | 14052315 |
|  International Flavors & Fragrances, Inc. | 116191 | 11341404 |
|  Linde PLC (United Kingdom)<sup>(b)</sup> | 46407 | 13799123 |
|  LyondellBasell Industries N.V., Class A | 158329 | 12104252 |
|  Mosaic Co. (The) | 236547 | 12714401 |
|  PPG Industries, Inc. | 103976 | 11871980 |
|  Sherwin-Williams Co. (The) | 55352 | 12455861 |
|  |  | 200751816 |
|  **Construction Materials-7.32%** | **Construction Materials-7.32%** | **Construction Materials-7.32%** |
|  Martin Marietta Materials, Inc. | 37381 | 12559268 |
|  Vulcan Materials Co. | 77527 | 12691170 |
|  |  | 25250438 |
|  **Containers & Packaging-23.25%** | **Containers & Packaging-23.25%** | **Containers & Packaging-23.25%** |
|  Amcor PLC | 1082464 | 12534933 |
|  Avery Dennison Corp. | 69630 | 11805767 |
|  Ball Corp.<sup>(b)</sup> | 224227 | 11074572 |
|  International Paper Co. | 318863 | 10716985 |
|  Packaging Corp. of America | 95310 | 11457215 |
|  Sealed Air Corp. | 240519 | 11453515 |
|  WestRock Co. | 325989 | 11103185 |
|  |  | 80146172 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Metals & Mining-11.12%** | **Metals & Mining-11.12%** | **Metals & Mining-11.12%** |
|  Freeport-McMoRan, Inc. | 414089 | $13122480 |
|  Newmont Corp. | 308534 | 13057159 |
|  Nucor Corp. | 92661 | 12173802 |
|  |  | 38353441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $409,273,874) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $409,273,874) | 344501867 |
|  **Money Market Funds-0.03%** | **Money Market Funds-0.03%** | **Money Market Funds-0.03%** |
|  Invesco Government & Agency Portfolio,<br>Institutional Class, 3.07%<sup>(c)(d)</sup><br>(Cost $94,673) | 94673 | 94673 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral<br>from securities on loan)-99.95%<br>(Cost $409,368,547) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral<br>from securities on loan)-99.95%<br>(Cost $409,368,547) | 344596540 |
|  **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** | **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** | **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** |
|  **Money Market Funds-7.37%** | **Money Market Funds-7.37%** | **Money Market Funds-7.37%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(c)(d)(e)</sup> | 7117518 | 7117518 |
|  Invesco Private Prime Fund, 3.28%<sup>(c)(d)(e)</sup> | 18297537 | 18297537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from<br>Securities on Loan<br>(Cost $25,415,217) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from<br>Securities on Loan<br>(Cost $25,415,217) | 25415055 |
|  TOTAL INVESTMENTS IN SECURITIES-107.32%<br>(Cost $434,783,764) | TOTAL INVESTMENTS IN SECURITIES-107.32%<br>(Cost $434,783,764) | 370011595 |
|  OTHER ASSETS LESS LIABILITIES-(7.32)% | OTHER ASSETS LESS LIABILITIES-(7.32)% | (25248102) |
|  NET ASSETS-100.00% | NET ASSETS-100.00% | $344763493 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(c)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in**<br>**Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137092 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6215910 | $(6258329) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94673 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**25**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**25**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF (RTM)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br>**April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br> Gain** | **Value<br>October 31, 2022** | **Dividend<br> Income** |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities<br>on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | $3860545 | $71798932 | $(68541959) | $- | $- | $7117518 | $66429 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 9001641 | 173754271 | (164458772) | (162) | 559 | 18297537 | 179813 \* |
| &nbsp;&nbsp; Total | $12999278 | $251769113 | $(239259060) | $(162) | $559 | $25509728 | $248856 |

---

\* 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.

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(e)</sup> 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.

 **Portfolio Composition** 

 **Industry Breakdown (% of the Fund's Net Assets)** 

 **as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Chemicals | 58.23 |
| &nbsp;&nbsp; Containers & Packaging | 23.25 |
| &nbsp;&nbsp; Metals & Mining | 11.12 |
| &nbsp;&nbsp; Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;7.32 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**26**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**26**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF (EWRE)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** |
|  **Equity REITs-96.74%** |  |  |
|  Alexandria Real Estate Equities, Inc. | 24301 | $3530935 |
|  American Tower Corp. | 14759 | 3057917 |
|  AvalonBay Communities, Inc. | 17985 | 3149533 |
|  Boston Properties, Inc. | 44970 | 3269319 |
|  Camden Property Trust | 28615 | 3306463 |
|  Crown Castle, Inc. | 22101 | 2945179 |
|  Digital Realty Trust, Inc. | 31004 | 3108151 |
|  Equinix, Inc. | 5871 | 3325569 |
|  Equity Residential | 49956 | 3148227 |
|  Essex Property Trust, Inc. | 13857 | 3079580 |
|  Extra Space Storage, Inc. | 19119 | 3392475 |
|  Federal Realty Investment Trust | 37120 | 3674138 |
|  Healthpeak Properties, Inc. | 140989 | 3345669 |
|  Host Hotels & Resorts, Inc. | 211500 | 3993120 |
|  Invitation Homes, Inc. | 97536 | 3090916 |
|  Iron Mountain, Inc.<sup>(b)</sup> | 69863 | 3498040 |
|  Kimco Realty Corp. | 175257 | 3746995 |
|  Mid-America Apartment Communities, Inc. | 22329 | 3515701 |
|  Prologis, Inc. | 29743 | 3294037 |
|  Public Storage | 11389 | 3527743 |
|  Realty Income Corp. | 57756 | 3596466 |
|  Regency Centers Corp. | 61948 | 3748474 |
|  SBA Communications Corp., Class A | 11672 | 3150273 |
|  Simon Property Group, Inc. | 37187 | 4052639 |
|  UDR, Inc. | 80419 | 3197460 |
|  Ventas, Inc. | 77768 | 3043062 |
|  VICI Properties, Inc. | 114421 | 3663760 |
|  Vornado Realty Trust | 139256 | 3285049 |
|  Welltower, Inc. | 49727 | 3035336 |
|  Weyerhaeuser Co. | 111422 | 3446283 |
|  |  | 101218509 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Real Estate Management & Development-3.22%** | **Real Estate Management & Development-3.22%** | **Real Estate Management & Development-3.22%** |
|  CBRE Group, Inc., Class A<sup>(c)</sup> | 47518 | $3370927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $133,881,449) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $133,881,449) | 104589436 |
|  **Money Market Funds-0.08%** | **Money Market Funds-0.08%** | **Money Market Funds-0.08%** |
|  Invesco Government & Agency Portfolio,<br>Institutional Class, 3.07%<sup>(d)(e)</sup><br>(Cost $83,571) | 83571 | 83571 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from<br>securities on loan)-100.04%<br>(Cost $133,965,020) | TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from<br>securities on loan)-100.04%<br>(Cost $133,965,020) | 104673007 |
| **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** | **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** | **Investments Purchased with Cash Collateral**<br> **from Securities on Loan** |
|  **Money Market Funds-3.38%** | **Money Market Funds-3.38%** |  |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup> | 990800 | 990800 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup> | 2546412 | 2546412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $3,536,962) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $3,536,962) | 3537212 |
|  TOTAL INVESTMENTS IN SECURITIES-103.42%<br>(Cost $137,501,982) | TOTAL INVESTMENTS IN SECURITIES-103.42%<br>(Cost $137,501,982) | 108210219 |
|  OTHER ASSETS LESS LIABILITIES-(3.42)% | OTHER ASSETS LESS LIABILITIES-(3.42)% | (3575898) |
|  NET ASSETS-100.00% | NET ASSETS-100.00% | $104634321 |

---

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases**<br>**at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money**<br> **Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67431 | $&nbsp;&nbsp;&nbsp;&nbsp;2217512 | $&nbsp;&nbsp;&nbsp;&nbsp;(2201372) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83571 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**27**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**27**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF (EWRE)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases <br>at Cost** | **Proceeds<br> from Sales**  | **Change in**<br> **Unrealized<br>Appreciation** | **Realized**<br> **Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments Purchased with Cash**<br> **Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | $2756763 | $11512659 | $(13278622) | $- | $- | $990800 | $13290 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 6428598 | 24664904 | (28546898) | 250 | (442) | 2546412 | 35040 \* |
| &nbsp;&nbsp; Total | $9252792 | $38395075 | $(44026892) | $250 | $(442) | $3620783 | $48823 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

**Portfolio Composition** 

**Industry Breakdown (% of the Fund's Net Assets)** 

**as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Equity REITs | 96.74 |
| &nbsp;&nbsp; Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;3.22 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets<br>Less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**28**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**28**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF (RYT)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** |
|  **Communications Equipment-7.01%** | **Communications Equipment-7.01%** | **Communications Equipment-7.01%** |
|  Arista Networks, Inc.<sup>(b)</sup> | 226899 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27423013 |
|  Cisco Systems, Inc. | 616734 | 28018225 |
|  F5, Inc.<sup>(b)</sup> | 176204 | 25181314 |
|  Juniper Networks, Inc.<sup>(c)</sup> | 972043 | 29744516 |
|  Motorola Solutions, Inc. | 112820 | 28172282 |
|  |  | 138539350 |
|  **Electronic Equipment, Instruments & Components-11.14%** | **Electronic Equipment, Instruments & Components-11.14%** | **Electronic Equipment, Instruments & Components-11.14%** |
|  Amphenol Corp., Class A | 371907 | 28201708 |
|  CDW Corp. | 160780 | 27784392 |
|  Corning, Inc. | 839138 | 26995069 |
|  Keysight Technologies, Inc.<sup>(b)</sup> | 163780 | 28522287 |
|  TE Connectivity Ltd. (Switzerland) | 218760 | 26739035 |
|  Teledyne Technologies, Inc.<sup>(b)</sup> | 72817 | 28979710 |
|  Trimble, Inc.<sup>(b)</sup> | 447500 | 26921600 |
|  Zebra Technologies Corp., Class A<sup>(b)</sup> | 91689 | 25968158 |
|  |  | 220111959 |
|  **IT Services-25.86%** | **IT Services-25.86%** |  |
|  Accenture PLC, Class A | 97150 | 27580885 |
|  Akamai Technologies, Inc.<sup>(b)</sup> | 307865 | 27193715 |
|  Automatic Data Processing, Inc. | 115547 | 27927710 |
|  Broadridge Financial Solutions, Inc. | 163733 | 24569774 |
|  Cognizant Technology Solutions Corp., Class A | 430893 | 26823089 |
|  DXC Technology Co.<sup>(b)</sup> | 1054877 | 30327714 |
|  EPAM Systems, Inc.<sup>(b)(c)</sup> | 65280 | 22848000 |
|  Fidelity National Information Services, Inc. | 308574 | 25608556 |
|  Fiserv, Inc.<sup>(b)</sup> | 265150 | 27241511 |
|  FleetCor Technologies, Inc.<sup>(b)</sup> | 128034 | 23829688 |
|  Gartner, Inc.<sup>(b)</sup> | 92205 | 27838534 |
|  Global Payments, Inc.<sup>(c)</sup> | 212827 | 24317613 |
|  International Business Machines Corp. | 218494 | 30215535 |
|  Jack Henry & Associates, Inc. | 140977 | 28062882 |
|  Mastercard, Inc., Class A | 84049 | 27583201 |
|  Paychex, Inc. | 222559 | 26330955 |
|  PayPal Holdings, Inc.<sup>(b)</sup> | 293340 | 24517357 |
|  VeriSign, Inc.<sup>(b)</sup> | 148127 | 29693538 |
|  Visa, Inc., Class A<sup>(c)</sup> | 137560 | 28496930 |
|  |  | 511007187 |
|  **Semiconductors & Semiconductor Equipment-25.23%** | **Semiconductors & Semiconductor Equipment-25.23%** | **Semiconductors & Semiconductor Equipment-25.23%** |
|  Advanced Micro Devices, Inc.<sup>(b)</sup> | 330350 | 19840821 |
|  Analog Devices, Inc. | 183093 | 26112724 |
|  Applied Materials, Inc. | 292490 | 25823942 |
|  Broadcom, Inc. | 54038 | 25404345 |
|  Enphase Energy, Inc.<sup>(b)</sup> | 92335 | 28346845 |
|  Intel Corp. | 897263 | 25509187 |
|  KLA Corp. | 78695 | 24903033 |
|  Lam Research Corp. | 62634 | 25352990 |
|  Microchip Technology, Inc. | 421572 | 26027855 |
|  Micron Technology, Inc.<sup>(c)</sup> | 491433 | 26586525 |
|  Monolithic Power Systems, Inc. | 63120 | 21426084 |
|  NVIDIA Corp. | 196209 | 26482329 |
|  NXP Semiconductors N.V. (China) | 167889 | 24525225 |
|  ON Semiconductor Corp.<sup>(b)(c)</sup> | 393855 | 24194513 |
|  Qorvo, Inc.<sup>(b)</sup> | 301822 | 25980838 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** |
|  QUALCOMM, Inc. | 213776 | $| 25152884 |
|  Skyworks Solutions, Inc. | 275015 |  | 23654040 |
|  SolarEdge Technologies, Inc.<sup>(b)(c)</sup> | 90192 |  | 20746866 |
|  Teradyne, Inc.<sup>(c)</sup> | 317737 |  | 25847905 |
|  Texas Instruments, Inc. | 165335 |  | 26557761 |
|  |  |  | 498476712 |
|  **Software-22.88%** | **Software-22.88%** |  |  |
|  Adobe, Inc.<sup>(b)</sup> | 71495 |  | 22771157 |
|  ANSYS, Inc.<sup>(b)</sup> | 109073 |  | 24122585 |
|  Autodesk, Inc.<sup>(b)</sup> | 133352 |  | 28577334 |
|  Cadence Design Systems, Inc.<sup>(b)</sup> | 161599 |  | 24464473 |
|  Ceridian HCM Holding, Inc.<sup>(b)</sup> | 444061 |  | 29392397 |
|  Fortinet, Inc.<sup>(b)</sup> | 526744 |  | 30108687 |
|  Intuit, Inc. | 62731 |  | 26817502 |
|  Microsoft Corp. | 106737 |  | 24776860 |
|  NortonLifeLock, Inc. | 1241890 |  | 27979782 |
|  Oracle Corp.<sup>(c)</sup> | 371860 |  | 29031110 |
|  Paycom Software, Inc.<sup>(b)</sup> | 76251 |  | 26382846 |
|  PTC, Inc.<sup>(b)</sup> | 235290 |  | 27724221 |
|  Roper Technologies, Inc. | 68819 |  | 28528228 |
|  salesforce.com, inc.<sup>(b)(c)</sup> | 173618 |  | 28228551 |
|  ServiceNow, Inc.<sup>(b)</sup> | 60051 |  | 25265858 |
|  Synopsys, Inc.<sup>(b)</sup> | 82985 |  | 24277262 |
|  Tyler Technologies, Inc.<sup>(b)</sup> | 73289 |  | 23696532 |
|  |  |  | 452145385 |
|  **Technology Hardware, Storage & Peripherals-7.82%** | **Technology Hardware, Storage & Peripherals-7.82%** |  |  |
|  Apple, Inc. | 179374 |  | 27505209 |
|  Hewlett Packard Enterprise Co.<sup>(c)</sup> | 2101867 |  | 29993642 |
|  HP, Inc.<sup>(c)</sup> | 998869 |  | 27588762 |
|  NetApp, Inc. | 389619 |  | 26988908 |
|  Seagate Technology Holdings PLC<sup>(c)</sup> | 410126 |  | 20366857 |
|  Western Digital Corp.<sup>(b)</sup> | 644485 |  | 22150950 |
|  |  |  | 154594328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests (Cost $2,105,447,111) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests (Cost $2,105,447,111) |  | 1974874921 |
|  **Money Market Funds-0.07%** | **Money Market Funds-0.07%** | **Money Market Funds-0.07%** | **Money Market Funds-0.07%** |
|  Invesco Government & Agency Portfolio,<br>Institutional Class, 3.07%<sup>(d)(e)</sup><br>(Cost $1,449,262) | 1449262 |  | 1449262 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.01%<br>(Cost $2,106,896,373) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.01%<br>(Cost $2,106,896,373) |  | 1976324183 |
| **Investments Purchased with Cash Collateral<br>from Securities on Loan** | **Investments Purchased with Cash Collateral<br>from Securities on Loan** |  |  |
|  **Money Market Funds-7.91%** | **Money Market Funds-7.91%** | **Money Market Funds-7.91%** | **Money Market Funds-7.91%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup> | 43309201 |  | 43309201 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**29**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**29**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF (RYT)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |  |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup> | 112956711 | $112956711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $156,259,582) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $156,259,582) | 156265912 |
|  TOTAL INVESTMENTS IN SECURITIES-107.92%<br>(Cost $2,263,155,955) | TOTAL INVESTMENTS IN SECURITIES-107.92%<br>(Cost $2,263,155,955) | 2132590095 |
|  OTHER ASSETS LESS LIABILITIES-(7.92)% | OTHER ASSETS LESS LIABILITIES-(7.92)% | (156523826) |
|  NET ASSETS-100.00% |  | $1976066269 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $360687 | $13562395 | $(12473820) | $- | $- | $1449262 | $6701 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 32615774 | 238077801 | (227384374) |  |  | 43309201 | 217784 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 76062459 | 510377065 | (473498392) | 703 | 14876 | 112956711 | 600468 \* |
| &nbsp;&nbsp; Total | $109038920 | $762017261 | $(713356586) | $703 | $14876 | $157715174 | $824953 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup><sup></sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**30**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**30**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF (RYT)–(continued)** 

October 31, 2022

*(Unaudited)* 

**Portfolio Composition** 

**Industry Breakdown (% of the Fund's Net Assets)** 

**as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; IT Services | 25.86 |
| &nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 25.23 |
| &nbsp;&nbsp; Software | 22.88 |
| &nbsp;&nbsp; Electronic Equipment, Instruments & Components | 11.14 |
| &nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 7.82 |
| &nbsp;&nbsp; Communications Equipment | 7.01 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.06 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**31**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**31**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF (RYU)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.88%** | **Common Stocks & Other Equity Interests-99.88%** | **Common Stocks & Other Equity Interests-99.88%** |
|  **Electric Utilities-57.47%** |  |  |
|  Alliant Energy Corp. | 233506 | $12182008 |
|  American Electric Power Co., Inc. | 140659 | 12366739 |
|  Constellation Energy Corp. | 168054 | 15887825 |
|  Duke Energy Corp. | 133816 | 12468975 |
|  Edison International | 213122 | 12795845 |
|  Entergy Corp. | 122599 | 13135257 |
|  Evergy, Inc. | 209596 | 12812603 |
|  Eversource Energy | 160456 | 12239584 |
|  Exelon Corp. | 321279 | 12398157 |
|  FirstEnergy Corp. | 354232 | 13358089 |
|  NextEra Energy, Inc. | 163570 | 12676675 |
|  NRG Energy, Inc. | 339679 | 15081748 |
|  PG&E Corp.<sup>(b)(c)</sup> | 1127855 | 16838875 |
|  Pinnacle West Capital Corp. | 191152 | 12847326 |
|  PPL Corp. | 492593 | 13048789 |
|  Southern Co. (The) | 184901 | 12107317 |
|  Xcel Energy, Inc. | 191311 | 12456259 |
|  |  | 224702071 |
|  **Gas Utilities-3.39%** |  |  |
|  Atmos Energy Corp. | 124509 | 13266434 |
|  **Independent Power and Renewable Electricity Producers-3.59%** | **Independent Power and Renewable Electricity Producers-3.59%** | **Independent Power and Renewable Electricity Producers-3.59%** |
|  AES Corp. (The) | 536903 | 14045382 |
|  **Multi-Utilities-31.90%** |  |  |
|  Ameren Corp. | 153776 | 12535820 |
|  CenterPoint Energy, Inc. | 447608 | 12806065 |
|  CMS Energy Corp. | 210849 | 12028935 |
|  Consolidated Edison, Inc. | 145799 | 12824480 |
|  Dominion Energy, Inc. | 177087 | 12390777 |
|  DTE Energy Co. | 108524 | 12166626 |
|  NiSource, Inc. | 483487 | 12420782 |
|  Public Service Enterprise Group, Inc. | 216566 | 12142856 |
|  Sempra Energy | 84615 | 12771788 |
|  WEC Energy Group, Inc. | 138149 | 12617148 |
|  |  | 124705277 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Water Utilities-3.53%** |  |  |
|  American Water Works Co., Inc. | 94919 | $13795527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $402,682,493) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $402,682,493) | 390514691 |
|  **Money Market Funds-0.01%** | **Money Market Funds-0.01%** |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup><br>(Cost $24,776) | 24776 | 24776 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.89%<br>(Cost $402,707,269) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.89%<br>(Cost $402,707,269) | 390539467 |
|  **Investments Purchased with Cash Collateral**<br>**from Securities on Loan** | **Investments Purchased with Cash Collateral**<br>**from Securities on Loan** | **Investments Purchased with Cash Collateral**<br>**from Securities on Loan** |
|  **Money Market Funds-4.52%** | **Money Market Funds-4.52%** |  |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup> | 4952650 | 4952650 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup> | 12732578 | 12732578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $17,685,186) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $17,685,186) | 17685228 |
|  TOTAL INVESTMENTS IN SECURITIES-104.41%<br>(Cost $420,392,455) | TOTAL INVESTMENTS IN SECURITIES-104.41%<br>(Cost $420,392,455) | 408224695 |
|  OTHER ASSETS LESS LIABILITIES-(4.41)% | OTHER ASSETS LESS LIABILITIES-(4.41)% | (17236419) |
|  NET ASSETS-100.00% |  | $390988276 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br> from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br> Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money**<br> **Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $47578 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5731200 | $(5754002) | $- | $- | $24776 | $2684 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**32**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**32**  |

---

------

**Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF (RYU)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br> from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br> Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments Purchased with<br>Cash Collateral from Securities<br>on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | $2860309 | $36912744 | $(34820403) | $- | $- | $4952650 | $54839 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 6674440 | 93639740 | (87581700) | 42 | 56 | 12732578 | 149415 \* |
| &nbsp;&nbsp; Total | $9582327 | $136283684 | $(128156105) | $42 | $56 | $17710004 | $206938 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

**Portfolio Composition** 

**Industry Breakdown (% of the Fund's Net Assets)** 

**as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Electric Utilities | 57.47 |
| &nbsp;&nbsp; Multi-Utilities | 31.90 |
| &nbsp;&nbsp; Independent Power and Renewable<br> Electricity Producers | 3.59 |
| &nbsp;&nbsp; Water Utilities | 3.53 |
| &nbsp;&nbsp; Gas Utilities | 3.39 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets<br>Less Liabilities | 0.12 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**33**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**33**  |

---

------

**Invesco S&P MidCap 400<sup>®</sup> Equal Weight ETF (EWMC)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.91%** | **Common Stocks & Other Equity Interests-99.91%** | **Common Stocks & Other Equity Interests-99.91%** |
|  **Communication Services-2.22%** | **Communication Services-2.22%** |  |
|  Cable One, Inc.<sup>(b)</sup> | 273 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234624 |
|  Frontier Communications Parent, Inc.<sup>(b)(c)</sup> | 11008 | 257807 |
|  Iridium Communications, Inc.<sup>(c)</sup> | 6632 | 341747 |
|  John Wiley & Sons, Inc., Class A | 6558 | 276682 |
|  New York Times Co. (The), Class A<sup>(b)</sup> | 9419 | 272774 |
|  TEGNA, Inc. | 13775 | 287622 |
|  TripAdvisor, Inc.<sup>(b)(c)</sup> | 11851 | 279921 |
|  World Wrestling Entertainment, Inc.,<br>|  |  |
|  Class A<sup>(b)</sup> | 4376 | 345223 |
|  Ziff Davis, Inc.<sup>(b)(c)</sup> | 3821 | 295707 |
|  |  | 2592107 |
|  **Consumer Discretionary-15.33%** |  |  |
|  Adient PLC<sup>(b)(c)</sup> | 8754 | 306215 |
|  AutoNation, Inc.<sup>(b)(c)</sup> | 2547 | 270772 |
|  Boyd Gaming Corp. | 5273 | 304568 |
|  Brunswick Corp.<sup>(b)</sup> | 4023 | 284305 |
|  Capri Holdings Ltd.<sup>(c)</sup> | 6133 | 280155 |
|  Carter's, Inc.<sup>(b)</sup> | 3900 | 264693 |
|  Choice Hotels International, Inc.<sup>(b)</sup> | 2582 | 335247 |
|  Churchill Downs, Inc. | 1440 | 299390 |
|  Columbia Sportswear Co.<sup>(b)</sup> | 4027 | 300011 |
|  Cracker Barrel Old Country Store, Inc.<sup>(b)</sup> | 2674 | 305424 |
|  Crocs, Inc.<sup>(b)(c)</sup> | 3714 | 262766 |
|  Dana, Inc. | 19681 | 314109 |
|  Deckers Outdoor Corp.<sup>(c)</sup> | 858 | 300240 |
|  Dick's Sporting Goods, Inc. | 2567 | 292022 |
|  Five Below, Inc.<sup>(b)(c)</sup> | 2098 | 307042 |
|  Foot Locker, Inc.<sup>(b)</sup> | 7800 | 247260 |
|  Fox Factory Holding Corp.<sup>(b)(c)</sup> | 3170 | 278484 |
|  GameStop Corp., Class A<sup>(b)(c)</sup> | 10351 | 293037 |
|  Gap, Inc. (The) | 30144 | 339723 |
|  Gentex Corp. | 10948 | 290013 |
|  Goodyear Tire & Rubber Co. (The)<sup>(b)(c)</sup> | 21352 | 271170 |
|  Graham Holdings Co., Class B | 541 | 337514 |
|  Grand Canyon Education, Inc.<sup>(c)</sup> | 3600 | 362268 |
|  H&R Block, Inc.<sup>(b)</sup> | 6654 | 273812 |
|  Hanesbrands, Inc.<sup>(b)</sup> | 32643 | 222625 |
|  Harley-Davidson, Inc. | 7288 | 313384 |
|  Helen of Troy Ltd.<sup>(b)(c)</sup> | 2460 | 232765 |
|  KB Home | 10136 | 292120 |
|  Kohl's Corp. | 9748 | 291953 |
|  Lear Corp. | 2127 | 295036 |
|  Leggett & Platt, Inc.<sup>(b)</sup> | 7726 | 260753 |
|  Light & Wonder, Inc.<sup>(c)</sup> | 5899 | 331170 |
|  Lithia Motors, Inc., Class A<sup>(b)</sup> | 1164 | 230647 |
|  Macy's, Inc. | 16437 | 342711 |
|  Marriott Vacations Worldwide Corp.<sup>(b)</sup> | 2053 | 303351 |
|  Mattel, Inc.<sup>(c)</sup> | 12722 | 241209 |
|  Murphy USA, Inc. | 1034 | 325203 |
|  Nordstrom, Inc.<sup>(b)</sup> | 15429 | 313826 |
|  Ollie's Bargain Outlet Holdings, Inc.<sup>(b)(c)</sup> | 5135 | 287560 |
|  Papa John's International, Inc.<sup>(b)</sup> | 3542 | 257255 |
|  PENN Entertainment, Inc.<sup>(b)(c)</sup> | 9219 | 305149 |
|  Polaris, Inc.<sup>(b)</sup> | 2653 | 269545 |
|  PVH Corp. | 4940 | 253521 |
|  RH<sup>(b)(c)</sup> | 1095 | 278053 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
|  Service Corp. International | 4737 | $287110 |
|  Skechers U.S.A., Inc., Class A<sup>(c)</sup> | 7863 | 270723 |
|  Taylor Morrison Home Corp., Class A<sup>(c)</sup> | 11902 | 313499 |
|  Tempur Sealy International, Inc. | 10745 | 288933 |
|  Texas Roadhouse, Inc. | 3282 | 324754 |
|  Thor Industries, Inc.<sup>(b)</sup> | 3676 | 299484 |
|  Toll Brothers, Inc. | 6602 | 284414 |
|  TopBuild Corp.<sup>(c)</sup> | 1607 | 273415 |
|  Topgolf Callaway Brands Corp.<sup>(b)(c)</sup> | 12998 | 243323 |
|  Travel + Leisure Co. | 6859 | 260505 |
|  Under Armour, Inc., Class A<sup>(b)(c)</sup> | 17164 | 127872 |
|  Under Armour, Inc., Class C<sup>(c)</sup> | 18156 | 119103 |
|  Victoria's Secret & Co.<sup>(b)(c)</sup> | 8674 | 326142 |
|  Visteon Corp.<sup>(c)</sup> | 2353 | 306996 |
|  Wendy's Co. (The) | 14580 | 302972 |
|  Williams-Sonoma, Inc. | 1991 | 246546 |
|  Wingstop, Inc. | 2054 | 325333 |
|  Wyndham Hotels & Resorts, Inc. | 4353 | 330523 |
|  YETI Holdings, Inc.<sup>(b)(c)</sup> | 7748 | 248556 |
|  |  | 17948279 |
|  **Consumer Staples-4.53%** |  |  |
|  BellRing Brands, Inc.<sup>(b)(c)</sup> | 12008 | 290834 |
|  BJ's Wholesale Club Holdings, Inc.<sup>(c)</sup> | 3793 | 293578 |
|  Boston Beer Co., Inc. (The), Class A<sup>(b)(c)</sup> | 874 | 326255 |
|  Casey's General Stores, Inc. | 1354 | 315089 |
|  Celsius Holdings, Inc.<sup>(b)(c)</sup> | 2825 | 257301 |
|  Coca-Cola Consolidated, Inc. | 663 | 322888 |
|  Coty,Inc., Class A<sup>(c)</sup> | 38084 | 255544 |
|  Darling Ingredients, Inc.<sup>(c)</sup> | 3838 | 301206 |
|  Energizer Holdings, Inc.<sup>(b)</sup> | 10496 | 303229 |
|  Flowers Foods, Inc. | 11211 | 321868 |
|  Grocery Outlet Holding Corp.<sup>(b)(c)</sup> | 7822 | 270407 |
|  Ingredion, Inc. | 3491 | 311118 |
|  Lancaster Colony Corp.<sup>(b)</sup> | 1734 | 312605 |
|  Nu Skin Enterprises, Inc., Class A | 7393 | 282339 |
|  Performance Food Group Co.<sup>(c)</sup> | 5763 | 299907 |
|  Pilgrim's Pride Corp.<sup>(c)</sup> | 10858 | 250277 |
|  Post Holdings, Inc.<sup>(c)</sup> | 3354 | 303269 |
|  Sprouts Farmers Market, Inc.<sup>(b)(c)</sup> | 9773 | 288303 |
|  |  | 5306017 |
|  **Energy-3.57%** |  |  |
|  Antero Midstream Corp.<sup>(b)</sup> | 29462 | 313770 |
|  Antero Resources Corp.<sup>(c)</sup> | 8408 | 308237 |
|  ChampionX Corp.<sup>(b)</sup> | 13275 | 379930 |
|  CNX Resources Corp.<sup>(b)(c)</sup> | 17423 | 292881 |
|  DT Midstream, Inc. | 5233 | 312410 |
|  Equitrans Midstream Corp. | 31711 | 267007 |
|  HF Sinclair Corp. | 5634 | 344632 |
|  Matador Resources Co. | 5133 | 341088 |
|  Murphy Oil Corp. | 7516 | 364601 |
|  NOV, Inc. | 17085 | 382704 |
|  PDC Energy, Inc. | 4532 | 326938 |
|  Range Resources Corp. | 9622 | 274035 |
|  Southwestern Energy Co.<sup>(c)</sup> | 39128 | 271157 |
|  |  | 4179390 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**34**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**34**  |

---

------

**Invesco S&P MidCap 400<sup>®</sup> Equal Weight ETF (EWMC)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Financials-16.16%** |  |  |
|  Affiliated Managers Group, Inc. | 2259 | $280477 |
|  American Financial Group, Inc. | 2269 | 329255 |
|  Annaly Capital Management, Inc.<sup>(b)</sup> | 11252 | 208725 |
|  Associated Banc-Corp | 14481 | 352612 |
|  Bank of Hawaii Corp.<sup>(b)</sup> | 3768 | 286180 |
|  Bank OZK | 7097 | 305029 |
|  Bread Financial Holdings, Inc. | 7514 | 271330 |
|  Brighthouse Financial, Inc.<sup>(c)</sup> | 5901 | 336770 |
|  Cadence Bank<sup>(b)</sup> | 11443 | 316399 |
|  Cathay General Bancorp | 7102 | 323851 |
|  CNO Financial Group, Inc. | 15713 | 346629 |
|  Commerce Bancshares, Inc. | 4230 | 299653 |
|  Cullen/Frost Bankers, Inc. | 2148 | 333047 |
|  East West Bancorp, Inc. | 3977 | 284634 |
|  Essent Group Ltd. | 7359 | 291269 |
|  Evercore, Inc., Class A | 3033 | 318768 |
|  F.N.B. Corp.<sup>(b)</sup> | 24780 | 358071 |
|  Federated Hermes, Inc., Class B | 8443 | 293394 |
|  First American Financial Corp. | 5557 | 280073 |
|  First Financial Bankshares, Inc.<sup>(b)</sup> | 6978 | 268583 |
|  First Horizon Corp. | 12880 | 315689 |
|  FirstCash Holdings, Inc.<sup>(b)</sup> | 3743 | 368498 |
|  Fulton Financial Corp. | 18276 | 333171 |
|  Glacier Bancorp, Inc. | 5814 | 333026 |
|  Hancock Whitney Corp. | 5979 | 334047 |
|  Hanover Insurance Group, Inc. (The) | 2288 | 335169 |
|  Home BancShares, Inc.<sup>(b)</sup> | 12706 | 323876 |
|  Interactive Brokers Group, Inc., Class A | 4333 | 347290 |
|  International Bancshares Corp. | 7129 | 353598 |
|  Janus Henderson Group PLC | 11902 | 271009 |
|  Jefferies Financial Group, Inc. | 8789 | 302429 |
|  Kemper Corp.<sup>(b)</sup> | 6154 | 293361 |
|  Kinsale Capital Group, Inc.<sup>(b)</sup> | 1233 | 388605 |
|  MGIC Investment Corp. | 20701 | 282569 |
|  Navient Corp. | 20626 | 312278 |
|  New York Community Bancorp,<br>Inc.<sup>(b)</sup> | 30144 | 280641 |
|  Old National Bancorp | 17588 | 344021 |
|  Old Republic International Corp. | 13339 | 309598 |
|  PacWest Bancorp | 11115 | 276319 |
|  Pinnacle Financial Partners, Inc. | 3610 | 299594 |
|  Primerica, Inc.<sup>(b)</sup> | 2334 | 337730 |
|  Prosperity Bancshares, Inc. | 4209 | 301238 |
|  Reinsurance Group of America, Inc. | 2315 | 340699 |
|  RenaissanceRe Holdings Ltd. (Bermuda)<sup>(b)</sup> | 2110 | 326375 |
|  RLI Corp. | 2652 | 344946 |
|  SEI Investments Co. | 5290 | 287247 |
|  Selective Insurance Group, Inc. | 3637 | 356717 |
|  SLM Corp. | 18945 | 314298 |
|  Stifel Financial Corp. | 4902 | 303287 |
|  Synovus Financial Corp. | 7207 | 287199 |
|  Texas Capital Bancshares, Inc.<sup>(c)</sup> | 4925 | 295500 |
|  UMB Financial Corp. | 3313 | 275708 |
|  Umpqua Holdings Corp. | 16457 | 327165 |
|  United Bankshares, Inc.<sup>(b)</sup> | 8158 | 345491 |
|  Unum Group | 7645 | 348536 |
|  Valley National Bancorp | 25070 | 297581 |
|  Voya Financial, Inc.<sup>(b)</sup> | 4718 | 322522 |
|  Washington Federal, Inc. | 9355 | 362038 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Financials-(continued)** |  |  |
|  Webster Financial Corp. | 6165 | $334513 |
|  Wintrust Financial Corp. | 3411 | 319338 |
|  |  | 18917665 |
|  **Health Care-10.05%** |  |  |
|  Acadia Healthcare Co., Inc.<sup>(c)</sup> | 3579 | 290973 |
|  Amedisys, Inc.<sup>(c)</sup> | 2436 | 237729 |
|  Arrowhead Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 7760 | 270126 |
|  Azenta, Inc.<sup>(b)</sup> | 5579 | 247708 |
|  Bruker Corp. | 5136 | 317610 |
|  Chemed Corp. | 628 | 293194 |
|  Encompass Health Corp. | 5735 | 312213 |
|  Enovis Corp.<sup>(b)(c)</sup> | 5806 | 287107 |
|  Envista Holdings Corp.<sup>(b)(c)</sup> | 7899 | 260746 |
|  Exelixis, Inc.<sup>(c)</sup> | 16722 | 277251 |
|  Globus Medical, Inc., Class A<sup>(b)(c)</sup> | 4766 | 319322 |
|  Haemonetics Corp.<sup>(b)(c)</sup> | 3894 | 330795 |
|  Halozyme Therapeutics, Inc.<sup>(b)(c)</sup> | 7231 | 345714 |
|  HealthEquity, Inc.<sup>(b)(c)</sup> | 4472 | 348414 |
|  ICU Medical, Inc.<sup>(b)(c)</sup> | 1735 | 257491 |
|  Inari Medical, Inc.<sup>(b)(c)</sup> | 3875 | 298104 |
|  Integra LifeSciences Holdings<br>Corp.<sup>(c)</sup> | 6036 | 303309 |
|  Jazz Pharmaceuticals PLC<sup>(c)</sup> | 1992 | 286430 |
|  Lantheus Holdings, Inc.<sup>(c)</sup> | 4021 | 297514 |
|  LHC Group, Inc.<sup>(c)</sup> | 1830 | 305793 |
|  LivaNova PLC<sup>(b)(c)</sup> | 5186 | 244261 |
|  Masimo Corp.<sup>(c)</sup> | 1916 | 252146 |
|  Medpace Holdings, Inc.<sup>(b)(c)</sup> | 1835 | 407333 |
|  Neogen Corp.<sup>(c)</sup> | 16216 | 214051 |
|  Neurocrine Biosciences, Inc.<sup>(c)</sup> | 2810 | 323487 |
|  NuVasive, Inc.<sup>(c)</sup> | 6417 | 283182 |
|  Omnicell, Inc.<sup>(c)</sup> | 2841 | 219666 |
|  Option Care Health, Inc.<sup>(c)</sup> | 9021 | 272975 |
|  Patterson Cos., Inc. | 11030 | 286449 |
|  Penumbra, Inc.<sup>(b)(c)</sup> | 1453 | 249146 |
|  Perrigo Co. PLC<sup>(b)</sup> | 7647 | 308021 |
|  Progyny, Inc.<sup>(b)(c)</sup> | 6949 | 309022 |
|  QuidelOrtho Corp.<sup>(c)</sup> | 3482 | 312753 |
|  R1 RCM, Inc.<sup>(c)</sup> | 13441 | 237368 |
|  Repligen Corp.<sup>(c)</sup> | 1281 | 233770 |
|  Shockwave Medical, Inc.<sup>(b)(c)</sup> | 1042 | 305462 |
|  Sotera Health Co.<sup>(c)</sup> | 19116 | 131518 |
|  STAAR Surgical Co.<sup>(b)(c)</sup> | 3092 | 219130 |
|  Syneos Health, Inc.<sup>(c)</sup> | 4831 | 243386 |
|  Tandem Diabetes Care, Inc.<sup>(b)(c)</sup> | 5347 | 300234 |
|  Tenet Healthcare Corp.<sup>(c)</sup> | 4831 | 214303 |
|  United Therapeutics Corp.<sup>(c)</sup> | 1340 | 308910 |
|  |  | 11764116 |
|  **Industrials-17.74%** |  |  |
|  Acuity Brands, Inc. | 1744 | 320146 |
|  AECOM | 3983 | 299840 |
|  AGCO Corp. | 2639 | 327685 |
|  ASGN, Inc.<sup>(c)</sup> | 3068 | 260105 |
|  Avis Budget Group, Inc.<sup>(b)(c)</sup> | 1802 | 426101 |
|  Axon Enterprise, Inc.<sup>(c)</sup> | 2410 | 350510 |
|  Brink's Co. (The) | 5379 | 320750 |
|  Builders FirstSource, Inc.<sup>(c)</sup> | 4894 | 301764 |
|  CACI International, Inc., Class A<sup>(c)</sup> | 1068 | 324704 |
|  Carlisle Cos., Inc. | 970 | 231636 |
|  Chart Industries, Inc.<sup>(b)(c)</sup> | 1492 | 332537 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**35**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**35**  |

---

------

**Invesco S&P MidCap 400<sup>®</sup> Equal Weight ETF (EWMC)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Industrials-(continued)** |  |  |
|  Clean Harbors, Inc.<sup>(c)</sup> | 2444 | $299292 |
|  Crane Holdings Co. | 3131 | 314165 |
|  Curtiss-Wright Corp. | 1974 | 331296 |
|  Donaldson Co., Inc. | 5671 | 325799 |
|  Dycom Industries, Inc.<sup>(c)</sup> | 2638 | 311759 |
|  EMCOR Group, Inc. | 2453 | 346118 |
|  EnerSys | 4590 | 304271 |
|  Esab Corp. | 7318 | 272961 |
|  Flowserve Corp.<sup>(b)</sup> | 9521 | 273062 |
|  Fluor Corp.<sup>(b)(c)</sup> | 10753 | 325386 |
|  FTI Consulting, Inc.<sup>(b)(c)</sup> | 1911 | 297409 |
|  GATX Corp.<sup>(b)</sup> | 3116 | 326276 |
|  Graco, Inc. | 4523 | 314710 |
|  GXO Logistics, Inc.<sup>(b)(c)</sup> | 6447 | 235573 |
|  Hexcel Corp. | 4921 | 274100 |
|  Hubbell, Inc. | 1337 | 317511 |
|  IAA, Inc.<sup>(c)</sup> | 8314 | 315350 |
|  Insperity, Inc.<sup>(b)</sup> | 2657 | 313579 |
|  ITT, Inc. | 3954 | 302046 |
|  JetBlue Airways Corp.<sup>(c)</sup> | 36197 | 291024 |
|  KBR, Inc. | 6149 | 306036 |
|  Kennametal, Inc.<sup>(b)</sup> | 12536 | 334837 |
|  Kirby Corp.<sup>(c)</sup> | 4338 | 302576 |
|  Knight-Swift Transportation Holdings, Inc. | 5881 | 282464 |
|  Landstar System, Inc. | 2072 | 323688 |
|  Lennox International, Inc. | 1159 | 270708 |
|  Lincoln Electric Holdings, Inc. | 2146 | 304732 |
|  ManpowerGroup, Inc. | 4021 | 315005 |
|  MasTec, Inc.<sup>(c)</sup> | 3628 | 279646 |
|  MDU Resources Group, Inc. | 9786 | 278705 |
|  Mercury Systems, Inc.<sup>(b)(c)</sup> | 6318 | 305791 |
|  Middleby Corp. (The)<sup>(b)(c)</sup> | 1985 | 277622 |
|  MSA Safety, Inc. | 2440 | 327546 |
|  MSC Industrial Direct Co., Inc., Class A | 3734 | 309847 |
|  nVent Electric PLC | 8495 | 310068 |
|  Oshkosh Corp. | 3635 | 319880 |
|  Owens Corning | 3419 | 292701 |
|  Regal Rexnord Corp. | 2066 | 261432 |
|  Ryder System, Inc. | 3845 | 309561 |
|  Saia, Inc.<sup>(b)(c)</sup> | 1481 | 294512 |
|  Science Applications International Corp. | 3163 | 342679 |
|  Simpson Manufacturing Co., Inc. | 3310 | 282939 |
|  Stericycle, Inc.<sup>(c)</sup> | 5839 | 260303 |
|  SunPower Corp.<sup>(b)(c)</sup> | 10641 | 196752 |
|  Sunrun, Inc.<sup>(b)(c)</sup> | 7786 | 175263 |
|  Terex Corp. | 8406 | 340779 |
|  Tetra Tech, Inc. | 2138 | 302057 |
|  Timken Co. (The) | 4436 | 316242 |
|  Toro Co. (The)<sup>(b)</sup> | 3376 | 355932 |
|  Trex Co., Inc.<sup>(b)(c)</sup> | 6019 | 289454 |
|  Univar Solutions, Inc.<sup>(c)</sup> | 11373 | 289784 |
|  Valmont Industries, Inc. | 1066 | 340289 |
|  Vicor Corp.<sup>(b)(c)</sup> | 4355 | 208038 |
|  Watsco, Inc.<sup>(b)</sup> | 1046 | 283424 |
|  Watts Water Technologies, Inc., Class A | 2154 | 315259 |
|  Werner Enterprises, Inc. | 7562 | 296430 |
|  Woodward, Inc. | 3097 | 283995 |
|  XPO Logistics, Inc.<sup>(b)(c)</sup> | 5557 | 287519 |
|  |  | 20761960 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Information Technology-12.68%** |  |  |
|  ACI Worldwide, Inc.<sup>(c)</sup> | 13158 | $320134 |
|  Amkor Technology, Inc.<sup>(b)</sup> | 15272 | 317505 |
|  Arrow Electronics, Inc.<sup>(c)</sup> | 2872 | 290819 |
|  Aspen Technology, Inc.<sup>(b)(c)</sup> | 1353 | 326682 |
|  Avnet, Inc. | 7010 | 281732 |
|  Belden, Inc. | 4537 | 315911 |
|  Blackbaud, Inc.<sup>(b)(c)</sup> | 5885 | 321909 |
|  Calix, Inc.<sup>(c)</sup> | 5231 | 385211 |
|  Ciena Corp.<sup>(b)(c)</sup> | 6752 | 323421 |
|  Cirrus Logic, Inc.<sup>(b)(c)</sup> | 3968 | 266332 |
|  Cognex Corp. | 6625 | 306274 |
|  Coherent Corp.<sup>(b)(c)</sup> | 6767 | 227439 |
|  CommVault Systems, Inc.<sup>(c)</sup> | 5644 | 343663 |
|  Concentrix Corp. | 2332 | 285040 |
|  Dynatrace, Inc.<sup>(b)(c)</sup> | 7348 | 258944 |
|  Envestnet, Inc.<sup>(b)(c)</sup> | 5621 | 277172 |
|  Euronet Worldwide, Inc.<sup>(c)</sup> | 3265 | 274293 |
|  ExlService Holdings, Inc.<sup>(b)(c)</sup> | 1732 | 314964 |
|  Fair Isaac Corp.<sup>(c)</sup> | 663 | 317471 |
|  First Solar, Inc.<sup>(c)</sup> | 2237 | 325640 |
|  Genpact Ltd. | 6416 | 311176 |
|  IPG Photonics Corp.<sup>(b)(c)</sup> | 3247 | 278138 |
|  Jabil, Inc. | 4929 | 316688 |
|  Kyndryl Holdings, Inc.<sup>(c)</sup> | 27238 | 263391 |
|  Lattice Semiconductor Corp.<sup>(c)</sup> | 5416 | 262730 |
|  Littelfuse, Inc.<sup>(b)</sup> | 1292 | 284563 |
|  Lumentum Holdings, Inc.<sup>(b)(c)</sup> | 3685 | 274348 |
|  MACOM Technology Solutions Holdings, Inc.<sup>(b)(c)</sup> | 5241 | 303297 |
|  Manhattan Associates, Inc.<sup>(c)</sup> | 2061 | 250762 |
|  Maximus, Inc. | 4904 | 302430 |
|  MKS Instruments, Inc. | 2984 | 245136 |
|  National Instruments Corp. | 7388 | 282074 |
|  NCR Corp.<sup>(b)(c)</sup> | 9315 | 198037 |
|  Novanta, Inc.<sup>(b)(c)</sup> | 2221 | 314049 |
|  Paylocity Holding Corp.<sup>(b)(c)</sup> | 1158 | 268413 |
|  Power Integrations, Inc.<sup>(b)</sup> | 4263 | 284385 |
|  Qualys, Inc.<sup>(c)</sup> | 1872 | 266872 |
|  Sabre Corp.<sup>(b)(c)</sup> | 44811 | 260352 |
|  Semtech Corp.<sup>(b)(c)</sup> | 8596 | 238023 |
|  Silicon Laboratories, Inc.<sup>(b)(c)</sup> | 2348 | 269832 |
|  SiTime Corp.<sup>(b)(c)</sup> | 2938 | 263862 |
|  Synaptics, Inc.<sup>(b)(c)</sup> | 2448 | 216893 |
|  TD SYNNEX Corp. | 3108 | 284413 |
|  Teradata Corp.<sup>(b)(c)</sup> | 9183 | 290091 |
|  Universal Display Corp. | 2770 | 263759 |
|  Viasat, Inc.<sup>(b)(c)</sup> | 8014 | 328253 |
|  Vishay Intertechnology, Inc. | 15336 | 320676 |
|  Vontier Corp. | 13725 | 262147 |
|  Western Union Co. (The)<sup>(b)</sup> | 20076 | 271227 |
|  WEX, Inc.<sup>(b)(c)</sup> | 1888 | 309896 |
|  Wolfspeed, Inc.<sup>(b)(c)</sup> | 2622 | 206483 |
|  Xerox Holdings Corp. | 18276 | 267378 |
|  |  | 14840330 |
|  **Materials-6.40%** |  |  |
|  Alcoa Corp. | 5689 | 222042 |
|  AptarGroup, Inc. | 2813 | 278909 |
|  Ashland, Inc. | 2929 | 307311 |
|  Avient Corp. | 6906 | 238188 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**36**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**36**  |

---

------

**Invesco S&P MidCap 400<sup>®</sup> Equal Weight ETF (EWMC)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Materials-(continued)** |  |  |
|  Cabot Corp. | 4086 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300239 |
|  Chemours Co. (The)<sup>(b)</sup> | 8378 | 239862 |
|  Cleveland-Cliffs, Inc.<sup>(b)(c)</sup> | 15981 | 207593 |
|  Commercial Metals Co. | 7176 | 326508 |
|  Eagle Materials, Inc.<sup>(b)</sup> | 2473 | 302473 |
|  Greif, Inc., Class A | 4380 | 290000 |
|  Ingevity Corp.<sup>(b)(c)</sup> | 4257 | 286368 |
|  Louisiana-Pacific Corp.<sup>(b)</sup> | 5384 | 305004 |
|  MP Materials Corp.<sup>(b)(c)</sup> | 8832 | 265313 |
|  NewMarket Corp. | 986 | 300079 |
|  Olin Corp. | 5403 | 286089 |
|  Reliance Steel & Aluminum Co. | 1518 | 305847 |
|  Royal Gold, Inc. | 3116 | 295895 |
|  RPM International, Inc. | 3123 | 295342 |
|  Scotts Miracle-Gro Co. (The)<sup>(b)</sup> | 5170 | 237355 |
|  Sensient Technologies Corp. | 3754 | 268261 |
|  Silgan Holdings, Inc. | 6281 | 297468 |
|  Sonoco Products Co. | 4626 | 287182 |
|  Steel Dynamics, Inc. | 3460 | 325413 |
|  United States Steel Corp. | 11870 | 241673 |
|  Valvoline, Inc. | 10358 | 304111 |
|  Westlake Corp.<sup>(b)</sup> | 2096 | 202578 |
|  Worthington Industries, Inc.<sup>(b)</sup> | 5752 | 273565 |
|  |  | 7490668 |
|  **Real Estate-7.42%** |  |  |
|  Apartment Income REIT Corp. | 6982 | 268318 |
|  Brixmor Property Group, Inc. | 13262 | 282613 |
|  Corporate Office Properties Trust | 11284 | 300719 |
|  Cousins Properties, Inc. | 10532 | 250240 |
|  Douglas Emmett, Inc. | 14081 | 247685 |
|  EastGroup Properties, Inc. | 1753 | 274678 |
|  EPR Properties | 6841 | 264063 |
|  First Industrial Realty Trust, Inc. | 5644 | 268824 |
|  Healthcare Realty Trust, Inc. | 12164 | 247294 |
|  Highwoods Properties, Inc. | 9554 | 269709 |
|  Independence Realty Trust, Inc.<sup>(b)</sup> | 14826 | 248484 |
|  JBG SMITH Properties | 13418 | 264066 |
|  Jones Lang LaSalle, Inc.<sup>(c)</sup> | 1702 | 270771 |
|  Kilroy Realty Corp. | 5923 | 253149 |
|  Kite Realty Group Trust<sup>(b)</sup> | 15081 | 296191 |
|  Lamar Advertising Co., Class A | 3047 | 281025 |
|  Life Storage, Inc. | 2330 | 257721 |
|  Macerich Co. (The)<sup>(b)</sup> | 30359 | 337896 |
|  Medical Properties Trust, Inc.<sup>(b)</sup> | 20158 | 230809 |
|  National Retail Properties, Inc. | 6619 | 278196 |
|  National Storage Affiliates Trust | 5818 | 248196 |
|  Omega Healthcare Investors, Inc. | 9159 | 291073 |
|  Park Hotels & Resorts, Inc. | 20474 | 267800 |
|  Pebblebrook Hotel Trust | 16384 | 262799 |
|  Physicians Realty Trust<sup>(b)</sup> | 17465 | 263023 |
|  PotlatchDeltic Corp.<sup>(b)</sup> | 6293 | 279975 |
|  Rayonier, Inc.<sup>(b)</sup> | 8348 | 281328 |
|  Rexford Industrial Realty, Inc. | 4613 | 255007 |

---

Investment Abbreviations: <br> REIT -Real Estate Investment Trust

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Real Estate-(continued)** |  |  |
|  Sabra Health Care REIT, Inc.<sup>(b)</sup> | 20076 | $274238 |
|  SL Green Realty Corp. | 6198 | 245937 |
|  Spirit Realty Capital, Inc. | 7193 | 279304 |
|  STORE Capital Corp. | 10922 | 347320 |
|  |  | 8688451 |
|  **Utilities-3.81%** |  |  |
|  ALLETE, Inc. | 4907 | 276117 |
|  Black Hills Corp. | 3824 | 249975 |
|  Essential Utilities, Inc. | 6262 | 276906 |
|  Hawaiian Electric Industries, Inc. | 7484 | 284691 |
|  IDACORP, Inc. | 2695 | 282167 |
|  National Fuel Gas Co. | 4204 | 283728 |
|  New Jersey Resources Corp. | 6758 | 301677 |
|  NorthWestern Corp. | 5423 | 286497 |
|  OGE Energy Corp. | 7152 | 261978 |
|  ONE Gas, Inc. | 3707 | 287218 |
|  Ormat Technologies, Inc.<sup>(b)</sup> | 3101 | 280485 |
|  PNM Resources, Inc. | 6403 | 297547 |
|  Portland General Electric Co.<sup>(b)</sup> | 5740 | 257956 |
|  Southwest Gas Holdings, Inc. | 3645 | 266340 |
|  Spire, Inc. | 4258 | 297251 |
|  UGI Corp. | 7538 | 266318 |
|  |  | 4456851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $117,773,711) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $117,773,711) | 116945834 |
|  **Money Market Funds-0.08%** | **Money Market Funds-0.08%** | **Money Market Funds-0.08%** |
|  Invesco Government & Agency Portfolio,<br>Institutional Class, 3.07%<sup>(d)(e)</sup><br>(Cost $96,893) | 96893 | 96893 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99%<br>(Cost $117,870,604) | TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99%<br>(Cost $117,870,604) | 117042727 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-30.06%** | **Money Market Funds-30.06%** | **Money Market Funds-30.06%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup> | 9854113 | 9854113 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup> | 25332402 | 25332402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from<br>Securities on Loan<br>(Cost $35,187,052) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from<br>Securities on Loan<br>(Cost $35,187,052) | 35186515 |
|  TOTAL INVESTMENTS IN SECURITIES-130.05%<br>(Cost $153,057,656) | TOTAL INVESTMENTS IN SECURITIES-130.05%<br>(Cost $153,057,656) | 152229242 |
|  OTHER ASSETS LESS LIABILITIES-(30.05)% | OTHER ASSETS LESS LIABILITIES-(30.05)% | (35174722) |
|  NET ASSETS-100.00% |  | $117054520 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**37**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**37**  |

---

------

**Invesco S&P MidCap 400<sup>®</sup> Equal Weight ETF (EWMC)–(continued)** 

October 31, 2022

*(Unaudited)* 

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation<br>(Depreciation)** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | $68915 | $2049445 | $(2021467) | $- | $- | $96893 | $687 |
| &nbsp;&nbsp; **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | 8211304 | 20584089 | (18941280) |  |  | 9854113 | 75035 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 19147838 | 48441471 | (42257188) | (2861) | 3142 | 25332402 | 204147 \* |
| &nbsp;&nbsp; Total | $27428057 | $71075005 | $(63219935) | $(2861) | $3142 | $35283408 | $279869 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

**Portfolio Composition** 

**Sector Breakdown (% of the Fund's Net Assets)** 

**as of October 31, 2022** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Industrials | 17.74 |
| &nbsp;&nbsp; Financials | 16.16 |
| &nbsp;&nbsp; Consumer Discretionary | 15.33 |
| &nbsp;&nbsp; Information Technology | 12.68 |
| &nbsp;&nbsp; Health Care | 10.05 |
| &nbsp;&nbsp; Real Estate | 7.42 |
| &nbsp;&nbsp; Materials | 6.40 |
| &nbsp;&nbsp; Consumer Staples | 4.53 |
| &nbsp;&nbsp; Utilities | 3.81 |
| &nbsp;&nbsp; Energy | 3.57 |
| &nbsp;&nbsp; Communication Services | 2.22 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets Less Liabilities | 0.09 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**38**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**38**  |

---

------

**Invesco S&P SmallCap 600<sup>®</sup> Equal Weight ETF (EWSC)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.97%** | **Common Stocks & Other Equity Interests-99.97%** | **Common Stocks & Other Equity Interests-99.97%** |
|  **Communication Services-2.82%** | **Communication Services-2.82%** | **Communication Services-2.82%** |
|  AMC Networks, Inc., Class A<sup>(b)</sup> | 3299 | $74260 |
|  ATN International, Inc. | 1944 | 83825 |
|  Cars.com, Inc.<sup>(b)(c)</sup> | 7061 | 98007 |
|  Cinemark Holdings, Inc.<sup>(b)(c)</sup> | 5931 | 62928 |
|  Cogent Communications Holdings, Inc.<sup>(c)</sup> | 1558 | 81811 |
|  Consolidated Communications Holdings, Inc.<sup>(b)(c)</sup> | 14213 | 73481 |
|  E.W. Scripps Co. (The), Class A<sup>(b)(c)</sup> | 5728 | 81280 |
|  Gannett Co., Inc.<sup>(b)(c)</sup> | 36890 | 53491 |
|  Gogo, Inc.<sup>(b)</sup> | 6098 | 86714 |
|  Marcus Corp. (The)<sup>(c)</sup> | 5027 | 75606 |
|  QuinStreet, Inc.<sup>(b)(c)</sup> | 7340 | 83749 |
|  Scholastic Corp. | 1847 | 70445 |
|  Shenandoah Telecommunications Co. | 3937 | 89212 |
|  Shutterstock, Inc.<sup>(c)</sup> | 1446 | 72343 |
|  TechTarget, Inc.<sup>(b)(c)</sup> | 1274 | 82237 |
|  Telephone & Data Systems, Inc. | 5136 | 87312 |
|  Thryv Holdings, Inc.<sup>(b)(c)</sup> | 3198 | 65431 |
|  Yelp, Inc.<sup>(b)</sup> | 2359 | 90609 |
|  |  | 1412741 |
|  **Consumer Discretionary-15.04%** |  |  |
|  Aaron's Co., Inc. (The) | 6828 | 71148 |
|  Abercrombie & Fitch Co., Class A<sup>(b)(c)</sup> | 5165 | 90801 |
|  Academy Sports & Outdoors, Inc.<sup>(c)</sup> | 1684 | 74147 |
|  Adtalem Global Education, Inc.<sup>(b)</sup> | 2221 | 92616 |
|  American Axle & Manufacturing Holdings, Inc.<sup>(b)</sup> | 8622 | 83547 |
|  American Eagle Outfitters, Inc.<sup>(c)</sup> | 7811 | 88733 |
|  America's Car-Mart, Inc.<sup>(b)(c)</sup> | 1072 | 73282 |
|  Asbury Automotive Group, Inc.<sup>(b)(c)</sup> | 489 | 77140 |
|  Bed Bath & Beyond, Inc.<sup>(b)(c)</sup> | 9378 | 42857 |
|  Big Lots, Inc.<sup>(c)</sup> | 3635 | 68592 |
|  BJ's Restaurants, Inc.<sup>(b)(c)</sup> | 3090 | 101506 |
|  Bloomin' Brands, Inc. | 3981 | 95584 |
|  Boot Barn Holdings, Inc.<sup>(b)(c)</sup> | 1188 | 67478 |
|  Brinker International, Inc.<sup>(b)(c)</sup> | 2815 | 93993 |
|  Buckle, Inc. (The)<sup>(c)</sup> | 2456 | 96594 |
|  Caleres, Inc.<sup>(c)</sup> | 3247 | 88741 |
|  Cato Corp. (The), Class A | 8616 | 102617 |
|  Cavco Industries, Inc.<sup>(b)</sup> | 368 | 83415 |
|  Century Communities, Inc.<sup>(c)</sup> | 1824 | 81186 |
|  Cheesecake Factory, Inc. (The)<sup>(c)</sup> | 2498 | 89453 |
|  Chico's FAS, Inc.<sup>(b)(c)</sup> | 15554 | 91458 |
|  Children's Place, Inc. (The)<sup>(b)(c)</sup> | 2044 | 82741 |
|  Chuy's Holdings, Inc.<sup>(b)(c)</sup> | 3713 | 108791 |
|  Conn's, Inc.<sup>(b)(c)</sup> | 9636 | 79112 |
|  Dave & Buster's Entertainment, Inc.<sup>(b)(c)</sup> | 2154 | 85837 |
|  Designer Brands, Inc., Class A<sup>(c)</sup> | 4801 | 73119 |
|  Dine Brands Global, Inc.<sup>(c)</sup> | 1162 | 83769 |
|  Dorman Products, Inc.<sup>(b)(c)</sup> | 978 | 79824 |
|  El Pollo Loco Holdings, Inc. | 9132 | 91685 |
|  Ethan Allen Interiors, Inc.<sup>(c)</sup> | 3427 | 87697 |
|  frontdoor, Inc.<sup>(b)(c)</sup> | 3474 | 76636 |
|  Genesco, Inc.<sup>(b)</sup> | 1691 | 79545 |
|  Gentherm, Inc.<sup>(b)</sup> | 1393 | 81379 |
|  G-III Apparel Group Ltd.<sup>(b)</sup> | 4494 | 87633 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
|  Golden Entertainment, Inc.<sup>(b)(c)</sup> | 2063 | $87100 |
|  Green Brick Partners, Inc.<sup>(b)(c)</sup> | 3475 | 80377 |
|  Group 1 Automotive, Inc. | 490 | 84770 |
|  Guess?, Inc.<sup>(c)</sup> | 4835 | 82098 |
|  Haverty Furniture Cos., Inc., (Acquired<br>12/18/2020 - 03/16/2022;<br>Cost $98,963)<sup>(c)(d)</sup> | 3073 | 81680 |
|  Hibbett, Inc.<sup>(c)</sup> | 1292 | 80647 |
|  Installed Building Products, Inc. | 916 | 78776 |
|  iRobot Corp.<sup>(b)(c)</sup> | 1419 | 80174 |
|  Jack in the Box, Inc.<sup>(c)</sup> | 1042 | 91936 |
|  Kontoor Brands, Inc.<sup>(c)</sup> | 2281 | 81432 |
|  La-Z-Boy, Inc. | 3166 | 78422 |
|  LCI Industries<sup>(c)</sup> | 704 | 74701 |
|  Leslie's, Inc.<sup>(b)(c)</sup> | 5962 | 83706 |
|  LGI Homes, Inc.<sup>(b)(c)</sup> | 885 | 81464 |
|  Liquidity Services, Inc.<sup>(b)(c)</sup> | 5283 | 90762 |
|  LL Flooring Holdings, Inc.<sup>(b)</sup> | 10633 | 88467 |
|  M.D.C. Holdings, Inc. | 2644 | 80536 |
|  M/I Homes, Inc.<sup>(b)</sup> | 1952 | 80988 |
|  MarineMax, Inc.<sup>(b)(c)</sup> | 2418 | 78126 |
|  Meritage Homes Corp.<sup>(b)</sup> | 1059 | 80653 |
|  Mister Car Wash, Inc.<sup>(b)</sup> | 8105 | 71567 |
|  Monarch Casino & Resort, Inc.<sup>(b)</sup> | 1354 | 107521 |
|  Monro, Inc.<sup>(c)</sup> | 1775 | 84756 |
|  Motorcar Parts of America, Inc.<sup>(b)</sup> | 5799 | 110181 |
|  Movado Group, Inc. | 2636 | 87173 |
|  National Vision Holdings, Inc.<sup>(b)(c)</sup> | 2268 | 84007 |
|  ODP Corp.(The)<sup>(b)</sup> | 2286 | 90457 |
|  Oxford Industries, Inc. | 909 | 92473 |
|  Patrick Industries, Inc. | 1673 | 76473 |
|  Perdoceo Education Corp.<sup>(b)</sup> | 7721 | 88251 |
|  PetMed Express, Inc.<sup>(c)</sup> | 3965 | 84534 |
|  Rent-A-Center, Inc.<sup>(c)</sup> | 3162 | 65928 |
|  Ruth's Hospitality Group, Inc. | 4516 | 93842 |
|  Sally Beauty Holdings, Inc.<sup>(b)(c)</sup> | 5658 | 71913 |
|  Shake Shack, Inc., Class A<sup>(b)</sup> | 1649 | 91635 |
|  Shoe Carnival, Inc. | 3522 | 84458 |
|  Signet Jewelers Ltd. | 1319 | 86052 |
|  Six Flags Entertainment Corp.<sup>(b)(c)</sup> | 3504 | 78139 |
|  Sleep Number Corp.<sup>(b)(c)</sup> | 1824 | 50598 |
|  Sonic Automotive, Inc., Class A<sup>(c)</sup> | 1761 | 82327 |
|  Sonos, Inc.<sup>(b)(c)</sup> | 5207 | 83937 |
|  Standard Motor Products, Inc. | 2345 | 88946 |
|  Steven Madden Ltd. | 2729 | 81515 |
|  Strategic Education, Inc.<sup>(c)</sup> | 1322 | 91218 |
|  Stride, Inc.<sup>(b)(c)</sup> | 2134 | 71510 |
|  Sturm Ruger & Co., Inc.<sup>(c)</sup> | 1547 | 86833 |
|  Tri Pointe Homes, Inc.<sup>(b)</sup> | 4868 | 81539 |
|  Tupperware Brands Corp.<sup>(b)</sup> | 8503 | 65728 |
|  Unifi, Inc.<sup>(b)</sup> | 7552 | 68874 |
|  Universal Electronics, Inc.<sup>(b)</sup> | 4159 | 84885 |
|  Urban Outfitters, Inc.<sup>(b)(c)</sup> | 3742 | 89284 |
|  Vista Outdoor, Inc.<sup>(b)(c)</sup> | 2872 | 83403 |
|  Winnebago Industries, Inc.<sup>(c)</sup> | 1421 | 84819 |
|  Wolverine World Wide, Inc. | 4218 | 72254 |
|  WW International, Inc.<sup>(b)(c)</sup> | 14543 | 65734 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**39**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**39**  |

---

------

**Invesco S&P SmallCap 600<sup>®</sup> Equal Weight ETF (EWSC)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
|  XPEL, Inc.<sup>(b)(c)(e)</sup> | 1181 | $| 81713 |
|  Zumiez, Inc.<sup>(b)(c)</sup> | 3029 |  | 67940 |
|  |  |  | 7531888 |
|  **Consumer Staples-4.81%** | **Consumer Staples-4.81%** | **Consumer Staples-4.81%** | **Consumer Staples-4.81%** |
|  Andersons, Inc.(The) | 2354 |  | 83026 |
|  B&G Foods, Inc.<sup>(c)</sup> | 4027 |  | 65962 |
|  Calavo Growers, Inc. | 2236 |  | 77343 |
|  Cal-Maine Foods, Inc.<sup>(c)</sup> | 1444 |  | 81601 |
|  Central Garden & Pet Co.<sup>(b)</sup> | 429 |  | 17705 |
|  Central Garden & Pet Co., Class A<sup>(b)</sup> | 1805 |  | 70648 |
|  Chefs' Warehouse, Inc. (The)<sup>(b)</sup> | 2399 |  | 87875 |
|  Edgewell Personal Care Co.<sup>(c)</sup> | 2123 |  | 83200 |
|  elf Beauty, Inc.<sup>(b)</sup> | 2152 |  | 93096 |
|  Fresh Del Monte Produce, Inc. | 3263 |  | 85099 |
|  Hain Celestial Group, Inc. (The)<sup>(b)(c)</sup> | 4963 |  | 92858 |
|  Hostess Brands, Inc.<sup>(b)</sup> | 3520 |  | 93210 |
|  Inter Parfums, Inc. | 1023 |  | 82740 |
|  J&J Snack Foods Corp.<sup>(c)</sup> | 572 |  | 84433 |
|  John B. Sanfilippo & Son, Inc. | 1064 |  | 88748 |
|  Medifast, Inc.<sup>(c)</sup> | 666 |  | 77915 |
|  MGP Ingredients, Inc.<sup>(c)</sup> | 735 |  | 82357 |
|  National Beverage Corp.<sup>(c)</sup> | 1779 |  | 84360 |
|  PriceSmart, Inc. | 1322 |  | 84568 |
|  Seneca Foods Corp., Class A<sup>(b)</sup> | 1674 |  | 105646 |
|  Simply Good Foods Co. (The)<sup>(b)</sup> | 2748 |  | 105248 |
|  SpartanNash Co. | 2652 |  | 94703 |
|  Tootsie Roll Industries, Inc. | 2379 |  | 96088 |
|  TreeHouse Foods, Inc.<sup>(b)(c)</sup> | 1892 |  | 95054 |
|  United Natural Foods, Inc.<sup>(b)</sup> | 1873 |  | 79434 |
|  Universal Corp. | 1673 |  | 84671 |
|  USANA Health Sciences, Inc.<sup>(b)</sup> | 1334 |  | 70048 |
|  Vector Group Ltd. | 8346 |  | 88635 |
|  WD-40 Co. | 439 |  | 70310 |
|  |  |  | 2406581 |
|  **Energy-5.12%** |  |  |  |
|  Archrock, Inc. | 11202 |  | 84127 |
|  Bristow Group, Inc.<sup>(b)</sup> | 3043 |  | 91108 |
|  Callon Petroleum Co.<sup>(b)(c)</sup> | 1975 |  | 86821 |
|  Civitas Resources, Inc. | 1274 |  | 89065 |
|  CONSOL Energy, Inc. | 1258 |  | 79279 |
|  Core Laboratories N.V | 4627 |  | 90042 |
|  DMC Global, Inc.<sup>(b)</sup> | 4222 |  | 91364 |
|  Dorian LPG Ltd. | 5763 |  | 104137 |
|  Dril-Quip, Inc.<sup>(b)(c)</sup> | 3572 |  | 88871 |
|  Green Plains, Inc.<sup>(b)(c)</sup> | 2191 |  | 63298 |
|  Helix Energy Solutions Group, Inc.<sup>(b)(c)</sup> | 19017 |  | 133119 |
|  Helmerich & Payne, Inc. | 1861 |  | 92138 |
|  Laredo Petroleum, Inc.<sup>(b)(c)</sup> | 1126 |  | 72796 |
|  Nabors Industries Ltd.<sup>(b)(c)</sup> | 646 |  | 112423 |
|  Oceaneering International, Inc.<sup>(b)</sup> | 8487 |  | 118733 |
|  Oil States International, Inc.<sup>(b)</sup> | 17004 |  | 110016 |
|  Par Pacific Holdings, Inc.<sup>(b)</sup> | 4512 |  | 103235 |
|  Patterson-UTI Energy, Inc. | 5582 |  | 98522 |
|  PBF Energy, Inc., Class A<sup>(b)</sup> | 2536 |  | 112218 |
|  ProPetro Holding Corp.<sup>(b)</sup> | 9191 |  | 108822 |
|  Ranger Oil Corp., Class A<sup>(c)</sup> | 2181 |  | 89203 |
|  REX American Resources Corp.<sup>(b)</sup> | 2852 |  | 85532 |
|  RPC, Inc. | 10538 |  | 117288 |
|  SM Energy Co. | 1817 |  | 81729 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Energy-(continued)** |  |  |
|  Talos Energy, Inc.<sup>(b)</sup> | 4119 | $87652 |
|  US Silica Holdings, Inc.<sup>(b)</sup> | 6119 | 88052 |
|  World Fuel Services Corp. | 3353 | 85468 |
|  |  | 2565058 |
|  **Financials-18.00%** |  |  |
|  Ambac Financial Group, Inc.<sup>(b)</sup> | 5617 | 78919 |
|  American Equity Investment Life Holding Co. | 2223 | 95767 |
|  Ameris Bancorp | 1764 | 90864 |
|  AMERISAFE, Inc. | 1710 | 99881 |
|  Apollo Commercial Real Estate Finance, Inc. | 7357 | 82840 |
|  ARMOUR Residential REIT, Inc. | 11630 | 61872 |
|  Assured Guaranty Ltd.<sup>(c)</sup> | 1540 | 91153 |
|  Axos Financial, Inc.<sup>(b)</sup> | 2049 | 79829 |
| B. Riley Financial, Inc.<sup>(c)</sup> | 1642 | 66797 |
|  Banc of California, Inc. | 4738 | 79030 |
|  BancFirst Corp. | 844 | 80872 |
|  Bancorp, Inc.(The)<sup>(b)(c)</sup> | 3434 | 94710 |
|  BankUnited, Inc. | 2217 | 79701 |
|  Banner Corp. | 1393 | 104127 |
|  Berkshire Hills Bancorp, Inc. | 2883 | 84328 |
|  Blucora, Inc.<sup>(b)</sup> | 4064 | 89530 |
|  Brightsphere Investment Group, Inc. | 4528 | 85217 |
|  Brookline Bancorp, Inc. | 6541 | 89939 |
|  Capitol Federal Financial, Inc. | 9081 | 74283 |
|  Central Pacific Financial Corp. | 3760 | 77155 |
|  City Holding Co.<sup>(c)</sup> | 968 | 97623 |
|  Columbia Banking System, Inc.<sup>(c)</sup> | 2715 | 90871 |
|  Community Bank System, Inc.<sup>(c)</sup> | 1285 | 80222 |
|  Customers Bancorp, Inc.<sup>(b)</sup> | 2463 | 82978 |
|  CVB Financial Corp. | 3244 | 93168 |
|  Dime Community Bancshares, Inc. | 2664 | 91988 |
|  Donnelley Financial Solutions, Inc.<sup>(b)(c)</sup> | 2045 | 82679 |
|  Eagle Bancorp, Inc. | 1738 | 78697 |
|  Ellington Financial, Inc. | 5638 | 75436 |
|  Employers Holdings, Inc. | 2180 | 95070 |
|  Encore Capital Group, Inc.<sup>(b)(c)</sup> | 1591 | 81014 |
|  Enova International, Inc.<sup>(b)</sup> | 2337 | 87614 |
|  EZCORP, Inc., Class A<sup>(b)(c)</sup> | 9762 | 94301 |
|  FB Financial Corp. | 2106 | 88368 |
|  First Bancorp | 5794 | 91487 |
|  First Bancorp/Southern Pines NC | 2245 | 100060 |
|  First Commonwealth Financial Corp. | 6176 | 88564 |
|  First Financial Bancorp | 3831 | 99874 |
|  First Hawaiian, Inc. | 3163 | 80909 |
|  Flagstar Bancorp, Inc. | 2152 | 83282 |
|  Franklin BSP Realty Trust, Inc.<sup>(c)</sup> | 6776 | 95474 |
|  Genworth Financial, Inc., Class A<sup>(b)</sup> | 20457 | 95534 |
|  Granite Point Mortgage Trust, Inc. | 9201 | 72320 |
|  Green Dot Corp., Class A<sup>(b)</sup> | 3935 | 74883 |
|  Hanmi Financial Corp. | 3386 | 90677 |
|  HCI Group, Inc.<sup>(c)</sup> | 1727 | 63277 |
|  Heritage Financial Corp. | 3098 | 104372 |
|  Hilltop Holdings, Inc. | 3125 | 90469 |
|  HomeStreet, Inc. | 2338 | 60694 |
|  Hope Bancorp, Inc. | 5803 | 78747 |
|  Horace Mann Educators Corp. | 2274 | 89732 |
|  Independent Bank Corp. | 1064 | 92579 |
|  Independent Bank Group, Inc. | 1263 | 79683 |
|  Invesco Mortgage Capital, Inc.<sup>(f)</sup> | 5279 | 61817 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**40**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**40**  |

---

------

**Invesco S&P SmallCap 600<sup>®</sup> Equal Weight ETF (EWSC)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
|  James River Group Holdings Ltd. | 3455 | $| 87308 |
|  KKR Real Estate Finance Trust, Inc. | 4253 |  | 74087 |
|  Lakeland Financial Corp. | 1103 |  | 91163 |
|  LendingTree, Inc.<sup>(b)</sup> | 2317 |  | 58458 |
|  Mercury General Corp. | 2467 |  | 71543 |
|  Mr. Cooper Group, Inc.<sup>(b)</sup> | 1903 |  | 75149 |
|  National Bank Holdings Corp., Class A | 2119 |  | 92855 |
|  NBT Bancorp, Inc. | 2150 |  | 101888 |
|  New York Mortgage Trust, Inc. | 29283 |  | 78771 |
|  NMI Holdings, Inc., Class A<sup>(b)</sup> | 4117 |  | 90286 |
|  Northfield Bancorp, Inc. | 5693 |  | 91316 |
|  Northwest Bancshares, Inc. | 5927 |  | 89261 |
|  OFG Bancorp | 3083 |  | 85954 |
|  Pacific Premier Bancorp, Inc. | 2547 |  | 92736 |
|  Palomar Holdings, Inc.<sup>(b)(c)</sup> | 996 |  | 88604 |
|  Park National Corp.<sup>(c)</sup> | 630 |  | 92925 |
|  Pathward Financial, Inc. | 2454 |  | 103142 |
|  PennyMac Mortgage Investment Trust<sup>(c)</sup> | 5617 |  | 77908 |
|  Piper Sandler Cos | 722 |  | 92394 |
|  PRA Group, Inc.<sup>(b)</sup> | 2309 |  | 77351 |
|  Preferred Bank | 1215 |  | 93397 |
|  ProAssurance Corp. | 3918 |  | 87019 |
|  PROG Holdings, Inc.<sup>(b)</sup> | 4084 |  | 67468 |
|  Provident Financial Services, Inc. | 3601 |  | 80734 |
|  Ready Capital Corp.<sup>(c)</sup> | 6195 |  | 75083 |
|  Redwood Trust, Inc. | 11355 |  | 80961 |
|  Renasant Corp. | 2497 |  | 100804 |
|  S&T Bancorp, Inc. | 2776 |  | 104961 |
|  Safety Insurance Group, Inc.<sup>(c)</sup> | 942 |  | 81907 |
|  Seacoast Banking Corp. of Florida | 2619 |  | 80927 |
|  ServisFirst Bancshares, Inc. | 985 |  | 74200 |
|  Simmons First National Corp., Class A<sup>(c)</sup> | 3501 |  | 83569 |
|  SiriusPoint Ltd.(Bermuda)<sup>(b)</sup> | 16935 |  | 108723 |
|  Southside Bancshares, Inc.<sup>(c)</sup> | 2221 |  | 76047 |
|  Stellar Bancorp, Inc.<sup>(c)</sup> | 2816 |  | 92477 |
|  Stewart Information Services Corp. | 1560 |  | 60778 |
|  StoneX Group, Inc.<sup>(b)</sup> | 960 |  | 89587 |
|  Tompkins Financial Corp. | 1108 |  | 91787 |
|  Triumph Bancorp, Inc.<sup>(b)(c)</sup> | 1341 |  | 69061 |
|  Trupanion, Inc.<sup>(b)(c)</sup> | 1128 |  | 56930 |
|  TrustCo Bank Corp. | 2507 |  | 93561 |
|  Trustmark Corp. | 2639 |  | 96508 |
|  Two Harbors Investment Corp. | 16918 |  | 60228 |
|  United Community Banks, Inc. | 2525 |  | 97212 |
|  United Fire Group, Inc. | 2793 |  | 75690 |
|  Universal Insurance Holdings, Inc. | 7079 |  | 71073 |
|  Veritex Holdings, Inc. | 2821 |  | 89087 |
|  Virtus Investment Partners, Inc. | 424 |  | 72712 |
|  Walker & Dunlop, Inc. | 824 |  | 74127 |
|  Westamerica Bancorporation | 1485 |  | 93154 |
|  WisdomTree Investments, Inc.<sup>(c)</sup> | 15777 |  | 85669 |
|  World Acceptance Corp.<sup>(b)(c)</sup> | 684 |  | 55554 |
|  WSFS Financial Corp. | 1687 |  | 78547 |
|  |  |  | 9013918 |
|  **Health Care-12.61%** | **Health Care-12.61%** | **Health Care-12.61%** | **Health Care-12.61%** |
|  AdaptHealth Corp.<sup>(b)(c)</sup> | 4289 |  | 97789 |
|  Addus HomeCare Corp.<sup>(b)(c)</sup> | 893 |  | 91461 |
|  Allscripts Healthcare Solutions, Inc.<sup>(b)</sup> | 4909 |  | 72162 |
|  AMN Healthcare Services, Inc.<sup>(b)</sup> | 787 |  | 98769 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
|  Amphastar Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2963 | $91557 |
|  AngioDynamics, Inc.<sup>(b)</sup> | 3689 | 51978 |
|  ANI Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2250 | 86828 |
|  Anika Therapeutics, Inc.<sup>(b)</sup> | 3645 | 103591 |
|  Apollo Medical Holdings, Inc.<sup>(b)(c)</sup> | 1962 | 69573 |
|  Arcus Biosciences, Inc.<sup>(b)(c)</sup> | 3286 | 83727 |
|  Artivion, Inc.<sup>(b)(c)</sup> | 3764 | 42006 |
|  Avanos Medical, Inc.<sup>(b)</sup> | 3283 | 72718 |
|  Avid Bioservices, Inc.<sup>(b)(c)</sup> | 4553 | 77128 |
|  BioLife Solutions, Inc.<sup>(b)(c)</sup> | 3135 | 73735 |
|  Cara Therapeutics, Inc.<sup>(b)(c)</sup> | 7614 | 71572 |
|  Cardiovascular Systems, Inc.<sup>(b)</sup> | 5907 | 85297 |
|  Catalyst Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 5650 | 78366 |
|  Coherus Biosciences, Inc.<sup>(b)(c)</sup> | 7887 | 68617 |
|  Collegium Pharmaceutical, Inc.<sup>(b)</sup> | 4825 | 86561 |
|  Community Health Systems, Inc.<sup>(b)</sup> | 25912 | 74367 |
|  Computer Programs & Systems, Inc.<sup>(b)</sup> | 2797 | 90343 |
|  CONMED Corp.<sup>(c)</sup> | 852 | 67930 |
|  Corcept Therapeutics, Inc.<sup>(b)</sup> | 3219 | 92063 |
|  CorVel Corp.<sup>(b)(c)</sup> | 528 | 86703 |
|  Cross Country Healthcare, Inc.<sup>(b)</sup> | 3137 | 116351 |
|  Cutera, Inc.<sup>(b)(c)</sup> | 1675 | 77000 |
|  Cytokinetics, Inc.<sup>(b)(c)</sup> | 1534 | 66974 |
|  Dynavax Technologies Corp.<sup>(b)(c)</sup> | 7164 | 82028 |
|  Eagle Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2673 | 84119 |
|  Embecta Corp.<sup>(c)</sup> | 2584 | 79897 |
|  Emergent BioSolutions, Inc.<sup>(b)</sup> | 3328 | 69422 |
|  Enanta Pharmaceuticals, Inc.<sup>(b)</sup> | 1306 | 58914 |
|  Enhabit, Inc.<sup>(b)</sup> | 5089 | 63205 |
|  Ensign Group, Inc.(The) | 959 | 86099 |
|  Fulgent Genetics, Inc.<sup>(b)(c)</sup> | 1885 | 74703 |
|  Glaukos Corp.<sup>(b)(c)</sup> | 1483 | 83152 |
|  Harmony Biosciences Holdings, Inc.<sup>(b)(c)</sup> | 1776 | 92352 |
|  HealthStream, Inc.<sup>(b)</sup> | 3714 | 91736 |
|  Heska Corp.<sup>(b)(c)</sup> | 913 | 65517 |
|  Innoviva, Inc.<sup>(b)(c)</sup> | 6325 | 85767 |
|  Inogen, Inc.<sup>(b)(c)</sup> | 3046 | 69022 |
|  Integer Holdings Corp.<sup>(b)</sup> | 1286 | 80156 |
|  Ironwood Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 7588 | 83013 |
|  iTeos Therapeutics, Inc.<sup>(b)(c)</sup> | 3783 | 73693 |
|  Joint Corp.(The)<sup>(b)</sup> | 4319 | 71350 |
|  LeMaitre Vascular, Inc.<sup>(c)</sup> | 1624 | 70482 |
|  Ligand Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 871 | 76343 |
|  Meridian Bioscience, Inc.<sup>(b)</sup> | 2608 | 83378 |
|  Merit Medical Systems, Inc.<sup>(b)</sup> | 1359 | 93458 |
|  Mesa Laboratories, Inc.<sup>(c)</sup> | 501 | 66237 |
|  ModivCare, Inc.<sup>(b)</sup> | 749 | 72833 |
|  Myriad Genetics, Inc.<sup>(b)</sup> | 3661 | 75929 |
|  Nektar Therapeutics<sup>(b)(c)</sup> | 22952 | 86300 |
|  NeoGenomics, Inc.<sup>(b)</sup> | 7986 | 60734 |
|  NextGen Healthcare, Inc.<sup>(b)</sup> | 4928 | 98757 |
|  OptimizeRx Corp.<sup>(b)(c)</sup> | 5221 | 80482 |
|  OraSure Technologies, Inc.<sup>(b)(c)</sup> | 20110 | 87680 |
|  Organogenesis Holdings, Inc.<sup>(b)(c)</sup> | 22552 | 73971 |
|  Orthofix Medical, Inc.<sup>(b)</sup> | 3894 | 62538 |
|  Owens & Minor, Inc.<sup>(c)</sup> | 2959 | 50303 |
|  Pacira BioSciences, Inc.<sup>(b)(c)</sup> | 1498 | 77536 |
|  Pediatrix Medical Group, Inc.<sup>(b)(c)</sup> | 4597 | 89182 |
|  Pennant Group, Inc.(The)<sup>(b)</sup> | 5510 | 67828 |
|  Phibro Animal Health Corp., Class A | 5531 | 81250 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**41**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**41**  |

---

------

**Invesco S&P SmallCap 600<sup>®</sup> Equal Weight ETF (EWSC)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
|  Prestige Consumer Healthcare, Inc.<sup>(b)</sup> | 1605 | $| 87440 |
|  RadNet, Inc.<sup>(b)(c)</sup> | 3875 |  | 74090 |
|  REGENXBIO, Inc.<sup>(b)(c)</sup> | 2891 |  | 68430 |
|  Select Medical Holdings Corp. | 3135 |  | 80507 |
|  Simulations Plus, Inc. | 1394 |  | 57851 |
|  Supernus Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2409 |  | 82556 |
|  SurModics, Inc.<sup>(b)</sup> | 2532 |  | 86442 |
|  uniQure N.V. (Netherlands)<sup>(b)</sup> | 4071 |  | 75802 |
|  US Physical Therapy, Inc.<sup>(c)</sup> | 1073 |  | 95282 |
|  Vanda Pharmaceuticals, Inc.<sup>(b)</sup> | 8133 |  | 85153 |
|  Varex Imaging Corp.<sup>(b)(c)</sup> | 3815 |  | 84350 |
|  Vericel Corp.<sup>(b)(c)</sup> | 3207 |  | 86204 |
|  Vir Biotechnology, Inc.<sup>(b)(c)</sup> | 3730 |  | 81985 |
|  Xencor, Inc.<sup>(b)(c)</sup> | 3231 |  | 90468 |
|  Zimvie, Inc.<sup>(b)(c)</sup> | 5546 |  | 48638 |
|  Zynex, Inc.<sup>(c)</sup> | 8885 |  | 101289 |
|  |  |  | 6311019 |
|  **Industrials-15.19%** | **Industrials-15.19%** | **Industrials-15.19%** | **Industrials-15.19%** |
|  3D Systems Corp.<sup>(b)(c)</sup> | 8255 |  | 72892 |
|  AAON, Inc.<sup>(c)</sup> | 1454 |  | 93768 |
|  AAR Corp.<sup>(b)</sup> | 1944 |  | 86158 |
|  ABM Industries, Inc. | 1814 |  | 80741 |
|  Aerojet Rocketdyne Holdings, Inc.<sup>(b)</sup> | 1835 |  | 88906 |
|  AeroVironment, Inc.<sup>(b)(c)</sup> | 834 |  | 76311 |
|  Alamo Group, Inc. | 634 |  | 96419 |
|  Albany International Corp., Class A | 973 |  | 89146 |
|  Allegiant Travel Co.<sup>(b)</sup> | 836 |  | 62742 |
|  American Woodmark Corp.<sup>(b)</sup> | 1582 |  | 71744 |
|  Apogee Enterprises, Inc. | 2032 |  | 93228 |
|  Applied Industrial Technologies, Inc. | 768 |  | 95524 |
|  ArcBest Corp.<sup>(c)</sup> | 1114 |  | 88485 |
|  Arcosa, Inc. | 1414 |  | 90779 |
|  Astec Industries, Inc. | 2098 |  | 91578 |
|  Atlas Air Worldwide Holdings, Inc.<sup>(b)</sup> | 837 |  | 84654 |
|  AZZ, Inc. | 1968 |  | 79114 |
|  Barnes Group, Inc. | 2564 |  | 90689 |
|  Boise Cascade Co. | 1317 |  | 87936 |
|  Brady Corp., Class A | 1869 |  | 85507 |
|  CIRCOR International, Inc.<sup>(b)(c)</sup> | 4778 |  | 98761 |
|  Comfort Systems USA, Inc. | 826 |  | 101829 |
|  CoreCivic, Inc.<sup>(b)</sup> | 8631 |  | 90367 |
|  Deluxe Corp. | 4397 |  | 80817 |
|  DXP Enterprises, Inc.<sup>(b)</sup> | 3147 |  | 90036 |
|  Encore Wire Corp.<sup>(c)</sup> | 656 |  | 90259 |
|  Enerpac Tool Group Corp. | 4313 |  | 109593 |
|  EnPro Industries, Inc. | 912 |  | 97128 |
|  ESCO Technologies, Inc. | 1008 |  | 86859 |
|  Exponent, Inc. | 887 |  | 84496 |
|  Federal Signal Corp. | 2054 |  | 95819 |
|  Forrester Research, Inc.<sup>(b)</sup> | 2053 |  | 86883 |
|  Forward Air Corp. | 852 |  | 90201 |
|  Franklin Electric Co., Inc. | 943 |  | 77269 |
|  GEO Group, Inc.(The)<sup>(b)(c)</sup> | 9901 |  | 83762 |
|  Gibraltar Industries, Inc.<sup>(b)</sup> | 1991 |  | 101700 |
|  GMS, Inc.<sup>(b)</sup> | 1833 |  | 86518 |
|  Granite Construction, Inc. | 2785 |  | 93938 |
|  Greenbrier Cos., Inc.(The) | 2854 |  | 100775 |
|  Griffon Corp. | 2427 |  | 78004 |
|  Harsco Corp.<sup>(b)(c)</sup> | 14083 |  | 74499 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
|  Hawaiian Holdings, Inc.<sup>(b)(c)</sup> | 5326 | $| 76854 |
|  Healthcare Services Group, Inc. | 6004 |  | 83816 |
|  Heartland Express, Inc. | 5658 |  | 84191 |
|  Heidrick & Struggles International, Inc. | 3038 |  | 85550 |
|  Hillenbrand, Inc. | 2043 |  | 90260 |
|  HNI Corp.<sup>(c)</sup> | 2580 |  | 74794 |
|  Hub Group, Inc., Class A<sup>(b)(c)</sup> | 1060 |  | 82256 |
|  Insteel Industries, Inc. | 2863 |  | 75440 |
|  Interface, Inc. | 7902 |  | 89372 |
|  John Bean Technologies Corp.<sup>(c)</sup> | 814 |  | 74237 |
|  Kaman Corp. | 2547 |  | 81759 |
|  KAR Auction Services, Inc.<sup>(b)(c)</sup> | 6110 |  | 88778 |
|  Kelly Services, Inc., Class A | 5462 |  | 89249 |
|  Korn Ferry | 1607 |  | 89333 |
|  Lindsay Corp. | 521 |  | 88205 |
|  Marten Transport Ltd. | 4361 |  | 81856 |
|  Matson, Inc. | 1122 |  | 82557 |
|  Matthews International Corp., Class A<sup>(c)</sup> | 3310 |  | 88973 |
|  MillerKnoll, Inc. | 4724 |  | 100054 |
|  Moog, Inc., Class A | 1071 |  | 90767 |
|  Mueller Industries, Inc.<sup>(c)</sup> | 1333 |  | 83499 |
|  MYR Group, Inc.<sup>(b)</sup> | 907 |  | 79372 |
|  National Presto Industries, Inc. | 1258 |  | 88676 |
|  NOW, Inc.<sup>(b)</sup> | 7215 |  | 91847 |
|  NV5 Global, Inc.<sup>(b)(c)</sup> | 589 |  | 85375 |
|  Park Aerospace Corp. | 7471 |  | 92939 |
|  PGT Innovations, Inc.<sup>(b)</sup> | 3935 |  | 83855 |
|  Pitney Bowes, Inc. | 27802 |  | 86464 |
|  Powell Industries, Inc. | 3560 |  | 87825 |
|  Proto Labs, Inc.<sup>(b)(c)</sup> | 2089 |  | 79779 |
|  Quanex Building Products Corp. | 3933 |  | 87155 |
|  Resideo Technologies, Inc.<sup>(b)</sup> | 3837 |  | 90630 |
|  Resources Connection, Inc. | 4280 |  | 78196 |
|  SkyWest, Inc.<sup>(b)</sup> | 4142 |  | 73230 |
|  SPX Technologies, Inc.<sup>(b)</sup> | 1410 |  | 92834 |
|  Standex International Corp. | 952 |  | 94296 |
|  Sun Country Airlines Holdings, Inc.<sup>(b)(c)</sup> | 4310 |  | 70167 |
|  Tennant Co. | 1362 |  | 79336 |
|  Titan International, Inc.<sup>(b)</sup> | 6105 |  | 91331 |
|  Trinity Industries, Inc.<sup>(c)</sup> | 3440 |  | 98143 |
|  Triumph Group, Inc.<sup>(b)</sup> | 6835 |  | 61857 |
|  TrueBlue, Inc.<sup>(b)</sup> | 4086 |  | 80331 |
|  UFP Industries, Inc. | 1074 |  | 76501 |
|  UniFirst Corp. | 471 |  | 86669 |
|  Veritiv Corp.<sup>(b)</sup> | 698 |  | 81149 |
|  Viad Corp.<sup>(b)</sup> | 2175 |  | 81084 |
|  Wabash National Corp. | 5384 |  | 116564 |
|  |  |  | 7603239 |
|  **Information Technology-11.47%** | **Information Technology-11.47%** | **Information Technology-11.47%** | **Information Technology-11.47%** |
|  8x8, Inc.<sup>(b)(c)</sup> | 17700 |  | 74871 |
|  A10 Networks, Inc. | 6130 |  | 102984 |
|  Adeia, Inc. | 10177 |  | 113779 |
|  ADTRAN Holdings, Inc. | 4165 |  | 93546 |
|  Advanced Energy Industries, Inc.<sup>(c)</sup> | 943 |  | 74167 |
|  Agilysys, Inc.<sup>(b)</sup> | 1682 |  | 107934 |
|  Alarm.com Holdings, Inc.<sup>(b)(c)</sup> | 1179 |  | 69372 |
|  Alpha & Omega Semiconductor Ltd.<sup>(b)(c)</sup> | 2345 |  | 76799 |
|  Arlo Technologies, Inc.<sup>(b)</sup> | 14719 |  | 75803 |
|  Avid Technology, Inc.<sup>(b)(c)</sup> | 3289 |  | 90415 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**42**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**42**  |

---

------

**Invesco S&P SmallCap 600<sup>®</sup> Equal Weight ETF (EWSC)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
|  Axcelis Technologies, Inc.<sup>(b)</sup> | 1272 | $73776 |
|  Badger Meter, Inc. | 860 | 96733 |
|  Benchmark Electronics, Inc. | 3138 | 89088 |
|  Cerence, Inc.<sup>(b)(c)</sup> | 4317 | 74252 |
|  CEVA, Inc.<sup>(b)(c)</sup> | 2888 | 79882 |
|  Clearfield, Inc.<sup>(b)</sup> | 830 | 100820 |
|  Cohu, Inc.<sup>(b)(c)</sup> | 2961 | 97476 |
|  Comtech Telecommunications Corp. | 6846 | 75648 |
|  Consensus Cloud Solutions, Inc.<sup>(b)</sup> | 1731 | 97178 |
|  Corsair Gaming, Inc.<sup>(b)(c)</sup> | 5609 | 77404 |
|  CSG Systems International, Inc. | 1476 | 95453 |
|  CTS Corp.<sup>(c)</sup> | 1965 | 77657 |
|  Diebold Nixdorf, Inc.<sup>(b)</sup> | 27272 | 67907 |
|  Digi International, Inc.<sup>(b)(c)</sup> | 2366 | 95421 |
|  Digital Turbine, Inc.<sup>(b)(c)</sup> | 4423 | 64576 |
|  Diodes, Inc.<sup>(b)</sup> | 1198 | 85861 |
|  Ebix, Inc. | 3527 | 69799 |
|  ePlus, Inc.<sup>(b)</sup> | 1786 | 87014 |
|  EVERTEC, Inc. | 2411 | 86338 |
|  Extreme Networks, Inc.<sup>(b)</sup> | 5885 | 105577 |
|  Fabrinet (Thailand)<sup>(b)</sup> | 820 | 93808 |
|  FARO Technologies, Inc.<sup>(b)</sup> | 2414 | 70513 |
|  FormFactor, Inc.<sup>(b)(c)</sup> | 2924 | 59094 |
|  Harmonic, Inc.<sup>(b)</sup> | 7602 | 117451 |
|  Ichor Holdings Ltd.<sup>(b)</sup> | 2811 | 71512 |
|  Insight Enterprises, Inc.<sup>(b)(c)</sup> | 974 | 92053 |
|  InterDigital, Inc. | 1749 | 87223 |
|  Itron, Inc.<sup>(b)</sup> | 1649 | 80620 |
|  Knowles Corp.<sup>(b)</sup> | 5907 | 81221 |
|  Kulicke & Soffa Industries, Inc.(Singapore) | 1969 | 82580 |
|  LivePerson, Inc.<sup>(b)(c)</sup> | 6779 | 71654 |
|  LiveRamp Holdings, Inc.<sup>(b)</sup> | 4082 | 74945 |
|  MaxLinear, Inc.<sup>(b)</sup> | 2209 | 68214 |
|  Methode Electronics, Inc. | 2098 | 86501 |
|  NETGEAR, Inc.<sup>(b)</sup> | 3669 | 72096 |
|  NetScout Systems, Inc.<sup>(b)(c)</sup> | 2722 | 97774 |
|  OneSpan, Inc.<sup>(b)</sup> | 7763 | 85315 |
|  Onto Innovation, Inc.<sup>(b)</sup> | 1171 | 78270 |
|  OSI Systems, Inc.<sup>(b)</sup> | 1053 | 86535 |
|  Payoneer Global, Inc.<sup>(b)</sup> | 8976 | 69564 |
|  PC Connection, Inc. | 1739 | 92410 |
|  PDF Solutions, Inc.<sup>(b)</sup> | 3175 | 74866 |
|  Perficient, Inc.<sup>(b)</sup> | 1110 | 74337 |
|  Photronics, Inc.<sup>(b)</sup> | 5249 | 85139 |
|  Plexus Corp.<sup>(b)</sup> | 896 | 88166 |
|  Progress Software Corp.<sup>(c)</sup> | 1771 | 90374 |
|  Rambus, Inc.<sup>(b)(c)</sup> | 3275 | 98774 |
|  Rogers Corp.<sup>(b)</sup> | 335 | 78836 |
|  Sanmina Corp.<sup>(b)</sup> | 1715 | 96126 |
|  ScanSource, Inc.<sup>(b)</sup> | 2886 | 89408 |
|  SMART Global Holdings, Inc.<sup>(b)(c)</sup> | 4605 | 62306 |
|  SPS Commerce, Inc.<sup>(b)</sup> | 667 | 84389 |
|  TTEC Holdings, Inc. | 1579 | 70218 |
|  TTM Technologies, Inc.<sup>(b)</sup> | 5395 | 82597 |
|  Ultra Clean Holdings, Inc.<sup>(b)</sup> | 2805 | 87264 |
|  Unisys Corp.<sup>(b)</sup> | 9485 | 80622 |
|  Veeco Instruments, Inc.<sup>(b)(c)</sup> | 3993 | 72792 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
|  Viavi Solutions, Inc.<sup>(b)</sup> | 5837 | $| 88139 |
|  Xperi, Inc.<sup>(b)</sup> | 3048 |  | 42581 |
|  |  |  | 5743817 |
|  **Materials-5.64%** | **Materials-5.64%** | **Materials-5.64%** | **Materials-5.64%** |
|  AdvanSix, Inc. | 2306 |  | 83892 |
|  American Vanguard Corp. | 4139 |  | 96315 |
|  Arconic Corp.<sup>(b)(c)</sup> | 3143 |  | 65249 |
|  ATI, Inc.<sup>(b)(c)</sup> | 2682 |  | 79816 |
|  Balchem Corp. | 627 |  | 87655 |
|  Carpenter Technology Corp. | 2326 |  | 86992 |
|  Century Aluminum Co.<sup>(b)(c)</sup> | 10080 |  | 72677 |
|  Clearwater Paper Corp.<sup>(b)</sup> | 1973 |  | 87759 |
|  Compass Minerals International, Inc.<sup>(c)</sup> | 2090 |  | 82639 |
|  FutureFuel Corp. | 12531 |  | 85712 |
|  H.B. Fuller Co. | 1242 |  | 86580 |
|  Hawkins, Inc. | 2192 |  | 98706 |
|  Haynes International, Inc.<sup>(c)</sup> | 2058 |  | 100657 |
|  Innospec, Inc.<sup>(c)</sup> | 924 |  | 92391 |
|  Kaiser Aluminum Corp. | 1081 |  | 87334 |
|  Koppers Holdings, Inc. | 3620 |  | 90355 |
|  Livent Corp.<sup>(b)(c)</sup> | 2422 |  | 76463 |
|  Materion Corp.<sup>(c)</sup> | 988 |  | 84681 |
|  Mativ Holdings, Inc., Class A<sup>(c)</sup> | 3346 |  | 79434 |
|  Mercer International, Inc. (Germany) | 5869 |  | 78762 |
|  Minerals Technologies, Inc. | 1337 |  | 73548 |
|  Myers Industries, Inc. | 4453 |  | 90351 |
|  O-I Glass, Inc.<sup>(b)</sup> | 5822 |  | 94957 |
|  Olympic Steel, Inc. | 3067 |  | 83453 |
|  Quaker Chemical Corp.<sup>(c)</sup> | 474 |  | 77091 |
|  Rayonier Advanced Materials, Inc.<sup>(b)(c)</sup> | 17969 |  | 81759 |
|  Stepan Co.<sup>(c)</sup> | 822 |  | 85850 |
|  SunCoke Energy, Inc. | 12475 |  | 90568 |
|  Sylvamo Corp. | 2184 |  | 105203 |
|  TimkenSteel Corp.<sup>(b)(c)</sup> | 5143 |  | 89694 |
|  Tredegar Corp. | 8117 |  | 88394 |
|  Trinseo PLC<sup>(c)</sup> | 3090 |  | 58154 |
|  Warrior Met Coal, Inc. | 2674 |  | 99312 |
|  |  |  | 2822403 |
|  **Real Estate-7.91%** | **Real Estate-7.91%** | **Real Estate-7.91%** | **Real Estate-7.91%** |
|  Acadia Realty Trust | 5071 |  | 70842 |
|  Agree Realty Corp. | 1116 |  | 76669 |
|  Alexander & Baldwin, Inc. | 4465 |  | 86978 |
|  American Assets Trust, Inc. | 2983 |  | 81973 |
|  Anywhere Real Estate, Inc.<sup>(b)(c)</sup> | 8370 |  | 62189 |
|  Armada Hoffler Properties, Inc. | 6371 |  | 74477 |
|  Brandywine Realty Trust | 9947 |  | 65252 |
|  CareTrust REIT, Inc. | 3954 |  | 73861 |
|  Centerspace<sup>(c)</sup> | 1068 |  | 74012 |
|  Chatham Lodging Trust<sup>(b)</sup> | 6614 |  | 85784 |
|  Community Healthcare Trust, Inc. | 2240 |  | 77504 |
|  DiamondRock Hospitality Co. | 9101 |  | 85003 |
|  Diversified Healthcare Trust | 59809 |  | 81340 |
|  Douglas Elliman, Inc. | 17172 |  | 79335 |
|  Easterly Government Properties, Inc.<sup>(c)</sup> | 4566 |  | 79403 |
|  Elme Communities | 4092 |  | 78116 |
|  Essential Properties Realty Trust, Inc. | 3711 |  | 79861 |
|  Four Corners Property Trust, Inc.<sup>(c)</sup> | 3143 |  | 80524 |
|  Franklin Street Properties Corp. | 27180 |  | 78278 |
|  Getty Realty Corp.<sup>(c)</sup> | 2762 |  | 86975 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**43**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**43**  |

---

------

**Invesco S&P SmallCap 600<sup>®</sup> Equal Weight ETF (EWSC)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
|  Global Net Lease, Inc. | 6150 | $75337 |
|  Hersha Hospitality Trust, Class A | 8016 | 73346 |
|  Hudson Pacific Properties, Inc. | 5912 | 65268 |
|  Industrial Logistics Properties Trust | 11792 | 55187 |
|  Innovative Industrial Properties, Inc.<sup>(c)</sup> | 881 | 95236 |
|  iStar, Inc. | 6033 | 63226 |
|  LTC Properties, Inc. | 1884 | 72854 |
|  LXP Industrial Trust<sup>(c)</sup> | 7994 | 77382 |
|  Marcus & Millichap, Inc.<sup>(c)</sup> | 2183 | 80422 |
|  NexPoint Residential Trust, Inc. | 1546 | 70498 |
|  Office Properties Income Trust | 4632 | 70870 |
|  Orion Office REIT, Inc.<sup>(c)</sup> | 7910 | 74117 |
|  Outfront Media, Inc.<sup>(c)</sup> | 4245 | 76622 |
|  RE/MAX Holdings, Inc., Class A | 3711 | 72216 |
|  Retail Opportunity Investments Corp. | 4850 | 70228 |
|  RPT Realty, (Acquired 04/11/2018 -<br>09/16/2022; Cost $106,708)<sup>(c)(d)</sup> | 8594 | 79924 |
|  Safehold, Inc.<sup>(c)</sup> | 2101 | 61454 |
|  Saul Centers, Inc. | 1924 | 78788 |
|  Service Properties Trust | 11988 | 97223 |
|  SITE Centers Corp. | 6214 | 76929 |
|  St. Joe Co. (The) | 2186 | 77669 |
|  Summit Hotel Properties, Inc. | 10306 | 89044 |
|  Sunstone Hotel Investors, Inc.<sup>(c)</sup> | 7413 | 82655 |
|  Tanger Factory Outlet Centers, Inc. | 5312 | 95669 |
|  Uniti Group, Inc.<sup>(c)</sup> | 8720 | 67667 |
|  Universal Health Realty Income Trust<sup>(c)</sup> | 1646 | 80111 |
|  Urban Edge Properties | 5088 | 71843 |
|  Urstadt Biddle Properties, Inc., Class A<sup>(c)</sup> | 5025 | 94168 |
|  Veris Residential, Inc.<sup>(b)</sup> | 5972 | 94537 |
|  Whitestone REIT | 8223 | 77378 |
|  Xenia Hotels & Resorts, Inc. | 5045 | 86169 |
|  |  | 3962413 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Utilities-1.36%** | **Utilities-1.36%** | **Utilities-1.36%** |
|  American States Water Co. | 989 | $89465 |
|  Avista Corp. | 2029 | 83250 |
|  California Water Service Group | 1423 | 88311 |
|  Chesapeake Utilities Corp. | 654 | 81344 |
|  Middlesex Water Co. | 947 | 84728 |
|  Northwest Natural Holding Co. | 1719 | 82667 |
|  South Jersey Industries, Inc.<sup>(c)</sup> | 2433 | 84352 |
|  Unitil Corp. | 1625 | 85654 |
|  |  | 679771 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral<br>from securities on loan)-99.97%<br>(Cost $60,111,195) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral<br>from securities on loan)-99.97%<br>(Cost $60,111,195) | 50052848 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-31.28%** | **Money Market Funds-31.28%** | **Money Market Funds-31.28%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(f)(g)(h)</sup> | 4403984 | 4403984 |
|  Invesco Private Prime Fund, 3.28%<sup>(f)(g)(h)</sup> | 11255350 | 11255350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $15,659,909) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $15,659,909) | 15659334 |
|  TOTAL INVESTMENTS IN SECURITIES-131.25%<br>(Cost $75,771,104) | TOTAL INVESTMENTS IN SECURITIES-131.25%<br>(Cost $75,771,104) | 65712182 |
|  OTHER ASSETS LESS LIABILITIES-(31.25)% | OTHER ASSETS LESS LIABILITIES-(31.25)% | (15646580) |
|  NET ASSETS-100.00% | NET ASSETS-100.00% | $50065602 |

---

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> Restricted security. The aggregate value of these securities at October 31, 2022 was $161,604, which represented less than 1% of the Fund's Net Assets. 

<sup>(e)</sup> 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 October 31, 2022 represented less than 1% of the Fund's Net Assets. 

<sup>(f)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; Invesco Mortgage Capital, Inc. | $85792 | $34659 | $(35439) | $(15782) | $(7413) | $61817 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8678 |
| &nbsp;&nbsp; **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency Portfolio, Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25492 | 1254462 | (1279954) |  |  |  | 289 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**44**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**44**  |

---

------

**Invesco S&P SmallCap 600<sup>®</sup> Equal Weight ETF (EWSC)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| &nbsp;&nbsp; **Investments Purchased with Cash**<br> **Collateral from Securities on**<br> **Loan:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government Fund | $5207827 | $9905258 | $(10709101) | $- | $- | $4403984 | $37832 \* |
| &nbsp;&nbsp; Invesco Private Prime Fund | 12146569 | 21523792 | (22414765) | (1724) | 1478 | 11255350 | 102672 \* |
| &nbsp;&nbsp; Total | $17465680 | $32718171 | $(34439259) | $(17506) | $(5935) | $15721151 | $149471 |

---

\* 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.

<sup>(g)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(h)</sup> 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.

 **Portfolio Composition** 

 **Sector Breakdown (% of the Fund's Net Assets)** 

 **as of October 31, 2022** 

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; Financials | 18.00 |
| &nbsp;&nbsp; Industrials | 15.19 |
| &nbsp;&nbsp; Consumer Discretionary | 15.04 |
| &nbsp;&nbsp; Health Care | 12.61 |
| &nbsp;&nbsp; Information Technology | 11.47 |
| &nbsp;&nbsp; Real Estate | 7.91 |
| &nbsp;&nbsp; Materials | 5.64 |
| &nbsp;&nbsp; Energy | 5.12 |
| &nbsp;&nbsp; Consumer Staples | 4.81 |
| &nbsp;&nbsp; Sector Types Each Less Than 3% | 4.18 |
| &nbsp;&nbsp; Money Market Funds Plus Other Assets<br>Less Liabilities | 0.03 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**45**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**45**  |

---

------

**Statements of Assets and Liabilities** 

October 31, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P 500<sup>®</sup><br>Equal Weight**<br> **ETF (RSP)** | **Invesco S&P 500<sup>®</sup><br>Equal Weight<br>Communication Services<br>ETF (EWCO)** | **Invesco S&P 500<sup>®</sup><br>Equal Weight<br>Consumer Discretionary<br>ETF (RCD)** | **Invesco S&P 500<sup>®</sup><br>Equal Weight<br>Consumer Staples<br>ETF (RHS)** |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments in securities, at value<sup>(a)</sup>  | $30811146166 | $30838364 | $355050685 | $658475157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments in securities, at value | 1830187296 | 4035659 | 35819873 | 32905626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 82448601 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 21528229 | 47377 | 144414 | 680115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending | 195492 | 193 | 3719 | 1866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 20880331 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 108860838 |  |  | 3362821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | 32875246953 | 34921593 | 391018691 | 695425585 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian |  |  | 55052 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 189849813 | 1905236 |  | 3359757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 1771953232 | 2167070 | 35819547 | 32744544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares repurchased | 21031236 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued unitary management fees | 4884130 | 10165 | 103444 | 206365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | 1987718411 | 4082471 | 35978043 | 36310666 |
|  **Net Assets** | $30887528542 | $30839122 | $355040648 | $659114919 |
|  **Net assets consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest | $34316615261 | $46949021 | $516149372 | $676063254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (3429086719) | (16109899) | (161108724) | (16948335) |
|  **Net Assets** | $30887528542 | $30839122 | $355040648 | $659114919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited amount authorized, $0.01 par value) | 221312663 | 1190001 | 3070000 | 3920000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $139.57 | $25.92 | $115.65 | $168.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price | $139.61 | $25.92 | $115.66 | $168.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments in securities, at cost | $31923889380 | $42925311 | $439828669 | $619557048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments in securities, at cost | $1853484694 | $4035716 | $35819547 | $32903659 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(a)</sup>Includes securities on loan with an aggregate value of: | $1725068668 | $2089076 | $35514634 | $32064157 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**46**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**46**  |

---

------

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Invesco S&P 500<sup>®</sup><br>Equal Weight<br>Energy**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ETF (RYE)**  | **Invesco S&P 500<sup>®</sup><br>Equal Weight<br>Financials**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ETF (RYF)**  | **Invesco S&P 500<sup>®</sup><br>Equal Weight**<br> **Health Care**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ETF (RYH)**  | **Invesco S&P 500<sup>®</sup><br>Equal Weight<br>Industrials**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ETF (RGI)**  | **Invesco S&P 500<sup>®</sup><br>Equal Weight<br>Materials**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ETF (RTM)**  | **Invesco S&P 500<sup>®</sup><br>Equal Weight**<br> **Real Estate**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ETF (EWRE)**  | **Invesco S&P 500<sup>®</sup><br>Equal Weight<br>Technology**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ETF (RYT)**  |
| $587196922 | $407581693 | $928775466 | $313724758 | $344501867 | $104589436 | $1974874921 |
| 43395364 | 13242940 | 32364554 | 19700488 | 25509728 | 3620783 | 157715174 |
|  |  |  |  |  |  | 4452 |
| 954969 | 374992 | 440962 | 154734 | 282494 | 14330 | 356095 |
| 3881 | 799 | 1985 | 1403 | 2179 | 925 | 9621 |
|  | 14164592 |  |  |  | 8299429 |  |
| 4498547 |  |  |  |  |  |  |
| 636049683 | 435365016 | 961582967 | 333581383 | 370296268 | 116524903 | 2132960263 |
| 310059 | 59222 |  | 74084 | 1343 |  |  |
| 4497965 | 8122801 |  |  |  |  |  |
| 43392257 | 7760024 | 31964463 | 19626791 | 25415217 | 3536962 | 156259582 |
|  | 6253468 |  |  |  | 8316283 |  |
| 177063 | 135459 | 300074 | 101607 | 116215 | 37337 | 634412 |
| 48377344 | 22330974 | 32264537 | 19802482 | 25532775 | 11890582 | 156893994 |
| $587672339 | $413034042 | $929318430 | $313778901 | $344763493 | $104634321 | $1976066269 |
| $587368836 | $470195140 | $939756638 | $373416527 | $421793111 | $140015354 | $2218093978 |
| 303503 | (57161098) | (10438208) | (59637626) | (77029618) | (35381033) | (242027709) |
| $587672339 | $413034042 | $929318430 | $313778901 | $344763493 | $104634321 | $1976066269 |
| 7760005 | 7300000 | 3370000 | 1800000 | 2240000 | 3400000 | 8080000 |
| $75.73 | $56.58 | $275.76 | $174.32 | $153.91 | $30.77 | $244.56 |
| $75.84 | $56.62 | $275.76 | $174.39 | $153.92 | $30.80 | $244.51 |
| $478179405 | $432025367 | $849160540 | $338404357 | $409273874 | $133881449 | $2105447111 |
| $43392257 | $15826344 | $32363883 | $19699718 | $25509890 | $3620533 | $157708844 |
| $43540548 | $7444435 | $30931516 | $19120663 | $24624644 | $3463041 | $150124376 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**47**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**47**  |

---

------

**Statements of Assets and Liabilities–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco S&P 500<sup>®</sup><br>Equal Weight<br>Utilities**<br> **ETF (RYU)** | **Invesco S&P<br>MidCap 400<sup>®</sup><br>Equal Weight**<br> **ETF (EWMC)** | **Invesco S&P<br>SmallCap 600<sup>®</sup><br>Equal Weight<br>ETF (EWSC)** |
|  **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments in securities, at value<sup>(a)</sup>  | $390514691 | $116945834 | $49991031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments in securities, at value | 17710004 | 35283408 | 15721151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 585847 | 45046 | 34906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending | 1824 | 4615 | 1943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 2212443 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | 411024809 | 152278903 | 65749031 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 1972 |  | 7647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 17685186 | 35187052 | 15659909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares repurchased | 2215231 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued unitary management fees | 134144 | 37331 | 15873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | 20036533 | 35224383 | 15683429 |
|  **Net Assets** | $390988276 | $117054520 | $50065602 |
|  **Net assets consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest | $428827733 | $146137027 | $85587013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (37839457) | (29082507) | (35521411) |
|  **Net Assets** | $390988276 | $117054520 | $50065602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited amount authorized, $0.01 par value) | 3530000 | 1400000 | 700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $110.76 | $83.61 | $71.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price | $110.77 | $83.67 | $71.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments in securities, at cost | $402682493 | $117773711 | $59980344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments in securities, at cost | $17709962 | $35283945 | $15790760 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(a)</sup> Includes securities on loan with an aggregate value of: | $16764927 | $34289180 | $15259447 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**48**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**48**  |

---

------

(This Page Intentionally Left Blank)

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**49**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**49**  |

---

------

**Statements of Operations** 

For the six months ended October 31, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P 500<sup>®</sup><br>Equal Weight**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ETF (RSP)**  | **Invesco S&P 500<sup>®</sup>**<br> **Equal Weight<br>Communication Services<br> ETF (EWCO)**  | **Invesco S&P 500<sup>®</sup>**<br> **Equal Weight<br>Consumer Discretionary<br> ETF (RCD)**  | **Invesco S&P 500<sup>®</sup>**<br> **Equal Weight<br>Consumer Staples<br> ETF (RHS)**  |
|  **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | $303264400 | $279252 | $2301691 | $7748293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 1360679 | 342 | 2329 | 1965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 1042834 | 1700 | 24738 | 11348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax | (89011) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 305578902 | 281294 | 2328758 | 7761606 |
|  **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unitary management fees | 30676354 | 64896 | 653925 | 1229163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 218 |  | 54 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 30676572 | 64896 | 653979 | 1229163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waivers | (5605) | (11) | (132) | (129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 30670967 | 64885 | 653847 | 1229034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 274907935 | 216409 | 1674911 | 6532572 |
|  **Realized and unrealized gain (loss) from:** | **Realized and unrealized gain (loss) from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (614815381) | (1318509) | (26200327) | (7881129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 36680 | 268 | 2298 | 1903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated in-kind redemptions | 669686733 | (269976) | (9499767) | 23691677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated in-kind redemptions | 325218 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 55233250 | (1588217) | (35697796) | 15812451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (1766000424) | (3099308) | (1806630) | (37385064) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (10585509) | (192) | (2652) | 1967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (1776585933) | (3099500) | (1809282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37383097) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1721352683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4687717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37507078) | (21570646) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $(1446444748) | $(4471308) | $(35832167) | $(15038074) |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**50**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**50**  |

---

------

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Invesco S&P 500<sup>®</sup><br>Equal Weight<br>Energy<br> ETF (RYE)**  | **Invesco S&P 500<sup>®</sup><br>Equal Weight<br>Financials<br> ETF (RYF)**  | **Invesco S&P 500<sup>®</sup><br>Equal Weight<br>Health Care<br> ETF (RYH)**  | **Invesco S&P 500<sup>®</sup><br>Equal Weight<br>Industrials<br> ETF (RGI)**  | **Invesco S&P 500<sup>®</sup><br>Equal Weight<br>Materials<br> ETF (RTM)**  | **Invesco S&P 500<sup>®</sup><br>Equal Weight**<br> **Real Estate<br> ETF (EWRE)**  | **Invesco S&P 500<sup>®</sup>**<br> **Equal Weight**<br> **Technology**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ETF (RYT)**  |
| $12735508 | $5050469 | $4690365 | $2616126 | $5889102 | $2408009 | $11298085 |
| 2676 | 139849 | 3804 | 1605 | 2614 | 493 | 6701 |
| 9410 | 4892 | 11224 | 16521 | 11725 | 2125 | 39188 |
|  |  |  |  |  |  | (38509) |
| 12747594 | 5195210 | 4705393 | 2634252 | 5903441 | 2410627 | 11305465 |
| 1086602 | 877769 | 1798561 | 678173 | 875938 | 268317 | 4191361 |
| 1086602 | 877769 | 1798561 | 678173 | 875938 | 268317 | 4191361 |
| (189) | (115) | (239) | (96) | (172) | (31) | (327) |
| 1086413 | 877654 | 1798322 | 678077 | 875766 | 268286 | 4191034 |
| 11661181 | 4317556 | 2907071 | 1956175 | 5027675 | 2142341 | 7114431 |
| (8433923) | (7034348) | (4969415) | (7248952) | (10368398) | (4201859) | (82966334) |
| 7111 | (1215255) | 3109 | (703) | 559 | (442) | 14876 |
| 70527771 | 13098718 | 5803799 | 5168947 | 23229227 | 333006 | 125351829 |
|  | (113090) |  |  |  |  |  |
| 62100959 | 4736025 | 837493 | (2080708) | 12861388 | (3869295) | 42400371 |
| (1190046) | (14364550) | (19149537) | (13529966) | (92548696) | (28598482) | (177258991) |
| 1307 | 132459 | (205) | 770 | (162) | 250 | 703 |
| (1188739) | (14232091) | (19149742) | (13529196) | (92548858) | (28598232) | (177258288) |
| 60912220 | (9496066) | (18312249) | (15609904) | (79687470) | (32467527) | (134857917) |
| $72573401 | $(5178510) | $(15405178) | $(13653729) | $(74659795) | $(30325186) | $(127743486) |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**51**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**51**  |

---

------

**Statements of Operations–(continued)** 

For the six months ended October 31, 2022

*(Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco S&P 500<sup>®</sup><br>Equal Weight**<br> **Utilities**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ETF (RYU)**  | **Invesco S&P**<br> **MidCap 400<sup>®</sup><br>Equal Weight**<br> **ETF (EWMC)**  | **Invesco S&P<br>SmallCap 600<sup>®</sup><br>Equal Weight**<br> &nbsp;&nbsp;&nbsp;&nbsp;**ETF (EWSC)**  |
|  **Investment income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | $5846912 | $1071240 | $482959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 2684 | 687 | 8967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 8750 | 39958 | 12675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax |  |  | (294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 5858346 | 1111885 | 504307 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unitary management fees | 794687 | 230263 | 106778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waivers | (175) | (41) | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 794512 | 230222 | 106759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 5063834 | 881663 | 397548 |
|  **Realized and unrealized gain (loss) from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (5047085) | (2225976) | (3295261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 56 | 3142 | (7702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated in-kind redemptions | 8920062 | 2350663 | 335241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated in-kind redemptions |  |  | 1767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3873033 | 127829 | (2965955) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (36252847) | (3474266) | 852134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 42 | (2861) | (17506) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (36252805) | (3477127) | 834628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (32379772) | (3349298) | (2131327) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $(27315938) | $(2467635) | $(1733779) |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**52**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**52**  |

---

------

(This Page Intentionally Left Blank)

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**53**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**53**  |

---

------

**Statements of Changes in Net Assets** 

For the six months ended October 31, 2022 and the year ended April 30, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P 500<sup>®</sup> Equal Weight**<br>**ETF (RSP)** | **Invesco S&P 500<sup>®</sup> Equal Weight**<br>**ETF (RSP)** | **Invesco S&P 500<sup>®</sup> Equal Weight**<br>**Communication Services ETF (EWCO)** | **Invesco S&P 500<sup>®</sup> Equal Weight**<br>**Communication Services ETF (EWCO)** |
|  | **Six Months<br>Ended<br>October 31,**<br>**2022** | **Year Ended**<br>**April 30,**<br>**2022** | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $274907935 | $453441999 | $216409 | $500475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 55233250 | 4032689988 | (1588217) | 4856621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (1776585933) | (4542078666) | (3099500) | (14693249) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (1446444748) | (55946679) | (4471308) | (9336153) |
|  **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (289632370) | (414826419) | (223077) | (492257) |
|  **Shareholder Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 3898299783 | 17287255363 | 4131741 | 38761355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares repurchased | (3589592247) | (11107088517) | (6748765) | (33782369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 308707536 | 6180166846 | (2617024) | 4978986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (1427369582) | 5709393748 | (7311409) | (4849424) |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 32314898124 | 26605504376 | 38150531 | 42999955 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $30887528542 | $32314898124 | $30839122 | $38150531 |
|  **Changes in Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 27840000 | 111570000 | 160000 | 1070000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (25640000) | (72000000) | (240000) | (920000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | 219112663 | 179542663 | 1270001 | 1120001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of period | 221312663 | 219112663 | 1190001 | 1270001 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**54**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**54**  |

---

------

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco S&P 500<sup>®</sup> Equal Weight<br>Consumer Discretionary ETF (RCD)** | **Invesco S&P 500<sup>®</sup> Equal Weight<br>Consumer Discretionary ETF (RCD)** | **Invesco S&P 500<sup>®</sup> Equal Weight<br>Consumer Staples ETF (RHS)** | **Invesco S&P 500<sup>®</sup> Equal Weight<br>Consumer Staples ETF (RHS)** | **Invesco S&P 500<sup>®</sup> Equal Weight<br>Energy ETF (RYE)** | **Invesco S&P 500<sup>®</sup> Equal Weight<br>Energy ETF (RYE)** |
| **Six Months<br>Ended<br>October 31,<br>2022** | **Year Ended<br>April 30,<br>2022** | **Six Months Ended<br>October 31,<br>2022** | **Year Ended<br>April 30,<br> 2022** | **Six Months Ended<br>October 31,<br> 2022** | **Year Ended<br>April 30,<br>2022** |
| $1674911 | $4003929 | $6532572 | $11895707 | $11661181 | $8637669 |
| (35697796) | 108025811 | 15812451 | 23867463 | 62100959 | 30521763 |
| (1809282) | (181527662) | (37383097) | 11129654 | (1188739) | 113000326 |
| (35832167) | (69497922) | (15038074) | 46892824 | 72573401 | 152159758 |
| (1809310) | (3814408) | (7953545) | (9688630) | (9858103) | (7745649) |
| 243183263 | 544817140 | 205648727 | 168265330 | 217965906 | 424900042 |
| (216664645) | (1078796534) | (108169604) | (98015506) | (237193746) | (181594852) |
| 26518618 | (533979394) | 97479123 | 70249824 | (19227840) | 243305190 |
| (11122859) | (607291724) | 74487504 | 107454018 | 43487458 | 387719299 |
| 366163507 | 973455231 | 584627415 | 477173397 | 544184881 | 156465582 |
| $355040648 | $366163507 | $659114919 | $584627415 | $587672339 | $544184881 |
| 2130000 | 3720000 | 1220000 | 990000 | 3100000 | 7790000 |
| (1920000) | (7400000) | (650000) | (600000) | (3610000) | (3360000) |
| 2860000 | 6540000 | 3350000 | 2960000 | 8270005 | 3840005 |
| 3070000 | 2860000 | 3920000 | 3350000 | 7760005 | 8270005 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**55**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**55**  |

---

------

**Statements of Changes in Net Assets–(continued)** 

For the six months ended October 31, 2022 and the year ended April 30, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P 500<sup>®</sup> Equal Weight<br>Financials ETF (RYF)** | **Invesco S&P 500<sup>®</sup> Equal Weight<br>Financials ETF (RYF)** | **Invesco S&P 500<sup>®</sup> Equal Weight<br>Health Care ETF (RYH)** | **Invesco S&P 500<sup>®</sup> Equal Weight<br>Health Care ETF (RYH)** |
|  | **Six Months Ended<br>October 31,<br>2022** | **Year Ended<br>April 30,<br>2022** | **Six Months Ended<br>October 31,<br>2022** | **Year Ended<br>April 30,<br>2022** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $4317556 | $7916082 | $2907071 | $5496570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4736025 | 41006093 | 837493 | 97181308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (14232091) | (72308998) | (19149742) | (100450688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (5178510) | (23386823) | (15405178) | 2227190 |
|  **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (4504345) | (7576669) | (2778298) | (5700199) |
|  **Shareholder Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 43180344 | 291613975 | 65639769 | 347594026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares repurchased | (104114091) | (152900425) | (19447365) | (256351506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (60933747) | 138713550 | 46192404 | 91242520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (70616602) | 107750058 | 28008928 | 87769511 |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 483650644 | 375900586 | 901309502 | 813539991 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $413034042 | $483650644 | $929318430 | $901309502 |
|  **Changes in Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 770000 | 4570000 | 240000 | 1140000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (1870000) | (2470000) | (70000) | (840000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | 8400000 | 6300000 | 3200000 | 2900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of period | 7300000 | 8400000 | 3370000 | 3200000 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**56**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**56**  |

---

------

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco S&P 500<sup>®</sup> Equal Weight<br>Industrials ETF (RGI)** | **Invesco S&P 500<sup>®</sup> Equal Weight<br>Industrials ETF (RGI)** | **Invesco S&P 500<sup>®</sup> Equal Weight<br>Materials ETF (RTM)** | **Invesco S&P 500<sup>®</sup> Equal Weight<br>Materials ETF (RTM)** | **Invesco S&P 500<sup>®</sup> Equal Weight**<br>**Real Estate ETF (EWRE)** | **Invesco S&P 500<sup>®</sup> Equal Weight**<br>**Real Estate ETF (EWRE)** |
| **Six Months<br>Ended<br>October 31,<br>2022** | **Year Ended<br>April 30,<br>2022** | **Six Months<br>Ended<br>October 31,<br>2022** | **Year Ended<br>April 30,<br>2022** | **Six Months Ended<br>October 31,<br>2022** | **Year Ended<br>April 30,<br>2022** |
| $1956175 | $3947344 | $5027675 | $7745959 | $2142341 | $1597672 |
| (2080708) | 86633921 | 12861388 | 109286193 | (3869295) | 7923065 |
| (13529196) | (108913558) | (92548858) | (78942473) | (28598232) | (4181810) |
| (13653729) | (18332293) | (74659795) | 38089679 | (30325186) | 5338927 |
| (1946160) | (3744767) | (4593451) | (7882048) | (2041263) | (2593643) |
| 38282461 | 225497806 | 116104379 | 340502147 | 8883514 | 169321932 |
| (119588788) | (350326361) | (265740673) | (410473194) | (44092861) | (45120196) |
| (81306327) | (124828555) | (149636294) | (69971047) | (35209347) | 124201736 |
| (96906216) | (146905615) | (228889540) | (39763416) | (67575796) | 126947020 |
| 410685117 | 557590732 | 573653033 | 613416449 | 172210117 | 45263097 |
| $313778901 | $410685117 | $344763493 | $573653033 | $104634321 | $172210117 |
| 210000 | 1180000 | 650000 | 1920000 | 260000 | 4340000 |
| (730000) | (1870000) | (1610000) | (2430000) | (1300000) | (1190000) |
| 2320000 | 3010000 | 3200000 | 3710000 | 4440000 | 1290000 |
| 1800000 | 2320000 | 2240000 | 3200000 | 3400000 | 4440000 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**57**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**57**  |

---

------

**Statements of Changes in Net Assets–(continued)** 

For the six months ended October 31, 2022 and the year ended April 30, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P 500<sup>®</sup> Equal Weight<br>Technology ETF (RYT)** | **Invesco S&P 500<sup>®</sup> Equal Weight<br>Technology ETF (RYT)** | **Invesco S&P 500<sup>®</sup> Equal Weight<br>Utilities ETF (RYU)** | **Invesco S&P 500<sup>®</sup> Equal Weight<br>Utilities ETF (RYU)** |
|  | **Six Months Ended<br>October 31,<br>2022** | **Year Ended<br>April 30,<br>2022** | **Six Months Ended<br>October 31,<br>2022** | **Year Ended<br>April 30,<br>2022** |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $7114431 | $14489903 | $5063834 | $5949854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 42400371 | 527227488 | 3873033 | 9214155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (177258288) | (692880474) | (36252805) | 6353473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (127743486) | (151163083) | (27315938) | 21517482 |
|  **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (6454075) | (14410661) | (5100952) | (5695196) |
|  **Shareholder Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 533871941 | 1044687721 | 149543552 | 174240285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares repurchased | (598921969) | (1293818623) | (59471865) | (65285928) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (65050028) | (249130902) | 90071687 | 108954357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (199247589) | (414704646) | 57654797 | 124776643 |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2175313858 | 2590018504 | 333333479 | 208556836 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1976066269 | $2175313858 | $390988276 | $333333479 |
|  **Changes in Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2160000 | 3550000 | 1230000 | 1520000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (2480000) | (4490000) | (550000) | (600000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | 8400000 | 9340000 | 2850000 | 1930000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of period | 8080000 | 8400000 | 3530000 | 2850000 |

---

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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**58**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**58**  |

---

------

 

---

| | | | |
|:---|:---|:---|:---|
| **Invesco S&P MidCap 400<sup>®</sup> Equal Weight**<br>**ETF (EWMC)** | **Invesco S&P MidCap 400<sup>®</sup> Equal Weight**<br>**ETF (EWMC)** | **Invesco S&P SmallCap 600<sup>®</sup> Equal Weight**<br>**ETF (EWSC)** | **Invesco S&P SmallCap 600<sup>®</sup> Equal Weight**<br>**ETF (EWSC)** |
| **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,<br>2022** | **Six Months Ended<br>October 31,**<br>**2022** | **Year Ended<br>April 30,**<br>**2022** |
| $881663 | $1311425 | $397548 | $711476 |
| 127829 | 15936922 | (2965955) | 12295002 |
| (3477127) | (26325234) | 834628 | (20915333) |
| (2467635) | (9076887) | (1733779) | (7908855) |
| <br> (819622)  | (1286646) | (372372) | (665001) |
| <br> 8465892 | 60749853 | 2065063 | 64179090 |
| (11318988) | (41124909) | (11115719) | (52840953) |
| <br> (2853096)  | 19624944 | (9050656) | 11338137 |
| (6140353) | 9261411 | (11156807) | 2764281 |
| <br> 123194873 | 113933462 | 61222409 | 58458128 |
| $117054520 | $123194873 | $50065602 | $61222409 |
| <br> 100000 | 660000 | 30000 | 770000 |
| (140000) | (450000) | (160000) | (660000) |
| 1440000 | 1230000 | 830000 | 720000 |
| 1400000 | 1440000 | 700000 | 830000 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**59**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**59**  |

---

------

**Financial Highlights** 

Invesco S&P 500<sup>®</sup> Equal Weight ETF (RSP)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**October 31,**<br>**2022**<br> **(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Six Months Ended**<br>**April 30,**<br>**2018** | **Year Ended<br>October 31,**<br>**2017** |
|  | **Six Months Ended**<br>**October 31,**<br>**2022**<br> **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **Six Months Ended**<br>**April 30,**<br>**2018** | **Year Ended<br>October 31,**<br>**2017** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $147.48 | $148.18 | $96.17 | $108.20 | $99.87 | $96.58 | $81.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 1.27 | 2.30 | 1.93 | 2.15 | 1.78 | 0.85 | 1.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (7.85) | (0.91) | 52.09 | (11.97) | 8.45 | 3.33 | 14.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (6.58) | 1.39 | 54.02 | (9.82) | 10.23 | 4.18 | 16.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.33) | (2.09) | (2.01) | (2.21) | (1.90) | (0.89) | (1.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $139.57 | $147.48 | $148.18 | $96.17 | $108.20 | $99.87 | $96.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $139.61 | $147.45 | $148.23 | $96.31 | $108.22 | $99.92 |  |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | (4.42)% | 0.88% | 56.72% | (8.98)% | 10.45% | 4.30% | 19.98% |
|  **Market Price Total Return<sup>(c)</sup>**  | (4.40)% | 0.86% | 56.53% | (8.89)% | 10.43% | 4.36% |  |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $30887529 | $32314898 | $26605504 | $10943870 | $16143961 | $14616057 | $14226625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, after Waivers | 0.20 %<sup>(d)</sup> | 0.20% | 0.20% | 0.20% | 0.20% | 0.20 %<sup>(d)</sup> | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to Waivers | 0.20 %<sup>(d)</sup> | 0.20% | 0.20% | 0.20% | 0.20% | 0.20 %<sup>(d)</sup> | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.79 %<sup>(d)</sup> | 1.48% | 1.60% | 2.01% | 1.74% | 1.69 %<sup>(d)</sup> | 1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 11% | 18% | 24% | 19% | 19% | 9% | 21% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b</sup><sup>)</sup> The mean between the last bid and ask prices.

---

| | |
|:---|:---|
| <sup>(c</sup><sup>)</sup> | 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.  |

---

<sup>(d</sup><sup>)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**60**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**60**  |

---

------

**Financial Highlights–(continued)** 

Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF (EWCO)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>October 31, 2022**<br>**(Unaudited)** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | |
|  | **Six Months Ended<br>October 31, 2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **For the Period<br>November 5, 2018<sup>(a)</sup>Through**<br> **April 30,**<br>**2019** |
|  **Per Share Operating Performance:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $30.04 | $38.39 | $22.73 | $25.39 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.19 | 0.41 | 0.41 | 0.41 <sup>(c)</sup> | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (4.11) | (8.37) | 15.60 | (2.64) | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (3.92) | (7.96) | 16.01 | (2.23) | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.20) | (0.39) | (0.35) | (0.40) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.20) | (0.39) | (0.35) | (0.43) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $25.92 | $30.04 | $38.39 | $22.73 | $25.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(d)</sup>  | $25.92 | $30.04 | $38.43 | $22.74 | $25.41 |
|  **Net Asset Value Total Return<sup>(e)</sup>**  | (13.08)% | (20.90)% | 70.90% | (8.89)% | 2.04 %<sup>(f)</sup> |
|  **Market Price Total Return<sup>(e)</sup>**  | (13.08)% | (20.98)% | 71.00% | (8.92)% | 2.12 %<sup>(f)</sup> |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $30839 | $38151 | $43000 | $18180 | $22851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.40 %<sup>(g)</sup> | 0.40% | 0.40% | 0.42 %<sup>(h)</sup> | 0.40 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.33 %<sup>(g)</sup> | 1.13% | 1.36% | 1.65 %<sup>(c)(h)</sup> | 1.42 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(i)</sup>  | 17% | 29% | 20% | 30% | 10% |

---

<sup>(a</sup><sup>)</sup> Commencement of investment operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> 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. 

<sup>(d</sup><sup>)</sup> The mean between the last bid and ask prices.

<sup>(e)</sup> 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. 

---

| | |
|:---|:---|
| <sup>(f</sup><sup>)</sup> | 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%.  |

---

<sup>(g</sup><sup>)</sup> Annualized.

---

| | |
|:---|:---|
| <sup>(h</sup>) | Ratios include non-recurring costs associated with a proxy statement of 0.02%.  |

---

<sup>(i)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**61**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**61**  |

---

------

**Financial Highlights–(continued)** 

Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF (RCD)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | | |
|  | **Six Months Ended<br>October 31,**<br> **2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **Six Months Ended<br>April 30,**<br>**2018** | **Year Ended October 31,**<br>**2017** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $128.03 | $148.85 | $81.71 | $107.85 | $99.15 | $91.21 | $85.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.60 | 0.92 | 0.56 | 1.83 | 1.49 | 0.68 | 1.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (12.37) | (20.78) | 67.17 | (26.05) | 8.80 | 7.98 | 5.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (11.77) | (19.86) | 67.73 | (24.22) | 10.29 | 8.66 | 7.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.61) | (0.96) | (0.59) | (1.92) | (1.59) | (0.72) | (1.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $115.65 | $128.03 | $148.85 | $81.71 | $107.85 | $99.15 | $91.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $115.66 | $127.91 | $148.79 | $81.63 | $107.86 | $99.13 |  |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | (9.17)% | (13.40)% | 83.19% | (22.56)% | 10.58% | 9.49% | 8.32% |
|  **Market Price Total Return<sup>(c)</sup>**  | (9.08)% | (13.44)% | 83.29% | (22.64)% | 10.61% | 9.48% |  |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $355041 | $366164 | $973455 | $49028 | $113239 | $84279 | $72965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.40 %<sup>(d)</sup> | 0.40% | 0.40% | 0.41 %<sup>(e)</sup> | 0.40% | 0.40 %<sup>(d)</sup> | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.02 %<sup>(d)</sup> | 0.62% | 0.45% | 1.80 %<sup>(e)</sup> | 1.45% | 1.38 %<sup>(d)</sup> | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 13% | 21% | 33% | 28% | 30% | 13% | 29% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b</sup><sup>)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Ratios include non-recurring costs associated with a proxy statement of 0.01%. 

<sup>(f</sup><sup>)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**62**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**62**  |

---

------

**Financial Highlights–(continued)** 

Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF (RHS)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | | |
|  | **Six Months Ended<br>October 31,<br>2022**<br> **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **Six Months Ended<br>April 30,**<br>**2018** | **Year Ended October 31,**<br>**2017** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $174.52 | $161.21 | $133.63 | $134.95 | $122.87 | $121.67 | $121.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 1.78 | 4.02 | 2.79 | 3.19 | 2.87 | 1.32 | 2.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (5.99) | 12.63 | 28.05 | (1.34) | 12.30 | 1.14 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (4.21) | 16.65 | 30.84 | 1.85 | 15.17 | 2.46 | 2.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (2.17) | (3.34) | (3.26) | (3.17) | (3.09) | (1.26) | (2.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $168.14 | $174.52 | $161.21 | $133.63 | $134.95 | $122.87 | $121.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $168.25 | $174.50 | $161.11 | $133.58 | $134.97 | $122.84 |  |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | (2.36)% | 10.51% | 23.34% | 1.44% | 12.63% | 1.96% | 1.99% |
|  **Market Price Total Return<sup>(c)</sup>**  | (2.28)% | 10.58% | 23.31% | 1.37% | 12.67% | 1.97% |  |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $659115 | $584627 | $477173 | $481080 | $431837 | $417753 | $444092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.40 %<sup>(d)</sup> | 0.40% | 0.40% | 0.40% | 0.40% | 0.40 %<sup>(d)</sup> | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.13 %<sup>(d)</sup> | 2.46% | 1.91% | 2.32% | 2.27% | 2.06 %<sup>(d)</sup> | 1.86% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 9% | 13% | 14% | 22% | 19% | 9% | 20% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**63**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**63**  |

---

------

**Financial Highlights–(continued)** 

Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF (RYE)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | | |
|  | **Six Months Ended<br>October 31,**<br> **2022**<br> **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **Six Months Ended<br>April 30,**<br> **2018** | **Year Ended October 31,**<br>**2017** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $65.80 | $40.75 | $28.05 | $51.81 | $60.29 | $54.29 | $56.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 1.47 | 1.54 | 0.86 | 1.09 | 0.82 | 0.47 | 1.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 9.70 | 24.84 | 12.80 | (23.84) | (8.34) | 5.98 | (2.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 11.17 | 26.38 | 13.66 | (22.75) | (7.52) | 6.45 | (1.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.24) | (1.33) | (0.96) | (1.01) | (0.96) | (0.45) | (1.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $75.73 | $65.80 | $40.75 | $28.05 | $51.81 | $60.29 | $54.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $75.84 | $65.79 | $40.80 | $28.06 | $51.82 | $60.43 |  |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | 17.26% | 65.91% | 50.01% | (44.18)% | (12.46)% | 11.97% | (2.20)% |
|  **Market Price Total Return<sup>(c)</sup>**  | 17.45% | 65.68% | 50.15% | (44.17)% | (12.65)% | 12.31% |  |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $587672 | $544185 | $156466 | $82739 | $209823 | $253202 | $230747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.40 %<sup>(d)</sup> | 0.40% | 0.40% | 0.40% | 0.40% | 0.40 %<sup>(d)</sup> | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 4.29 %<sup>(d)</sup> | 2.92% | 2.75% | 2.60% | 1.46% | 1.69 %<sup>(d)</sup> | 2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 12% | 50% | 37% | 34% | 31% | 10% | 34% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d</sup><sup>)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**64**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**64**  |

---

------

**Financial Highlights–(continued)** 

Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF (RYF)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | | |
|  | **Six Months Ended<br>October 31,**<br> **2022**<br> **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **Six Months Ended<br>April 30,**<br> **2018** | **Year Ended October 31,**<br>**2017** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $57.58 | $59.67 | $35.43 | $43.78 | $43.94 | $41.93 | $31.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.55 | 1.05 | 1.05 | 0.92 | 0.78 | 0.40 | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.98) | (2.13) | 24.25 | (8.38) |  | 1.91 | 10.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.43) | (1.08) | 25.30 | (7.46) | 0.78 | 2.31 | 11.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.57) | (1.01) | (1.06) | (0.89) | (0.94) | (0.30) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $56.58 | $57.58 | $59.67 | $35.43 | $43.78 | $43.94 | $41.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $56.62 | $57.53 | $59.73 | $35.53 | $43.79 | $43.98 |  |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | (0.71)% | (1.90)% | 72.61% | (17.09)% | 1.98% | 5.50% | 35.15% |
|  **Market Price Total Return<sup>(c)</sup>**  | (0.55)% | (2.08)% | 72.30% | (16.88)% | 1.91% | 5.47% |  |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $413034 | $483651 | $375901 | $161203 | $291145 | $441558 | $358496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.40 %<sup>(d)</sup> | 0.40% | 0.40% | 0.40% | 0.40% | 0.40 %<sup>(d)</sup> | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.97 %<sup>(d)</sup> | 1.68% | 2.33% | 2.15% | 1.86% | 1.81 %<sup>(d)</sup> | 1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 10% | 17% | 19% | 23% | 17% | 7% | 15% |

---

<sup>(a</sup><sup>)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

---

| | |
|:---|:---|
| <sup>(c</sup><sup>)</sup> | 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.  |

---

<sup>(</sup><sup>d</sup><sup>)</sup> Annualized.

<sup>(e</sup><sup>)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**65**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**65**  |

---

------

**Financial Highlights–(continued)** 

Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF (RYH)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | | |
|  | **Six Months Ended<br>October 31,**<br> **2022**<br> **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **Six Months Ended<br>April 30,**<br>**2018** | **Year Ended October 31,**<br>**2017** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $281.66 | $280.53 | $214.07 | $193.66 | $178.78 | $175.84 | $143.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.89 | 1.76 | 1.25 | 1.31 | 1.05 | 0.44 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (5.94) | 1.19 <sup>(b)</sup> | 66.53 | 20.36 | 14.87 | 2.93 | 32.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (5.05) | 2.95 | 67.78 | 21.67 | 15.92 | 3.37 | 32.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.85) | (1.82) | (1.32) | (1.26) | (1.04) | (0.43) | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $275.76 | $281.66 | $280.53 | $214.07 | $193.66 | $178.78 | $175.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup>  | $275.76 | $281.64 | $280.73 | $214.39 | $193.67 | $178.95 |  |
|  **Net Asset Value Total Return<sup>(d)</sup>**  | (1.80)% | 1.00% | 31.76% | 11.27% | 8.91% | 1.92% | 22.85% |
|  **Market Price Total Return<sup>(d)</sup>**  | (1.77)% | 0.91% | 31.66% | 11.42% | 8.82% | 2.06% |  |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period<br>(000's omitted) | $929318 | $901310 | $813540 | $706437 | $706845 | $598911 | $650617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.40 %<sup>(e)</sup> | 0.40% | 0.40% | 0.40% | 0.40% | 0.40 %<sup>(e)</sup> | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.65 %<sup>(e)</sup> | 0.59% | 0.51% | 0.64% | 0.55% | 0.49 %<sup>(e)</sup> | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 10% | 22% | 20% | 23% | 23% | 12% | 24% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b</sup><sup>)</sup> 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.

<sup>(c</sup><sup>)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> 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. 

<sup>(e</sup><sup>)</sup> Annualized.

<sup>(f)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**66**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**66**  |

---

------

**Financial Highlights–(continued)** 

Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF (RGI)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>October 31,**<br> **2022** | | | | | | **Year Ended October 31,** |
|  | **Six Months Ended<br>October 31,**<br> **2022** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | | **Year Ended October 31,** |
|  | **(Unaudited)** | **2022** | **2021** | **2020** | **2019** |<br>**Six Months Ended**<br> **April 30,**<br>**2018** | **2017** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $177.02 | $185.25 | $109.44 | $126.03 | $115.01 | $113.29 | $90.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.99 | 1.50 | 1.31 | 1.83 | 1.53 | 0.62 | 1.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (2.72) | (8.31) | 75.87 | (16.57) | 11.15 | 1.73 | 22.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.73) | (6.81) | 77.18 | (14.74) | 12.68 | 2.35 | 23.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.97) | (1.42) | (1.37) | (1.85) | (1.66) | (0.63) | (1.37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $174.32 | $177.02 | $185.25 | $109.44 | $126.03 | $115.01 | $113.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $174.39 | $176.94 | $185.17 | $109.50 | $126.01 | $115.03 |  |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | (0.95)% | (3.70)% | 70.89% | (11.70)% | 11.21% | 2.05% | 26.21% |
|  **Market Price Total Return<sup>(c)</sup>**  | (0.86)% | (3.71)% | 70.73% | (11.64)% | 11.17% | 2.00% |  |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period<br>(000's omitted) | $313779 | $410685 | $557591 | $142273 | $245750 | $281763 | $226584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.40 %<sup>(d)</sup> | 0.40% | 0.40% | 0.40% | 0.40% | 0.40 %<sup>(d)</sup> | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.15 %<sup>(d)</sup> | 0.79% | 0.89% | 1.46% | 1.29% | 1.05 %<sup>(d)</sup> | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 9% | 17% | 19% | 23% | 28% | 7% | 18% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**67**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**67**  |

---

------

**Financial Highlights–(continued)** 

Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF (RTM)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>October 31,**<br> **2022** | | | | | | **Year Ended October 31,** |
|  | **Six Months Ended<br>October 31,**<br> **2022** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | | **Year Ended October 31,** |
|  | **(Unaudited)** | **2022** | **2021** | **2020** | **2019** |<br>**Six Months Ended<br>April 30,**<br>**2018** | **2017** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $179.27 | $165.34 | $94.33 | $108.11 | $106.31 | $107.79 | $84.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 1.90 | 2.58 | 2.48 | 2.10 | 1.79 | 0.70 | 1.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (25.54) | 14.03 | 70.77 | (13.65) | 1.97 | (1.50) | 23.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (23.64) | 16.61 | 73.25 | (11.55) | 3.76 | (0.80) | 24.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.72) | (2.68) | (2.24) | (2.23) | (1.96) | (0.68) | (1.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $153.91 | $179.27 | $165.34 | $94.33 | $108.11 | $106.31 | $107.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $153.92 | $179.25 | $165.42 | $94.49 | $108.16 | $106.31 |  |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | (13.21)% | 10.18% | 78.45% | (10.70)% | 3.67% | (0.77)% | 29.52% |
|  **Market Price Total Return<sup>(c)</sup>**  | (13.19)% | 10.11% | 78.24% | (10.58)% | 3.70% | (0.91)% |  |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period<br>(000's omitted) | $344763 | $573653 | $613416 | $108480 | $129728 | $180726 | $194020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.40 %<sup>(d)</sup> | 0.40% | 0.40% | 0.40% | 0.40% | 0.40 %<sup>(d)</sup> | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.30 %<sup>(d)</sup> | 1.50% | 1.83% | 1.99% | 1.69% | 1.28 %<sup>(d)</sup> | 1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 10% | 15% | 18% | 25% | 23% | 6% | 22% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**68**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**68**  |

---

------

**Financial Highlights–(continued)** 

Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF (EWRE)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>October 31,**<br> **2022** | | | | | **Six Months Ended<br>April 30,** | **Six Months Ended<br>April 30,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>October 31,**<br> **2022** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Six Months Ended<br>April 30,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** | **2017** | **2017** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $38.79 | $35.09 | $25.65 | $29.71 | $25.96 | $27.29 |  | $25.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.55 | 0.57 | 0.67 <sup>(b)</sup> | 0.72 | 0.69 | 0.44 |  | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (8.03) | 4.04 | 9.93 | (3.62) | 3.97 | (1.20) |  | 1.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (7.48) | 4.61 | 10.60 | (2.90) | 4.66 | (0.76) |  | 2.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.54) | (0.91) | (1.16) | (1.03) | (0.85) | (0.35) |  | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.13) | (0.06) | (0.22) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.54) | (0.91) | (1.16) | (1.16) | (0.91) | (0.57) |  | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $30.77 | $38.79 | $35.09 | $25.65 | $29.71 | $25.96 |  | $27.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup>  | $30.80 | $38.88 | $35.12 | $25.65 | $29.75 | $25.96 |  |  |
|  **Net Asset Value Total Return<sup>(d)</sup>**  | (19.37)% | 13.20% | 42.37% | (9.59)% | 18.35% | (2.93)% |  | 8.33% |
|  **Market Price Total Return<sup>(d)</sup>**  | (19.35)% | 13.37% | 42.50% | (9.71)% | 18.51% | (2.35)% |  |  |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $104634 | $172210 | $45263 | $23084 | $37143 | $16873 |  | $24561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.40 %<sup>(e)</sup> | 0.40% | 0.40% | 0.41 %<sup>(f)</sup> | 0.40% | 0.41 %<sup>(e)</sup> |  | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.19 %<sup>(e)</sup> | 1.48% | 2.36 %<sup>(b)</sup> | 2.37 %<sup>(f)</sup> | 2.46% | 3.28 %<sup>(e)</sup> |  | 2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 16% | 19% | 21% | 15% | 14% | 2% |  | 24% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Ratios include non-recurring costs associated with a proxy statement of 0.01%. 

<sup>(g)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**69**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**69**  |

---

------

**Financial Highlights–(continued)** 

Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF (RYT)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | | |
|  | **Six Months Ended<br>October 31,**<br> **2022**<br>**(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **Six Months Ended<br>April 30,**<br>**2018** | **Year Ended October 31,**<br>**2017** |
|  **Per Share Operating**<br> **Performance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $258.97 | $277.30 | $183.15 | $180.69 | $150.94 | $142.44 | $104.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.86 | 1.57 | 1.87 | 3.15 <sup>(b)</sup> | 1.57 | 0.56 | 1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (14.46) | (18.32) | 95.21 | 1.50 | 29.78 | 8.56 | 37.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (13.60) | (16.75) | 97.08 | 4.65 | 31.35 | 9.12 | 38.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.81) | (1.58) | (2.93) | (2.19) | (1.60) | (0.62) | (1.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $244.56 | $258.97 | $277.30 | $183.15 | $180.69 | $150.94 | $142.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(c)</sup>  | $244.51 | $258.95 | $277.24 | $183.44 | $180.66 | $151.10 |  |
|  **Net Asset Value Total Return<sup>(d)</sup>**  | (5.26)% | (6.10)% | 53.40% | 2.73% | 20.92% | 6.40% | 37.19% |
|  **Market Price Total Return<sup>(d)</sup>**  | (5.30)% | (6.08)% | 53.12% | 2.91% | 20.77% | 6.48% |  |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $1976066 | $2175314 | $2590019 | $1529343 | $1788846 | $1615066 | $1509833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.40 %<sup>(e)</sup> | 0.40% | 0.40% | 0.40% | 0.40% | 0.40 %<sup>(e)</sup> | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.68 %<sup>(e)</sup> | 0.53% | 0.81% | 1.73 %<sup>(b)</sup> | 0.98% | 0.76 %<sup>(e)</sup> | 0.95 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 11% | 24% | 25% | 23% | 27% | 10% | 19% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> The mean between the last bid and ask prices.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Annualized.

<sup>(f)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**70**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**70**  |

---

------

**Financial Highlights–(continued)** 

Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF (RYU)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>October 31,**<br> **2022** | | | | | | **Year Ended October 31,** |
|  | **Six Months Ended<br>October 31,**<br> **2022** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | | **Year Ended October 31,** |
|  | **(Unaudited)** | **2022** | **2021** | **2020** | **2019** |<br>**Six Months Ended<br>April 30,**<br>**2018** | **2017** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $116.96 | $108.06 | $92.31 | $97.25 | $84.51 | $88.52 | $81.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 1.49 | 2.82 | 2.70 | 2.77 | 2.67 | 1.38 | 2.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (6.26) | 8.74 | 16.05 | (4.99) | 12.69 | (3.92) | 7.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (4.77) | 11.56 | 18.75 | (2.22) | 15.36 | (2.54) | 9.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.43) | (2.66) | (3.00) | (2.72) | (2.62) | (1.47) | (2.56) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $110.76 | $116.96 | $108.06 | $92.31 | $97.25 | $84.51 | $88.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $110.77 | $116.96 | $107.84 | $92.52 | $97.23 | $84.45 |  |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | (4.13)% | 10.90% | 20.80% | (2.28)% | 18.54% | (2.88)% | 12.51% |
|  **Market Price Total Return<sup>(c)</sup>**  | (4.11)% | 11.15% | 20.28% | (2.04)% | 18.60% | (2.92)% |  |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period<br>(000's omitted) | $390988 | $333333 | $208557 | $300013 | $335499 | $139434 | $168180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.40 %<sup>(d)</sup> | 0.40% | 0.40% | 0.40% | 0.40% | 0.40 %<sup>(d)</sup> | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.55 %<sup>(d)</sup> | 2.56% | 2.77% | 2.72% | 2.96% | 3.29 %<sup>(d)</sup> | 3.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 7% | 15% | 10% | 11% | 27% | 7% | 11% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**71**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**71**  |

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------

**Financial Highlights–(continued)** 

Invesco S&P MidCap 400<sup>®</sup> Equal Weight ETF (EWMC)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>October 31,**<br> **2022** | | | | | **Six Months Ended <br>April 30,** | **Six Months Ended <br>April 30,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>October 31,**<br> **2022** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Six Months Ended <br>April 30,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** | **2017** | **2017** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $85.55 | $92.63 | $53.10 | $66.18 | $63.30 | $62.00 |  | $51.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.64 | 0.93 | 0.75 | 0.89 | 0.77 | 0.42 |  | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.99) | (7.10) | 39.56 | (12.99) | 2.96 | 1.30 |  | 10.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.35) | (6.17) | 40.31 | (12.10) | 3.73 | 1.72 |  | 11.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.59) | (0.91) | (0.78) | (0.98) | (0.85) | (0.42) |  | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $83.61 | $85.55 | $92.63 | $53.10 | $66.18 | $63.30 |  | $62.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $83.67 | $85.47 | $92.64 | $52.87 | $66.19 | $63.29 |  |  |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | (1.55)% | (6.72)% | 76.41% | (18.24)% | 5.96% | 2.76% |  | 21.82% |
|  **Market Price Total Return<sup>(c)</sup>**  | (1.39)% | (6.81)% | 77.20% | (18.60)% | 5.99% | 2.74% |  |  |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $117055 | $123195 | $113933 | $53095 | $105893 | $104438 |  | $114692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.40 %<sup>(d)</sup> | 0.40% | 0.40% | 0.41 %<sup>(e)</sup> | 0.40% | 0.40 %<sup>(d)</sup> |  | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.53 %<sup>(d)</sup> | 1.01% | 1.06% | 1.42 %<sup>(e)</sup> | 1.19% | 1.33 %<sup>(d)</sup> |  | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 17% | 28% | 33% | 32% | 30% | 9% |  | 26% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Ratios include non-recurring costs associated with a proxy statement of 0.01%. 

<sup>(f)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**72**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**72**  |

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------

**Financial Highlights–(continued)** 

Invesco S&P SmallCap 600<sup>®</sup> Equal Weight ETF (EWSC)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>October 31,**<br> **2022** | | | | | **Six Months Ended <br>April 30,** | **Six Months Ended <br>April 30,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>October 31,**<br> **2022** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Six Months Ended <br>April 30,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** | **2017** | **2017** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $73.76 | $81.19 | $42.63 | $55.83 | $54.92 | $52.78 |  | $42.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.53 | 0.83 | 0.59 | 0.62 | 0.59 | 0.29 |  | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (2.27) | (7.48) | 38.62 | (12.84) | 0.80 | 2.15 |  | 10.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.74) | (6.65) | 39.21 | (12.22) | 1.39 | 2.44 |  | 10.74 |
|  **Distributions to shareholders from:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.50) | (0.78) | (0.65) | (0.98) | (0.48) | (0.30) |  | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $71.52 | $73.76 | $81.19 | $42.63 | $55.83 | $54.92 |  | $52.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup>  | $71.58 | $73.55 | $81.20 | $42.39 | $55.63 | $55.02 |  |  |
|  **Net Asset Value Total Return<sup>(c)</sup>**  | (2.33)% | (8.27)% | 92.69% | (22.17)% | 2.55% | 4.62% |  | 25.32% |
|  **Market Price Total Return<sup>(c)</sup>**  | (1.96)% | (8.54)% | 93.79% | (22.33)% | 2.00% | 4.55% |  |  |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $50066 | $61222 | $58458 | $21316 | $36287 | $30208 |  | $31666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.40 %<sup>(d)</sup> | 0.40% | 0.40% | 0.42 %<sup>(e)</sup> | 0.40% | 0.40%<sup>(d)</sup> |  | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.49 %<sup>(d)</sup> | 1.01% | 0.99% | 1.20 %<sup>(e)</sup> | 1.05% | 1.10%<sup>(d)</sup> |  | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 19% | 29% | 40% | 42% | 34% | 10% |  | 24% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Ratios include non-recurring costs associated with a proxy statement of 0.02%. 

<sup>(f)</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**73**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**73**  |

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**Notes to Financial Statements** 

Invesco Exchange-Traded Fund Trust

October 31, 2022

*(Unaudited)* 

**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:

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| |
|:---|
|  **<u>Full Name</u>** |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Equal Weight ETF (RSP)<br> "S&P 500<sup>®</sup> Equal Weight ETF" |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF (EWCO)<br> "S&P 500<sup>®</sup> Equal Weight Communication Services ETF" |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF (RCD)<br> "S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF" |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF (RHS)<br> "S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF" |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF (RYE)<br> "S&P 500<sup>®</sup> Equal Weight Energy ETF" |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF (RYF)<br> "S&P 500<sup>®</sup> Equal Weight Financials ETF" |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF (RYH)<br> "S&P 500<sup>®</sup> Equal Weight Health Care ETF" |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF (RGI)<br> "S&P 500<sup>®</sup> Equal Weight Industrials ETF" |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF (RTM)<br> "S&P 500<sup>®</sup> Equal Weight Materials ETF" |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF (EWRE)<br> "S&P 500<sup>®</sup> Equal Weight Real Estate ETF" |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF (RYT)<br> "S&P 500<sup>®</sup> Equal Weight Technology ETF" |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF (RYU)<br> "S&P 500<sup>®</sup> Equal Weight Utilities ETF" |
| &nbsp;&nbsp; Invesco S&P MidCap 400<sup>®</sup> Equal Weight ETF (EWMC)<br> "S&P MidCap 400<sup>®</sup> Equal Weight ETF" |
| &nbsp;&nbsp; Invesco S&P SmallCap 600<sup>®</sup> Equal Weight ETF (EWSC)<br> "S&P SmallCap 600<sup>®</sup> 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 ("APs"), 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"):

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| |
|:---|
|  **<u>Fund</u>** |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight ETF<br> S&P 500<sup>®</sup> Equal Weight Index |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Communication Services ETF<br> S&P 500<sup>®</sup> Equal Weight Communication Services Plus Index |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF<br> S&P 500<sup>®</sup> Equal Weight Consumer Discretionary Index |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF<br> S&P 500<sup>®</sup> Equal Weight Consumer Staples Index |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Energy ETF<br> S&P 500<sup>®</sup> Equal Weight Energy Plus Index |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Financials ETF<br> S&P 500<sup>®</sup> Equal Weight Financials Index |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Health Care ETF<br> S&P 500<sup>®</sup> Equal Weight Health Care Index |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Industrials ETF<br> S&P 500<sup>®</sup> Equal Weight Industrials Index |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Materials ETF<br> S&P 500<sup>®</sup> Equal Weight Materials Index |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Real Estate ETF<br> S&P 500<sup>®</sup> Equal Weight Real Estate Index |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Technology ETF<br> S&P 500<sup>®</sup> Equal Weight Information Technology Index |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Utilities ETF<br> S&P 500<sup>®</sup> Equal Weight Utilities Plus Index |
| &nbsp;&nbsp; S&P MidCap 400<sup>®</sup> Equal Weight ETF<br> S&P MidCap 400<sup>®</sup> Equal Weight Index |
| &nbsp;&nbsp; S&P SmallCap 600<sup>®</sup> Equal Weight ETF<br> S&P SmallCap 600<sup>®</sup> 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**74**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**74**  |

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------

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day NAV per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value. Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

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 are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**75**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**75**  |

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------

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, significant governmental actions 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.

The price a Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**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 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, the country that has the primary market for the issuer's securities and
its "country of risk" as determined by a third party service provider, 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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**76**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**76**  |

---

------

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, 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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**77**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**77**  |

---

------

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.

Invesco Advisers, Inc. ("Invesco"), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon ("BNYM") also serves as a lending agent. 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 six months ended October 31, 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** |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight ETF | $60080 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Communication Services ETF | 160 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | 1944 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | 869 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Energy ETF | 554 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Financials ETF | 418 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Health Care ETF | 411 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Industrials ETF | 1226 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Materials ETF | 718 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Real Estate ETF | 186 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Technology ETF | 2297 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Utilities ETF | 671 |
| &nbsp;&nbsp; S&P MidCap 400<sup>®</sup> Equal Weight ETF | 2587 |
| &nbsp;&nbsp; S&P SmallCap 600<sup>®</sup> Equal Weight ETF | 1006 |

---

**J. Other Risks** 

*AP Concentration Risk*. Only 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 the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

*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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**78**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**78**  |

---

------

*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 each 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 an 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. 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<sup>®</sup> 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 can 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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**79**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**79**  |

---

------

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<br>(as a % of average daily net assets)** |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight ETF | 0.20% |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Communication Services ETF | 0.40% |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | 0.40% |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | 0.40% |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Energy ETF | 0.40% |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Financials ETF | 0.40% |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Health Care ETF | 0.40% |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Industrials ETF | 0.40% |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Materials ETF | 0.40% |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Real Estate ETF | 0.40% |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Technology ETF | 0.40% |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Utilities ETF | 0.40% |
| &nbsp;&nbsp; S&P MidCap 400<sup>®</sup> Equal Weight ETF | 0.40% |
| &nbsp;&nbsp; S&P SmallCap 600<sup>®</sup> 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. This waiver does 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 six months ended October 31, 2022, the Adviser waived fees for each Fund in the following amounts:

---

| | |
|:---|:---|
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight ETF | $5605 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Communication Services ETF | 11 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | 132 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | 129 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Energy ETF | 189 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Financials ETF | 115 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Health Care ETF | 239 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Industrials ETF | 96 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Materials ETF | 172 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Real Estate ETF | 31 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Technology ETF | 327 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Utilities ETF | 175 |
| &nbsp;&nbsp; S&P MidCap 400<sup>®</sup> Equal Weight ETF | 41 |
| &nbsp;&nbsp; S&P SmallCap 600<sup>®</sup> Equal Weight ETF | 19 |

---

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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**80**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**80**  |

---

------

For the six months ended October 31, 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:

---

| | |
|:---|:---|
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight ETF | $532275 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Communication Services ETF | 910 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | 3327 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | 3680 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Energy ETF | 16920 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Financials ETF | 5853 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Health Care ETF | 7411 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Industrials ETF | 3502 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Materials ETF | 6219 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Real Estate ETF | 2764 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Technology ETF | 25528 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Utilities ETF | 10795 |
| &nbsp;&nbsp; S&P MidCap 400<sup>®</sup> Equal Weight ETF | 6379 |
| &nbsp;&nbsp; S&P SmallCap 600<sup>®</sup> Equal Weight ETF | 3199 |

---

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 securities from or sell securities 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 Invesco ETF from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7.

For the six months ended October 31, 2022, the following Funds engaged in transactions with affiliates as listed below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Securities Purchases** | **Securities Sales** | **Net Realized Gains (Losses)\*** |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight ETF | $68154386 | $- | $- |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Energy ETF | 11130781 |  |  |
| &nbsp;&nbsp; S&P MidCap 400<sup>®</sup> Equal Weight ETF | 716440 | 1201727 | (290800) |
| &nbsp;&nbsp; S&P SmallCap 600<sup>®</sup> Equal Weight ETF | 278688 | 154956 | 39404 |

---

\* 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. 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 the Adviser's 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 October 31, 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

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**81**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**81**  |

---

------

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** |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $30867342086 | $- | $- | $30867342086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 2037687 | 1771953689 |  | 1773991376 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $30869379773 | $1771953689 | $- | $32641333462 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Communication Services ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $30838364 | $- | $- | $30838364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1868646 | 2167013 |  | 4035659 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $32707010 | $2167013 | $- | $34874023 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $355050685 | $- | $- | $355050685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds |  | 35819873 | - | 35819873 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $355050685 | $35819873 | $- | $390870558 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $658475157 | $- | $- | $658475157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 159115 | 32746511 | - | 32905626 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $658634272 | $32746511 | $- | $691380783 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Energy ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $587196922 | $- | $- | $587196922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds |  | 43395364 |  | 43395364 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $587196922 | $43395364 | $- | $630592286 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Financials ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $413064277 | $- | $- | $413064277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds |  | 7760356 |  | 7760356 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $413064277 | $7760356 | $- | $420824633 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Health Care ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $928775466 | $- | $- | $928775466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 399420 | 31965134 |  | 32364554 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $929174886 | $31965134 | $- | $961140020 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Industrials ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $313724758 | $- | $- | $313724758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 72927 | 19627561 |  | 19700488 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $313797685 | $19627561 | $- | $333425246 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Materials ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $344501867 | $- | $- | $344501867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 94673 | 25415055 |  | 25509728 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $344596540 | $25415055 | $- | $370011595 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Real Estate ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $104589436 | $- | $- | $104589436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 83571 | 3537212 |  | 3620783 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $104673007 | $3537212 | $- | $108210219 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**82**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**82**  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Technology ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $&nbsp;&nbsp;&nbsp;&nbsp;1974874921 | $- | $- | $&nbsp;&nbsp;&nbsp;&nbsp;1974874921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1449262 | 156265912 |  | 157715174 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $1976324183 | $156265912 | $- | $2132590095 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Utilities ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $390514691 | $- | $- | $390514691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 24776 | 17685228 |  | 17710004 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $390539467 | $17685228 | $- | $408224695 |
| &nbsp;&nbsp; S&P MidCap 400<sup>®</sup> Equal Weight ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $116945834 | $- | $- | $116945834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 96893 | 35186515 |  | 35283408 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $117042727 | $35186515 | $- | $152229242 |
| &nbsp;&nbsp; S&P SmallCap 600<sup>®</sup> Equal Weight ETF |  |  |  |  |
| &nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | $50052848 | $- | $- | $50052848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds |  | 15659334 |  | 15659334 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $50052848 | $15659334 | $- | $65712182 |

---

**NOTE 6–Tax Information** 

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds' capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds' fiscal year-end.

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 had capital loss carryforwards as of April 30, 2022, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** | |
|  | **Short-Term** | **Long-Term** |<br>**Total\*** |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight ETF | $421732928 | $1935588850 | $2357321778 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Communication Services ETF | 853534 | 683361 | 1536895 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | 11079764 | 29490245 | 40570009 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | 9858678 | 61996330 | 71855008 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Energy ETF | 27995785 | 139547789 | 167543574 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Financials ETF | 6725173 | 28064254 | 34789427 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Health Care ETF | 10032742 | 76650165 | 86682907 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Industrials ETF | 8844627 | 23214347 | 32058974 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Materials ETF | 5973047 | 19410072 | 25383119 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Real Estate ETF | 436802 | 863577 | 1300379 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Technology ETF | 44346756 | 103648760 | 147995516 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Utilities ETF | 11627561 | 17789077 | 29416638 |
| &nbsp;&nbsp; S&P MidCap 400<sup>®</sup> Equal Weight ETF | 10606463 | 17741440 | 28347903 |
| &nbsp;&nbsp; S&P SmallCap 600<sup>®</sup> Equal Weight ETF | 9980801 | 12566370 | 22547171 |

---

\* 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 avariety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**83**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**83**  |

---

------

**NOTE 7–Investment Transactions** 

For the six months ended October 31, 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** |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight ETF | $3328212061 | $3325211874 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Communication Services ETF | 5416805 | 5411216 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | 42099213 | 42120934 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | 57712337 | 59220583 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Energy ETF | 75084093 | 66112319 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Financials ETF | 42086747 | 42003949 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Health Care ETF | 93301918 | 93167742 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Industrials ETF | 29009331 | 29135355 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Materials ETF | 44881920 | 44540281 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Real Estate ETF | 21477325 | 21365566 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Technology ETF | 224593985 | 225442363 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Utilities ETF | 28618231 | 28227748 |
| &nbsp;&nbsp; S&P MidCap 400<sup>®</sup> Equal Weight ETF | 19930660 | 19885150 |
| &nbsp;&nbsp; S&P SmallCap 600<sup>®</sup> Equal Weight ETF | 9930552 | 9889760 |

---

For the six months ended October 31, 2022, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind**<br>**Purchases** | **In-kind**<br>**Sales** |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight ETF | $3876913145 | $3570262736 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Communication Services ETF | 4130042 | 6762790 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | 243234389 | 216750089 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | 205451409 | 108061605 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Energy ETF | 202346869 | 228556060 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Financials ETF | 43135140 | 103928385 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Health Care ETF | 65595363 | 19436058 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Industrials ETF | 38247332 | 119300190 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Materials ETF | 116025448 | 265501782 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Real Estate ETF | 8883450 | 44077132 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Technology ETF | 533628135 | 599112652 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Utilities ETF | 149129264 | 59434697 |
| &nbsp;&nbsp; S&P MidCap 400<sup>®</sup> Equal Weight ETF | 8437535 | 11304589 |
| &nbsp;&nbsp; S&P SmallCap 600<sup>®</sup> Equal Weight ETF | 2063619 | 11105828 |

---

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

As of October 31, 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**<br>**Unrealized<br>Appreciation** | **Gross**<br>**Unrealized<br>(Depreciation)** | **Net**<br>**Unrealized<br>Appreciation<br>(Depreciation)** | **Cost** |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight ETF | $2438467481 | $(3589356816) | $(1150889335) | $33792222797 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Communication Services ETF | 240524 | (13276134) | (13035610) | 47909633 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF | 6684489 | (91580530) | (84896041) | 475766599 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF | 59440447 | (21818950) | 37621497 | 653759286 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Energy ETF | 111023712 | (8075111) | 102948601 | 527643685 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Financials ETF | 24750076 | (52213751) | (27463675) | 448288308 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Health Care ETF | 155649596 | (80459190) | 75190406 | 885949614 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Industrials ETF | 13948108 | (39689513) | (25741405) | 359166651 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Materials ETF | 10245090 | (75261230) | (65016140) | 435027735 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Real Estate ETF | 463382 | (30775819) | (30312437) | 138522656 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**84**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**84**  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>(Depreciation)** | **Net**<br>**Unrealized<br>Appreciation<br>(Depreciation)** | **Cost** |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Technology ETF | $107821853 | $(245046658) | $(137224805) | $&nbsp;&nbsp;&nbsp;&nbsp;2269814900 |
| &nbsp;&nbsp; S&P 500<sup>®</sup> Equal Weight Utilities ETF | 13249696 | (25763088) | (12513392) | 420738087 |
| &nbsp;&nbsp; S&P MidCap 400<sup>®</sup> Equal Weight ETF | 12109024 | (13058279) | (949255) | 153178497 |
| &nbsp;&nbsp; S&P SmallCap 600<sup>®</sup> Equal Weight ETF | 2740197 | (12820143) | (10079946) | 75792128 |

---

**NOTE 8–Trustees' and Officer's Fees** 

The Adviser, as a result of each Fund's unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of 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 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 APs 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 AP 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 AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP'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.

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**85**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**85**  |

---

------

**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 May 1, 2022 through October 31, 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<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Annualized<br>Expense Ratio<br>Based on the<br>Six-Month Period** | **Expenses Paid<br>During the<br>Six-Month Period<sup>(1)</sup>** |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Equal Weight ETF (RSP) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $955.80 | 0.20% | $0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1024.20 | 0.20 | 1.02 |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Equal Weight Communication Services ETF (EWCO) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 869.20 | 0.40 | 1.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.19 | 0.40 | 2.04 |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Equal Weight Consumer Discretionary ETF (RCD) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 908.30 | 0.40 | 1.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.19 | 0.40 | 2.04 |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Equal Weight Consumer Staples ETF (RHS) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 976.40 | 0.40 | 1.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.19 | 0.40 | 2.04 |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Equal Weight Energy ETF (RYE) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1172.60 | 0.40 | 2.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.19 | 0.40 | 2.04 |

---

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**86**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**86**  |

---

------

**Calculating your ongoing Fund expenses–(continued)** 

 

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Annualized<br>Expense Ratio<br>Based on the<br>Six-Month Period** | **Expenses Paid<br>During the<br>Six-Month Period<sup>(1)</sup>** |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Equal Weight Financials ETF (RYF) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $992.90 | 0.40% | $2.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.19 | 0.40 | 2.04 |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Equal Weight Health Care ETF (RYH) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 982.00 | 0.40 | 2.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.19 | 0.40 | 2.04 |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Equal Weight Industrials ETF (RGI) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 990.50 | 0.40 | 2.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.19 | 0.40 | 2.04 |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Equal Weight Materials ETF (RTM) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 867.90 | 0.40 | 1.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.19 | 0.40 | 2.04 |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Equal Weight Real Estate ETF (EWRE) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 806.30 | 0.40 | 1.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.19 | 0.40 | 2.04 |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Equal Weight Technology ETF (RYT) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 947.40 | 0.40 | 1.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.19 | 0.40 | 2.04 |
| &nbsp;&nbsp; Invesco S&P 500<sup>®</sup> Equal Weight Utilities ETF (RYU) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 958.70 | 0.40 | 1.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.19 | 0.40 | 2.04 |
| &nbsp;&nbsp; Invesco S&P MidCap 400<sup>®</sup> Equal Weight ETF (EWMC) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 984.50 | 0.40 | 2.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.19 | 0.40 | 2.04 |
| &nbsp;&nbsp; Invesco S&P SmallCap 600<sup>®</sup> Equal Weight ETF (EWSC) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 976.70 | 0.40 | 1.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.19 | 0.40 | 2.04 |

---

<sup>(1)</sup> 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 October 31, 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 184/365. 

---

| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**87**  |
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**87**  |

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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 ***<u>www.sec.gov</u>.***

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 ***<u>www.sec.gov.</u>***

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 ***<u>www.sec.gov</u>.***

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 ***<u>www.invesco.com/ETFs</u>.***

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| | | |
|:---|:---|:---|
| **©2022 Invesco Capital Management LLC**<br> **3500 Lacey Road, Suite 700** |  |  |
| **Downers Grove, IL 60515** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P-TRST1-SAR-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;invesco.com/ETFs |

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| | |
|:---|:---|
| ![LOGO](g403445dsp14052491.jpg) | <br> **Invesco Semi-Annual Report to Shareholders** |
| ![LOGO](g403445dsp14052491.jpg) | <br> October 31, 2022 |
|  | **RPG** Invesco S&P 500<sup>®</sup> Pure Growth ETF |
|  | **RPV** Invesco S&P 500<sup>®</sup> Pure Value ETF |
|  | **XLG** Invesco S&P 500<sup>®</sup> Top 50 ETF |
|  | **RFG** Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF |
|  | **RFV** Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF |
|  | **RZG** Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF |
|  | **RZV** Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF |

---

------

---

| | |
|:---|:---|
| Schedules of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P 500<sup>®</sup> Pure Growth ETF (RPG)](#edg403445_1) | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P 500<sup>®</sup> Pure Value ETF (RPV)](#edg403445_2) | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P 500<sup>®</sup> Top 50 ETF (XLG)](#edg403445_3) | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF (RFG)](#edg403445_4) | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF (RFV)](#edg403445_5) | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF (RZG)](#edg403445_6) | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF (RZV)](#edg403445_7) | **19** |
| [Statements of Assets and Liabilities](#edg403445_8) | **22** |
| [Statements of Operations](#edg403445_9) | **24** |
| [Statements of Changes in Net Assets](#edg403445_10) | **26** |
| [Financial Highlights](#edg403445_11) | **30** |
| [Notes to Financial Statements](#edg403445_12) | **37** |
| [Fund Expenses](#edg403445_13) | **47** |

---

---

| |
|:---|
| **2** |
| **2** |
| **2** |

---

------

**Invesco S&P 500<sup>®</sup> Pure Growth ETF (RPG)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-100.01%** | **Common Stocks & Other Equity Interests-100.01%** | **Common Stocks & Other Equity Interests-100.01%** |
|  **Communication Services-3.40%** |  |  |
|  Alphabet, Inc., Class A<sup>(b)</sup> | 242816 | $22948540 |
|  Alphabet, Inc., Class C<sup>(b)</sup> | 225774 | 21371767 |
|  Meta Platforms, Inc., Class A<sup>(b)</sup> | 124726 | 11619474 |
|  Netflix, Inc.<sup>(b)</sup> | 76870 | 22436816 |
|  |  | 78376597 |
|  **Consumer Discretionary-14.31%** |  |  |
|  Amazon.com, Inc.<sup>(b)</sup> | 200328 | 20521600 |
|  AutoZone, Inc.<sup>(b)</sup> | 23741 | 60133104 |
|  Etsy, Inc.<sup>(b)(c)</sup> | 296103 | 27807033 |
|  Lowe's Cos., Inc. | 178343 | 34767968 |
|  O'Reilly Automotive, Inc.<sup>(b)</sup> | 60696 | 50812871 |
|  Pool Corp.<sup>(c)</sup> | 101475 | 30871739 |
|  Tesla, Inc.<sup>(b)</sup> | 231830 | 52750598 |
|  Tractor Supply Co.<sup>(c)</sup> | 236677 | 52014504 |
|  |  | 329679417 |
|  **Energy-8.77%** |  |  |
|  Devon Energy Corp. | 1058654 | 81886887 |
|  Diamondback Energy, Inc.<sup>(c)</sup> | 544209 | 85500676 |
|  Targa Resources Corp. | 508964 | 34797869 |
|  |  | 202185432 |
|  **Financials-10.15%** |  |  |
|  Discover Financial Services | 509386 | 53210461 |
|  First Republic Bank | 208333 | 25020793 |
|  Goldman Sachs Group, Inc. (The) | 199729 | 68808638 |
|  MSCI, Inc. | 58320 | 27343915 |
|  Signature Bank | 199666 | 31653051 |
|  SVB Financial Group<sup>(b)</sup> | 120458 | 27820980 |
|  |  | 233857838 |
|  **Health Care-17.35%** |  |  |
|  Align Technology, Inc.<sup>(b)</sup> | 67132 | 13043747 |
|  Bio-Techne Corp. | 72814 | 21571876 |
|  Charles River Laboratories International, Inc.<sup>(b)(c)</sup> | 115879 | 24595318 |
|  DexCom, Inc.<sup>(b)</sup> | 535728 | 64705228 |
|  Eli Lilly and Co. | 194329 | 70364588 |
|  Moderna, Inc.<sup>(b)(c)</sup> | 321122 | 48274270 |
|  PerkinElmer, Inc. | 293056 | 39146420 |
|  Regeneron Pharmaceuticals, Inc.<sup>(b)</sup> | 81085 | 60712394 |
|  Thermo Fisher Scientific, Inc. | 62613 | 32181204 |
|  West Pharmaceutical Services, Inc. | 109733 | 25249563 |
|  |  | 399844608 |
|  **Industrials-5.15%** |  |  |
|  Equifax, Inc.<sup>(c)</sup> | 134088 | 22733279 |
|  Expeditors International of Washington, Inc.<sup>(c)</sup> | 417013 | 40804722 |
|  Generac Holdings, Inc.<sup>(b)</sup> | 201242 | 23325960 |
|  Old Dominion Freight Line, Inc.<sup>(c)</sup> | 116151 | 31895065 |
|  |  | 118759026 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Information Technology-34.82%** |  |  |
|  Adobe, Inc.<sup>(b)</sup> | 66299 | $21116232 |
|  Advanced Micro Devices, Inc.<sup>(b)</sup> | 500295 | 30047718 |
|  Apple, Inc.<sup>(c)</sup> | 219942 | 33725906 |
|  Applied Materials, Inc. | 370292 | 32693081 |
|  Arista Networks, Inc.<sup>(b)</sup> | 377755 | 45655469 |
|  Cadence Design Systems, Inc.<sup>(b)</sup> | 185171 | 28033038 |
|  Enphase Energy, Inc.<sup>(b)</sup> | 352690 | 108275830 |
|  EPAM Systems, Inc.<sup>(b)</sup> | 113905 | 39866750 |
|  Fortinet, Inc.<sup>(b)(c)</sup> | 1287972 | 73620480 |
|  Gartner, Inc.<sup>(b)(c)</sup> | 140392 | 42387153 |
|  Intuit, Inc. | 93039 | 39774172 |
|  KLA Corp. | 157083 | 49708915 |
|  Lam Research Corp. | 63514 | 25709197 |
|  Microsoft Corp. | 133033 | 30880950 |
|  Monolithic Power Systems, Inc. | 128619 | 43659720 |
|  NVIDIA Corp. | 259190 | 34982874 |
|  Oracle Corp. | 459311 | 35858410 |
|  QUALCOMM, Inc. | 276346 | 32514870 |
|  ServiceNow, Inc.<sup>(b)</sup> | 61123 | 25716891 |
|  Teradyne, Inc.<sup>(c)</sup> | 347864 | 28298736 |
|  |  | 802526392 |
|  **Real Estate-1.90%** |  |  |
|  Camden Property Trust | 109035 | 12598994 |
|  Extra Space Storage, Inc. | 176090 | 31245410 |
|  |  | 43844404 |
|  **Utilities-4.16%** |  |  |
|  NRG Energy, Inc. | 2161185 | 95956614 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.01%<br>(Cost $2,531,694,359) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-100.01%<br>(Cost $2,531,694,359) | 2305030328 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-6.09%** | **Money Market Funds-6.09%** | **Money Market Funds-6.09%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup> | 40518968 | 40518968 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup> | 99972480 | 99972480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $140,489,052) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $140,489,052) | 140491448 |
|  TOTAL INVESTMENTS IN SECURITIES-106.10%<br>(Cost $2,672,183,411) | TOTAL INVESTMENTS IN SECURITIES-106.10%<br>(Cost $2,672,183,411) | 2445521776 |
|  OTHER ASSETS LESS LIABILITIES-(6.10)% | OTHER ASSETS LESS LIABILITIES-(6.10)% | (140671021) |
|  NET ASSETS-100.00% |  | $2304850755 |

---

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

---

| |
|:---|
| **3** |
| **3** |
| **3** |

---

------

**Invesco S&P 500<sup>®</sup> Pure Growth ETF (RPG)–(continued)** 

October 31, 2022

*(Unaudited)* 

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation**<br>**(Depreciation)** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $- | $16756286 | $(16756286) | $- | $- | $- | $9611 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 22260207 | 371891495 | (353632734) |  |  | 40518968 | 322995 \* |
| Invesco Private Prime Fund | 51899910 | 838443299 | (790370912) | (5136) | 5319 | 99972480 | 924502 \* |
| Total | $74160117 | $1227091080 | $(1160759932) | $(5136) | $5319 | $140491448 | $1257108 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Composition** 

&nbsp;&nbsp;&nbsp;&nbsp;**Sector Breakdown (% of the Fund's Net Assets)** 

&nbsp;&nbsp;&nbsp;&nbsp;**as of October 31, 2022** 

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 34.82 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 17.35 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 14.31 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Financials | 10.15 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Energy | 8.77 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 5.15 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 4.16 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 3.40 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 1.90 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds Plus Other Assets Less Liabilities | (0.01) |

---

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

---

| |
|:---|
| **4** |
| **4** |
| **4** |

---

------

**Invesco S&P 500<sup>®</sup> Pure Value ETF (RPV)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** |
|  **Communication Services-5.58%** |  |  |
|  AT&T, Inc. | 1751815 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31935587 |
|  DISH Network Corp., Class A<sup>(b)(c)</sup> | 1452825 | 21661621 |
|  Fox Corp., Class A | 374738 | 10818686 |
|  Fox Corp., Class B | 173533 | 4720098 |
|  Lumen Technologies, Inc.<sup>(c)</sup> | 3209462 | 23621640 |
|  News Corp., Class A | 745333 | 12573768 |
|  News Corp., Class B<sup>(c)</sup> | 228151 | 3908227 |
|  Omnicom Group, Inc. | 211544 | 15389826 |
|  Paramount Global, Class B<sup>(c)</sup> | 1865820 | 34181822 |
|  T-Mobile US, Inc.<sup>(b)</sup> | 94477 | 14318934 |
|  Verizon Communications, Inc. | 280172 | 10470028 |
|  Warner Bros Discovery, Inc.<sup>(b)(c)</sup> | 585034 | 7605442 |
|  |  | 191205679 |
|  **Consumer Discretionary-5.62%** |  |  |
|  Best Buy Co., Inc. | 312307 | 21364922 |
|  BorgWarner, Inc.<sup>(c)</sup> | 888725 | 33353849 |
|  Ford Motor Co. | 1856579 | 24822461 |
|  General Motors Co. | 760607 | 29853825 |
|  Lennar Corp., Class A<sup>(c)</sup> | 252028 | 20338660 |
|  Mohawk Industries, Inc.<sup>(b)(c)</sup> | 200654 | 19011967 |
|  PulteGroup, Inc.<sup>(c)</sup> | 541264 | 21645147 |
|  Whirlpool Corp.<sup>(c)</sup> | 160604 | 22201897 |
|  |  | 192592728 |
|  **Consumer Staples-10.33%** |  |  |
|  Archer-Daniels-Midland Co. | 795412 | 77139056 |
|  Conagra Brands, Inc. | 736912 | 27044670 |
|  JM Smucker Co. (The) | 134582 | 20276124 |
|  Kraft Heinz Co. (The) | 1141912 | 43929355 |
|  Kroger Co. (The) | 787628 | 37246928 |
|  Molson Coors Beverage Co., Class B<sup>(c)</sup> | 803800 | 40535634 |
|  Sysco Corp. | 182163 | 15768029 |
|  Tyson Foods, Inc., Class A | 558979 | 38206215 |
|  Walgreens Boots Alliance, Inc. | 984815 | 35945748 |
|  Walmart, Inc. | 126377 | 17987238 |
|  |  | 354078997 |
|  **Energy-11.27%** |  |  |
|  Baker Hughes Co., Class A | 1195355 | 33063519 |
|  Chevron Corp. | 158250 | 28627425 |
|  Exxon Mobil Corp. | 318379 | 35279577 |
|  Kinder Morgan, Inc. | 1554939 | 28175495 |
|  Marathon Oil Corp. | 1208740 | 36806133 |
|  Marathon Petroleum Corp. | 779859 | 88607580 |
|  Phillips 66. | 571898 | 59643242 |
|  Valero Energy Corp. | 605019 | 75960135 |
|  |  | 386163106 |
|  **Financials-31.48%** |  |  |
|  Aflac, Inc. | 665680 | 43342425 |
|  Allstate Corp. (The)<sup>(c)</sup> | 489700 | 61824625 |
|  American International Group, Inc. | 954064 | 54381648 |
|  Assurant, Inc. | 212453 | 28863865 |
|  Bank of New York Mellon Corp. (The) | 434009 | 18276119 |
|  Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 255066 | 75267426 |
|  Chubb Ltd. | 148473 | 31905363 |
|  Citigroup, Inc. | 673186 | 30872310 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Financials-(continued)** |  |  |
|  Citizens Financial Group, Inc. | 756411 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30937210 |
|  Everest Re Group Ltd.<sup>(c)</sup> | 183562 | 59228115 |
|  Fifth Third Bancorp | 407356 | 14538536 |
|  Globe Life, Inc. | 393079 | 45408486 |
|  Hartford Financial Services Group, Inc. (The) | 530033 | 38379689 |
|  Huntington Bancshares, Inc. | 1330318 | 20194227 |
|  Invesco Ltd.<sup>(d)</sup> | 1853001 | 28387975 |
|  KeyCorp | 1038659 | 18560836 |
|  Lincoln National Corp. | 903224 | 48656677 |
|  Loews Corp. | 920204 | 52470032 |
|  M&T Bank Corp.<sup>(c)</sup> | 167383 | 28182276 |
|  MetLife, Inc. | 964395 | 70603358 |
|  PNC Financial Services Group, Inc. (The) | 56114 | 9080929 |
|  Principal Financial Group, Inc.<sup>(c)</sup> | 509120 | 44868746 |
|  Progressive Corp. (The) | 150860 | 19370424 |
|  Prudential Financial, Inc. | 646536 | 68009122 |
|  State Street Corp. | 243048 | 17985552 |
|  Travelers Cos., Inc. (The) | 241909 | 44622534 |
|  Truist Financial Corp. | 339095 | 15188065 |
|  U.S. Bancorp | 235361 | 9991074 |
|  W.R. Berkley Corp. | 303161 | 22549115 |
|  Wells Fargo & Co. | 582346 | 26782092 |
|  |  | 1078728851 |
|  **Health Care-12.97%** |  |  |
|  AmerisourceBergen Corp. | 217081 | 34129475 |
|  Cardinal Health, Inc.<sup>(c)</sup> | 624521 | 47401144 |
|  Centene Corp.<sup>(b)</sup> | 620892 | 52856536 |
|  Cigna Corp. | 285796 | 92329256 |
|  CVS Health Corp. | 538384 | 50984965 |
|  DaVita, Inc.<sup>(b)(c)</sup> | 130571 | 9532989 |
|  Elevance Health, Inc. | 59715 | 32650370 |
|  Henry Schein, Inc.<sup>(b)(c)</sup> | 292641 | 20034203 |
|  Humana, Inc. | 57671 | 32185032 |
|  Organon & Co.<sup>(c)</sup> | 385453 | 10091159 |
|  Universal Health Services, Inc., Class B | 306213 | 35480900 |
|  Viatris, Inc. | 2664340 | 26989764 |
|  |  | 444665793 |
|  **Industrials-4.92%** |  |  |
|  Alaska Air Group, Inc.<sup>(b)(c)</sup> | 339401 | 15089769 |
|  C.H. Robinson Worldwide, Inc.<sup>(c)</sup> | 236040 | 23065829 |
|  FedEx Corp. | 123546 | 19801953 |
|  Huntington Ingalls Industries, Inc.<sup>(c)</sup> | 139634 | 35895712 |
|  Leidos Holdings, Inc. | 203228 | 20645933 |
|  PACCAR, Inc. | 152833 | 14798819 |
|  Raytheon Technologies Corp. | 152543 | 14464127 |
|  Textron, Inc. | 169649 | 11610778 |
|  Wabtec Corp. | 140505 | 13106306 |
|  |  | 168479226 |
|  **Information Technology-3.95%** |  |  |
|  DXC Technology Co.<sup>(b)</sup> | 1560568 | 44866330 |
|  Fidelity National Information Services, Inc. | 94783 | 7866041 |
|  Global Payments, Inc.<sup>(c)</sup> | 105194 | 12019466 |
|  Hewlett Packard Enterprise Co. | 3230118 | 46093784 |

---

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

---

| |
|:---|
| **5** |
| **5** |
| **5** |

---

------

**Invesco S&P 500<sup>®</sup> Pure Value ETF (RPV)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Information Technology-(continued)** |  |  |
|  Intel Corp. | 228797 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6504699 |
|  Western Digital Corp.<sup>(b)(c)</sup> | 527092 | 18116152 |
|  |  | 135466472 |
|  **Materials-6.71%** |  |  |
|  Corteva, Inc. | 439504 | 28717192 |
|  Dow, Inc. | 550126 | 25712889 |
|  DuPont de Nemours, Inc. | 225684 | 12909125 |
|  Eastman Chemical Co. | 99992 | 7680386 |
|  International Paper Co. | 729197 | 24508311 |
|  LyondellBasell Industries N.V., Class A<sup>(c)</sup> | 374563 | 28635341 |
|  Mosaic Co. (The)<sup>(c)</sup> | 1043499 | 56088071 |
|  WestRock Co. | 1343634 | 45764174 |
|  |  | 230015489 |
|  **Real Estate-0.40%** |  |  |
|  Kimco Realty Corp. | 650756 | 13913163 |
|  **Utilities-6.72%** |  |  |
|  American Electric Power Co., Inc. | 139483 | 12263345 |
|  Atmos Energy Corp.<sup>(c)</sup> | 145723 | 15526786 |
|  Consolidated Edison, Inc. | 243154 | 21387826 |
|  Constellation Energy Corp.<sup>(c)</sup> | 123405 | 11666709 |
|  DTE Energy Co. | 96231 | 10788457 |
|  Duke Energy Corp. | 118449 | 11037078 |
|  Edison International | 200325 | 12027513 |
|  Entergy Corp. | 152201 | 16306815 |
|  Evergy, Inc. | 230122 | 14067358 |
|  Exelon Corp. | 370302 | 14289954 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Utilities-(continued)** |  |  |
|  NiSource, Inc. | 403983 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10378323 |
|  PG&E Corp.<sup>(b)(c)</sup> | 1769295 | 26415574 |
|  Pinnacle West Capital Corp. | 415062 | 27896317 |
|  PPL Corp. | 515667 | 13660019 |
|  Sempra Energy | 82520 | 12455569 |
|  |  | 230167643 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.95%<br>(Cost $3,564,177,783) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.95%<br>(Cost $3,564,177,783) | 3425477147 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-5.97%** |  |  |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup> | 64714233 | 64714233 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup> . | 139773847 | 139773847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $204,487,412) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $204,487,412) | 204488080 |
|  TOTAL INVESTMENTS IN SECURITIES-105.92%<br>(Cost $3,768,665,195) | TOTAL INVESTMENTS IN SECURITIES-105.92%<br>(Cost $3,768,665,195) | 3629965227 |
|  OTHER ASSETS LESS LIABILITIES-(5.92)% | OTHER ASSETS LESS LIABILITIES-(5.92)% | (202881289) |
|  NET ASSETS-100.00% |  | $3427083938 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| Invesco Ltd. | $36016603 | $4281223 | $(5827931) | $(4854786) | $(1227134) | $28387975 | $709393 |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | 228618 | 49693662 | (49922280) |  |  |  | 19964 |

---

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

---

| |
|:---|
| **6** |
| **6** |
| **6** |

---

------

**Invesco S&P 500<sup>®</sup> Pure Value ETF (RPV)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | $36255009 | $357386754 | $(328927530) | $- | $- | $64714233 | $588111 \* |
| Invesco Private Prime Fund | 84530808 | 836236724 | (780998464) | (2041) | 6820 | 139773847 | 1624686 \* |
| Total | $157031038 | $1247598363 | $(1165676205) | $(4856827) | $(1220314) | $232876055 | $2942154 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Composition** 

&nbsp;&nbsp;&nbsp;&nbsp;**Sector Breakdown (% of the Fund's Net Assets)** 

&nbsp;&nbsp;&nbsp;&nbsp;**as of October 31, 2022** 

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;Financials | 31.48 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 12.97 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Energy | 11.27 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 10.33 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 6.72 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Materials | 6.71 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 5.62 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 5.58 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 4.92 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 3.95 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 0.40 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds Plus Other Assets Less Liabilities | 0.05 |

---

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

---

| |
|:---|
| **7** |
| **7** |
| **7** |

---

------

**Invesco S&P 500<sup>®</sup> Top 50 ETF (XLG)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.93%** | **Common Stocks & Other Equity Interests-99.93%** | **Common Stocks & Other Equity Interests-99.93%** |
|  **Communication Services-11.19%** |  |  |
|  Alphabet, Inc., Class A<sup>(b)</sup> | 681678 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64425388 |
|  Alphabet, Inc., Class C<sup>(b)</sup> | 609607 | 57705399 |
|  AT&T, Inc. | 809182 | 14751388 |
|  Comcast Corp., Class A | 500070 | 15872222 |
|  Meta Platforms, Inc., Class A<sup>(b)</sup> | 259199 | 24146979 |
|  Verizon Communications, Inc. | 476896 | 17821603 |
|  Walt Disney Co. (The)<sup>(b)</sup> | 207019 | 22055804 |
|  |  | 216778783 |
|  **Consumer Discretionary-12.54%** |  |  |
|  Amazon.com, Inc.<sup>(b)</sup> | 1007741 | 103232988 |
|  Home Depot, Inc. (The) | 116806 | 34589761 |
|  McDonald's Corp. | 83542 | 22778562 |
|  NIKE,Inc.,Class B | 143492 | 13298838 |
|  Tesla, Inc.<sup>(b)</sup> | 302788 | 68896381 |
|  |  | 242796530 |
|  **Consumer Staples-8.06%** |  |  |
|  Coca-Cola Co. (The) | 442518 | 26484702 |
|  Costco Wholesale Corp. | 50364 | 25257546 |
|  PepsiCo, Inc. | 156907 | 28491173 |
|  Philip Morris International, Inc. | 176025 | 16167896 |
|  Procter & Gamble Co. (The) | 271583 | 36574083 |
|  Walmart, Inc. | 161859 | 23037392 |
|  |  | 156012792 |
|  **Energy-4.62%** |  |  |
|  Chevron Corp. | 204674 | 37025527 |
|  Exxon Mobil Corp. | 473742 | 52495351 |
|  |  | 89520878 |
|  **Financials-7.79%** |  |  |
|  Bank of America Corp. | 794802 | 28644664 |
|  Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 205227 | 60560435 |
|  JPMorgan Chase & Co. | 333283 | 41953664 |
|  Wells Fargo & Co. | 430718 | 19808721 |
|  |  | 150967484 |
|  **Health Care-16.78%** |  |  |
|  Abbott Laboratories | 198862 | 19675406 |
|  AbbVie, Inc. | 200995 | 29425668 |
|  Bristol-Myers Squibb Co. | 242461 | 18783454 |
|  Danaher Corp. | 74347 | 18710909 |
|  Eli Lilly and Co. | 89641 | 32458110 |
|  Johnson & Johnson | 298864 | 51993370 |
|  Medtronic PLC | 150878 | 13177685 |
|  Merck & Co., Inc. | 288006 | 29146207 |
|  Pfizer, Inc. | 638013 | 29699505 |
|  Thermo Fisher Scientific, Inc. | 44494 | 22868581 |
|  UnitedHealth Group, Inc. | 106365 | 59048530 |
|  |  | 324987425 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Industrials-0.72%** |  |  |
|  Union Pacific Corp. | 70915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13980183 |
|  **Information Technology-37.36%** |  |  |
|  Accenture PLC, Class A | 71824 | 20390834 |
|  Adobe, Inc.<sup>(b)</sup> | 53145 | 16926682 |
|  Advanced Micro Devices, Inc.<sup>(b)</sup> | 183307 | 11009418 |
|  Apple, Inc. | 1717531 | 263366204 |
|  Broadcom, Inc. | 45860 | 21559703 |
|  Cisco Systems, Inc. | 470226 | 21362367 |
|  Intel Corp. | 466247 | 13255402 |
|  Mastercard, Inc., Class A | 96996 | 31832147 |
|  Microsoft Corp. | 847927 | 196829295 |
|  NVIDIA Corp. | 284581 | 38409898 |
|  QUALCOMM, Inc. | 127519 | 15003886 |
|  salesforce.com, inc.<sup>(b)</sup> | 112987 | 18370556 |
|  Texas Instruments, Inc. | 103750 | 16665363 |
|  Visa, Inc., Class A<sup>(c)</sup> | 185827 | 38495921 |
|  |  | 723477676 |
|  **Materials-0.87%** |  |  |
|  Linde PLC (United Kingdom) | 56594 | 16828226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $1,759,284,929) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $1,759,284,929) | 1935349977 |
|  **Money Market Funds-0.00%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup><br>(Cost $45,683) | 45683 | 45683 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.93%<br>(Cost $1,759,330,612) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.93%<br>(Cost $1,759,330,612) | 1935395660 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-0.83%** | **Money Market Funds-0.83%** | **Money Market Funds-0.83%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup> | 4466880 | 4466880 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup> | 11483396 | 11483396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $15,950,244) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $15,950,244) | 15950276 |
|  TOTAL INVESTMENTS IN SECURITIES-100.76%<br>(Cost $1,775,280,856) | TOTAL INVESTMENTS IN SECURITIES-100.76%<br>(Cost $1,775,280,856) | 1951345936 |
|  OTHER ASSETS LESS LIABILITIES-(0.76)% | OTHER ASSETS LESS LIABILITIES-(0.76)% | (14681251) |
|  NET ASSETS-100.00% |  | $1936664685 |

---

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

---

| |
|:---|
| **8** |
| **8** |
| **8** |

---

------

**Invesco S&P 500<sup>®</sup> Top 50 ETF (XLG)–(continued)** 

October 31, 2022

*(Unaudited)* 

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation**<br>**(Depreciation)** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $- | $16985626 | $(16939943) | $- | $- | $45683 | $6500 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 12114562 | 89429880 | (97077562) |  |  | 4466880 | 77467 \* |
| Invesco Private Prime Fund | 25624591 | 201936520 | (216076551) | (4311) | 3147 | 11483396 | 212248 \* |
| Total | $37739153 | $308352026 | $(330094056) | $(4311) | $3147 | $15995959 | $296215 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Composition** 

&nbsp;&nbsp;&nbsp;&nbsp;**Sector Breakdown (% of the Fund's Net Assets)** 

&nbsp;&nbsp;&nbsp;&nbsp;**as of October 31, 2022** 

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 37.36 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 16.78 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 12.54 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 11.19 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 8.06 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Financials | 7.79 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Energy | 4.62 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Sector Types Each Less Than 3% | 1.59 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds Plus Other Assets Less Liabilities | 0.07 |

---

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

---

| |
|:---|
| **9** |
| **9** |
| **9** |

---

------

**Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF (RFG)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.91%** | **Common Stocks & Other Equity Interests-99.91%** | **Common Stocks & Other Equity Interests-99.91%** |
|  **Communication Services-0.53%** |  |  |
|  Ziff Davis, Inc.<sup>(b)(c)</sup> | 18499 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431638 |
|  **Consumer Discretionary-17.06%** |  |  |
|  Boyd Gaming Corp. | 35973 | 2077801 |
|  Brunswick Corp. | 21195 | 1497851 |
|  Churchill Downs, Inc. | 10571 | 2197817 |
|  Crocs, Inc.<sup>(b)(c)</sup> | 43119 | 3050669 |
|  Deckers Outdoor Corp.<sup>(b)</sup> | 9880 | 3457308 |
|  Dick's Sporting Goods, Inc.<sup>(c)</sup> | 60008 | 6826510 |
|  Five Below, Inc.<sup>(b)(c)</sup> | 15144 | 2216324 |
|  Fox Factory Holding Corp.<sup>(b)(c)</sup> | 35611 | 3128426 |
|  GameStop Corp., Class A<sup>(b)(c)</sup> | 61039 | 1728014 |
|  Light & Wonder, Inc.<sup>(b)</sup> | 32303 | 1813490 |
|  Mattel, Inc.<sup>(b)(c)</sup> | 131865 | 2500160 |
|  RH<sup>(b)(c)</sup> | 3430 | 870980 |
|  Service Corp. International | 27227 | 1650229 |
|  Tempur Sealy International, Inc. | 133478 | 3589224 |
|  TopBuild Corp.<sup>(b)</sup> | 11145 | 1896210 |
|  Williams-Sonoma, Inc. | 28223 | 3494854 |
|  Wingstop, Inc.<sup>(c)</sup> | 17662 | 2797484 |
|  YETI Holdings, Inc.<sup>(b)(c)</sup> | 39407 | 1264177 |
|  |  | 46057528 |
|  **Consumer Staples-3.28%** |  |  |
|  Celsius Holdings, Inc.<sup>(b)(c)</sup> | 51252 | 4668032 |
|  Coca-Cola Consolidated, Inc. | 4670 | 2274337 |
|  Darling Ingredients, Inc.<sup>(b)</sup> | 24413 | 1915932 |
|  |  | 8858301 |
|  **Energy-8.03%** |  |  |
|  Antero Midstream Corp. | 480100 | 5113065 |
|  Matador Resources Co. | 105048 | 6980440 |
|  Murphy Oil Corp. | 126242 | 6123999 |
|  PDC Energy, Inc. | 47996 | 3462431 |
|  |  | 21679935 |
|  **Financials-16.02%** |  |  |
|  Affiliated Managers Group, Inc. | 17927 | 2225816 |
|  East West Bancorp, Inc. | 39658 | 2838323 |
|  Evercore, Inc., Class A | 36790 | 3866629 |
|  First Financial Bankshares, Inc.<sup>(c)</sup> | 43097 | 1658804 |
|  Jefferies Financial Group, Inc. | 179375 | 6172294 |
|  Kinsale Capital Group, Inc. | 8038 | 2533336 |
|  Navient Corp.<sup>(c)</sup> | 425166 | 6437013 |
|  PacWest Bancorp | 88408 | 2197823 |
|  Pinnacle Financial Partners, Inc. | 44884 | 3724923 |
|  SLM Corp. | 387722 | 6432308 |
|  Stifel Financial Corp. | 48260 | 2985846 |
|  UMB Financial Corp. | 26184 | 2179033 |
|  |  | 43252148 |
|  **Health Care-19.43%** |  |  |
|  Arrowhead Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 35118 | 1222458 |
|  Azenta, Inc.<sup>(c)</sup> | 36255 | 1609722 |
|  Bruker Corp. | 29456 | 1821559 |
|  Inari Medical, Inc.<sup>(b)(c)</sup> | 36640 | 2818715 |
|  Medpace Holdings, Inc.<sup>(b)(c)</sup> | 22699 | 5038724 |
|  Neurocrine Biosciences, Inc.<sup>(b)</sup> | 25633 | 2950871 |
|  Omnicell, Inc.<sup>(b)</sup> | 21678 | 1676143 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Health Care-(continued)** |  |  |
|  Option Care Health, Inc.<sup>(b)</sup> | 125342 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3792849 |
|  QuidelOrtho Corp.<sup>(b)</sup> | 17491 | 1571042 |
|  Repligen Corp.<sup>(b)(c)</sup> | 17546 | 3201969 |
|  Shockwave Medical, Inc.<sup>(b)</sup> | 67871 | 19896384 |
|  STAAR Surgical Co.<sup>(b)(c)</sup> | 27416 | 1942972 |
|  Syneos Health, Inc.<sup>(b)</sup> | 16912 | 852026 |
|  Tandem Diabetes Care, Inc.<sup>(b)(c)</sup> | 30565 | 1716225 |
|  Tenet Healthcare Corp.<sup>(b)</sup> | 52395 | 2324242 |
|  |  | 52435901 |
|  **Industrials-11.06%** |  |  |
|  ASGN, Inc.<sup>(b)</sup> | 18541 | 1571906 |
|  Avis Budget Group, Inc.<sup>(b)(c)</sup> | 11097 | 2623997 |
|  Axon Enterprise, Inc.<sup>(b)</sup> | 23587 | 3430493 |
|  Builders FirstSource, Inc.<sup>(b)</sup> | 68934 | 4250470 |
|  Carlisle Cos., Inc. | 7256 | 1732733 |
|  Chart Industries, Inc.<sup>(b)(c)</sup> | 7944 | 1770559 |
|  FTI Consulting, Inc.<sup>(b)(c)</sup> | 16326 | 2540815 |
|  GXO Logistics, Inc.<sup>(b)(c)</sup> | 30090 | 1099489 |
|  Saia, Inc.<sup>(b)</sup> | 11457 | 2278339 |
|  Simpson Manufacturing Co., Inc. | 12142 | 1037898 |
|  Tetra Tech, Inc. | 8671 | 1225039 |
|  Trex Co., Inc.<sup>(b)(c)</sup> | 36560 | 1758170 |
|  Valmont Industries, Inc. | 6921 | 2209322 |
|  Vicor Corp.<sup>(b)(c)</sup> | 19266 | 920337 |
|  Watts Water Technologies, Inc., Class A | 9539 | 1396128 |
|  |  | 29845695 |
|  **Information Technology-10.39%** |  |  |
|  Calix, Inc.<sup>(b)</sup> | 55903 | 4116697 |
|  Concentrix Corp. | 38275 | 4678353 |
|  Dynatrace, Inc.<sup>(b)</sup> | 94324 | 3323978 |
|  ExlService Holdings, Inc.<sup>(b)</sup> | 10903 | 1982711 |
|  Lattice Semiconductor Corp.<sup>(b)</sup> | 31698 | 1537670 |
|  Maximus, Inc. | 31914 | 1968136 |
|  Paylocity Holding Corp.<sup>(b)</sup> | 9842 | 2281277 |
|  Power Integrations, Inc.<sup>(c)</sup> | 29222 | 1949400 |
|  Qualys, Inc.<sup>(b)</sup> | 15203 | 2167340 |
|  Silicon Laboratories, Inc.<sup>(b)(c)</sup> | 10036 | 1153337 |
|  SiTime Corp.<sup>(b)(c)</sup> | 6578 | 590770 |
|  Synaptics, Inc.<sup>(b)(c)</sup> | 5643 | 499970 |
|  Teradata Corp.<sup>(b)(c)</sup> | 56568 | 1786983 |
|  |  | 28036622 |
|  **Materials-12.03%** |  |  |
|  Avient Corp. | 41776 | 1440854 |
|  Cleveland-Cliffs, Inc.<sup>(b)(c)</sup> | 334647 | 4347065 |
|  Eagle Materials, Inc. | 20675 | 2528759 |
|  Louisiana-Pacific Corp.<sup>(c)</sup> | 110568 | 6263677 |
|  MP Materials Corp.<sup>(b)(c)</sup> | 141290 | 4244352 |
|  Olin Corp. | 62292 | 3298361 |
|  Scotts Miracle-Gro Co. (The)<sup>(c)</sup> | 11396 | 523190 |
|  Steel Dynamics, Inc. | 79989 | 7522966 |
|  Valvoline, Inc. | 78470 | 2303879 |
|  |  | 32473103 |
|  **Real Estate-2.08%** |  |  |
|  Independence Realty Trust, Inc. | 90841 | 1522495 |

---

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

---

| |
|:---|
| **10** |
| **10** |
| **10** |

---

------

**Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF (RFG)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Real Estate-(continued)** |  |  |
|  Life Storage, Inc. | 21395 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2366501 |
|  National Storage Affiliates Trust | 40453 | 1725725 |
|  |  | 5614721 |
|  Total Common Stocks & Other Equity Interests<br>(Cost $284,315,774) | Total Common Stocks & Other Equity Interests<br>(Cost $284,315,774) | 269685592 |
|  **Money Market Funds-0.05%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup><br>(Cost $151,753) | 151754 | 151753 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.96%<br>(Cost $284,467,527) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.96%<br>(Cost $284,467,527) | 269837345 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-21.14%** |  |  |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup> | 15983891 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15983891 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup> | 41071324 | 41071324 |
|  Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $57,055,173) | Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $57,055,173) | 57055215 |
|  TOTAL INVESTMENTS IN SECURITIES-121.10%<br>(Cost $341,522,700) | TOTAL INVESTMENTS IN SECURITIES-121.10%<br>(Cost $341,522,700) | 326892560 |
|  OTHER ASSETS LESS LIABILITIES-(21.10)% | OTHER ASSETS LESS LIABILITIES-(21.10)% | (56959205) |
|  NET ASSETS-100.00% |  | $269933355 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation**<br>**(Depreciation)** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $- | $2103020 | $(1951267) | $- | $- | $151753 | $1158 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 20042244 | 84542890 | (88601243) |  |  | 15983891 | 173943 \* |
| Invesco Private Prime Fund | 48584214 | 167231090 | (174744416) | (1271) | 1707 | 41071324 | 474296 \* |
| Total | $68626458 | $253877000 | $(265296926) | $(1271) | $1707 | $57206968 | $649397 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

---

| |
|:---|
| **11** |
| **11** |
| **11** |

---

------

**Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF (RFG)–(continued)** 

October 31, 2022

*(Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Composition** 

&nbsp;&nbsp;&nbsp;&nbsp;**Sector Breakdown (% of the Fund's Net Assets)** 

&nbsp;&nbsp;&nbsp;&nbsp;**as of October 31, 2022** 

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 19.43 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 17.06 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Financials | 16.02 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Materials | 12.03 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 11.06 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 10.39 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Energy | 8.03 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 3.28 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Sector Types Each Less Than 3% | 2.61 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds Plus Other Assets Less Liabilities | 0.09 |

---

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

---

| |
|:---|
| **12** |
| **12** |
| **12** |

---

------

**Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF (RFV)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** |
|  **Consumer Discretionary-19.33%** |  |  |
|  Adient PLC<sup>(b)(c)</sup> | 52526 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1837359 |
|  Dana, Inc.<sup>(c)</sup> | 95904 | 1530628 |
|  Foot Locker, Inc.<sup>(c)</sup> | 58499 | 1854418 |
|  Gap, Inc. (The)<sup>(c)</sup> | 133152 | 1500623 |
|  Goodyear Tire & Rubber Co. (The)<sup>(b)(c)</sup> | 113835 | 1445705 |
|  Graham Holdings Co., Class B | 4183 | 2609648 |
|  Harley-Davidson, Inc.<sup>(c)</sup> | 16145 | 694235 |
|  KB Home | 52921 | 1525183 |
|  Kohl's Corp. | 51196 | 1533320 |
|  Lear Corp.<sup>(c)</sup> | 9894 | 1372397 |
|  Lithia Motors, Inc., Class A<sup>(c)</sup> | 7899 | 1565187 |
|  Macy's, Inc. | 66589 | 1388381 |
|  Murphy USA, Inc. | 7166 | 2253779 |
|  Nordstrom, Inc.<sup>(c)</sup> | 37336 | 759414 |
|  PVH Corp. | 27719 | 1422539 |
|  Taylor Morrison Home Corp., Class A<sup>(b)(c)</sup> | 85636 | 2255652 |
|  Thor Industries, Inc.<sup>(c)</sup> | 21417 | 1744843 |
|  Toll Brothers, Inc.<sup>(c)</sup> | 18568 | 799909 |
|  Topgolf Callaway Brands Corp.<sup>(b)(c)</sup> | 39240 | 734573 |
|  |  | 28827793 |
|  **Consumer Staples-5.11%** |  |  |
|  BJ's Wholesale Club Holdings, Inc.<sup>(b)</sup> | 11588 | 896911 |
|  Ingredion, Inc. | 7783 | 693621 |
|  Nu Skin Enterprises, Inc., Class A | 25910 | 989503 |
|  Performance Food Group Co.<sup>(b)</sup> | 37293 | 1940728 |
|  Pilgrim's Pride Corp.<sup>(b)</sup> | 49768 | 1147152 |
|  Sprouts Farmers Market, Inc.<sup>(b)(c)</sup> | 66207 | 1953107 |
|  |  | 7621022 |
|  **Energy-6.09%** |  |  |
|  Equitrans Midstream Corp. | 66106 | 556612 |
|  HF Sinclair Corp. | 102168 | 6249617 |
|  NOV, Inc.<sup>(c)</sup> | 101671 | 2277430 |
|  |  | 9083659 |
|  **Financials-30.16%** |  |  |
|  Annaly Capital Management, Inc.<sup>(c)</sup> | 64832 | 1202634 |
|  Associated Banc-Corp. | 65848 | 1603399 |
|  Bread Financial Holdings, Inc. | 24526 | 885634 |
|  Cadence Bank<sup>(c)</sup> | 39441 | 1090544 |
|  CNO Financial Group, Inc. | 117779 | 2598205 |
|  Essent Group Ltd. | 24632 | 974935 |
|  F.N.B. Corp.<sup>(c)</sup> | 121784 | 1759779 |
|  First Horizon Corp. | 73512 | 1801779 |
|  Fulton Financial Corp. | 83867 | 1528895 |
|  Hanover Insurance Group, Inc. (The) | 13006 | 1905249 |
|  International Bancshares Corp.<sup>(c)</sup> | 20286 | 1006186 |
|  Kemper Corp.<sup>(c)</sup> | 47909 | 2283822 |
|  MGIC Investment Corp. | 100472 | 1371443 |
|  New York Community Bancorp, Inc.<sup>(c)</sup> | 114400 | 1065064 |
|  Old National Bancorp<sup>(c)</sup> | 54365 | 1063379 |
|  Old Republic International Corp. | 92323 | 2142817 |
|  Prosperity Bancshares, Inc. | 13528 | 968199 |
|  Reinsurance Group of America, Inc. | 32555 | 4791119 |
|  RenaissanceRe Holdings Ltd. (Bermuda) | 5273 | 815628 |
|  Selective Insurance Group, Inc. | 11254 | 1103792 |
|  Texas Capital Bancshares, Inc.<sup>(b)</sup> | 21533 | 1291980 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Financials-(continued)** |  |  |
|  United Bankshares, Inc.<sup>(c)</sup> | 29570 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252289 |
|  Unum Group | 145332 | 6625686 |
|  Valley National Bancorp<sup>(c)</sup> | 57242 | 679462 |
|  Voya Financial, Inc.<sup>(c)</sup> | 32458 | 2218829 |
|  Washington Federal, Inc. | 24475 | 947182 |
|  |  | 44977930 |
|  **Health Care-1.90%** |  |  |
|  Patterson Cos., Inc.<sup>(c)</sup> | 52003 | 1350518 |
|  Perrigo Co. PLC<sup>(c)</sup> | 36758 | 1480612 |
|  |  | 2831130 |
|  **Industrials-12.98%** |  |  |
|  AGCO Corp. | 9102 | 1130195 |
|  CACI International, Inc., Class A<sup>(b)</sup> | 2773 | 843075 |
|  EMCOR Group, Inc.<sup>(c)</sup> | 7859 | 1108905 |
|  EnerSys | 9740 | 645665 |
|  Fluor Corp.<sup>(b)(c)</sup> | 45781 | 1385333 |
|  JetBlue Airways Corp.<sup>(b)</sup> | 81133 | 652309 |
|  Kirby Corp.<sup>(b)(c)</sup> | 12205 | 851299 |
|  Knight-Swift Transportation Holdings, Inc.<sup>(c)</sup> | 12033 | 577945 |
|  ManpowerGroup, Inc. | 21545 | 1687835 |
|  MDU Resources Group, Inc. | 40757 | 1160759 |
|  Oshkosh Corp. | 7034 | 618992 |
|  Owens Corning | 10409 | 891115 |
|  Ryder System, Inc. | 27232 | 2192448 |
|  Science Applications International Corp.<sup>(c)</sup> | 12275 | 1329874 |
|  Terex Corp. | 17644 | 715288 |
|  Timken Co. (The) | 8246 | 587857 |
|  Univar Solutions, Inc.<sup>(b)</sup> | 69574 | 1772746 |
|  Werner Enterprises, Inc.<sup>(c)</sup> | 13146 | 515323 |
|  XPO Logistics, Inc.<sup>(b)(c)</sup> | 13339 | 690160 |
|  |  | 19357123 |
|  **Information Technology-8.20%** |  |  |
|  Arrow Electronics, Inc.<sup>(b)</sup> | 19510 | 1975583 |
|  Avnet, Inc. | 86237 | 3465865 |
|  Kyndryl Holdings, Inc.<sup>(b)</sup> | 59070 | 571207 |
|  TD SYNNEX Corp.<sup>(c)</sup> | 19079 | 1745919 |
|  Viasat, Inc.<sup>(b)(c)</sup> | 22295 | 913203 |
|  Vishay Intertechnology, Inc. | 60263 | 1260099 |
|  Xerox Holdings Corp.<sup>(c)</sup> | 156882 | 2295184 |
|  |  | 12227060 |
|  **Materials-10.64%** |  |  |
|  Cabot Corp.<sup>(c)</sup> | 12856 | 944659 |
|  Chemours Co. (The)<sup>(c)</sup> | 17788 | 509270 |
|  Commercial Metals Co. | 70590 | 3211845 |
|  Greif, Inc., Class A | 31456 | 2082702 |
|  Reliance Steel & Aluminum Co. | 11237 | 2264031 |
|  Silgan Holdings, Inc.<sup>(c)</sup> | 17485 | 828090 |
|  United States Steel Corp.<sup>(c)</sup> | 148015 | 3013585 |
|  Westlake Corp.<sup>(c)</sup> | 14403 | 1392050 |
|  Worthington Industries, Inc.<sup>(c)</sup> | 34242 | 1628549 |
|  |  | 15874781 |

---

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

---

| |
|:---|
| **13** |
| **13** |
| **13** |

---

------

**Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF (RFV)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Real Estate-0.91%** |  |  |
|  Sabra Health Care REIT, Inc.<sup>(c)</sup> | 48359 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660584 |
|  SL Green Realty Corp. | 17432 | 691702 |
|  |  | 1352286 |
|  **Utilities-4.64%** |  |  |
|  ALLETE, Inc. | 11082 | 623584 |
|  Hawaiian Electric Industries, Inc.<sup>(c)</sup> | 14502 | 551656 |
|  NorthWestern Corp. | 15096 | 797522 |
|  ONE Gas, Inc. | 8444 | 654241 |
|  Portland General Electric Co.<sup>(c)</sup> | 14073 | 632441 |
|  Southwest Gas Holdings, Inc. | 18061 | 1319717 |
|  Spire, Inc. | 19733 | 1377561 |
|  UGI Corp. | 27055 | 955853 |
|  |  | 6912575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $155,729,728) | &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $155,729,728) | 149065359 |
|  **Money Market Funds-0.00%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup><br>(Cost $5,442) | 5442 | 5442 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.96%<br>(Cost $155,735,170) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.96%<br>(Cost $155,735,170) | 149070801 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-27.67%** |  |  |
|  Invesco Private Government Fund,<br>3.18%<sup>(d)(e)(f)</sup> | 11554044 | $&nbsp;&nbsp;&nbsp;&nbsp;11554044 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup> | 29704165 | 29704165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $41,257,798) | &nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $41,257,798) | 41258209 |
|  TOTAL INVESTMENTS IN SECURITIES-127.63%<br>(Cost $196,992,968) | TOTAL INVESTMENTS IN SECURITIES-127.63%<br>(Cost $196,992,968) | 190329010 |
|  OTHER ASSETS LESS LIABILITIES-(27.63)% | OTHER ASSETS LESS LIABILITIES-(27.63)% | (41199322) |
|  NET ASSETS-100.00%. |  | $149129688 |

---

Investment Abbreviations:

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation**<br>**(Depreciation)** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $89315 | $1902396 | $(1986269) | $- | $- | $5442 | $676 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 7518534 | 34245615 | (30210105) |  |  | 11554044 | 66786 \* |
| Invesco Private Prime Fund | 17532140 | 77259086 | (65087031) | (1241) | 1211 | 29704165 | 181604 \* |
| Total | $25139989 | $113407097 | $(97283405) | $(1241) | $1211 | $41263651 | $249066 |

---

\* 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.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> 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.

---

| |
|:---|
| **14** |
| **14** |
| **14** |

---

------

**Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF (RFV)–(continued)** 

October 31, 2022

*(Unaudited)* 

&nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Composition** 

&nbsp;&nbsp;&nbsp;&nbsp;**Sector Breakdown (% of the Fund's Net Assets)** 

&nbsp;&nbsp;&nbsp;&nbsp;**as of October 31, 2022** 

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;Financials | 30.16 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 19.33 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 12.98 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Materials | 10.64 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 8.20 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Energy | 6.09 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 5.11 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 4.64 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Sector Types Each Less Than 3% | 2.81 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds Plus Other Assets Less Liabilities | 0.04 |

---

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

---

| |
|:---|
| **15** |
| **15** |
| **15** |

---

------

**Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF (RZG)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** |
|  **Communication Services-1.96%** |  |  |
|  Shutterstock, Inc.<sup>(b)</sup> | 5482 | $274264 |
|  TechTarget, Inc.<sup>(b)(c)</sup> | 18535 | 1196434 |
|  Thryv Holdings, Inc.<sup>(b)(c)</sup> | 28286 | 578732 |
|  |  | 2049430 |
|  **Consumer Discretionary-14.22%** |  |  |
|  Boot Barn Holdings, Inc.<sup>(b)(c)</sup> | 11116 | 631389 |
|  Buckle, Inc. (The) | 22966 | 903253 |
|  Cavco Industries, Inc.<sup>(c)</sup> | 2578 | 584355 |
|  Century Communities, Inc.<sup>(b)</sup> | 20283 | 902796 |
|  Children's Place, Inc. (The)<sup>(b)(c)</sup> | 10806 | 437427 |
|  Gentherm, Inc.<sup>(b)(c)</sup> | 4980 | 290932 |
|  Hibbett, Inc.<sup>(b)</sup> | 29722 | 1855247 |
|  Installed Building Products, Inc. | 5030 | 432580 |
|  LGI Homes, Inc.<sup>(b)(c)</sup> | 8557 | 787672 |
|  Liquidity Services, Inc.<sup>(b)(c)</sup> | 39600 | 680328 |
|  MarineMax, Inc.<sup>(b)(c)</sup> | 29034 | 938088 |
|  Movado Group, Inc.<sup>(b)</sup> | 25123 | 830818 |
|  Shoe Carnival, Inc. | 36000 | 863280 |
|  Signet Jewelers Ltd. | 15135 | 987407 |
|  Sleep Number Corp.<sup>(b)(c)</sup> | 13821 | 383395 |
|  Sturm Ruger & Co., Inc.<sup>(b)</sup> | 8837 | 496021 |
|  Vista Outdoor, Inc.<sup>(b)(c)</sup> | 34803 | 1010679 |
|  XPEL, Inc.<sup>(b)(c)(d)</sup> | 26899 | 1861142 |
|  |  | 14876809 |
|  **Consumer Staples-5.41%** |  |  |
|  Inter Parfums, Inc.<sup>(b)</sup> | 8077 | 653268 |
|  Medifast, Inc.<sup>(b)</sup> | 3824 | 447370 |
|  MGP Ingredients, Inc.<sup>(b)</sup> | 12220 | 1369251 |
|  Simply Good Foods Co. (The)<sup>(b)(c)</sup> | 34001 | 1302238 |
|  United Natural Foods, Inc.<sup>(b)(c)</sup> | 33040 | 1401226 |
|  Vector Group Ltd. | 46162 | 490241 |
|  |  | 5663594 |
|  **Energy-5.65%** |  |  |
|  Callon Petroleum Co.<sup>(b)(c)</sup> | 17983 | 790533 |
|  Civitas Resources, Inc.<sup>(b)</sup> | 22355 | 1562838 |
|  Dorian LPG Ltd. | 118476 | 2140861 |
|  Ranger Oil Corp., Class A<sup>(b)</sup> | 14230 | 582007 |
|  SM Energy Co. | 18619 | 837483 |
|  |  | 5913722 |
|  **Financials-20.81%** |  |  |
|  Axos Financial, Inc.<sup>(b)(c)</sup> | 22154 | 863120 |
| B. Riley Financial, Inc.<sup>(b)</sup> | 33390 | 1358305 |
|  Bancorp, Inc. (The)<sup>(b)(c)</sup> | 33607 | 926881 |
|  Brightsphere Investment Group, Inc. | 23489 | 442063 |
|  Customers Bancorp, Inc.<sup>(b)(c)</sup> | 37847 | 1275065 |
|  Donnelley Financial Solutions, Inc.<sup>(b)(c)</sup> | 15401 | 622662 |
|  Enova International, Inc.<sup>(c)</sup> | 32314 | 1211452 |
|  First Bancorp | 115137 | 1818013 |
|  Flagstar Bancorp, Inc. | 36070 | 1395909 |
|  HCI Group, Inc.<sup>(b)</sup> | 12350 | 452504 |
|  HomeStreet, Inc.<sup>(b)</sup> | 25054 | 650402 |
|  Palomar Holdings, Inc.<sup>(b)(c)</sup> | 12336 | 1097411 |
|  Pathward Financial, Inc. | 27089 | 1138551 |
|  Piper Sandler Cos.<sup>(b)</sup> | 11637 | 1489187 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Financials-(continued)** |  |  |
|  Preferred Bank | 15712 | $1207782 |
|  Redwood Trust, Inc.<sup>(b)</sup> | 85376 | 608731 |
|  ServisFirst Bancshares, Inc.<sup>(b)</sup> | 17058 | 1284979 |
|  Triumph Bancorp, Inc.<sup>(b)(c)</sup> | 14128 | 727592 |
|  Trupanion, Inc.<sup>(b)(c)</sup> | 4945 | 249574 |
|  Veritex Holdings, Inc. | 28921 | 913325 |
|  Virtus Investment Partners, Inc. | 4120 | 706539 |
|  Walker & Dunlop, Inc. | 9339 | 840136 |
|  World Acceptance Corp.<sup>(b)(c)</sup> | 6128 | 497716 |
|  |  | 21777899 |
|  **Health Care-22.23%** |  |  |
|  AMN Healthcare Services, Inc.<sup>(c)</sup> | 10872 | 1364436 |
|  AngioDynamics, Inc.<sup>(c)</sup> | 33903 | 477693 |
|  Apollo Medical Holdings, Inc.<sup>(b)(c)</sup> | 10261 | 363855 |
|  Arcus Biosciences, Inc.<sup>(b)(c)</sup> | 24527 | 624948 |
|  Avid Bioservices, Inc.<sup>(b)(c)</sup> | 66639 | 1128865 |
|  BioLife Solutions, Inc.<sup>(b)(c)</sup> | 19861 | 467131 |
|  Cara Therapeutics, Inc.<sup>(b)(c)</sup> | 85525 | 803935 |
|  Catalyst Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 95226 | 1320785 |
|  Collegium Pharmaceutical, Inc.<sup>(b)(c)</sup> | 45836 | 822298 |
|  Community Health Systems, Inc.<sup>(c)</sup> | 115634 | 331870 |
|  CorVel Corp.<sup>(c)</sup> | 4035 | 662587 |
|  Cross Country Healthcare, Inc.<sup>(b)(c)</sup> | 54042 | 2004418 |
|  Dynavax Technologies Corp.<sup>(b)(c)</sup> | 188274 | 2155737 |
|  Fulgent Genetics, Inc.<sup>(b)(c)</sup> | 29156 | 1155452 |
|  Heska Corp.<sup>(b)(c)</sup> | 2451 | 175884 |
|  Innoviva, Inc.<sup>(b)(c)</sup> | 89185 | 1209349 |
|  iTeos Therapeutics, Inc.<sup>(c)</sup> | 30428 | 592737 |
|  Joint Corp. (The)<sup>(b)(c)</sup> | 25023 | 413380 |
|  Ligand Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 7599 | 666052 |
|  OptimizeRx Corp.<sup>(b)(c)</sup> | 29460 | 454126 |
|  Organogenesis Holdings, Inc.<sup>(b)(c)</sup> | 193298 | 634017 |
|  RadNet, Inc.<sup>(b)(c)</sup> | 17502 | 334638 |
|  Supernus Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 18726 | 641740 |
|  uniQure N.V. (Netherlands)<sup>(c)</sup> | 39931 | 743515 |
|  Vericel Corp.<sup>(b)(c)</sup> | 20209 | 543218 |
|  Vir Biotechnology, Inc.<sup>(b)(c)</sup> | 101945 | 2240751 |
|  Xencor, Inc.<sup>(b)(c)</sup> | 14535 | 406980 |
|  Zynex, Inc.<sup>(b)</sup> | 45752 | 521573 |
|  |  | 23261970 |
|  **Industrials-12.27%** |  |  |
|  3D Systems Corp.<sup>(b)(c)</sup> | 37677 | 332688 |
|  ArcBest Corp.<sup>(b)</sup> | 9789 | 777540 |
|  Comfort Systems USA, Inc.<sup>(b)</sup> | 13352 | 1646035 |
|  Encore Wire Corp.<sup>(b)</sup> | 16024 | 2204742 |
|  Heidrick & Struggles International, Inc. | 20430 | 575309 |
|  Insteel Industries, Inc.<sup>(b)</sup> | 26678 | 702965 |
|  Korn Ferry | 11663 | 648346 |
|  Matson, Inc.<sup>(b)</sup> | 12217 | 898927 |
|  Mueller Industries, Inc.<sup>(b)</sup> | 21650 | 1356156 |
|  MYR Group, Inc.<sup>(c)</sup> | 13995 | 1224703 |
|  NV5 Global, Inc.<sup>(b)(c)</sup> | 7697 | 1115680 |
|  Triumph Group, Inc.<sup>(c)</sup> | 24976 | 226033 |
|  UFP Industries, Inc. | 15945 | 1135762 |
|  |  | 12844886 |

---

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

---

| |
|:---|
| **16** |
| **16** |
| **16** |

---

------

**Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF (RZG)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Information Technology-15.13%** | **Information Technology-15.13%** | **Information Technology-15.13%** |
|  A10 Networks, Inc. | 56020 | $&nbsp;&nbsp;&nbsp;&nbsp;941136 |
|  ADTRAN Holdings, Inc. | 20826 | 467752 |
|  Advanced Energy Industries, Inc.<sup>(b)</sup> | 6013 | 472922 |
|  Alarm.com Holdings, Inc.<sup>(b)(c)</sup> | 6433 | 378518 |
|  Axcelis Technologies, Inc.<sup>(b)(c)</sup> | 12692 | 736136 |
|  Clearfield, Inc.<sup>(b)(c)</sup> | 12439 | 1510965 |
|  Diebold Nixdorf, Inc.<sup>(b)(c)</sup> | 78136 | 194559 |
|  Digital Turbine, Inc.<sup>(b)(c)</sup> | 34798 | 508051 |
|  Diodes, Inc.<sup>(c)</sup> | 9579 | 686527 |
|  Extreme Networks, Inc.<sup>(c)</sup> | 55836 | 1001698 |
|  Fabrinet (Thailand)<sup>(c)</sup> | 8060 | 922064 |
|  Harmonic, Inc.<sup>(b)(c)</sup> | 51548 | 796417 |
|  Kulicke & Soffa Industries, Inc. (Singapore)<sup>(b)</sup>  | 30763 | 1290200 |
|  MaxLinear, Inc.<sup>(c)</sup> | 24096 | 744084 |
|  Onto Innovation, Inc.<sup>(b)(c)</sup> | 16689 | 1115493 |
|  Perficient, Inc.<sup>(b)(c)</sup> | 9413 | 630389 |
|  Rambus, Inc.<sup>(c)</sup> | 26621 | 802889 |
|  Rogers Corp.<sup>(c)</sup> | 2570 | 604798 |
|  SPS Commerce, Inc.<sup>(b)(c)</sup> | 4092 | 517720 |
|  TTEC Holdings, Inc. | 6058 | 269399 |
|  Ultra Clean Holdings, Inc.<sup>(b)(c)</sup> | 19538 | 607827 |
|  Veeco Instruments, Inc.<sup>(b)(c)</sup> | 34897 | 636172 |
|  |  | 15835716 |
|  **Materials-0.35%** | **Materials-0.35%** | **Materials-0.35%** |
|  Balchem Corp.<sup>(b)</sup> | 2634 | 368233 |
|  **Real Estate-1.92%** |  |  |
|  Douglas Elliman, Inc. | 23326 | 107766 |
|  Innovative Industrial Properties, Inc.<sup>(b)</sup> | 5953 | 643519 |
|  NexPoint Residential Trust, Inc. | 8611 | 392662 |
|  St. Joe Co. (The)<sup>(b)</sup> | 24351 | 865191 |
|  |  | 2009138 |
|  Total Common Stocks & Other Equity Interests (Cost $130,765,684) |  | 104601397 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds-0.05%** | **Money Market Funds-0.05%** | **Money Market Funds-0.05%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(e)(f)</sup> (Cost $55,091) | 55091 | $55091 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $130,820,775) |  | 104656488 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-33.15%** | **Money Market Funds-33.15%** | **Money Market Funds-33.15%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(e)(f)(g)</sup> | 9714544 | 9714544 |
|  Invesco Private Prime Fund, 3.28%<sup>(e)(f)(g)</sup> | 24973962 | 24973962 |
|  Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $34,688,961) |  | 34688506 |
|  TOTAL INVESTMENTS IN SECURITIES-133.15%<br>(Cost $165,509,736) | TOTAL INVESTMENTS IN SECURITIES-133.15%<br>(Cost $165,509,736) | 139344994 |
|  OTHER ASSETS LESS LIABILITIES-(33.15)% | OTHER ASSETS LESS LIABILITIES-(33.15)% | (34696207) |
|  NET ASSETS-100.00% |  | $104648787 |

---

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022. <sup></sup>

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> 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 October 31, 2022 represented 1.78% of the Fund's Net Assets. 

<sup>(e)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases**<br>**at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation**<br>**(Depreciation)** | **Realized**<br>**Gain** | **Value**<br>**October 31, 2022** | **Dividend<br>Income** |
|  **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency<br> Portfolio, Institutional Class | $56928 | $1669634 | $(1671471) | $- | $- | $55091 | $470 |

---

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

---

| |
|:---|
| **17** |
| **17** |
| **17** |

---

------

**Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF (RZG)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br>**April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | $11064178 | $21105759 | $(22455393) | $- | $- | $9714544 | $95705 \* |
| Invesco Private Prime Fund | 25804690 | 42115190 | (42947126) | (1838) | 3046 | 24973962 | 260561 \* |
| Total | $36925796 | $64890583 | $(67073990) | $(1838) | $3046 | $34743597 | $356736 |

---

\* 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.

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(g)</sup> 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.

**Portfolio Composition** 

**Sector Breakdown (% of the Fund's Net Assets)** 

**as of October 31, 2022** 

---

| | |
|:---|:---|
|  Health Care | 22.23 |
|  Financials | 20.81 |
|  Information Technology | 15.13 |
|  Consumer Discretionary | 14.22 |
|  Industrials | 12.27 |
|  Energy | 5.65 |
|  Consumer Staples | 5.41 |
|  Sector Types Each Less Than 3% | 4.23 |
| Money Market Funds Plus Other Assets Less Liabilities | 0.05 |

---

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

---

| |
|:---|
| **18** |
| **18** |
| **18** |

---

------

**Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF (RZV)** 

October 31, 2022

*(Unaudited)* 

Schedule of Investments<sup>(a)</sup>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** | **Common Stocks & Other Equity Interests-99.95%** |
|  Communication Services-2.35% |  |  |
|  AMC Networks, Inc., Class A<sup>(b)</sup> | 47493 | $1069067 |
|  ATN International, Inc. | 29334 | 1264882 |
|  Scholastic Corp. | 29719 | 1133483 |
|  Telephone & Data Systems, Inc. | 153923 | 2616691 |
|  |  | 6084123 |
|  **Consumer Discretionary-17.61%** |  |  |
|  Aaron's Co., Inc. (The)<sup>(c)</sup> | 131488 | 1370105 |
|  Adtalem Global Education, Inc.<sup>(b)</sup> | 27330 | 1139661 |
|  American Axle & Manufacturing Holdings, Inc.<sup>(b)(c)</sup> | 167477 | 1622852 |
|  America's Car-Mart, Inc.<sup>(b)(c)</sup> | 18699 | 1278264 |
|  Bed Bath & Beyond, Inc.<sup>(b)(c)</sup> | 45501 | 207940 |
|  Big Lots, Inc.<sup>(c)</sup> | 61586 | 1162128 |
|  Bloomin' Brands, Inc. | 44874 | 1077425 |
|  Brinker International, Inc.<sup>(b)(c)</sup> | 20165 | 673309 |
|  Caleres, Inc.<sup>(c)</sup> | 47382 | 1294950 |
|  Cato Corp. (The), Class A | 147660 | 1758631 |
|  Chico's FAS, Inc.<sup>(b)(c)</sup> | 416064 | 2446456 |
|  Conn's, Inc.<sup>(b)(c)</sup> | 155058 | 1273026 |
|  El Pollo Loco Holdings, Inc.<sup>(c)</sup> | 63740 | 639950 |
|  Ethan Allen Interiors, Inc.<sup>(c)</sup> | 54407 | 1392275 |
|  G-III Apparel Group Ltd.<sup>(b)</sup> | 86323 | 1683298 |
|  Group 1 Automotive, Inc.<sup>(c)</sup> | 10559 | 1826707 |
|  Guess?, Inc.<sup>(c)</sup> | 60399 | 1025575 |
|  Haverty Furniture Cos., Inc., (Acquired 12/17/2021 - 03/18/2022; Cost $1,976,419)<sup>(c)(d)</sup> | 61660 | 1638923 |
|  La-Z-Boy, Inc.<sup>(c)</sup> | 32656 | 808889 |
|  LL Flooring Holdings, Inc.<sup>(b)</sup> | 126432 | 1051914 |
|  M.D.C. Holdings, Inc. | 36353 | 1107312 |
|  M/I Homes, Inc.<sup>(b)</sup> | 48265 | 2002515 |
|  Motorcar Parts of America, Inc.<sup>(b)(c)</sup> | 148173 | 2815287 |
|  ODP Corp. (The)<sup>(b)</sup> | 57610 | 2279628 |
|  Perdoceo Education Corp.<sup>(b)</sup> | 163732 | 1871457 |
|  Sonic Automotive, Inc., Class A<sup>(c)</sup> | 42644 | 1993607 |
|  Standard Motor Products, Inc. | 17843 | 676785 |
|  Strategic Education, Inc.<sup>(c)</sup> | 26624 | 1837056 |
|  Tri Pointe Homes, Inc.<sup>(b)(c)</sup> | 116711 | 1954909 |
|  Tupperware Brands Corp.<sup>(b)(c)</sup> | 57321 | 443091 |
|  Unifi, Inc.<sup>(b)</sup> | 127017 | 1158395 |
|  Universal Electronics, Inc.<sup>(b)(c)</sup> | 25607 | 522639 |
|  Urban Outfitters, Inc.<sup>(b)(c)</sup> | 52491 | 1252435 |
|  Zumiez, Inc.<sup>(b)(c)</sup> | 15691 | 351949 |
|  |  | 45639343 |
|  **Consumer Staples-9.45%** |  |  |
|  Andersons, Inc. (The) | 79847 | 2816204 |
|  Central Garden & Pet Co.<sup>(b)(c)</sup> | 4428 | 182743 |
|  Central Garden & Pet Co., Class A<sup>(b)(c)</sup> | 18075 | 707455 |
|  Edgewell Personal Care Co.<sup>(c)</sup> | 17035 | 667602 |
|  Fresh Del Monte Produce, Inc. | 118416 | 3088289 |
|  Hostess Brands, Inc.<sup>(b)</sup> | 50620 | 1340418 |
|  PriceSmart, Inc. | 14305 | 915091 |
|  Seneca Foods Corp., Class A<sup>(b)</sup> | 71656 | 4522210 |
|  SpartanNash Co.<sup>(c)</sup> | 111545 | 3983272 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Consumer Staples-(continued)** |  |  |
|  TreeHouse Foods, Inc.<sup>(b)(c)</sup> | 63891 | $3209884 |
|  Universal Corp. | 60457 | 3059729 |
|  |  | 24492897 |
|  **Energy-9.64%** |  |  |
|  Archrock, Inc. | 78878 | 592374 |
|  Bristow Group, Inc.<sup>(b)</sup> | 33489 | 1002661 |
|  CONSOL Energy, Inc. | 38628 | 2434337 |
|  Helix Energy Solutions Group, Inc.<sup>(b)(c)</sup> | 515171 | 3606197 |
|  Nabors Industries Ltd.<sup>(b)(c)</sup> | 7874 | 1370312 |
|  Oceaneering International, Inc.<sup>(b)</sup> | 73967 | 1034798 |
|  Oil States International, Inc.<sup>(b)(c)</sup> | 258750 | 1674112 |
|  PBF Energy, Inc., Class A<sup>(b)</sup> | 142481 | 6304784 |
|  ProPetro Holding Corp.<sup>(b)</sup> | 85221 | 1009017 |
|  REX American Resources Corp.<sup>(b)(c)</sup> | 33726 | 1011443 |
|  US Silica Holdings, Inc.<sup>(b)</sup> | 153871 | 2214204 |
|  World Fuel Services Corp. | 107182 | 2732069 |
|  |  | 24986308 |
|  **Financials-20.29%** |  |  |
|  American Equity Investment Life Holding Co. | 62779 | 2704519 |
|  Apollo Commercial Real Estate Finance, Inc.<sup>(c)</sup> | 73019 | 822194 |
|  ARMOUR Residential REIT, Inc. | 106300 | 565516 |
|  BankUnited, Inc.<sup>(c)</sup> | 15563 | 559490 |
|  Berkshire Hills Bancorp, Inc.<sup>(c)</sup> | 27950 | 817538 |
|  Columbia Banking System, Inc.<sup>(c)</sup> | 27056 | 905564 |
|  Employers Holdings, Inc.<sup>(c)</sup> | 40626 | 1771700 |
|  EZCORP, Inc., Class A<sup>(b)(c)</sup> | 357538 | 3453817 |
|  First Financial Bancorp | 42984 | 1120593 |
|  Franklin BSP Realty Trust, Inc.<sup>(c)</sup> | 66444 | 936196 |
|  Genworth Financial, Inc., Class A<sup>(b)</sup> | 818896 | 3824244 |
|  Granite Point Mortgage Trust, Inc. | 85459 | 671708 |
|  Heritage Financial Corp. | 51033 | 1719302 |
|  Hope Bancorp, Inc. | 77716 | 1054606 |
|  Horace Mann Educators Corp. | 47532 | 1875613 |
|  Invesco Mortgage Capital, Inc.<sup>(c)(e)</sup> | 26014 | 304624 |
|  Mercury General Corp. | 64600 | 1873400 |
|  Mr. Cooper Group, Inc.<sup>(b)(c)</sup> | 53685 | 2120021 |
|  New York Mortgage Trust, Inc. | 281295 | 756684 |
|  NMI Holdings, Inc., Class A<sup>(b)(c)</sup> | 38723 | 849195 |
|  Northwest Bancshares, Inc. | 60423 | 909970 |
|  PennyMac Mortgage Investment Trust<sup>(c)</sup> | 66299 | 919567 |
|  PRA Group, Inc.<sup>(b)(c)</sup> | 15335 | 513723 |
|  ProAssurance Corp. | 76344 | 1695600 |
|  Ready Capital Corp.<sup>(c)</sup> | 79495 | 963479 |
|  Renasant Corp.<sup>(c)</sup> | 28864 | 1165240 |
|  S&T Bancorp, Inc. | 31907 | 1206404 |
|  Safety Insurance Group, Inc.<sup>(c)</sup> | 15417 | 1340508 |
|  Simmons First National Corp., Class A<sup>(c)</sup> | 27359 | 653059 |
|  SiriusPoint Ltd. (Bermuda)<sup>(b)</sup> | 413028 | 2651640 |
|  StoneX Group, Inc.<sup>(b)</sup> | 42265 | 3944170 |
|  TrustCo Bank Corp.<sup>(c)</sup> | 23998 | 895605 |
|  Trustmark Corp.<sup>(c)</sup> | 25957 | 949247 |
|  Two Harbors Investment Corp. | 198408 | 706332 |
|  United Fire Group, Inc.<sup>(c)</sup> | 123096 | 3335902 |
|  Universal Insurance Holdings, Inc. | 203628 | 2044425 |
|  |  | 52601395 |

---

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

---

| |
|:---|
| **19** |
| **19** |
| **19** |

---

------

**Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF (RZV)–(continued)** 

October 31, 2022

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Health Care-1.32%** |  |  |
|  AdaptHealth Corp.<sup>(b)(c)</sup> | 65171 | $1485899 |
|  Emergent BioSolutions, Inc.<sup>(b)</sup> | 15247 | 318052 |
|  Owens & Minor, Inc.<sup>(c)</sup> | 31363 | 533171 |
|  Select Medical Holdings Corp. | 42910 | 1101929 |
|  |  | 3439051 |
|  **Industrials-17.18%** |  |  |
|  AAR Corp.<sup>(b)</sup> | 56392 | 2499294 |
|  ABM Industries, Inc. | 36412 | 1620698 |
|  American Woodmark Corp.<sup>(b)</sup> | 26373 | 1196016 |
|  Arcosa, Inc.<sup>(c)</sup> | 12996 | 834343 |
|  Atlas Air Worldwide Holdings, Inc.<sup>(b)(c)</sup> | 31180 | 3153545 |
|  CoreCivic, Inc.<sup>(b)</sup> | 154760 | 1620337 |
|  Deluxe Corp.<sup>(c)</sup> | 17662 | 324628 |
|  DXP Enterprises, Inc.<sup>(b)</sup> | 56367 | 1612660 |
|  GEO Group, Inc. (The)<sup>(b)(c)</sup> | 431787 | 3652918 |
|  Granite Construction, Inc.<sup>(c)</sup> | 39206 | 1322418 |
|  Greenbrier Cos., Inc. (The) | 45664 | 1612396 |
|  Griffon Corp. | 53085 | 1706152 |
|  Harsco Corp.<sup>(b)(c)</sup> | 97909 | 517939 |
|  Hub Group, Inc., Class A<sup>(b)(c)</sup> | 11737 | 910791 |
|  KAR Auction Services, Inc.<sup>(b)(c)</sup> | 71388 | 1037268 |
|  Kelly Services, Inc., Class A | 190794 | 3117574 |
|  Matthews International Corp., Class A<sup>(c)</sup> | 27932 | 750812 |
|  MillerKnoll, Inc.<sup>(c)</sup> | 45039 | 953926 |
|  Moog, Inc., Class A | 16316 | 1382781 |
|  NOW, Inc.<sup>(b)</sup> | 150817 | 1919900 |
|  Powell Industries, Inc. | 80461 | 1984973 |
|  Quanex Building Products Corp.<sup>(c)</sup> | 58709 | 1300991 |
|  Resideo Technologies, Inc.<sup>(b)(c)</sup> | 54189 | 1279944 |
|  Resources Connection, Inc. | 56562 | 1033388 |
|  SkyWest, Inc.<sup>(b)</sup> | 47565 | 840949 |
|  Titan International, Inc.<sup>(b)(c)</sup> | 150540 | 2252078 |
|  TrueBlue, Inc.<sup>(b)</sup> | 63517 | 1248744 |
|  Veritiv Corp.<sup>(b)(c)</sup> | 9422 | 1095402 |
|  Wabash National Corp.<sup>(c)</sup> | 80616 | 1745336 |
|  |  | 44528201 |
|  **Information Technology-8.21%** |  |  |
|  Benchmark Electronics, Inc. | 111870 | 3175989 |
|  Consensus Cloud Solutions, Inc.<sup>(b)</sup> | 21069 | 1182814 |
|  Ebix, Inc.<sup>(c)</sup> | 32491 | 642997 |
|  Insight Enterprises, Inc.<sup>(b)(c)</sup> | 14708 | 1390053 |
|  NETGEAR, Inc.<sup>(b)(c)</sup> | 81574 | 1602929 |
|  PC Connection, Inc.<sup>(c)</sup> | 41496 | 2205097 |
|  Photronics, Inc.<sup>(b)</sup> | 76664 | 1243490 |
|  Plexus Corp.<sup>(b)(c)</sup> | 8878 | 873595 |
|  Sanmina Corp.<sup>(b)</sup> | 69401 | 3889926 |
|  ScanSource, Inc.<sup>(b)</sup> | 84241 | 2609786 |
|  TTM Technologies, Inc.<sup>(b)</sup> | 160579 | 2458465 |
|  |  | 21275141 |

---

Investment Abbreviations:

REIT -Real Estate Investment Trust

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Materials-12.48%** |  |  |
|  American Vanguard Corp.<sup>(c)</sup> | 102064 | $2375029 |
|  Arconic Corp.<sup>(b)(c)</sup> | 23478 | 487403 |
|  Carpenter Technology Corp. | 27259 | 1019487 |
|  Clearwater Paper Corp.<sup>(b)</sup> | 42484 | 1889688 |
|  FutureFuel Corp. | 101434 | 693809 |
|  Kaiser Aluminum Corp.<sup>(c)</sup> | 7626 | 616105 |
|  Koppers Holdings, Inc.<sup>(c)</sup> | 69942 | 1745752 |
|  Mativ Holdings, Inc., Class A<sup>(c)</sup> | 52126 | 1237471 |
|  Mercer International, Inc. (Germany)<sup>(c)</sup> | 247146 | 3316699 |
|  Minerals Technologies, Inc. | 18535 | 1019610 |
|  O-I Glass, Inc.<sup>(b)(c)</sup> | 89113 | 1453433 |
|  Olympic Steel, Inc. | 146776 | 3993775 |
|  Rayonier Advanced Materials, Inc.<sup>(b)(c)</sup> | 414456 | 1885775 |
|  SunCoke Energy, Inc. | 421736 | 3061804 |
|  Sylvamo Corp. | 39867 | 1920394 |
|  TimkenSteel Corp.<sup>(b)(c)</sup> | 190716 | 3326087 |
|  Tredegar Corp. | 145343 | 1582785 |
|  Trinseo PLC | 38488 | 724344 |
|  |  | 32349450 |
|  **Real Estate-1.42%** |  |  |
|  Anywhere Real Estate, Inc.<sup>(b)(c)</sup> | 204471 | 1519220 |
|  Diversified Healthcare Trust | 346751 | 471581 |
|  Franklin Street Properties Corp. | 170990 | 492451 |
|  Office Properties Income Trust<sup>(c)</sup> | 29212 | 446944 |
|  Orion Office REIT, Inc.<sup>(c)</sup> | 38474 | 360501 |
|  RE/MAX Holdings, Inc., Class A<sup>(c)</sup> | 20495 | 398833 |
|  |  | 3689530 |
|  TOTAL INVESTMENTS IN SECURITIES |  |  |
|  (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $272,295,786) |  | 259085439 |
| **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds-22.88%** | **Money Market Funds-22.88%** | **Money Market Funds-22.88%** |
|  Invesco Private Government Fund,<br>3.18%<sup>(e)(f)(g)</sup> | 16427968 | 16427968 |
|  Invesco Private Prime Fund, 3.28%<sup>(e)(f)(g)</sup> | 42869256 | 42869256 |
|  Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $59,298,948) | Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $59,298,948) | 59297224 |
|  TOTAL INVESTMENTS IN SECURITIES-122.83%<br>(Cost $331,594,734) | TOTAL INVESTMENTS IN SECURITIES-122.83%<br>(Cost $331,594,734) | 318382663 |
|  OTHER ASSETS LESS LIABILITIES-(22.83)% | OTHER ASSETS LESS LIABILITIES-(22.83)% | (59172360) |
|  NET ASSETS-100.00% |  | $259210303 |

---

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

---

| |
|:---|
| **20** |
| **20** |
| **20** |

---

------

**Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF (RZV)–(continued)** 

October 31, 2022

*(Unaudited)* 

Notes to Schedule of Investments:

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> Restricted security. The value of this security at October 31, 2022 represented less than 1% of the Fund's Net Assets. 

<sup>(e)</sup> 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 six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value<br>October 31, 2022** | **Dividend<br>Income** |
| Invesco Mortgage Capital, Inc. | $485636 | $54513 | $(74970) | $(136024) | $(24531) | $304624 | $42602 |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | 104095 | 8532594 | (8636689) |  |  |  | 2211 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
| Invesco Private Government Fund | 16991207 | 54764423 | (55327662) |  |  | 16427968 | 135052 \* |
| Invesco Private Prime Fund | 39656595 | 110261473 | (107050181) | (4039) | 5408 | 42869256 | 372037 \* |
| Total | $57237533 | $173613003 | $(171089502) | $(140063) | $(19123) | $59601848 | $551902 |

---

\* 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.

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(g)</sup> 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.

**Portfolio Composition** 

**Sector Breakdown (% of the Fund's Net Assets)** 

**as of October 31, 2022** 

---

| | |
|:---|:---|
|  Financials | 20.29 |
|  Consumer Discretionary | 17.61 |
|  Industrials | 17.18 |
|  Materials | 12.48 |
|  Energy | 9.64 |
|  Consumer Staples | 9.45 |
|  Information Technology | 8.21 |
|  Sector Types Each Less Than 3% | 5.09 |
| Money Market Funds Plus Other Assets Less Liabilities | 0.05 |

---

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

---

| |
|:---|
| **21** |
| **21** |
| **21** |

---

------

**Statements of Assets and Liabilities** 

October 31, 2022

*(Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco S&P 500<sup>®</sup>**<br>**Pure Growth ETF<br>(RPG)** | **Invesco S&P 500<sup>®</sup>**<br>**Pure Value ETF**<br>**(RPV)** | **Invesco S&P 500<sup>®</sup>**<br>**Top 50 ETF (XLG)** |
|  **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments in securities, at value<sup>(a)</sup> | $2305030328 | $3397089172 | $1935349977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments in securities, at value | 140491448 | 232876055 | 15995959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1312213 | 2513207 | 1585833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending | 12248 | 20914 | 2748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 3128752 | 9465658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | 68790770 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | 2449974989 | 3710755776 | 1952934517 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 854971 | 30119 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 68757039 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 140489052 | 204487412 | 15950244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares repurchased | 3129227 | 9470823 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued unitary management fees | 650984 | 926445 | 318938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | 145124234 | 283671838 | 16269832 |
|  **Net Assets** | $2304850755 | $3427083938 | $1936664685 |
|  **Net assets consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest | $2886647230 | $3931896546 | $1783128222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (loss) | (581796475) | (504812608) | 153536463 |
|  **Net Assets** | $2304850755 | $3427083938 | $1936664685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding (unlimited amount authorized, $0.01 par value) | 14790299 | 43422836 | 6800785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $155.84 | $78.92 | $284.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price | $155.84 | $78.98 | $284.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments in securities, at cost | $2531694359 | $3520799504 | $1759284929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments in securities, at cost | $140489052 | $247865691 | $15995927 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>(a)</sup>Includes securities on loan with an aggregate value of: | $135748578 | $196749541 | $15475887 |

---

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

---

| |
|:---|
| **22** |
| **22** |
| **22** |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Invesco S&P**<br>**MidCap 400<sup>®</sup> Pure<br>Growth ETF (RFG)** | **Invesco S&P**<br>**MidCap 400<sup>®</sup> Pure**<br>**Value ETF (RFV)** | **Invesco S&P<br>SmallCap 600<sup>®</sup>**<br>**Pure Growth ETF**<br>**(RZG)** | **Invesco S&P<br>SmallCap 600<sup>®</sup>**<br>**Pure Value ETF**<br>**(RZV)** |
| $269685592 | $149065359 | $104601397 | $258780815 |
| 57206968 | 41263651 | 34743597 | 59601848 |
| 156831 | 94435 | 19131 | 193344 |
| 15251 | 2746 | 3435 | 7126 |
|  |  |  | 1793326 |
| 327064642 | 190426191 | 139367560 | 320376459 |
|  |  |  | 663 |
| 57055173 | 41257798 | 34688961 | 59298948 |
|  |  |  | 1793825 |
| 76114 | 38705 | 29812 | 72720 |
| 57131287 | 41296503 | 34718773 | 61166156 |
| $269933355 | $149129688 | $104648787 | $259210303 |
| $504884441 | $216999445 | $241467397 | $421131252 |
| (234951086) | (67869757) | (136818610) | (161920949) |
| $269933355 | $149129688 | $104648787 | $259210303 |
| 1460021 | 1630499 | 860004 | 2890040 |
| $184.88 | $91.46 | $121.68 | $89.69 |
| $185.02 | $91.57 | $121.79 | $89.81 |
| $284315774 | $155729728 | $130765684 | $271592138 |
| $57206926 | $41263240 | $34744052 | $60002596 |
| $55223827 | $40281827 | $33594583 | $57748581 |

---

---

| |
|:---|
| **23** |
| **23** |
| **23** |

---

------

**Statements of Operations** 

For the six months ended October 31, 2022

*(Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco S&P 500<sup>®</sup><br>Pure Growth ETF<br>(RPG)** | **Invesco S&P 500<sup>®</sup><br>Pure Value ETF**<br>**(RPV)** | **Invesco S&P 500<sup>®</sup><br>Top 50 ETF (XLG)** |
|  **Investment income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | $15053078 | $46707860 | $14295836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 9611 | 729357 | 6500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 60239 | 103217 | 14221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 15122928 | 47540434 | 14316557 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unitary management fees | 4067202 | 6113661 | 2040457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses |  | 52 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 4067202 | 6113713 | 2040457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waivers | (574) | (1355) | (377) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4066628 | 6112358 | 2040080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 11056300 | 41428076 | 12276477 |
|  **Realized and unrealized gain (loss) from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (17323522) | (20978022) | (45022141) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 5319 | (141117) | 3147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated in-kind redemptions | 33899666 | 39240971 | 84172640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated in-kind redemptions |  | (1079197) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 16581463 | 17042635 | 39153646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (63671540) | (166823110) | (244001896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (5136) | (4856827) | (4311) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (63676676) | (171679937) | (244006207) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (47095213) | (154637302) | (204852561) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $(36038913) | $(113209226) | $(192576084) |

---

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

---

| |
|:---|
| **24** |
| **24** |
| **24** |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Invesco S&P<br>MidCap 400<sup>®</sup> Pure**<br>**Growth ETF (RFG)** | **Invesco S&P<br>MidCap 400<sup>®</sup> Pure**<br>**Value ETF (RFV)** | **Invesco S&P<br>SmallCap 600<sup>®</sup><br>Pure Growth ETF**<br>**(RZG)** | **Invesco S&P<br>SmallCap 600<sup>®</sup>**<br>**Pure Value ETF**<br>**(RZV)** |
| $1661438 | $1761806 | $1031342 | $2629636 |
| 1158 | 676 | 470 | 44813 |
| 181440 | 12872 | 20791 | 42512 |
|  |  | (3098) |  |
| 1844036 | 1775354 | 1049505 | 2716961 |
| 464475 | 236900 | 194696 | 477608 |
| 464475 | 236900 | 194696 | 477608 |
| (65) | (40) | (29) | (140) |
| 464410 | 236860 | 194667 | 477468 |
| 1379626 | 1538494 | 854838 | 2239493 |
| (9687103) | (2507983) | (1985376) | (8911935) |
| 1707 | 1211 | 3046 | (341) |
| 241975 | 1296850 | 1617880 | 3606081 |
|  |  |  | (18782) |
| (9443421) | (1209922) | (364450) | (5324977) |
| 5189147 | 3566975 | (2824342) | (3760865) |
| (1271) | (1241) | (1838) | (140063) |
| 5187876 | 3565734 | (2826180) | (3900928) |
| (4255545) | 2355812 | (3190630) | (9225905) |
| $(2875919) | $3894306 | $(2335792) | $(6986412) |

---

---

| |
|:---|
| **25** |
| **25** |
| **25** |

---

------

**Statements of Changes in Net Assets** 

For the six months ended October 31, 2022 and the year ended April 30, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P 500<sup>®</sup> Pure Growth ETF (RPG)** | **Invesco S&P 500<sup>®</sup> Pure Growth ETF (RPG)** | **Invesco S&P 500<sup>®</sup> Pure Value ETF (RPV)** | **Invesco S&P 500<sup>®</sup> Pure Value ETF (RPV)** |
|  | **Six Months Ended<br>October 31,**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2022**  | **Year Ended**<br> **April 30,**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2022**  | **Six Months Ended<br>October 31,**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2022**  | **Year Ended**<br> **April 30,**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2022**  |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $11056300 | $1727132 | $41428076 | $62020153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 16581463 | 492853142 | 17042635 | 297854254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (63676676) | (765698312) | (171679937) | (243626596) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (36038913) | (271118038) | (113209226) | 116247811 |
|  **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (10415565) | (119825) | (44847555) | (51458072) |
|  **Shareholder Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 244707198 | 1901217760 | 433543031 | 3495329984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares repurchased | (175738297) | (1998029879) | (621643310) | (2025732789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 68968901 | (96812119) | (188100279) | 1469597195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 22514423 | (368049982) | (346157060) | 1534386934 |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2282336332 | 2650386314 | 3773240998 | 2238854064 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2304850755 | $2282336332 | $3427083938 | $3773240998 |
|  **Changes in Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1530000 | 9250000 | 5430000 | 43130000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (1120000) | (10220000) | (8240000) | (26030000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | 14380299 | 15350299 | 46232836 | 29132836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of period | 14790299 | 14380299 | 43422836 | 46232836 |

---

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

---

| |
|:---|
| **26** |
| **26** |
| **26** |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Invesco S&P 500<sup>®</sup> Top 50 ETF (XLG)** | **Invesco S&P 500<sup>®</sup> Top 50 ETF (XLG)** | **Invesco S&P Midcap 400<sup>®</sup> Pure Growth ETF (RFG)** | **Invesco S&P Midcap 400<sup>®</sup> Pure Growth ETF (RFG)** |
| **Six Months Ended**<br>**October 31,**<br> **2022** | **Year Ended**<br>**April 30,**<br> **2022** | **Six Months Ended**<br>**October 31,**<br> **2022** | **Year Ended**<br>**April 30,**<br> **2022** |
| $12276477 | $22300799 | $1379626 | $510612 |
| 39153646 | 187208389 | (9443421) | 43354521 |
| (244006207) | (231467737) | 5187876 | (113800161) |
| <br> (192576084)  | (21958549) | (2875919) | (69935028) |
| (12233788) | (22288877) | (1135705) | (290367) |
| 183130357 | 722727072 | 10901428 | 137069734 |
| (180997686) | (351981215) | (20690436) | (187101780) |
| <br> 2132671 | 370745857 | (9789008) | (50032046) |
| (202677201) | 326498431 | (13800632) | (120257441) |
| 2139341886 | 1812843455 | 283733987 | 403991428 |
| $1936664685 | $2139341886 | $269933355 | $283733987 |
| 610000 | 2080000 | 60000 | 610000 |
| (620000) | (1050000) | (120000) | (860000) |
| 6810785 | 5780785 | 1520021 | 1770021 |
| 6800785 | 6810785 | 1460021 | 1520021 |

---

---

| |
|:---|
| **27** |
| **27** |
| **27** |

---

------

**Statements of Changes in Net Assets–(continued)** 

For the six months ended October 31, 2022 and the year ended April 30, 2022

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF (RFV)** | **Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF (RFV)** | **Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF (RZG)** | **Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF (RZG)** |
|  | **Six Months Ended<br>October 31,**<br> **2022** | **Year Ended**<br> **April 30,**<br> **2022** | **Six Months Ended<br>October 31,**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2022**  | **Year Ended**<br> **April 30,**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2022**  |
|  **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1538494 | $3014263 | $854838 | $575250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1209922) | 21131028 | (364450) | 23084396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 3565734 | (32404568) | (2826180) | (53377250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 3894306 | (8259277) | (2335792) | (29717604) |
|  **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (1595132) | (2774070) | (689898) | (432797) |
|  **Shareholder Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 35133153 | 134036525 | 26360830 | 129783035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of shares repurchased | (28470599) | (146614490) | (27847829) | (128659135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 6662554 | (12577965) | (1486999) | 1123900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 8961728 | (23611312) | (4512689) | (29026501) |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 140167960 | 163779272 | 109161476 | 138187977 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $149129688 | $140167960 | $104648787 | $109161476 |
|  **Changes in Shares Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 400000 | 1390000 | 210000 | 900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | (330000) | (1580000) | (230000) | (890000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | 1560499 | 1750499 | 880004 | 870004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, end of period | 1630499 | 1560499 | 860004 | 880004 |

---

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

---

| |
|:---|
| **28** |
| **28** |
| **28** |

---

------

---

| | |
|:---|:---|
| **Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF (RZV)** | **Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF (RZV)** |
| **Six Months Ended**<br>**October 31,**<br> **2022** | **Year Ended**<br>**April 30,**<br> **2022** |
| $2239493 | $2987533 |
| (5324977) | 57009757 |
| <br> (3900928)  | (51145105) |
| <br> (6986412)  | 8852185 |
| (2078651) | (2916498) |
| 30372996 | 194344627 |
| (47815375) | (252069646) |
| <br> (17442379)  | (57725019) |
| (26507442) | (51789332) |
| 285717745 | 337507077 |
| $259210303 | $285717745 |
| 340000 | 2030000 |
| (570000) | (2710000) |
| 3120040 | 3800040 |
| 2890040 | 3120040 |

---

---

| |
|:---|
| **29** |
| **29** |
| **29** |

---

------

**Financial Highlights** 

Invesco S&P 500<sup>®</sup> Pure Growth ETF (RPG)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>October 31,**<br> **2022** | | | | | **Six Months Ended**<br> **April 30,** | **Year Ended**<br> **October 31,** |
|  | **Six Months Ended<br>October 31,**<br> **2022** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Six Months Ended**<br> **April 30,** | **Year Ended**<br> **October 31,** |
|  | **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2018**  | **2017** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $158.71 | $172.66 | $116.76 | $119.17 | $109.10 | $103.50 | $82.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.75 | 0.11 | 0.34 | 1.00 | 0.60 | 0.25 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (2.91) | (14.05) | 56.02 | (2.28) | 10.04 | 5.55 | 21.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (2.16) | (13.94) | 56.36 | (1.28) | 10.64 | 5.80 | 21.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.71) | (0.01) | (0.46) | (1.13) | (0.57) | (0.20) | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $155.84 | $158.71 | $172.66 | $116.76 | $119.17 | $109.10 | $103.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup> | $155.84 | $158.73 | $172.70 | $116.76 | $119.19 | $109.20 |  |
|  **Net Asset Value Total Return<sup>(c)</sup>** | (1.34)% | (8.08)% | 48.37% | (1.02)% | 9.79% | 5.61% | 26.87% |
|  **Market Price Total Return<sup>(c)</sup>** | (1.35)% | (8.10)% | 48.40% | (1.03)% | 9.71% | 5.71% |  |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $2304851 | $2282336 | $2650386 | $2195101 | $2842159 | $2345747 | $2214956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.35 %<sup>(d)</sup> | 0.35% | 0.35% | 0.35% | 0.35% | 0.35 %<sup>(d)</sup> | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.95 %<sup>(d)</sup> | 0.06% | 0.23% | 0.84% | 0.53% | 0.47 %<sup>(d)</sup> | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 2% | 45% | 56% | 73% | 64% | 52% | 58% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| **30** |
| **30** |
| **30** |

---

------

**Financial Highlights–(continued)** 

Invesco S&P 500<sup>®</sup> Pure Value ETF (RPV)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>October 31,**<br> **2022** | | | | | **Six Months Ended**<br> **April 30,** | **Year Ended**<br> **October 31,** |
|  | **Six Months Ended<br>October 31,**<br> **2022** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Six Months Ended**<br> **April 30,** | **Year Ended**<br> **October 31,** |
|  | **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2018**  | **2017** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $81.61 | $76.85 | $45.75 | $66.34 | $66.33 | $62.43 | $52.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.93 | 1.64 | 1.31 | 1.65 | 1.49 | 0.63 | 1.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (2.63) | 4.51 | 31.03 | (20.59) | (0.01) | 3.84 | 10.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.70) | 6.15 | 32.34 | (18.94) | 1.48 | 4.47 | 11.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.99) | (1.39) | (1.24) | (1.65) | (1.47) | (0.57) | (1.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $78.92 | $81.61 | $76.85 | $45.75 | $66.34 | $66.33 | $62.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup> | $78.98 | $81.60 | $76.88 | $45.86 | $66.36 | $66.38 |  |
|  **Net Asset Value Total Return<sup>(c)</sup>** | (2.03)% | 8.13% | 71.67% | (28.82)% | 2.37% | 7.17% | 21.44% |
|  **Market Price Total Return<sup>(c)</sup>** | (1.94)% | 8.06% | 71.32% | (28.67)% | 2.33% | 7.25% |  |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $3427084 | $3773241 | $2238854 | $496546 | $928883 | $882392 | $830507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.35 %<sup>(d)</sup> | 0.35% | 0.35% | 0.35% | 0.35% | 0.35 %<sup>(d)</sup> | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.37 %<sup>(d)</sup> | 2.04% | 2.16% | 2.64% | 2.29% | 1.94 %<sup>(d)</sup> | 1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 2% | 32% | 46% | 46% | 37% | 35% | 46% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| **31** |
| **31** |
| **31** |

---

------

**Financial Highlights–(continued)** 

Invesco S&P 500<sup>®</sup> Top 50 ETF (XLG)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>October 31,**<br> **2022** | | | | | **Six Months Ended**<br> **April 30,** | **Year Ended**<br> **October 31,** |
|  | **Six Months Ended<br>October 31,**<br> **2022** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Six Months Ended**<br> **April 30,** | **Year Ended**<br> **October 31,** |
|  | **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2018**  | **2017** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $314.11 | $313.60 | $222.29 | $212.34 | $187.22 | $183.08 | $150.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 1.80 | 3.48 | 3.66 | 3.70 | 3.72 | 1.71 | 3.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (29.33) | 0.53 | 91.14 | 9.96 | 25.18 | 4.18 | 32.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (27.53) | 4.01 | 94.80 | 13.66 | 28.90 | 5.89 | 36.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.81) | (3.50) | (3.49) | (3.71) | (3.78) | (1.75) | (3.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $284.77 | $314.11 | $313.60 | $222.29 | $212.34 | $187.22 | $183.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup> | $284.76 | $313.84 | $313.62 | $222.49 | $212.32 | $187.43 |  |
|  **Net Asset Value Total Return<sup>(c)</sup>** | (8.76)% | 1.21% | 42.97% | 6.61% | 15.64% | 3.20% | 24.40% |
|  **Market Price Total Return<sup>(c)</sup>** | (8.71)% | 1.12% | 42.85% | 6.73% | 15.50% | 3.20% |  |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $1936665 | $2139342 | $1812843 | $1122748 | $838904 | $683491 | $686711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.20 %<sup>(d)</sup> | 0.20% | 0.20% | 0.20% | 0.20% | 0.20 %<sup>(d)</sup> | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.20 %<sup>(d)</sup> | 1.02% | 1.36% | 1.71% | 1.89% | 1.81 %<sup>(d)</sup> | 2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 4% | 5% | 5% | 8% | 8% | 1% | 4% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| **32** |
| **32** |
| **32** |

---

------

**Financial Highlights–(continued)** 

Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF (RFG)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>October 31,**<br> **2022** | | | | | **Six Months Ended**<br> **April 30,** | **Year Ended**<br> **October 31,** |
|  | **Six Months Ended<br>October 31,**<br> **2022** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Six Months Ended**<br> **April 30,** | **Year Ended**<br> **October 31,** |
|  | **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2018**  | **2017** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $186.66 | $228.24 | $132.00 | $151.86 | $154.65 | $150.04 | $119.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.94 | 0.30 | 0.01 | 0.95 | 1.07 | 0.22 | 0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.95) | (41.69) | 96.56 | (19.90) | (2.69) | 4.77 | 30.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.01) | (41.39) | 96.57 | (18.95) | (1.62) | 4.99 | 31.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.77) | (0.19) | (0.33) | (0.91) | (1.17) | (0.38) | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $184.88 | $186.66 | $228.24 | $132.00 | $151.86 | $154.65 | $150.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup> | $185.02 | $186.49 | $228.23 | $132.20 | $151.97 | $154.80 |  |
|  **Net Asset Value Total Return<sup>(c)</sup>** | (0.52)% | (18.15)% | 73.26% | (12.46)% | (1.05)% | 3.32% | 26.59% |
|  **Market Price Total Return<sup>(c)</sup>** | (0.35)% | (18.21)% | 72.95% | (12.39)% | (1.07)% | 3.45% |  |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $269933 | $283734 | $403991 | $270607 | $493563 | $595412 | $585170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.35 %<sup>(d)</sup> | 0.35% | 0.35% | 0.35% | 0.35% | 0.35 %<sup>(d)</sup> | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.04 %<sup>(d)</sup> | 0.14% | 0.01% | 0.66% | 0.69% | 0.29 %<sup>(d)</sup> | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 18% | 83% | 73% | 94% | 86% | 70% | 81% |

---

<sup>(a)</sup> Based on average shares outstanding. <sup></sup>

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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.

---

| |
|:---|
| **33** |
| **33** |
| **33** |

---

------

**Financial Highlights–(continued)** 

Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF (RFV)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>October 31,**<br> **2022** | | | | | **Six Months Ended**<br> **April 30,** | **Year Ended**<br> **October 31,** |
|  | **Six Months Ended<br>October 31,**<br> **2022** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Six Months Ended**<br> **April 30,** | **Year Ended**<br> **October 31,** |
|  | **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2018**  | **2017** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $89.82 | $93.56 | $46.79 | $69.61 | $65.71 | $65.44 | $53.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 1.01 | 1.75 | 0.72 | 1.41 | 0.81 | 0.49 | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.68 | (3.84) | 47.07 | (22.86) | 3.90 | 0.21 | 12.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.69 | (2.09) | 47.79 | (21.45) | 4.71 | 0.70 | 12.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.05) | (1.65) | (1.02) | (1.37) | (0.81) | (0.43) | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $91.46 | $89.82 | $93.56 | $46.79 | $69.61 | $65.71 | $65.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup> | $91.57 | $89.63 | $93.64 | $46.86 | $69.69 | $65.78 |  |
|  **Net Asset Value Total Return<sup>(c)</sup>** | 3.08% | (2.28)% | 103.18% | (30.96)% | 7.25% | 1.05% | 23.93% |
|  **Market Price Total Return<sup>(c)</sup>** | 3.43% | (2.56)% | 103.05% | (30.94)% | 7.25% | 1.19% |  |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $149130 | $140168 | $163779 | $56172 | $142737 | $101890 | $108015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.35 %<sup>(d)</sup> | 0.35% | 0.35% | 0.35% | 0.35% | 0.35 %<sup>(d)</sup> | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.27 %<sup>(d)</sup> | 1.85% | 1.07% | 2.25% | 1.20% | 1.47 %<sup>(d)</sup> | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 7% | 47% | 65% | 61% | 57% | 44% | 76% |

---

<sup>(a)</sup> Based on average shares outstanding. <sup></sup>

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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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| **34** |
| **34** |
| **34** |

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**Financial Highlights–(continued)** 

Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF (RZG)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>October 31,**<br> **2022** | | | | | **Six Months Ended**<br> **April 30,** | **Year Ended**<br> **October 31,** |
|  | **Six Months Ended<br>October 31,**<br> **2022** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Six Months Ended**<br> **April 30,** | **Year Ended**<br> **October 31,** |
|  | **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2018**  | **2017** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $124.05 | $158.84 | $87.82 | $115.59 | $114.43 | $111.12 | $82.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.94 | 0.67 | 0.47 | 0.74 | 0.32 | 0.36 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (2.51) | (34.95) | 71.04 | (27.63) | 1.32 | 3.33 | 28.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.57) | (34.28) | 71.51 | (26.89) | 1.64 | 3.69 | 28.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.80) | (0.51) | (0.49) | (0.88) | (0.48) | (0.38) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $121.68 | $124.05 | $158.84 | $87.82 | $115.59 | $114.43 | $111.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup> | $121.79 | $123.88 | $158.74 | $87.97 | $115.58 | $114.61 |  |
|  **Net Asset Value Total Return<sup>(c)</sup>** | (1.23)% | (21.63)% | 81.63% | (23.30)% | 1.43% | 3.32% | 35.01% |
|  **Market Price Total Return<sup>(c)</sup>** | (1.02)% | (21.68)% | 81.22% | (23.16)% | 1.26% | 3.36% |  |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $104649 | $109161 | $138188 | $96608 | $236954 | $263179 | $238904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.35 %<sup>(d)</sup> | 0.35% | 0.35% | 0.35% | 0.35% | 0.35 %<sup>(d)</sup> | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.54 %<sup>(d)</sup> | 0.43% | 0.38% | 0.69% | 0.26% | 0.64 %<sup>(d)</sup> | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 10% | 80% | 79% | 85% | 71% | 56% | 70% |

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<sup>(a)</sup> Based on average shares outstanding. <sup></sup>

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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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| **35** |
| **35** |
| **35** |

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**Financial Highlights–(continued)** 

Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF (RZV)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>October 31,**<br> **2022** | | | | | **Six Months Ended**<br> **April 30,** | **Year Ended**<br> **October 31,** |
|  | **Six Months Ended<br>October 31,**<br> **2022** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Years Ended April 30,** | **Six Months Ended**<br> **April 30,** | **Year Ended**<br> **October 31,** |
|  | **(Unaudited)** | **2022** | **2021** | **2020** | **2019** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2018**  | **2017** |
|  **Per Share Operating Performance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at beginning of period | $91.58 | $88.82 | $43.07 | $67.47 | $71.57 | $70.68 | $60.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.72 | 0.90 | 0.57 | 0.68 | 0.99 | 0.46 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.95) | 2.75 | 45.63 | (24.39) | (4.02) | 0.86 | 10.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.23) | 3.65 | 46.20 | (23.71) | (3.03) | 1.32 | 10.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders from:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.66) | (0.89) | (0.45) | (0.69) | (1.07) | (0.43) | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value at end of period | $89.69 | $91.58 | $88.82 | $43.07 | $67.47 | $71.57 | $70.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market price at end of period<sup>(b)</sup> | $89.81 | $91.61 | $88.87 | $43.14 | $67.53 | $71.64 |  |
|  **Net Asset Value Total Return<sup>(c)</sup>** | (1.27)% | 4.10% | 107.66% | (35.31)% | (4.27)% | 1.87% | 17.88% |
|  **Market Price Total Return<sup>(c)</sup>** | (1.18)% | 4.08% | 107.44% | (35.27)% | (4.28)% | 1.76% |  |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets at end of period (000's omitted) | $259210 | $285718 | $337507 | $81842 | $192279 | $164625 | $236795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.35 %<sup>(d)</sup> | 0.35% | 0.35% | 0.35% | 0.35% | 0.35 %<sup>(d)</sup> | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.64 %<sup>(d)</sup> | 0.95% | 0.86% | 1.14% | 1.38% | 1.28 %<sup>(d)</sup> | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 7% | 54% | 74% | 70% | 52% | 48% | 68% |

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<sup>(a)</sup> Based on average shares outstanding. <sup></sup>

<sup>(b)</sup> The mean between the last bid and ask prices.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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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| **36** |
| **36** |
| **36** |

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**Notes to Financial Statements** 

Invesco Exchange-Traded Fund Trust

October 31, 2022

*(Unaudited)* 

**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:

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| |
|:---|
| **Full Name** |
| Invesco S&P 500<sup>®</sup> Pure Growth ETF (RPG) "S&P 500<sup>®</sup> Pure Growth ETF" |
| Invesco S&P 500<sup>®</sup> Pure Value ETF (RPV) "S&P 500<sup>®</sup> Pure Value ETF" |
| Invesco S&P 500<sup>®</sup> Top 50 ETF (XLG) "S&P 500<sup>®</sup> Top 50 ETF" |
| Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF (RFG) "S&P MidCap 400<sup>®</sup> Pure Growth ETF" |
| Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF (RFV) "S&P MidCap 400<sup>®</sup> Pure Value ETF" |
| Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF (RZG) "S&P SmallCap 600<sup>®</sup> Pure Growth ETF" |
| Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF (RZV) "S&P SmallCap 600<sup>®</sup> Pure Value ETF" |

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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 ("APs"), 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):

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| |
|:---|
| **Fund** |
| S&P 500<sup>®</sup> Pure Growth ETF S&P 500<sup>®</sup> Pure Growth Index |
| S&P 500<sup>®</sup> Pure Value ETF S&P 500<sup>®</sup> Pure Value Index |
| S&P 500<sup>®</sup> Top 50 ETF S&P 500<sup>®</sup> Top 50 Index |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF S&P MidCap 400<sup>®</sup> Pure Growth Index |
| S&P MidCap 400<sup>®</sup> Pure Value ETF S&P MidCap 400<sup>®</sup> Pure Value Index |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF S&P SmallCap 600<sup>®</sup> Pure Growth Index |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF S&P SmallCap 600<sup>®</sup> Pure Value Index |

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**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 trade price or official closing price that day as of the close of the exchange where the security is principally traded or, lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day NAV per share.

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| **37** |
| **37** |
| **37** |

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Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices 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, and their value may be adjusted accordingly. 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. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser 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 in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). 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 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.

Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security's fair value in accordance with the Valuation Procedures.

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 are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. 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, significant governmental actions 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.

The price a Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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| **38** |
| **38** |
| **38** |

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**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.

**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, the country that has the primary market for the issuer's securities and
its "country of risk" as determined by a third party service provider, 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.

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| **39** |
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| **39** |

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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 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.

Invesco Advisers, Inc. ("Invesco"), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon ("BNYM") also serves as a lending agent. 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 six months ended October 31, 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<sup>®</sup> Pure Growth ETF | $2955 |
| S&P 500<sup>®</sup> Pure Value ETF | 7606 |
| S&P 500<sup>®</sup> Top 50 ETF | 1318 |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | 7699 |
| S&P MidCap 400<sup>®</sup> Pure Value ETF | 1029 |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF | 1317 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | 2345 |

---

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| |
|:---|
| **40** |
| **40** |
| **40** |

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**J.** **Other Risks** 

*AP Concentration Risk*. Only 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 the risk that APs may not be able to effectively create or redeem Creation Units or the risk that the Shares may be halted and/or delisted.

*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 each 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 an 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<sup>®</sup> 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 can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a

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|:---|
| **41** |
| **41** |
| **41** |

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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.

*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:

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| | |
|:---|:---|
|  | **Unitary Management Fees<br>(as a % of average daily net assets)** |
| S&P 500<sup>®</sup> Pure Growth ETF | 0.35% |
| S&P 500<sup>®</sup> Pure Value ETF | 0.35% |
| S&P 500<sup>®</sup> Top 50 ETF | 0.20% |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | 0.35% |
| S&P MidCap 400<sup>®</sup> Pure Value ETF | 0.35% |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF | 0.35% |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | 0.35% |

---

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. This waiver does 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 six months ended October 31, 2022, the Adviser waived fees for each Fund in the following amounts:

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| | |
|:---|:---|
| S&P 500<sup>®</sup> Pure Growth ETF | $574 |
| S&P 500<sup>®</sup> Pure Value ETF | 1355 |
| S&P 500<sup>®</sup> Top 50 ETF | 377 |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | 65 |
| S&P MidCap 400<sup>®</sup> Pure Value ETF | 40 |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF | 29 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | 140 |

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| **42** |
| **42** |
| **42** |

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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 six months ended October 31, 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:

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| | |
|:---|:---|
| S&P 500<sup>®</sup> Pure Growth ETF | $3205 |
| S&P 500<sup>®</sup> Pure Value ETF | 24064 |
| S&P 500<sup>®</sup> Top 50 ETF | 1026 |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | 7694 |
| S&P MidCap 400<sup>®</sup> Pure Value ETF | 3458 |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF | 3071 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | 4783 |

---

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 securities from or sell securities 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 Invesco ETF from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7.

For the six months ended October 31, 2022, the following Funds engaged in transactions with affiliates as listed below:

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| | | | |
|:---|:---|:---|:---|
|  | **Securities Purchases** | **Securities Sales** | **Net Realized Gains (Losses)\*** |
| S&P 500<sup>®</sup> Pure Growth ETF | $18808538 | $- | $- |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | 6815325 | 4344915 | 1058491 |
| S&P MidCap 400<sup>®</sup> Pure Value ETF |  | 1643280 | (475531) |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF |  | 3289953 | 1040441 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | 3202731 |  |  |

---

\* 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. 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 the Adviser's 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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|:---|
| **43** |
| **43** |
| **43** |

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The following is a summary of the tiered valuation input levels, as of October 31, 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.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Pure Growth ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks & Other Equity Interests | $2305030328 | $- | $- | $2305030328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds |  | 140491448 |  | 140491448 |
| **Total Investments** | $**2305030328** | $**140491448** | $**-** | $**2445521776** |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Pure Value ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks & Other Equity Interests | $3425477147 | $- | $- | $3425477147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds |  | 204488080 |  | 204488080 |
| **Total Investments** | $**3425477147** | $**204488080** | $**-** | $**3629965227** |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Top 50 ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks & Other Equity Interests | $1935349977 | $- | $- | $1935349977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 45683 | 15950276 |  | 15995959 |
| **Total Investments** | $**1935395660** | $**15950276** | $**-** | $**1951345936** |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P MidCap 400<sup>®</sup> Pure Growth ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks & Other Equity Interests | $269685592 | $- | $- | $269685592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 151753 | 57055215 |  | 57206968 |
| **Total Investments** | $**269837345** | $**57055215** | $**-** | $**326892560** |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P MidCap 400<sup>®</sup> Pure Value ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks & Other Equity Interests | $149065359 | $- | $- | $149065359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 5442 | 41258209 |  | 41263651 |
| **Total Investments** | $**149070801** | $**41258209** | $**-** | $**190329010** |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P SmallCap 600<sup>®</sup> Pure Growth ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks & Other Equity Interests | $104601397 | $- | $- | $104601397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 55091 | 34688506 |  | 34743597 |
| **Total Investments** | $**104656488** | $**34688506** | $**-** | $**139344994** |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P SmallCap 600<sup>®</sup> Pure Value ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks & Other Equity Interests | $259085439 | $- | $- | $259085439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds |  | 59297224 |  | 59297224 |
| **Total Investments** | $**259085439** | $**59297224** | $**-** | $**318382663** |

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**NOTE 6–Tax Information** 

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds' capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds' fiscal year-end.

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.

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|:---|
| **44** |
| **44** |
| **44** |

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

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| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** | |
|  | **Short-Term** | **Long-Term** |<br>**Total\*** |
| S&P 500<sup>®</sup> Pure Growth ETF | $243796702 | $128713870 | $372510572 |
| S&P 500<sup>®</sup> Pure Value ETF | 159125446 | 228291439 | 387416885 |
| S&P 500<sup>®</sup> Top 50 ETF | 13746541 | 48538214 | 62284755 |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | 142723401 | 68313545 | 211036946 |
| S&P MidCap 400<sup>®</sup> Pure Value ETF | 30806448 | 28928913 | 59735361 |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF | 79567603 | 30577172 | 110144775 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | 65546031 | 76198937 | 141744968 |

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\* 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 six months ended October 31, 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:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| S&P 500<sup>®</sup> Pure Growth ETF | $36547271 | $35435195 |
| S&P 500<sup>®</sup> Pure Value ETF | 63074664 | 65533122 |
| S&P 500<sup>®</sup> Top 50 ETF | 78889663 | 79966595 |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | 47296183 | 47346587 |
| S&P MidCap 400<sup>®</sup> Pure Value ETF | 9981956 | 9883671 |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF | 11426449 | 11283797 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | 18321673 | 18150964 |

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For the six months ended October 31, 2022, in-kind transactions associated with creations and redemptions were as follows:

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| | | |
|:---|:---|:---|
|  | **In-kind**<br>**Purchases** | **In-kind**<br>**Sales** |
| S&P 500<sup>®</sup> Pure Growth ETF | $244074490 | $175400090 |
| S&P 500<sup>®</sup> Pure Value ETF | 432834257 | 620805558 |
| S&P 500<sup>®</sup> Top 50 ETF | 183001853 | 180207640 |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | 10893061 | 20680087 |
| S&P MidCap 400<sup>®</sup> Pure Value ETF | 35024690 | 28424164 |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF | 26355353 | 27818376 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | 30281924 | 47688463 |

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

As of October 31, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>(Depreciation)** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Cost** |
| S&P 500<sup>®</sup> Pure Growth ETF | $263631481 | $(491746889) | $(228115408) | $2673637184 |
| S&P 500<sup>®</sup> Pure Value ETF | 288341395 | (429922697) | (141581302) | 3771546529 |
| S&P 500<sup>®</sup> Top 50 ETF | 299120952 | (124459919) | 174661033 | 1776684903 |
| S&P MidCap 400<sup>®</sup> Pure Growth ETF | 31122263 | (46057148) | (14934885) | 341827445 |
| S&P MidCap 400<sup>®</sup> Pure Value ETF | 11368678 | (18476707) | (7108029) | 197437039 |
| S&P SmallCap 600<sup>®</sup> Pure Growth ETF | 4839165 | (31455943) | (26616778) | 165961772 |
| S&P SmallCap 600<sup>®</sup> Pure Value ETF | 27391400 | (42495783) | (15104383) | 333487046 |

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**NOTE 8–Trustees' and Officer's Fees** 

The Adviser, as a result of each Fund's unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. The Trustee who is an "interested person" of the Trust does not receive any Trustees' fees.

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| **45** |
| **45** |
| **45** |

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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 APs 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 AP 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 AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP'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.

---

| |
|:---|
| **46** |
| **46** |
| **46** |

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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 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 May 1, 2022 through October 31, 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<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Annualized<br>Expense Ratio<br>Based on the<br>Six-Month Period** | **Expenses Paid<br>During the**<br> **Six-Month Period<sup>(1)</sup>** |
|  Invesco S&P 500<sup>®</sup> Pure Growth ETF (RPG) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $986.60 | 0.35% | $1.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.44 | 0.35 | 1.79 |
|  Invesco S&P 500<sup>®</sup> Pure Value ETF (RPV) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 979.70 | 0.35 | 1.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.44 | 0.35 | 1.79 |
|  Invesco S&P 500<sup>®</sup> Top 50 ETF (XLG) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 912.40 | 0.20 | 0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1024.20 | 0.20 | 1.02 |
|  Invesco S&P MidCap 400<sup>®</sup> Pure Growth ETF (RFG) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 994.80 | 0.35 | 1.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.44 | 0.35 | 1.79 |
|  Invesco S&P MidCap 400<sup>®</sup> Pure Value ETF (RFV) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1030.80 | 0.35 | 1.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.44 | 0.35 | 1.79 |

---

---

| |
|:---|
| **47** |
| **47** |
| **47** |

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------

**Calculating your ongoing Fund expenses–(continued)** 

 

 

 

 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Annualized<br>Expense Ratio<br>Based on the<br>Six-Month Period** | **Expenses Paid<br>During the**<br> **Six-Month Period<sup>(1)</sup>** |
|  Invesco S&P SmallCap 600<sup>®</sup> Pure Growth ETF (RZG) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $987.70 | 0.35% | $1.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.44 | 0.35 | 1.79 |
|  Invesco S&P SmallCap 600<sup>®</sup> Pure Value ETF (RZV) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 987.30 | 0.35 | 1.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses) | 1000.00 | 1023.44 | 0.35 | 1.79 |

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<sup>(1)</sup> 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 October 31, 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 184/365. 

---

| |
|:---|
| **48** |
| **48** |
| **48** |

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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 ***<u>www.sec.gov</u>***.

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 ***<u>www.sec.gov</u>***.

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 ***<u>www.sec.gov</u>***.

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 ***<u>www.invesco.com/ETFs</u>***.

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| | |
|:---|:---|
| **©2022 Invesco Capital Management LLC**<br> **3500 Lacey Road, Suite 700** |  |
| **Downers Grove, IL 60515** | P-TRST1-SAR-3 invesco.com/ETFs |

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**Item 2. Code of Ethics.** 

Not applicable.

**Item 3. Audit Committee Financial Expert.** 

Not applicable.

**Item 4. Principal Accountant Fees and Services.** 

Not applicable.

**Item 5. Audit Committee of Listed Registrants.** 

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.** <br>

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.** 

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| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (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.](d377540dex99cert.htm) |
| (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.](d377540dex99906cert.htm) |

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------

**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) <u>Invesco Exchange-Traded Fund Trust</u> 

---

| | |
|:---|:---|
| By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Anna Paglia |
| Name: Anna Paglia | Name: Anna Paglia |
| Title: President | Title: President |
| Date: January 5, 2023 | Date: January 5, 2023 |

---

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: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Anna Paglia |
| Name: Anna Paglia | Name: Anna Paglia |
| Title: President | Title: President |
| Date: January 5, 2023 | Date: January 5, 2023 |

---

---

| | |
|:---|:---|
| By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Kelli Gallegos |
| Name: Kelli Gallegos | Name: Kelli Gallegos |
| Title: Treasurer | Title: Treasurer |
| Date: January 5, 2023 | Date: January 5, 2023 |

---

## Ex-99.Cert

**Exhibit 99.CERT** 

**EXHIBIT (a)(2)** 

CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Anna Paglia, certify that:

1. I have reviewed this report on Form N-CSR of Invesco Exchange-Traded
Fund Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>January 5, 2023</u>  | <u>/s/ Anna Paglia</u>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Anna Paglia |
|  | &nbsp;&nbsp;&nbsp;&nbsp;President |

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------

**Exhibit 99.CERT** 

**EXHIBIT (a)(2)** 

CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Kelli Gallegos, certify that:

1. I have reviewed this report on Form N-CSR of Invesco Exchange-Traded
Fund Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>January 5, 2023</u>  | <u>/s/ Kelli Gallegos</u>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Kelli Gallegos |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Treasurer |

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## Exhibit 99.906

**Exhibit 99.906CERT** 

**EXHIBIT (b)** 

CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the report of Invesco Exchange-Traded Fund Trust (the "Registrant") on Form N-CSR for the period ended October 31, 2022 (the "Report"), each of the undersigned officers of the Registrant hereby certifies, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to SS. 906 of the Sarbanes-Oxley Act of 2002, that, to the best of her knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated: January 5, 2023

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| |
|:---|
| /s/ Anna Paglia |
| Name: Anna Paglia |
| Title: President |

---

---

| |
|:---|
| Dated: January 5, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ Kelli Gallegos |
| Name: Kelli Gallegos |
| Title: Treasurer |

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This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or as a separate disclosure document.